10-K

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, 2018

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:

	Name of each exchange on
Title of each class	which registered
Common Stock, par value $.01 per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 6.000% Class I Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.500% Class J Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.625% Class K Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value 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, every Interactive Data File required to be submitted 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 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, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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 $7.0 billion based upon the closing price on the New York Stock Exchange for such equity on June 30, 2018.

(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 6, 2019, the registrant had 421,385,972 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 30, 2019.

Index to Exhibits begins on page 43.

Page 1 of 96

TABLE OF CONTENTS

Item No.	Form 10-K Report Page
PART I
Item 1.  Business	3
Item 1A.  Risk Factors	6
Item 1B.  Unresolved Staff Comments	13
Item 2.  Properties	14
Item 3.  Legal Proceedings	15
Item 4.  Mine Safety Disclosures	15
PART II
Item 5.  Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	16
Item 6.  Selected Financial Data	19
Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 7A.  Quantitative and Qualitative Disclosures About Market Risk	39
Item 8.  Financial Statements and Supplementary Data	39
Item 9.  Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	40
Item 9A.  Controls and Procedures	40
Item 9B.  Other Information	40
PART III
Item 10.  Directors, Executive Officers and Corporate Governance	40
Item 11.  Executive Compensation	40
Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	41
Item 13.  Certain Relationships and Related Transactions, and Director Independence	41
Item 14.  Principal Accounting Fees and Services	41
PART IV
Item 15.  Exhibits, Financial Statement Schedules	42
Item 16.  Form 10-K Summary	42

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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 and management’s ability to estimate the impact of such changes, (vi) the level and volatility of interest 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 and preferred stock and the Company’s ability to pay dividends at current levels, (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

Overview

Kimco Realty Corporation, a Maryland corporation, is one of North America’s largest publicly traded 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’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.

The Company is a self-administered real estate investment trust (“REIT”) and has owned and operated open-air shopping centers for over 60 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, 2018, the Company had interests in 437 shopping center properties (the “Combined Shopping Center Portfolio”), aggregating 76.3 million square feet of gross leasable area (“GLA”), located in 27 states and Puerto Rico. In addition, the Company had 290 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 4.7 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, 2018, a total of 533 persons were employed by the Company.

The Company’s website is located at http://www.kimcorealty.com. The information contained on our website does not constitute part of this Form 10-K. On the Company’s website 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 obtain a copy of any materials we 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. The Company maintains certain subsidiaries which made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities which the REIT may not conduct directly. 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.  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, Class K Depositary Shares, Class L Depositary Shares and Class M Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols “KIM”, “KIMprI”, “KIMprJ”, “KIMprK”, “KIMprL”, and “KIMprM”, respectively.

The Company began to expand its operations through the development of real estate and the construction of shopping centers but revised its growth strategy to focus on the acquisition of existing shopping centers. The Company also expanded internationally within Canada, Mexico, Chile, Brazil and Peru but has since substantially liquidated its investments in Mexico and has completely exited Canada, Chile, Brazil and Peru.  More recently the Company, on a selective basis, has embarked on several ground-up development and re-development projects which include residential and mixed-use components.

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.

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.

Business Objective and Strategies

Strategy Overview

The Company’s strategy focuses on:

● improving the quality and locations of its portfolio;

● harvesting the unrealized value in its portfolio; and

● maintaining a strong balance sheet with ample liquidity.

Over the past several years, the Company has transformed its portfolio, focusing on major metropolitan-area U.S. markets, predominantly on the East and West coasts and in the Sunbelt region, which are supported by strong demographics, significant projected population growth, and where the Company perceives significant barriers to entry.  As of December 31, 2018, the Company derived 81% of its annualized base rent from its top 20 core markets. Since December 2015, when the Company announced this strategic focus, it has disposed of 260 property interests, for an aggregate gross sales price of $3.8 billion, which includes completing its exit from Latin America and Canada and the substantial liquidation of its assets in Mexico.

The Company’s focus on high-quality locations has led to significant opportunities for value creation through the reinvestment in its assets to add density, replace outdated shopping center concepts, and better meet changing consumer demands.  Since 2015, the Company has completed 78 redevelopment projects, with a gross investment of $374.8 million and a blended return on investment of 10.0%.  In 2018, the Company delivered three Signature Series™ ground-up developments, Grand Parkway Marketplace Phase II, Dania Pointe Phase I, and Lincoln Square, which embody the high-quality characteristics and growth profile of its overall portfolio.  The successful completion of Lincoln Square also demonstrates the potential in its residential and mixed-use platform.  The Company continues to place strategic emphasis on live/work/play environments and in reinvesting in its existing assets.

The strength and security of the Company’s balance sheet remains central to its strategy.  The Company’s strong balance sheet and liquidity position are evidenced by its investment grade unsecured debt ratings (Baa1/BBB+/BBB+) by all three major ratings agencies.  The Company maintains one of the longest debt maturity profiles in the REIT industry, now at 10.5 years.  The Company has taken meaningful steps to reduce leverage, and its goal is to further improve its debt coverage metrics as redevelopment and development projects continue to come online and contribute additional cash flow growth.

Business Objective

The Company’s primary business objective is to be the premier owner and operator of open-air shopping centers in the U.S. The Company believes it can achieve this objective by:

● increasing value of its existing portfolio of properties and generating higher levels of portfolio growth;

● increasing cash flows for reinvestment and/or for distribution to shareholders;

● continuing growth in desirable demographic areas with successful retailers; and

● increasing capital appreciation.

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Operating Strategies

The Company’s operating strategies are to (i) own and operate its shopping center properties at their highest potential through maximizing and maintaining rental income and occupancy levels, (ii) attract local area customers to its shopping centers, which offer off-price merchandise and day-to-day necessities rather than high-priced luxury items, and (iii) maintain a strong balance sheet.

To effectively execute these strategies the Company seeks to:

● increase rental rates where possible through the leasing of space to new tenants;

● attract a diverse and robust tenant base across a variety of retailers at its properties, which include grocery store, off-price retailers, discounters, or service-oriented tenants;

● renew leases with existing tenants;

● decrease vacancy levels and duration of vacancy;

● monitor operating costs and overhead;

● redevelop existing shopping centers to obtain the highest and best use to maximize the real estate value;

● provide unmatched tenant services deriving from decades of experience managing retail properties; and

● provide communities with a destination for everyday living goods and services.

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2018, no single open-air shopping center accounted for more than 1.8% 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 1.7% of the Company’s total shopping center GLA. Furthermore, at December 31, 2018, the Company’s single largest tenant represented only 3.7% and the Company’s five largest tenants aggregated less than 12.2% 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 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.

Investment Strategies

The Company’s investment strategy is to invest capital into high quality assets which are concentrated in major metro markets that provide opportunity for growth while disposing of lesser quality assets in less desirable locations. Through this strategy, the Company has steadily progressed in its transformation of its portfolio and will continue these efforts as deemed necessary to maximize the quality and growth of its portfolio. The properties acquired are primarily located in major metro areas allowing tenants to generate higher foot traffic resulting in higher sales volume. The Company believes that this will enable it to maintain higher occupancy levels, rental rates and rental growth.

The Company’s investment strategy also includes the retail re-tenanting, renovation and expansion of its existing centers and acquired centers, while also pursuing redevelopment opportunities to increase overall value within its portfolio. The Company may selectively acquire established income-producing real estate properties and properties requiring significant re-tenanting and redevelopment, primarily in geographic regions in which the Company presently operates. Additionally, the Company may selectively acquire land parcels in its key markets for real estate development projects for long-term investment. 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 also continues to simplify its business by reducing the number of joint venture investments.

As part of the Company’s investment 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 properties. If the estimated fair value for any of these assets is less than their net carrying values, the Company would be required to take impairment charges and such amounts could be material.

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.

Corporate Responsibility and Sustainability

The Company is focused on building a thriving and sustainable business, one that succeeds by delivering long-term value for its stakeholders. The Company takes pride in how it conducts business, including the positive contribution it makes to communities and its initiatives to safeguard the environment.

By investing in technologies and improved processes, the Company has delivered significant year-over-year reductions in energy consumption across its portfolio of properties, including re-thinking how it controls and lights its parking areas, which reduces negative environmental impacts associated with fossil-fuel based energy sources.

The Company’s responsibility efforts are not limited to promoting operational efficiency. The Company believes that sustainability leadership also requires an understanding of how environmental, social, and governance issues impact both its customers and the organization’s future growth prospects. As a result, it is taking steps to engage with its tenants on these issues and to better understand how the shopping centers it chooses to own and manage can grow in value by viewing them through this unique lens.

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To focus the Company’s corporate responsibility efforts, it has established a set of five strategic program priorities:

● openly engage its key stakeholders;

● lead by example in its operations;

● positively influence tenants & partners;

● enhance its communities; and

● build and retain a quality team.

For the fourth consecutive year, the Company was named to the Dow Jones Sustainability North America Index, remaining the sole U.S. retail owner among eligible companies. The Company also earned the Green Star designation by the Global Real Estate Sustainability Benchmark (“GRESB”) for the fifth year in a row and remains the top-ranked North American company among a peer group of open-air retail property owners. Also, for the first time, the Company achieved perfect scores in the categories of “Management” and “Policy and Disclosure”.

Executive Officers

The following table sets forth information with respect to the executive officers of the Company as of December 31, 2018:

Name	Age	Position	Joined Kimco
Milton Cooper	89	Executive Chairman of the Board of Directors	Co-Founder
Conor C. Flynn	38	Chief Executive Officer	2003
Ross Cooper	36	President and Chief Investment Officer	2006
Glenn G. Cohen	54	Executive Vice President, Chief Financial Officer and Treasurer	1995
David Jamieson	38	Executive Vice President, Chief Operating Officer	2007

Item 1A. Risk Factors

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

Risks Related to Our Business and Operations

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

● ongoing consolidation in the retail sector;

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

● 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 risk of functional obsolescence of properties over time.

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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.

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.

We face competition in the acquisition or development 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 or development opportunities.

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.

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 involving 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. The capitalization rates at which properties may be sold could be higher than historic rates, thereby reducing our potential proceeds from sale. 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. All of these factors reduce our ability to respond to changes in the performance of our investments and could adversely affect our business, financial condition and results of operations.

Certain properties we own have a low tax basis, which may result in a taxable gain on sale. We intend to utilize 1031 exchanges to mitigate taxable income; however, there can be no assurance that we will identify properties that meet our investment objectives for acquisitions. In the event that we do not utilize 1031 exchanges, we may be required to distribute the gain proceeds to shareholders or pay income tax, which may reduce our cash flow available to fund our commitments.

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.

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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, residential 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.

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 hinder our growth and have an adverse effect on our financial condition, results of operations and cash flows.

We face risks associated with the development of mixed-use commercial properties.

We operate, are currently developing, and may in the future develop, properties either alone or through joint ventures with other persons that are known as “mixed-use” developments. This means that in addition to the development of retail space, the project may also include space for residential, office, hotel or other commercial purposes. We have less experience in developing and managing non-retail real estate than we do with retail real estate. As a result, if a development project includes a non-retail use, we may seek to develop that component ourselves, sell the rights to that component to a third-party developer with experience developing properties for such use or partner with such a developer. If we do not sell the rights or partner with such a developer, or if we choose to develop the other component ourselves, we would be exposed not only to those risks typically associated with the development of commercial real estate generally, but also to specific risks associated with the development and ownership of non-retail real estate. In addition, even if we sell the rights to develop the other component or elect to participate in the development through a joint venture, we may be exposed to the risks associated with the failure of the other party to complete the development as expected. These include the risk that the other party would default on its obligations necessitating that we complete the other component ourselves (including providing any necessary financing). In the case of residential properties, these risks include competition for prospective residents from other operators whose properties may be perceived to offer a better location or better amenities or whose rent may be perceived as a better value given the quality, location and amenities that the resident seeks. We will also compete against condominiums and single-family homes that are for sale or rent. In the case of office properties, the risks also include changes in space utilization by tenants due to technology, economic conditions and business culture, declines in financial condition of these tenants and competition for credit worthy office tenants.  In the case of hotel properties, the risks also include increases in inflation and utilities that may not be offset by increases in room rates. We are also dependent on business and commercial travelers and tourism.  Because we have less experience with residential, office and hotel properties than with retail properties, we expect to retain third parties to manage our residential properties. If we decide to not sell or participate in a joint venture and instead hire a third-party manager, we would be dependent on them and their key personnel who provide services to us and we may not find a suitable replacement if the management agreement is terminated, or if key personnel leave or otherwise become unavailable to us. 

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 financial condition, results of operations and cash flows.

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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 commitments. 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 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.

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 asset’s 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.

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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 financial condition, results of operations and cash flows.

We have substantially 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 substantially 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 face risks relating to cybersecurity attacks which could adversely affect our business, cause loss of confidential information and disrupt operations.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information. We may face cyber incidents and security breaches through malware, computer viruses, attachments to e-mails, persons inside our organization or persons with access to systems inside our organization and other significant disruptions of our IT networks and related systems. The risk of a cybersecurity breach or disruption, particularly through a cyber incident, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Our IT networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations and, in some cases, may be critical to the operations of certain of our tenants. Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging.

While we maintain some of our own critical information technology systems, we also depend on third parties to provide important information technology services relating to several key business functions, such as payroll, human resources, electronic communications and certain finance functions. Our measures to prevent, detect and mitigate these threats, including password protection, firewalls, backup servers, threat monitoring and periodic penetration testing, may not be successful in preventing a data breach or limiting the effects of a breach. Furthermore, the security measures employed by third-party service providers may prove to be ineffective at preventing breaches of their systems.

The primary risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to our relationship with our tenants, and private data exposure. Our financial results may be negatively impacted by such an incident or resulting negative media attention.

A cyber incident could:

● disrupt the proper functioning of our networks and systems and therefore our operations and/or those of certain of our tenants;

● result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;

● result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;

● result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;

● result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;

● require significant management attention and resources to remedy and damages that result;

● subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or

● damage our reputation among our tenants, investors and associates.

Moreover, cyber incidents perpetrated against our tenants, including unauthorized access to customers’ credit card data and other confidential information, could diminish consumer confidence and consumer spending and negatively impact our business.

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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.

Natural disasters and severe weather conditions could have an adverse impact on our financial condition, results of operations and cash flows.

Our operations are located in areas that are subject to natural disasters and severe weather conditions such as hurricanes, tornados, earthquakes, snow storms, floods and fires. The occurrence of natural disasters or severe weather conditions can delay new development projects, increase investment costs to repair or replace damaged properties, increase operation costs, increase costs for future property insurance, negatively impact the tenant demand for lease space and cause substantial damages or losses to our properties which could exceed any applicable insurance coverage. If insurance is unavailable to us or is unavailable on acceptable terms, or if our insurance is not adequate to cover business interruption or losses from these events, our financial condition, results of operations and cash flows could be adversely affected.

Risks Related to Our Debt and Equity Securities

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 investment 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 stakeholders.

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 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 and the indentures and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.

Impacts from transition away from London Inter-bank Offered Rate (“LIBOR”).

A portion of our long-term indebtedness bears interest at fluctuating interest rates based on LIBOR for deposits of U.S. dollars. LIBOR and certain other interest “benchmarks” may be subject to regulatory guidance and/or reform that could cause interest rates under our current or future debt agreements to perform differently than in the past or cause other unanticipated consequences. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced that it intends to stop encouraging or requiring banks to submit LIBOR rates after 2021, and it is unclear if LIBOR will cease to exist or if new methods of calculating LIBOR will evolve. If LIBOR ceases to exist or if the methods of calculating LIBOR change from their current form, interest rates on our current or future indebtedness may be adversely affected.

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.

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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.

Risks Related to Our Status as a REIT and Related U.S. Federal Income Tax Matters

Loss of our tax status as a REIT or changes in U.S. federal income 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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 the regular U.S. federal corporate income tax;

● we could possibly be subject to 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.

Moreover, the Tax Cuts and Jobs Act, enacted on December 22, 2017, has significantly changed the U.S. federal income taxation of U.S. businesses and their owners, including REITs and their stockholders. Changes made by the legislation that could affect us and our stockholders include:

● temporarily reducing individual U.S. federal income tax rates on ordinary income; the highest individual U.S. federal income tax rate has been reduced from 39.6% to 37% (excluding the 3.8% Medicare tax on net investment income) for taxable years beginning after December 31, 2017 and before January 1, 2026;

● permanently eliminating the progressive corporate tax rate structure, with a maximum corporate tax rate of 35%, and replacing it with a flat corporate tax rate of 21%;

● allowing a deduction for certain pass-through business income, including dividends received by our stockholders from us that are not designated by us as capital gain dividends or qualified dividend income, which will allow individuals, trusts, and estates to deduct up to 20% of such amounts for taxable years beginning after December 31, 2017 and before January 1, 2026; REIT dividends, as described herein, will be allowed the full 20% deduction thereby reducing the highest marginal income tax rate on these dividends to 29.6% from 37% (excluding the 3.8% Medicare tax on net investment income);

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● reducing the highest rate of withholding with respect to our distributions to non-U.S. stockholders that are treated as attributable to gains from the sale or exchange of U.S. real property interests from 35% to 21%;

● limiting our deduction for net operating losses arising in taxable years beginning after December 31, 2017 to 80% of REIT taxable income (after the application of the dividends paid deduction);

● generally limiting the deduction for net business interest expense in excess of 30% of a business’s adjusted taxable income, except for taxpayers that engage in certain real estate businesses and elect out of this rule (and requiring such electing taxpayers to use the less favorable alternative depreciation system); and

● elimination of the corporate alternative minimum tax.

Many of these changes are effective immediately, without any transition periods or grandfathering for existing transactions. The legislation is unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the Treasury and IRS, any of which could lessen or increase certain adverse impacts of the legislation. In addition, it is unclear how these U.S. federal income tax changes will affect state and local taxation, which often uses U.S. federal taxable income as a starting point for computing state and local tax liabilities.

While some of the changes made by the tax legislation may adversely affect us in one or more reporting periods and prospectively, other changes may be beneficial on a going forward basis. We continue to work with our tax advisors to determine the full impact that the recent tax legislation as a whole will have on us. We urge our investors to consult with their legal and tax advisors with respect to such legislation and the potential tax consequences of investing in our common stock.

Our failure to qualify as a REIT or new legislation or changes in U.S. federal income tax laws (including interpretations and regulations with respect to the Tax Cuts and Jobs Act), and 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 have a materially adverse effect on 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 flows 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 U.S. 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 flows and per share trading price of our common stock.

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

Item 1B. Unresolved Staff Comments

None.

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Item 2. Properties

Real Estate Portfolio. As of December 31, 2018, the Company had interests in 437 shopping center properties aggregating 76.3 million square feet of GLA located in 27 states and Puerto Rico. In addition, the Company had 290 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 4.7 million square feet of GLA.  The Company’s portfolio is used by its single reportable segment.  Open-air shopping centers comprise the primary focus of the Company's current portfolio.  As of December 31, 2018, the Company’s Combined Shopping Center Portfolio, including noncontrolling interests, was 95.6% 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 174,108 square feet as of December 31, 2018. The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with redevelopment, 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 2018, the Company expended $290.9 million in connection with these property improvements as well as tenant improvements while expensing $29.7 million to operations.

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 grocery store, off-price retailer, discounter or service-oriented tenant. 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, Petsmart, Albertsons, Ross Stores, Whole Foods Market, Walmart, Bed Bath & Beyond and Kohl’s.

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2018, no single open-air shopping center accounted for more than 1.8% 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 1.7% of the Company’s total shopping center GLA. At December 31, 2018, the Company’s five largest tenants were TJX Companies, The Home Depot, Ahold Delhaize, Petsmart and Albertsons, which represented 3.7%, 2.6%, 2.2%, 1.9% 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.

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 (certain of the leases provide for the payment of a fixed-rate reimbursement of these such expenses). 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 reimbursements by the tenant as part of common area maintenance. Additionally, many of the leases provide for reimbursements by the tenant of capital expenditures.

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, 2018. 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. 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, 2018, the Company’s consolidated operating portfolio, comprised of 53.0 million square feet of GLA, was 95.8% leased. The consolidated operating portfolio consists entirely of properties located in the U.S., inclusive of Puerto Rico.  For the period January 1, 2018 to December 31, 2018, the Company increased the average base rent per leased square foot, which includes the impact of tenant concessions, in its consolidated portfolio of open-air shopping centers from $15.43 to $16.22, an increase of $0.79.  This increase primarily consists of (i) a $0.32 increase relating to new leases signed net of leases vacated and rent step-ups within the portfolio, (ii) a $0.38 increase relating to dispositions, and (iii) a $0.09 increase relating to acquisitions and stabilized development projects.

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The Company has a total of 5,624 leases in the 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)		150		508	$	10,466		1.3	%
2019		594		2,853	$	55,322		6.7	%
2020		776		5,282	$	88,643		10.8	%
2021		770		5,980	$	90,977		11.1	%
2022		804		6,154	$	102,944		12.6	%
2023		742		6,102	$	101,493		12.4	%
2024		424		4,631	$	71,176		8.7	%
2025		227		1,937	$	34,896		4.3	%
2026		231		3,654	$	51,512		6.3	%
2027		249		3,292	$	50,253		6.1	%
2028		326		3,363	$	61,518		7.5	%

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

During 2018, the Company executed 1,046 leases totaling over 7.6 million square feet in the Company’s consolidated operating portfolio comprised of 388 new leases and 658 renewals and options. The leasing costs associated with these leases are estimated to aggregate $73.4 million or $27.63 per square foot. These costs include $56.3 million of tenant improvements and $17.1 million of leasing commissions. The average rent per square foot on new leases was $18.03 and on renewals and options was $17.00. 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 31 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 (See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K, New Accounting Pronouncements- Leases).

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.

Item 4. Mine Safety Disclosures

Not applicable.

15

PART II

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

Market Information: The Company’s common stock is traded on the NYSE under the trading symbol "KIM".

Holders: The number of holders of record of the Company's common stock, par value $0.01 per share, was 2,122 as of January 31, 2019.

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 operating 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.

	Year Ended December 31,
	2018			2017
Dividend paid per share	$	1.12		$	1.08
Ordinary income		50	%		57	%
Capital gains		45	%		2	%
Return of capital		5	%		41	%

In addition to its common stock offerings, the Company has capitalized on 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 regarding 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 12, 13 and 16 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, Class K Preferred Stock, Class L Preferred Stock and Class M Preferred Stock, the financial covenants contained in its public bond indentures, as amended, or its revolving credit agreements will have an adverse impact on the Company's ability to pay dividends in the normal course to its common stockholders or to distribute amounts necessary to maintain its qualification as a REIT.

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

Recent Sales of Unregistered Securities: None.

Issuer Purchases of Equity Securities: During the year ended December 31, 2018, the Company repurchased 278,566 shares for an aggregate purchase price of $4.3 million (weighted average price of $15.44 per share) 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. In addition, during February 2018, the Company’s Board of Directors authorized a share repurchase program, which is effective for a term of two years, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. During the year ended December 31, 2018, the Company repurchased 5,100,000 shares for an aggregate purchase price of $75.1 million (weighted average price of $14.72 per share). These repurchased shares are no longer outstanding.

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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, 2018 – January 31, 2018		56,094	$	17.69		-	$	-
February 1, 2018 - February 28, 2018		1,764,751	$	15.09		1,600,000	$	275.7
March 1, 2018 – March 31, 2018		222	$	15.21		-	$	275.7
April 1, 2018 – April 30, 2018		1,067	$	14.37		-	$	275.7
May 1, 2018 – May 31, 2018		3,505,277	$	14.52		3,500,000	$	224.9
June 1, 2018 – June 30, 2018		1,020	$	17.40		-	$	224.9
July 1, 2018 – July 31, 2018		5,427	$	16.46		-	$	224.9
August 1, 2018 – August 31, 2018		38,524	$	16.49		-	$	224.9
September 1, 2018 – September 30, 2018		3,556	$	17.11		-	$	224.9
October 1, 2018 – October 31, 2018		2,628	$	15.85		-	$	224.9
November 1, 2018 – November 30, 2018		-	$	-		-	$	224.9
December 1, 2018 – December 31, 2018		-	$	-		-	$	224.9
Total		5,378,566	$	15.44		5,100,000

Total Stockholder Return Performance: The following performance chart compares, over the five years ended December 31, 2018, 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 FTSE NAREIT All Equity REITs Index (the “FTSE NAREIT Equity REITs”) prepared and published by the National Association of Real Estate Investment Trusts (“NAREIT”). The FTSE NAREIT Equity REITs is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.

Stockholder return performance, presented annually for the five years ended December 31, 2018, 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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Comparison of 5 year cumulative total return data points
	Dec-13		Dec-14		Dec-15		Dec-16		Dec-17		Dec-18
Kimco Realty Corporation	$	100	$	132	$	144	$	143	$	109	$	95
S&P 500	$	100	$	114	$	115	$	129	$	157	$	150
FTSE NAREIT Equity REITs	$	100	$	130	$	134	$	146	$	153	$	146

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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,
	2018			2017			2016			2015			2014
	(in thousands, except per share data)
Operating Data:
Revenues from rental properties (1)	$	882,345		$	912,670		$	893,365		$	885,278		$	739,917
Reimbursement income (1)	$	246,381		$	247,563		$	239,015		$	238,151		$	201,036
Other rental property income (1)	$	20,877		$	23,552		$	20,021		$	21,045		$	17,935
Interest expense (1)	$	(183,339	)	$	(191,956	)	$	(192,549	)	$	(218,891	)	$	(203,759	)
Early extinguishment of debt charges	$	(12,762	)	$	(1,753	)	$	(45,674	)	$	-		$	-
Depreciation and amortization (1)	$	(310,380	)	$	(360,811	)	$	(355,320	)	$	(344,527	)	$	(258,074	)
Gain on sale of operating properties/change in control of interests (1)	$	229,840		$	93,538		$	92,823		$	132,908		$	618
(Provision)/benefit for income taxes, net (1)	$	(1,600	)	$	880		$	(78,583	)	$	(67,325	)	$	(22,438	)
Impairment charges (2)	$	(79,207	)	$	(67,331	)	$	(93,266	)	$	(45,383	)	$	(39,808	)
Income from continuing operations	$	498,463		$	439,671		$	386,138		$	900,218		$	384,895
Net income	$	498,463		$	439,671		$	386,138		$	900,143		$	435,880
Net income attributable to the Company	$	497,795		$	426,075		$	378,850		$	894,115		$	424,001
Net income available to the Company’s common shareholders	$	439,604		$	372,461		$	332,630		$	831,215		$	365,707
Earnings per common share:
Income from continuing operations:
Basic	$	1.02		$	0.87		$	0.79		$	2.01		$	0.77
Diluted	$	1.02		$	0.87		$	0.79		$	2.00		$	0.77
Net income available to the Company’s common shareholders:
Basic	$	1.02		$	0.87		$	0.79		$	2.01		$	0.89
Diluted	$	1.02		$	0.87		$	0.79		$	2.00		$	0.89
Weighted average number of shares of common stock:
Basic		420,641			423,614			418,402			411,319			409,088
Diluted		421,379			424,019			419,709			412,851			411,038
Cash dividends declared per common share	$	1.120		$	1.090		$	1.035		$	0.975		$	0.915

	December 31,
	2018			2017			2016			2015			2014
	(in thousands)
Balance Sheet Data:
Real estate, before accumulated depreciation	$	11,877,190		$	12,653,446		$	12,008,075		$	11,568,809		$	10,018,226
Total assets	$	10,999,100		$	11,763,726		$	11,230,600		$	11,344,171		$	10,261,400
Total debt	$	4,873,872		$	5,478,927		$	5,066,368		$	5,376,310		$	4,595,970
Total stockholders' equity	$	5,333,804		$	5,394,244		$	5,256,139		$	5,046,300		$	4,774,785
Cash flow provided by operations	$	637,936		$	614,181		$	592,096		$	493,701		$	629,343
Cash flow provided/(used for) by investing activities	$	253,645		$	(294,280	)	$	165,383		$	21,365		$	126,705
Cash flow used for financing activities	$	(986,513	)	$	(223,874	)	$	(804,527	)	$	(512,854	)	$	(717,494	)

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

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

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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.

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, including real estate under development, and intangible assets and liabilities, valuation of joint venture investments and other investments, and 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.

Revenue Recognition and Recoverability of Trade Accounts Receivable

The Company’s primary source of revenue is derived from property leases which produce the Company’s Revenues from rental properties, Reimbursement income and Other rental property income. On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), using the modified retrospective method. The adoption of this standard did not result in any material changes to the Company’s revenue recognition (See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Revenues from rental properties

Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. 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.  Lease termination fee income is recognized when the lessee provides consideration in order to terminate an existing lease agreement and has vacated the leased space. The performance obligation of the Company is the termination of the lease agreement which occurs upon consideration received and execution of the termination agreement. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market intangible asset or liability 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.

Reimbursement income

Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned.

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Trade accounts receivable

The Company makes estimates of the uncollectable trade 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 trade accounts receivable.

Real Estate 

Depreciable Lives

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.

The Company capitalizes acquisition costs related to real estate operating properties, which qualify as asset acquisitions. Also, 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 a market 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.

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)	5 to 50
Fixtures, leasehold and tenant improvements (including certain identified intangible assets)	Terms of leases or useful 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.

Valuation of real estate, including real estate under development, and intangible assets and liabilities

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period, general market conditions and delays of development, 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, net of anticipated construction and leasing costs, (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 costs of materials and labor, 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. The Company’s estimated fair values are based upon a discounted cash flow model for each property that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

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.

Valuation of Joint Venture Investments and Other Investments

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.

21

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 will 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, which requires significant judgement from management, should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The Company’s reported net earnings are directly affected by management’s judgement in determining a valuation allowance.

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 21 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Executive Overview

Kimco Realty Corporation is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2018, the Company had interests in 437 shopping center properties aggregating 76.3 million square feet of GLA located in 27 states and Puerto Rico. In addition, the Company had 290 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 4.7 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 following highlights the Company’s significant transactions, events and results that occurred during the year ended December 31, 2018:

Financial and Portfolio Information:

● Net income available to the Company’s common shareholders increased to $439.6 million, or $1.02 per diluted share for the year ended December 31, 2018 from $372.5 million, or $0.87 per diluted share for the year ended December 31, 2017.

● Funds from operations (“FFO”) was $620.7 million or $1.47 per diluted share for the year ended December 31, 2018, as compared to $655.6 million or $1.55 per diluted share for the corresponding period in 2017 (see additional disclosure on FFO beginning on page 36).

● FFO as adjusted was $613.0 million or $1.45 per diluted share for the year ended December 31, 2018, as compared to $644.2 million or $1.52 per diluted share for the corresponding period in 2017 (see additional disclosure on FFO beginning on page 36).

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● Same property net operating income (“Same property NOI”) increased 2.9% for the year ended December 31, 2018, as compared to the corresponding period in 2017 (see additional disclosure on Same property NOI beginning on page 38).

● Executed 1,046 new leases, renewals and options totaling approximately 7.6 million square feet in the consolidated operating portfolio.

● The Company’s consolidated operating portfolio occupancy at December 31, 2018 was 95.8% as compared to 95.9% at December 31, 2017.

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

● Acquired two land parcels adjacent to existing shopping centers located in Ardmore, PA and Elmont, NY, in separate transactions, for an aggregate purchase price of $5.4 million.

● Completed and opened three development projects totaling $338.8 million (including capitalized costs of $21.4 million) during the year ended December 31, 2018.

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

● During 2018, the Company disposed of 54 operating properties (including the deconsolidation of one property) and seven out-parcels, in separate transactions, for an aggregate sales price of $1.2 billion. These transactions resulted in (i) aggregate gains of $229.8 million and (ii) aggregate impairment charges of $19.7 million.

● During 2018, the Company sold 10 land parcels for an aggregate sales price of $9.7 million, which resulted in an aggregate gain of $6.3 million.

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

● During January 2018, the underwriting financial institutions for the Class M Preferred Stock exercised the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares and received net proceeds before expenses of $33.4 million. 

● During the year ended December 31, 2018, the Company repaid the following notes (dollars in millions):

Type	Date Paid	Amount Repaid		Interest Rate		Maturity Date
Senior unsecured notes (1)	Aug-18	$	300.0		6.875%	Oct-19
Senior unsecured notes (2)	Jun-18 & Jul-18	$	15.1		3.200%	May-21

(1) The Company recorded an early extinguishment of debt charge of $12.8 million resulting from the early repayment of these notes.

(2) Represents partial repayments. As of December 31, 2018, these notes had a remaining outstanding balance of $484.9 million.

● Also, during 2018, the Company (i) deconsolidated $206.0 million of individual non-recourse mortgage debt relating to an operating property for which the Company no longer holds a controlling interest, (ii) repaid $205.6 million of maturing mortgage debt (including fair market value adjustments of $0.9 million) that encumbered six operating properties and (iii) disposed of a $12.4 million encumbered property through foreclosure.

● In August 2018, the Company closed on a construction loan commitment of $67.0 million relating to one development property, which had a balance of $51.0 million outstanding as of December 31, 2018.

● As a result of the above activity, the Company’s debt maturity profile, including extension options, is as follows:

● As of December 31, 2018, the weighted average interest rate was 3.62% and the weighted average maturity profile was 10.5 years.

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The Company faces external factors which may influence its future results from operations. The convenience and availability of e-commerce has continued to have an impact on the retail sector, which could affect our ability to increase or maintain rental rates and our ability to renew expiring leases and/or lease available space. To mitigate the effect of e-commerce on its business, the Company’s strategy has been to attract local area customers to its properties by providing a diverse and robust tenant base across a variety of retailers, including grocery stores, off-price retailers, discounters or service-oriented tenants, which offer off-price merchandise and day-to-day necessities rather than high-priced luxury items. In addition, the Company’s strategy includes investing capital into high quality assets, which are concentrated in major metro markets, allowing our tenants to generate higher foot traffic resulting in higher sales volume while also disposing of lesser quality assets in less desirable locations. For a further discussion of these and other factors that could impact our future results, performance or transactions, see Item 1A. “Risk Factors.”

The Company continues to take steps to strengthen its portfolio in the rapidly changing retail environment. The Company intends to continue to dispose of assets outside its core markets, which will allow it to concentrate its presence in target coastal markets by completing development projects underway and continuing to invest in redevelopment, ultimately producing a stronger portfolio for sustained long-term growth.

Results of Operations

Comparison of Years Ended December 31, 2018 to 2017

The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended December 31, 2018, as compared to the corresponding period in 2017 (in thousands, except per share data):

	Year Ended December 31,
	2018			2017			$ Change
Revenues
Revenues from rental properties (1)	$	882,345		$	912,670		$	(30,325	)
Reimbursement income (1)		246,381			247,563			(1,182	)
Other rental property income (1)		20,877			23,552			(2,675	)
Management and other fee income		15,159			17,049			(1,890	)
Operating expenses
Rent (2)		(10,929	)		(11,145	)		216
Real estate taxes		(153,336	)		(157,196	)		3,860
Operating and maintenance (1) (3)		(164,294	)		(169,552	)		5,258
General and administrative (1) (4)		(87,797	)		(91,690	)		3,893
Provision for doubtful accounts		(6,253	)		(5,630	)		(623	)
Impairment charges		(79,207	)		(67,331	)		(11,876	)
Depreciation and amortization		(310,380	)		(360,811	)		50,431
Gain on sale of operating properties/change in control of interests		229,840			93,538			136,302
Other income/(expense)
Other income, net		13,041			2,559			10,482
Interest expense		(183,339	)		(191,956	)		8,617
Early extinguishment of debt charges		(12,762	)		(1,753	)		(11,009	)
(Provision)/benefit for income taxes, net		(1,600	)		880			(2,480	)
Equity in income of joint ventures, net		71,617			60,763			10,854
Gain on change in control of joint venture interests		-			71,160			(71,160	)
Equity in income of other real estate investments, net		29,100			67,001			(37,901	)
Net income attributable to noncontrolling interests		(668	)		(13,596	)		12,928
Preferred stock redemption charges		-			(7,014	)		7,014
Preferred dividends		(58,191	)		(46,600	)		(11,591	)
Net income available to the Company's common shareholders	$	439,604		$	372,461		$	67,143
Net income available to the Company's common shareholders:
Diluted per share	$	1.02		$	0.87		$	0.15

(1) The Company reclassified $247.6 million of Reimbursement income and $23.6 million of Other rental property income from Revenues from rental properties on the Company’s Consolidated Statements of Income for the year ended December 31, 2017. The Company reclassified $26.8 million from General and administrative to Operating and maintenance on the Company’s Consolidated Statements of Income for the year ended December 31, 2017. See Footnote 1 of the Notes to the Consolidated Financial Statements for further discussion.

(2) Rent expense relates to ground lease payments for which the Company is the lessee.

(3) Operating and maintenance expense consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security, personnel costs related to property management services and various other property related expenses.

(4) General and administrative costs include employee-related expenses (including salaries, bonuses, equity awards, benefits, severance costs and payroll taxes but excluding property management personnel), professional fees, office rent, travel expense and other company-specific expenses.

Net income available to the Company’s common shareholders was $439.6 million for the year ended December 31, 2018, as compared to $372.5 million for the comparable period in 2017. On a diluted per share basis, net income available to the Company’s common shareholders for year ended December 31, 2018, was $1.02 as compared to $0.87 for the comparable period in 2017. For additional disclosure, see Footnote 23 of the Notes to Consolidated Financial Statements included in this Form 10-K.

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The following describes the changes of certain line items included in Net income available to the Company’s common shareholders on the Company’s Consolidated Statements of Income, which it believes represent items that have significant changes during the year ended December 31, 2018, as compared to the corresponding periods in 2017:

Revenue from rental properties –

The decrease in Revenues from rental properties of $30.3 million is primarily from the combined effect of (i) a decrease in revenues of $63.2 million from properties sold during 2018 and 2017, partially offset by (ii) the completion of certain development/redevelopment projects, tenant buyouts and net growth in the current portfolio, which provided incremental revenues for the year ended December 31, 2018 of $21.6 million, as compared to the corresponding period in 2017, and (iii) the acquisition/consolidation of operating properties during 2018 and 2017, which provided incremental revenues for the year ended December 31, 2018 of $11.3 million, as compared to the corresponding period in 2017.

Real estate taxes –

Real estate taxes decreased $3.9 million primarily due to (i) a decrease of $12.0 million resulting from properties sold during 2018 and 2017, partially offset by (ii) an overall net increase of $6.4 million primarily due to increases in property tax rates and assessments during 2018, as compared to 2017 and (iii) an increase of $1.7 million related to the acquisition/consolidation of operating properties during 2018 and 2017.

Operating and maintenance –

The decrease in Operating and maintenance of $5.3 million is primarily from the combined effect of (i) a decrease in operating costs of $9.4 million from properties sold during 2018 and 2017, partially offset by (ii) an increase of $2.5 million related to the acquisition/consolidation of operating properties and (iii) an increase of $1.6 million primarily related to snow removal costs.

General and administrative –

The decrease in General and administrative costs of $3.9 million is primarily due to a decrease in personnel costs and consulting fees.

Impairment charges –

During the years ended December 31, 2018 and 2017, the Company recognized impairment charges related to adjustments to property carrying values of $79.2 million and $67.3 million, respectively, for which the Company’s estimated fair values were primarily based upon (i) signed contracts or letters of intent from third party offers, (ii) discounted cash flow models or (iii) third party appraisal. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties, including a property which the Company discontinued its plan to develop and now intends to market it for sale as is, and management’s assessment as to the likelihood and timing of such potential transactions.  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 Footnotes 6 and 15 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Depreciation and amortization –

The decrease in Depreciation and amortization of $50.4 million is primarily due to (i) a decrease of $29.1 million related to the acceleration of depreciable lives of assets due to demolition within the Company’s redevelopment projects during 2017, as compared to 2018, (ii) a decrease of $15.6 million resulting from property dispositions in 2018 and 2017 and (iii) a decrease related to tenant vacates and write-offs of depreciable assets of $14.5 million, partially offset by (iv) an increase of $8.8 million related to the acquisition/consolidation of operating properties during 2017.

Gain on sale of operating properties/change in control of interests-

During 2018, the Company disposed of 54 operating properties (including the deconsolidation of one property) and seven out-parcels, in separate transactions, for an aggregate sales price of $1.2 billion. These transactions resulted in aggregate gains of $229.8 million and aggregate impairment charges of $19.7 million. During 2017, the Company disposed of 25 operating properties and nine parcels, in separate transactions, for an aggregate sales price of $352.2 million. These transactions resulted in aggregate gains of $93.5 million and aggregate impairment charges of $17.1 million.

25

Other income, net –

The increase in Other income, net of $10.5 million is primarily due to (i) the recognition of gain on forgiveness of debt of $4.3 million and relief of accrued interest expense of $3.4 million resulting from the foreclosure of an encumbered property during 2018, (ii) the recognition of $4.2 million in income resulting from the receipt of casualty insurance claims in excess of the value of the assets written off, (iii) a reduction in demolition related costs of $3.5 million and (iv) an increase in gains on land sales of $2.9 million, partially offset by (v) the recognition of a net loss on changes in fair value of available-for-sale marketable securities of $3.5 million during 2018 and (vi) an increase in deal costs of $3.2 million related to transactions the Company is no longer pursuing.

Interest expense –

The decrease in Interest expense of $8.6 million for the year ended December 31, 2018, as compared to the corresponding period in 2017, is primarily the result of the repayment of maturing debt during 2018 and 2017 and lower levels of borrowings during the year ended December 31, 2018, as compared to the corresponding period in 2017.

Early extinguishment of debt charges –

During the year ended December 31, 2018, the Company incurred early extinguishment of debt charges of $12.8 million in connection with the optional make-whole provisions of unsecured notes that were repaid prior to maturity. During the year ended December 31, 2017, the Company incurred early extinguishment of debt charges of $1.8 million in connection with the tender premium on Medium Term Notes that were partially tendered prior to maturity.

Equity in income of joint ventures, net –

The increase in Equity in income of joint ventures, net of $10.9 million is primarily due to (i) an increase in net gains of $13.8 million resulting from the sales of properties and ownership interests within various joint venture investments during 2018 as compared to 2017 and (ii) the recognition during 2017 of a cumulative foreign currency translation loss of $4.8 million as a result of the substantial liquidation of the Company’s investments in Canada, partially offset by (iii) lower equity in income of $5.6 million primarily resulting from the sales of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2018 and 2017 and (iv) an increase in impairment charges of $2.1 million recognized during 2018 as compared to 2017.

Gain on change in control of joint venture interests –

During 2017, the Company acquired, in separate transactions, a controlling interest in three operating properties from certain joint venture partners in which the Company had noncontrolling interests. As a result of these transactions, the Company recorded an aggregate gain on change in control of interests of $71.2 million related to the fair value adjustment associated with its previously held equity interest in these operating properties.

Equity in income from other real estate investments, net –

The decrease in Equity in income from other real estate investments, net of $37.9 million is primarily due to (i) a decrease of $34.6 million in equity in income from the Albertsons joint venture resulting from cash distributions received in excess of the Company’s carrying basis during 2017 and (ii) the recognition in 2017 of a cumulative foreign currency translation gain of $14.8 million as a result of the substantial liquidation of the Company’s investments in Canada during 2017, partially offset by (iii) an increase in earnings and profit participation from capital transactions related to Company’s Preferred Equity Program of $11.4 million during 2018, as compared to the corresponding period in 2017.

Net income attributable to noncontrolling interests –

The decrease in Net income attributable to noncontrolling interests of $12.9 million is primarily due to equity in income allocated to the Company’s noncontrolling interest members as a result of a distribution in excess of basis in the Albertsons joint venture during 2017.

Preferred stock redemption charges –

During 2017, the Company partially redeemed its Class I Preferred Stock shares, and as a result, the Company recorded a redemption charge of $7.0 million. This $7.0 million charge was subtracted from net income attributable to the Company to arrive at net income available to the Company’s common shareholders and used in the calculation of earnings per share for the year ended December 31, 2017.

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Preferred dividends –

The increase in Preferred dividends of $11.6 million is primarily due to the issuances of Class L Preferred Stock and Class M Preferred Stock in 2017 and 2018, partially offset by the partial redemption of Class I Preferred Stock in 2017.

Comparison of Years Ended December 31, 2017 to 2016

The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended December 31, 2017, as compared to the corresponding period in 2016 (in thousands, except per share data):

	Year Ended December 31,
	2017			2016			$ Change
Revenues
Revenues from rental properties (1)	$	912,670		$	893,365		$	19,305
Reimbursement income (1)		247,563			239,015			8,548
Other rental property income (1)		23,552			20,021			3,531
Management and other fee income		17,049			18,391			(1,342	)
Operating expenses
Rent		(11,145	)		(10,993	)		(152	)
Real estate taxes		(157,196	)		(146,615	)		(10,581	)
Operating and maintenance (1)		(169,552	)		(171,416	)		1,864
General and administrative (1)		(91,690	)		(86,796	)		(4,894	)
Provision for doubtful accounts		(5,630	)		(5,563	)		(67	)
Impairment charges		(67,331	)		(93,266	)		25,935
Depreciation and amortization		(360,811	)		(355,320	)		(5,491	)
Gain on sale of operating properties/change in control of interests (1)		93,538			92,823			715
Other income/(expense)
Other income, net		2,559			5,425			(2,866	)
Interest expense		(191,956	)		(192,549	)		593
Early extinguishment of debt charges		(1,753	)		(45,674	)		43,921
Benefit/(provision) for income taxes, net		880			(78,583	)		79,463
Equity in income of joint ventures, net		60,763			218,714			(157,951	)
Gain on change in control of joint venture interests		71,160			57,386			13,774
Equity in income of other real estate investments, net		67,001			27,773			39,228
Net income attributable to noncontrolling interests		(13,596	)		(7,288	)		(6,308	)
Preferred stock redemption charges		(7,014	)		-			(7,014	)
Preferred dividends		(46,600	)		(46,220	)		(380	)
Net income available to the Company's common shareholders	$	372,461		$	332,630		$	39,831
Net income available to the Company's common shareholders:
Diluted per share	$	0.87		$	0.79		$	0.08

(1) The Company reclassified $239.0 million of Reimbursement income and $20.0 million of Other rental property income from Revenues from rental properties on the Company’s Consolidated Statements of Income for the year ended December 31, 2016. The Company reclassified $30.5 million from General and administrative to Operating and maintenance on the Company’s Consolidated Statements of Income for the year ended December 31, 2016. The Company reclassified $6.0 million from Gain on sale of operating properties/change in control of interests to (Provision)/benefit for income taxes, net on the Company’s Consolidated Statements of Income for the year ended December 31, 2016. See Footnote 1 of the Notes to the Consolidated Financial Statements for further discussion.

Net income available to the Company’s common shareholders was $372.5 million for the year ended December 31, 2017, as compared to $332.6 million for the comparable period in 2016. On a diluted per share basis, net income available to the Company for the year ended December 31, 2017 was $0.87 as compared to $0.79 for the comparable period in 2016. For additional disclosure, see Footnote 23 of the Notes to Consolidated Financial Statements included in this Form 10-K.

The following describes the changes of certain line items included in Net income available to the Company’s common shareholders on the Company’s Consolidated Statements of Income, which it believes represent items that have significant changes during the year ended December 31, 2017, as compared to the corresponding periods in 2016:

Revenue from rental properties –

The increase in Revenues from rental properties of $19.3 million is primarily from the combined effect of (i) the acquisition/consolidation of operating properties during 2017 and 2016, which provided incremental revenues for the year ended December 31, 2017 of $43.5 million, as compared to the corresponding period in 2016, and (ii) the completion of certain redevelopment projects, tenant buyouts and net growth in the current portfolio, which provided incremental revenues for the year ended December 31, 2017 of $0.4 million, as compared to the corresponding period in 2016, partially offset by (iii) a decrease in revenues of $24.6 million from properties sold during 2017 and 2016.

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Reimbursement income –

The increase in Reimbursement income of $8.5 million is primarily from the combined effect of (i) the acquisition/consolidation of operating properties during 2017 and 2016, which provided incremental revenues for the year ended December 31, 2017 of $12.9 million, as compared to the corresponding period in 2016, and (ii) increased occupancy rates, the nature and timing of spending and net growth in recovery rates for the current portfolio, which provided incremental reimbursement income for the year ended December 31, 2017 of $2.1 million, as compared to the corresponding period in 2016, partially offset by (iii) a decrease in revenues of $6.5 million from properties sold during 2017 and 2016.

Other rental income –

The increase in Other rental income of $3.5 million is primarily from the combined effect of (i) the acquisition/consolidation of operating properties during 2017 and 2016, which provided incremental revenues for the year ended December 31, 2017 of $1.1 million, as compared to the corresponding period in 2016, and (ii) the completion of certain redevelopment projects, tenant buyouts and net growth in the current portfolio, which provided incremental revenues for the year ended December 31, 2017 of $2.4 million, as compared to the corresponding period in 2016.

Real estate taxes –

The increase in Real estate taxes of $10.6 million is primarily due to (i) an increase of $8.4 million related to the acquisition and consolidation of operating properties during 2017 and 2016, and (ii) an overall net increase of $5.0 million primarily due to refunds received during 2016, partially offset by (iii) a decrease of $2.8 million resulting from properties sold during 2017 and 2016.

General and administrative –

The increase in General and administrative costs of $4.9 million due to an increase in severance and personnel costs.

Impairment charges –

During the years ended December 31, 2017 and 2016, the Company recognized impairment charges related to adjustments to property carrying values of $67.3 million and $93.3 million, respectively, for which the Company’s estimated fair values were primarily based upon (i) signed contracts or letters of intent from third party offers or (ii) discounted cash flow models. These 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. Also, the Company re-evaluated its long-term plan for a single property due to unfavorable local market conditions. 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 Footnotes 6 and 15 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Depreciation and amortization –

The increase in Depreciation and amortization of $5.5 million is primarily due to (i) an increase of $21.8 million related to the acquisition/consolidation of operating properties during 2017 and 2016, and (ii) an increase of $15.2 million related to the acceleration of depreciable lives of assets due to demolition within the Company’s redevelopment projects in 2017 and 2016, partially offset by (iii) a decrease of $31.5 million resulting from property dispositions and tenant vacates in 2017 and 2016.

Gain on sale of operating properties/change in control of interests –

During 2017, the Company disposed of 25 operating properties and nine parcels, in separate transactions, for an aggregate sales price of $352.2 million. These transactions resulted in (i) an aggregate gain of $93.5 million and (ii) aggregate impairment charges of $17.1 million. During 2016, the Company disposed of 30 operating properties and two parcels, in separate transactions, for an aggregate sales price of $378.7 million. These transactions resulted in an aggregate gain of $92.8 million and aggregate impairment charges of $37.2 million.

Early extinguishment of debt charges –

During 2017, the Company incurred early Extinguishment of debt charges aggregating $1.8 million in connection with the tender premium on Medium Term Notes that were partially tendered prior to maturity. During 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.

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(Provision)/benefit for income taxes, net –

The change in (Provision)/benefit for income taxes, net of $79.5 million is primarily due to (i) a decrease in tax expense of $63.5 million resulting from the recognition of a valuation allowance as a result of the Company’s merger of its taxable REIT subsidiary into a wholly owned LLC of the Company on August 1, 2016, (ii) a decrease in foreign tax expense of $30.4 million primarily relating to the sale of certain unconsolidated properties during 2016 within the Company’s Canadian portfolio which were subject to foreign taxes at a consolidated reporting entity level and (iii) a decrease in tax expense of $6.0 million resulting from the sales of properties during 2017, partially offset by (iv) a decrease in tax benefit of $17.1 million primarily related to impairment charges recognized during 2016, (v) a tax refund during 2016 of $2.0 million resulting from the favorable settlement of a tax audit and (vi) an increase in tax expense of $1.1 million due to effects of changes in U.S. tax law, which lowered corporate tax rates impacting the amounts relating to the Company’s deferred tax assets and liabilities within its TRS.

Equity in income of joint ventures, net –

The decrease in Equity in income of joint ventures, net of $158.0 million is primarily due to (i) a decrease in net gains of $158.1 million resulting from fewer sales of properties and ownership interests within various joint venture investments during 2017 as compared to 2016, (ii) lower equity in income of $5.3 million primarily resulting from the sales of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2017 and 2016, and (iii) the recognition of a cumulative foreign currency translation loss of $4.8 million as a result of the substantial liquidation of the Company’s investments in Canada during 2017, partially offset by (iv) a decrease in impairment charges of $10.2 million recognized during 2017 as compared to 2016.

Gain on change in control of joint venture interests –

During 2017, the Company acquired, in separate transactions, a controlling interest in three operating properties from certain joint venture partners in which the Company had noncontrolling interests. As a result of these transactions, the Company recorded an aggregate gain on change in control of interests of $71.2 million related to the fair value adjustment associated with its previously held equity interest in these operating properties. During 2016, the Company acquired, in separate transactions, a controlling interest in nine operating properties and one development project from certain joint venture partners in which the Company had noncontrolling interests. As a result of these transactions, 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 these operating properties and the development project.

Equity in income from other real estate investments, net –

The increase in Equity in income from other real estate investments, net of $39.2 million is primarily due to (i) an increase of $34.6 million in equity in income from the Albertsons joint venture resulting from cash distributions received in excess of the Company’s carrying basis during 2017 and (ii) the recognition of a cumulative foreign currency translation gain of $14.8 million as a result of the substantial liquidation of the Company’s investments in Canada during 2017, partially offset by (iii) a decrease in earnings and profit participation from capital transactions related to Company’s Preferred Equity Program of $10.1 million during 2017, as compared to the corresponding period in 2016.

Net income attributable to noncontrolling interests –

The increase in Net income attributable to noncontrolling interests of $6.3 million is primarily due to (i) an increase of $10.9 million in equity in income attributable to the Company’s noncontrolling partners in the Albertsons joint venture during 2017, partially offset by (ii) lower equity in income of $4.4 million resulting from the redemption of certain noncontrolling interests, the sales of properties within various joint venture investments and/or acquisition/consolidation of ownership interests in joint ventures by the Company during 2017 and 2016.

Preferred stock redemption charges –

During 2017, the Company partially redeemed its Class I Preferred Stock shares and as a result, the Company recorded a non-cash redemption charge of $7.0 million. This $7.0 million charge was subtracted from net income attributable to the Company to arrive at net income available to the Company’s common shareholders and used in the calculation of earnings per share for the year ended December 31, 2017.

Liquidity and Capital Resources

The Company’s capital resources include accessing the public debt and equity capital markets, mortgage and construction loan financing, and immediate access to an unsecured revolving credit facility (the “Credit Facility”) with bank commitments of $2.25 billion which can be increased to $2.75 billion through an accordion feature.

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

	Year Ended December 31,
	2018			2017
Cash and cash equivalents, beginning of year	$	238,513		$	142,486
Net cash flow provided by operating activities		637,936			614,181
Net cash flow provided by/(used for) investing activities		253,645			(294,280	)
Net cash flow used for financing activities		(986,513	)		(223,874	)
Change in cash and cash equivalents		(94,932	)		96,027
Cash and cash equivalents, end of year	$	143,581		$	238,513

Operating Activities

The Company anticipates that cash on hand, cash flows from operations, borrowings under its Credit Facility, and the 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, 2018, were $637.9 million, as compared to $614.2 million for the comparable period in 2017. The increase of $23.7 million is primarily attributable to:

● the acquisition of operating properties during 2017;

● new leasing, expansion and re-tenanting of core portfolio properties;

● an increase in distributions from the Company’s joint venture programs; and

● a decrease in interest expense; partially offset by

● changes in operating receivables and payables due to timing of receipts and payments; and

● the disposition of operating properties during 2018 and 2017.

During the years ended December 31, 2018 and 2017, the Company capitalized personnel costs of $14.8 million and $16.1 million, respectively, relating to deferred leasing costs.

Investing Activities

Cash flows provided by investing activities were $253.6 million for 2018, as compared to cash flows used for investing activities of $294.3 million for 2017.

Investing activities during 2018 consisted primarily of:

Cash inflows:

● $754.7 million in proceeds from the sale of 54 operating properties (including the deconsolidation of one property), seven out-parcels and 10 land parcels;

● $34.0 million in reimbursements of investments and advances to real estate joint ventures and reimbursements of investments and advances to other real estate investments, primarily related to disposition of properties and loan refinancing within the joint venture portfolio and the Company’s Preferred Equity Program;

● $22.3 million in collection of mortgage loans receivable; and

● $16.2 million in proceeds from insurance casualty claims in connection with Hurricane Maria which damaged several of the Company’s properties in Puerto Rico during 2017.

Cash outflows:

● $526.9 million for improvements to operating real estate related to the Company’s active redevelopment pipeline and improvements to real estate under development;

● $36.1 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project within the Company’s joint venture portfolio; and

● $10.0 million for acquisition of operating real estate and other related net assets, including two land parcels, and the acquisition of a land parcel at one development project.

Investing activities during 2017 consisted primarily of:

Cash inflows:

● $181.3 million in proceeds from the sale of 25 operating properties and nine parcels; and

● $96.5 million in reimbursements of investments and advances to real estate joint ventures, primarily related to disposition of properties within the joint venture portfolio, and reimbursements of investments and advances to other real estate investments, primarily related to the distribution from the Albertsons joint venture.

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Cash outflows:

● $367.1 million for improvements to operating real estate related to the Company’s active redevelopment pipeline and improvements to real estate under development;

● $163.9 million for acquisition of operating real estate and other related net assets, including seven operating properties and six parcels, and acquisition of real estate under development related to one development project;

● $35.3 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project and the repayment of a mortgage within the Company’s joint venture portfolio; and

● $9.8 million for investment in marketable securities.

Acquisitions of Operating Real Estate and Other Related Net Assets

During the years ended December 31, 2018 and 2017, the Company expended $5.4 million and $153.9 million, respectively, towards the acquisition of operating real estate properties. The Company anticipates spending approximately $50.0 million to $75.0 million towards the acquisition of operating properties during 2019. The Company intends to fund these acquisitions with cash flow from operating activities, proceeds from property dispositions and availability under its Credit Facility.

Improvements to Operating Real Estate

During the years ended December 31, 2018 and 2017, the Company expended $290.9 million and $206.8 million, respectively, towards improvements to operating real estate. These amounts consist of the following (in thousands):

	Year Ended December 31,
	2018		2017
Redevelopment and renovations	$	220,829	$	177,840
Tenant improvements and tenant allowances		67,624		16,995
Other		2,421		11,965
Total (1)	$	290,874	$	206,800

(1) During the years ended December 31, 2018 and 2017, the Company capitalized interest of $3.6 million and $3.5 million, respectively, and capitalized payroll of $7.1 million and $3.1 million, respectively, in connection with the Company’s improvements to operating real estate.

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 located in the front or adjacent to its existing shopping center properties. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts during 2019 will be approximately $200.0 million to $250.0 million. The funding of these capital requirements will be provided by proceeds from property dispositions, cash flow from operating activities and availability under the Company’s Credit Facility.

Improvements to Real Estate Under Development

The Company is engaged in select real estate development projects, which are expected to be held as long-term investments. As of December 31, 2018, the Company had in progress two active consolidated real estate development projects and one additional project held for future development. During 2018 and 2017, the Company capitalized (i) interest of $13.9 million and $11.0 million, respectively, (ii) real estate taxes, insurance and legal costs of $2.6 million and $5.7 million, respectively, and (iii) payroll of $1.9 million and $3.3 million, respectively, in connection with its real estate development projects. The Company anticipates the total remaining costs to complete its active projects to be approximately $150.0 million to $200.0 million. The Company anticipates its capital commitment toward these development projects during 2019 will be approximately $100.0 million to $150.0 million. The funding of these capital requirements will be provided by proceeds from property dispositions, cash flow from operating activities and availability under the Company’s Credit Facility.

Financing Activities

Cash flows used for financing activities were $986.5 million for 2018, as compared to $223.9 million for 2017.

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Financing activities during 2018 primarily consisted of the following:

Cash inflows:

● $92.3 million in proceeds from the Company’s unsecured revolving credit facility, net;

● $51.0 million in proceeds from construction loan financing at one of the Company’s development projects; and

● $33.7 million in proceeds primarily from the exercise of the Class M Preferred Stock over-allotment option.

Cash outflows:

● $529.8 million of dividends paid;

● $315.1 million for the repayment of unsecured notes;

● $217.9 million for principal payments on debt (related to the repayment of debt on six encumbered properties), including normal amortization on rental property debt;

● $75.1 million for the repurchase of common stock;

● $13.3 million for the payment of early extinguishment of debt charges; and

● $6.7 million for redemption/distribution of noncontrolling interests, primarily related to the redemption of certain partnership units by consolidated subsidiaries.

Financing activities during 2017 primarily consisted of:

Cash inflows:

● $1.25 billion in proceeds from issuance of the $500.0 million, the $400.0 million and the $350.0 million unsecured notes;

● $440.9 million in proceeds from issuance of stock, net, including the issuances of Class L Preferred Stock and Class M Preferred Stock; and

● $206.0 million in proceeds from mortgage loan financing.

Cash outflows:

● $702.3 million for principal payments on debt (related to the repayment of debt on 27 encumbered properties), including normal amortization on rental property debt;

● $550.0 million for repayments under unsecured term loan/notes, including $300.0 million of unsecured notes and $250.0 million of unsecured term loan;

● $506.2 million of dividends paid;

● $225.0 million for the partial redemption of Class I Preferred Stock;

● $96.6 million for redemption/distribution of noncontrolling interests, primarily related to the redemption of certain partnership units by consolidated subsidiaries;

● $23.3 million for financing origination costs, primarily related to costs associated with the issuance of unsecured notes; and

● $17.1 million for repayments under the Company’s unsecured revolving credit facility, net.

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 has stabilized and the unsecured debt markets are functioning well and credit spreads are at manageable levels.

Debt maturities for 2019 consist of: $45.6 million of unconsolidated joint venture debt and $26.3 million of debt included in the Company’s Preferred Equity Program, assuming the utilization of extension options where available.  These debt maturities are anticipated to be repaid through operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales 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 senior, unsecured 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 $13.8 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.

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During February 2018, 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 Footnotes 12 and 13 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Preferred Stock –

During January 2018, the underwriting financial institutions for the Class M Preferred Stock issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance.

Share Repurchase Program –

During February 2018, the Company’s Board of Directors authorized a share repurchase program, which is effective for a term of two years, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. During the year ended December 31, 2018, the Company repurchased 5,100,000 shares for an aggregate purchase price of $75.1 million (weighted average price of $14.72 per share). As of December 31, 2018, the Company had $224.9 million available under this share repurchase program.

Senior Notes –

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

Covenant	Must Be	As of 12/31/18
Consolidated Indebtedness to Total Assets	<65%	37%
Consolidated Secured Indebtedness to Total Assets	<40%	4%
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	2.6x

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, 2018, the Company repaid the following notes (dollars in millions):

Type	Date Paid	Amount Repaid		Interest Rate	Maturity Date
Senior unsecured notes (1)	Aug-18	$	300.0	6.875%	Oct-19
Senior unsecured notes (2)	Jun-18 & Jul-18	$	15.1	3.200%	May-21

(1) The Company recorded an early extinguishment of debt charge of $12.8 million resulting from the early repayment of these notes.

(2) Represents partial repayments. As of December 31, 2018, these notes had an outstanding balance of $484.9 million.

Credit Facility –

The Company has a $2.25 billion unsecured revolving credit facility (the “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 Credit Facility, which accrues interest at a rate of LIBOR plus 87.5 basis points (3.31% as of December 31, 2018), can be increased to $2.75 billion through an accordion feature. In addition, the Credit Facility includes a $500.0 million sub-limit which provides the Company the opportunity to borrow in alternative currencies including Canadian Dollars (“CAD”), British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. As of December 31, 2018, the Credit Facility had a balance of $100.0 million outstanding and $0.3 million appropriated for letters of credit.

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 12/31/18
Total Indebtedness to Gross Asset Value (“GAV”)	<60%	38%
Total Priority Indebtedness to GAV	<35%	3%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	4.2x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	3.0x

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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.

Mortgages and Construction Loan Payable –

During 2018, the Company (i) deconsolidated $206.0 million of individual non-recourse mortgage debt relating to an operating property for which the Company no longer holds a controlling interest and (ii) repaid $205.6 million of maturing mortgage debt (including fair market value adjustments of $0.9 million) that encumbered six operating properties.

In August 2018, the Company closed on a construction loan commitment of $67.0 million relating to one development property. This loan commitment is scheduled to mature in August 2020, with six additional six-month options to extend the maturity date to August 2023 and bears interest at a rate of LIBOR plus 180 basis points (4.23% as of December 31, 2018). As of December 31, 2018, the construction loan had a balance of $51.0 million outstanding.

During 2018, the Company disposed of an encumbered property through foreclosure. The transaction resulted in a net decrease in mortgage debt of $12.4 million. In addition, the Company recognized a gain on forgiveness of debt of $4.3 million and relief of accrued interest expense of $3.4 million, both of which are included in Other income, 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, 2018, the Company had over 325 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 $529.8 million, $506.2 million and $474.0 million in 2018, 2017 and 2016, respectively.

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 23, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.28 per common share payable to shareholders of record on January 2, 2019, which was paid on January 15, 2019. Additionally, on January 29, 2019, the Company’s Board of Directors declared a quarterly cash dividend of $0.28 per common share payable to shareholders of record on April 2, 2019, which is scheduled to be paid on April 15, 2019.

The Company’s Board of Directors also declared quarterly dividends with respect to the Company’s various classes of cumulative redeemable preferred shares (Classes I, J, K, L and M). All dividends on the preferred shares are scheduled to be paid on April 15, 2019, to shareholders of record on April 1, 2019.

Hurricane Impacts –

The Company incurred no significant damage to its properties in September 2018 as a result of Hurricanes Florence, which primarily hit North and South Carolina, and Michael, which hit the Florida Panhandle.

On September 20, 2017, Hurricane Maria struck Puerto Rico as a Category 4 hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in seven operating properties located throughout Puerto Rico, aggregating 2.2 million square feet of GLA, which were variously impacted by the hurricane. The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to $62.0 million, as well as business interruption insurance with coverage up to $39.3 million in the aggregate, subject to a collective deductible of $1.2 million.

The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately $30.3 million. As of December 31, 2018, the Company has collected property insurance proceeds totaling $20.2 million to date, which exceeds the $16.0 million previously written off due to property damage by $4.2 million. As a result, the Company recognized this excess as income included in Other income, net on the Company’s Consolidated Statements of Income for the year ended December 31, 2018.

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       The Company’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up to one year. After the expiration of one year following the loss, the policy has 365 days of an extended period of indemnity which provides business interruption coverage in the event the properties have not fully recovered from the storm.  During 2018 and 2017, the Company collected business interruption claims totaling $2.8 million and $1.6 million, respectively, from its insurance provider. Although the Company has primarily recovered its business interruption insurance claims, it will continue to assess and process any future business interruption claims for the extended period of indemnity and will submit insurance claims for its losses, if any, under its business interruption insurance policy.

Income Taxes –

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 Credit Facility, unsecured senior notes and mortgages with maturities ranging from one year to 29 years. As of December 31, 2018, the Company’s total debt had a weighted average term to maturity of 10.5 years. In addition, the Company has non-cancelable operating leases pertaining to its shopping center portfolio. As of December 31, 2018, the Company had 31 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 $55.9 million and fair market value of debt adjustments aggregating $13.1 million) and obligations under non-cancelable operating leases as of December 31, 2018:

	Payments due by period (in millions)
	2019		2020		2021		2022		2023		Thereafter		Total
Long-Term Debt:
Principal (1)	$	12.7	$	160.3	$	729.8	$	640.1	$	365.5	$	3,008.3	$	4,916.7
Interest (2)	$	177.9	$	175.0	$	155.0	$	136.6	$	113.1	$	1,260.3	$	2,017.9
Operating Leases:
Ground Leases (3)	$	7.9	$	7.5	$	7.5	$	7.4	$	7.5	$	115.4	$	153.2
Office Leases	$	4.3	$	2.4	$	2.3	$	1.8	$	1.5	$	0.3	$	12.6

(1) Maturities utilized do not reflect extension options, which range from six months to one year.

(2) For loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2018.

(3) For leases which have inflationary increases, future ground rent expense was calculated using the rent based upon initial lease payment.

The Company has no secured debt scheduled to mature in 2019. The Company anticipates satisfying the remaining future maturities with a combination of operating cash flows, its 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, 2018, these letters of credit aggregated $41.8 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, 2018, the Company had $20.6 million in performance and surety bonds outstanding.

The Company has accrued $2.8 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, 2018. 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, 2018, 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 7 of the Notes to Consolidated Financial Statements included in this Form 10-K). The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2018 (dollars in millions):

Joint Venture	Kimco Ownership Interest		Number of Properties		Mortgages and Notes Payable, Net (in millions)		Number of Encumbered Properties		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
Prudential Investment Program (1)		15.0%		42	$	572.6		13		4.29	%		49.0
Kimco Income Opportunity Portfolio (2)		48.6%		39		651.4		27		4.43	%		40.4
Canada Pension Plan Investment Board		55.0%		4		84.4		1		3.85	%		54.0
Other Joint Venture Programs	Various			24		474.2		14		4.26	%		78.6
Total					$	1,782.6

* Average remaining term includes extensions

(1) Includes an unsecured term loan of $200.0 million (excluding deferred financing costs of $0.3 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% (4.18% at December 31, 2018).

(2) Includes an unsecured revolving credit facility with an outstanding balance at December 31, 2018 of $73.3 million (excluding deferred financing costs of $0.3 million), which is scheduled to mature in September 2020, with two one-year extension options at the joint venture’s discretion, and bears interest at a rate equal to LIBOR plus 1.75% (4.18% at December 31, 2018).

As of December 31, 2018, these loans had scheduled maturities ranging from one month to 13 years and bore interest at rates ranging from 2.91% to 7.25%. Approximately $45.6 million of the aggregate outstanding loan balance matures in 2019. These maturing loans are anticipated to be repaid with operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales and partner capital contributions, as deemed appropriate (see Footnote 7 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, 2018, the Company’s net investment under the Preferred Equity Program was $176.3 million relating to 285 properties, including 273 net leased properties. As of December 31, 2018, these preferred equity investment properties had individual non-recourse mortgage loans aggregating $298.9 million (excluding fair market value of debt adjustments aggregating $15.1 million). These loans have scheduled maturities ranging from six months to six 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 financial 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) available to the Company’s 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 FFO on the same basis.

The Company presents FFO available to the Company’s common shareholders 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 available to the Company’s common shareholders when reporting results. Comparison of our presentation of FFO available to the Company’s common shareholders 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.

The Company also presents FFO available to the Company’s common shareholders as adjusted as an additional supplemental measure as it believes it is more reflective of its core operating performance and provides investors and analysts an additional measure to compare 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 available to the Company’s common shareholders as adjusted is generally calculated by the Company as FFO available to the Company’s common shareholders 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.

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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 or cash flows from operations as a measure of liquidity.  Our method of calculating FFO available to the Company’s common shareholders and FFO available to the Company’s common shareholders 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 the Company’s common shareholders to FFO available to the Company’s common shareholders and FFO available to the Company’s common shareholders as adjusted for the three months and years ended December 31, 2018 and 2017 is as follows (in thousands, except per share data):

	Three Months Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017
Net income available to the Company’s common shareholders	$	73,627		$	73,465		$	439,604		$	372,461
Gain on sale of operating properties/change in control of interests		(49,379	)		(31,436	)		(229,763	)		(92,830	)
Gain on sale of joint venture operating properties/change in control of interests		(12,446	)		(6,849	)		(18,549	)		(79,034	)
Depreciation and amortization - real estate related		74,086			83,959			305,079			356,191
Depreciation and amortization - real estate joint ventures		10,717			9,835			43,483			39,248
Impairment of depreciable real estate properties		50,050			32,854			83,754			65,148
Benefit for income taxes (2)		-			-			-			(39	)
Noncontrolling interests (2)		(421	)		(1,688	)		(2,891	)		(5,583	)
FFO available to the Company’s common shareholders		146,234			160,140			620,717			655,562
Transactional (income)/expense:
Profit participation from other real estate investments		(129	)		(379	)		(10,903	)		(34,952	)
Losses/(gains) from land sales		10			(2,362	)		(6,295	)		(3,422	)
Distribution in excess of basis		-			-			(3,550	)		-
Demolition costs		495			3,589			1,487			4,686
Gain on forgiveness of debt		-			(380	)		(4,274	)		(380	)
Prepayment penalties		-			-			12,762			1,753
Severance costs		-			5,190			1,185			5,190
Gain on liquidation of a foreign entity		-			-			-			(14,822	)
Insurance proceeds in excess of related loss		(2,722	)		-			(4,279	)		-
Loss on of marketable securities		1,444			-			3,487			-
Impairments on other investments		2,051			423			2,318			11,766
Preferred stock redemption charges		-			-			-			7,014
Noncontrolling interests (3)		-			-			136			11,338
Other income, net		32			170			252			502
Total transactional expense/(income), net		1,181			6,251			(7,674	)		(11,327	)
FFO available to the Company’s common shareholders as adjusted	$	147,415		$	166,391		$	613,043		$	644,235
Weighted average shares outstanding for FFO calculations:
Basic		419,258			423,734			420,641			423,614
Units		837			961			835			852
Dilutive effect of equity awards		628			354			629			405
Diluted		420,723	(1)		425,049	(1)		422,105	(1)		424,871	(1)
FFO per common share – basic	$	0.35		$	0.38		$	1.48		$	1.55
FFO per common share – diluted	$	0.35	(1)	$	0.38	(1)	$	1.47	(1)	$	1.55	(1)
FFO as adjusted per common share – basic	$	0.35		$	0.39		$	1.46		$	1.52
FFO as adjusted per common share – diluted	$	0.35	(1)	$	0.39	(1)	$	1.45	(1)	$	1.52	(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 $228 and $274 for the three months ended December 31, 2018 and 2017, respectively, and $916 and $923 for the years ended December 31, 2018 and 2017, 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 depreciable real estate properties, where applicable.

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

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Same Property Net Operating Income (“Same property NOI”)

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. The Company considers Same property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the Company for the entire current and prior year reporting periods. It excludes properties under redevelopment, 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. 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.

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

The following is a reconciliation of Net income available to the Company’s common shareholders to Same property NOI (in thousands):

	Three Months Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017
Net income available to the Company’s common shareholders	$	73,627		$	73,465		$	439,604		$	372,461
Adjustments:
Management and other fee income		(2,397	)		(4,593	)		(15,159	)		(17,049	)
General and administrative		20,022			27,972			87,797			91,690
Impairment charges		45,352			33,051			79,207			67,331
Depreciation and amortization		74,266			85,024			310,380			360,811
Gain on sale of operating properties/change in control of interests		(49,379	)		(31,436	)		(229,840	)		(93,538	)
Interest and other expense, net		44,515			53,380			183,060			191,150
Provision/(benefit) for income taxes, net		2,583			1,344			1,600			(880	)
Gain on change in control of joint venture interests		-			-			-			(71,160	)
Equity in income of other real estate investments, net		(4,462	)		(5,049	)		(29,100	)		(67,001	)
Net (loss)/income attributable to noncontrolling interests		(214	)		(330	)		668			13,596
Preferred stock redemption charges		-			-			-			7,014
Preferred dividends		14,534			11,431			58,191			46,600
Non same property net operating income		(20,269	)		(47,533	)		(118,690	)		(169,513	)
Non-operational expense from joint ventures, net		13,219			9,359			60,417			72,970
Same property NOI	$	211,397		$	206,085		$	828,135		$	804,482

Same property NOI increased by $5.3 million or 2.6% for the three months ended December 31, 2018, as compared to the corresponding period in 2017. This increase is primarily the result of (i) an increase of $5.6 million related to lease-up and rent commencements in the portfolio, partially offset by (ii) an increase of $0.2 million of credit losses and (iii) a decrease in other property income of $0.1 million.

Same property NOI increased by $23.7 million or 2.9% for the year ended December 31, 2018, as compared to the corresponding period in 2017. This increase is primarily the result of (i) an increase of $24.6 million related to lease-up and rent commencements in the portfolio, partially offset by (ii) a decrease in other property income of $0.5 million and (iii) an increase of $0.4 million of credit losses.

Effects of Inflation

Many of the Company's long-term 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 include escalation clauses or 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.  

38

New Accounting Pronouncements

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

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

      The Company’s primary market risk exposure is interest rate risk.  The Company periodically evaluates its exposure to short-term interest rates and will, from time-to-time, enter into interest rate protection agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt.  The Company has not, and does not plan to, enter into any derivative financial instruments for trading or speculative purposes. 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, 2018, with corresponding weighted-average interest rates sorted by maturity date.  The table does not include extension options where available (amounts in millions).

	2019		2020			2021			2022			2023			Thereafter			Total			Fair Value
Secured Debt
Fixed Rate	$	-	$	104.5		$	150.7		$	151.2		$	11.9		$	24.1		$	442.4		$	434.9
Average Interest Rate		-		5.47	%		5.39	%		4.05	%		3.23	%		6.85	%		4.97	%
Variable Rate	$	-	$	50.0		$	-		$	-		$	-		$	-		$	50.0		$	51.5
Average Interest Rate		-		4.23	%		-			-			-			-			4.23	%
Unsecured Debt
Fixed Rate	$	-	$	-		$	483.2		$	495.9		$	347.7		$	2,959.0		$	4,285.8		$	4,028.8
Average Interest Rate		-		-			3.20	%		3.40	%		3.13	%		3.59	%		3.49	%
Variable Rate	$	-	$	-		$	95.7		$	-			-		$	-		$	95.7		$	97.6
Average Interest Rate		-		-			3.31	%		-			-			-			3.31	%

Based on the Company’s variable-rate debt balances, interest expense would have increased by $1.5 million for the year ended December 31, 2018, if short-term interest rates were 1.0% higher. The Company has not, and does not plan to, enter into any derivative financial instruments for trading or speculative purposes.

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):

	2018			2017			2016
Revenues from consolidated in USD:
Mexico	$	-		$	0.3		$	0.6
Revenues from consolidated in local currencies:
Mexico (Mexican Pesos “MXN”)		-			5.7			11.3
Equity in income/(loss) from unconsolidated joint ventures and preferred equity investments in USD:
Canada (1)	$	3.2		$	(1.3	)	$	152.6
Mexico (2)	$	(0.7	)	$	(0.3	)	$	(3.6	)
Equity in income/(loss) from unconsolidated joint ventures and preferred equity investments in local currencies:
Canada (CAD) (1)		4.5			(1.7	)		199.5
Mexico (MXN) (2)		(12.9	)		(6.3	)		29.2

(1) Includes impairment charge of $3.4 million (CAD 4.3 million) related to the pending sale of a property for the year ended December 31, 2017. In addition, includes gains of $0.8 million (CAD 1.0 million) and $141.9 million (CAD 185.9 million) on disposition of equity interests for the years ended December 31, 2018 and 2016, respectively.

(2) Includes impairment charge of $0.6 million (MXP 11.0 million) related to pending sale of land parcel for the year ended December 31, 2018. In addition, includes equity losses of $5.2 million for the year ended December 31, 2016 related to foreign investments for which the reporting currency is denominated in USD and not subject to foreign translation exposure.

At December 31, 2018, the Company’s foreign real estate investments in their local currency had an aggregate carrying amount of 39.7 million Mexican Pesos (USD $4.1 million). Currency fluctuations between local currency and the U.S. dollar for the Company’s foreign monetary assets and liabilities result in foreign currency gains/losses which are recognized in Other income, net in the Company’s Consolidated Statements of Income. During the year ended December 31, 2018, the Company recognized a net foreign currency loss of $0.2 million.

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.

39

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.

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, 2018, 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, 2018.

The effectiveness of our internal control over financial reporting as of December 31, 2018, 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 30, 2019 (“Proxy Statement”).

We have adopted a Code of Business Conduct and Ethics (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 - Overview.” 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 website.

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.

40

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.

41

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a)   1.	Financial Statements –  The following consolidated financial information is included as a separate section of this annual report on Form 10-K.		Form 10-K Report Page
	Report of Independent Registered Public Accounting Firm		47
	Consolidated Financial Statements
	Consolidated Balance Sheets as of December 31, 2018 and 2017		48
	Consolidated Statements of Income for the years ended December 31, 2018, 2017 and 2016		49
	Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016		50
	Consolidated Statements of Changes in Equity for the years ended December 31, 2018, 2017 and 2016		51
	Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016		52
	Notes to Consolidated Financial Statements		53
2	. Financial Statement Schedules -
	Schedule II -	Valuation and Qualifying Accounts for the years ended December 31, 2018, 2017 and 2016	93
	Schedule III -	Real Estate and Accumulated Depreciation as of December 31, 2018	94
	Schedule IV -	Mortgage Loans on Real Estate as of December 31, 2018	96
	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.		43

Item 16. Form 10-K Summary

None.

42

INDEX TO EXHIBITS

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished  Herewith
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	10-K	1-10899	02/27/17	3.1(b)
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
3.1(g)	Articles Supplementary of Kimco Realty Corporation, dated August 8, 2017	8-A12B	1-10899	08/08/17	3.3
3.1(h)	Articles Supplementary of Kimco Realty Corporation, dated December 12, 2017	8-A12B	1-10899	12/12/17	3.3
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	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)
4.3	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
4.4	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)
4.5	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
4.6	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
4.7	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
4.8	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
4.9	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	10-K	1-10899	02/27/17	10.6
10.7	Amendment No. 1 to the Kimco Realty Corporation 2010 Equity Participation Plan	10-K	1-10899	02/23/18	10.7

43

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished  Herewith
10.8	Form of Performance Share Award Grant Notice and Performance Share Award Agreement	8-K	1-10899	03/19/10	10.8
10.9	First Amendment to the Kimco Realty Corporation Executive Severance Plan, dated March 20, 2012	10-Q	1-10899	05/10/12	10.3
10.10	$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
10.11	$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
10.12	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
10.13	Consulting Agreement, dated June 11, 2015, between Kimco Realty Corporation and David B. Henry	8-K	1-10899	06/12/15	10.1
21.1	Significant Subsidiaries of the Company	—	—	—	—	*
23.1	Consent of PricewaterhouseCoopers LLP	—	—	—	—	*
31.1	Certification of the Company’s Chief Executive Officer, Conor C. Flynn, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
31.2	Certification of the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
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	—	—	—	—	**
99.1	Property Chart	—	—	—	—	*
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

44

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 15, 2019

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 15, 2019
Milton Cooper
/s/ Conor C. Flynn	Chief Executive Officer and Director	February 15, 2019
Conor C. Flynn
/s/ Richard G. Dooley	Director	February 15, 2019
Richard G. Dooley
/s/ Joe Grills	Director	February 15, 2019
Joe Grills
/s/ Frank Lourenso	Director	February 15, 2019
Frank Lourenso
/s/ Richard Saltzman	Director	February 15, 2019
Richard Saltzman
/s/ Philip Coviello	Director	February 15, 2019
Philip Coviello
/s/ Colombe Nicholas	Director	February 15, 2019
Colombe Nicholas
/s/ Mary Hogan Preusse	Director	February 15, 2019
Mary Hogan Preusse
/s/ Valerie Richardson	Director	February 15, 2019
Valerie Richardson
/s/ Glenn G. Cohen	Executive Vice President -	February 15, 2019
Glenn G. Cohen	Chief Financial Officer and Treasurer
/s/ Paul Westbrook	Vice President -	February 15, 2019
Paul Westbrook	Chief Accounting Officer

45

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		47
Consolidated Financial Statements and Financial Statement Schedules:
Consolidated Balance Sheets as of December 31, 2018 and 2017		48
Consolidated Statements of Income for the years ended December 31, 2018, 2017 and 2016		49
Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016		50
Consolidated Statements of Changes in Equity for the years ended December 31, 2018, 2017 and 2016		51
Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016		52
Notes to Consolidated Financial Statements		53
Financial Statement Schedules:
II.	Valuation and Qualifying Accounts years ended December 31, 2018, 2017 and 2016	93
III.	Real Estate and Accumulated Depreciation as of December 31, 2018	94
IV.	Mortgage Loans on Real Estate as of December 31, 2018	96

46

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders

of Kimco Realty Corporation:

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(1), and the financial statement schedules listed in the index appearing under Item 15(a)(2), of Kimco Realty Corporation and its subsidiaries (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.  Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018 based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, 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 the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits.  We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.  

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.  Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.  Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.  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.

Definition and Limitations of Internal Control over Financial Reporting

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 15, 2019

We have served as the Company’s auditor since at least 1991.  We have not been able to determine the specific year we began serving as auditor of the Company.

47

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	December 31, 2018			December 31, 2017
Assets:
Real estate:
Land	$	2,822,691		$	3,019,284
Building and improvements		8,813,115			9,231,644
Real estate		11,635,806			12,250,928
Less: accumulated depreciation and amortization		(2,385,287	)		(2,433,053	)
Total real estate, net		9,250,519			9,817,875
Real estate under development		241,384			402,518
Investments in and advances to real estate joint ventures		570,922			483,861
Other real estate investments		192,123			217,584
Mortgages and other financing receivables		14,448			21,838
Cash and cash equivalents		143,581			238,513
Marketable securities		10,302			13,265
Accounts and notes receivable, net		184,528			189,757
Deferred charges and prepaid expenses		156,155			155,472
Other assets		235,138			223,043
Total assets (1)	$	10,999,100		$	11,763,726
Liabilities:
Notes payable, net	$	4,381,456		$	4,596,140
Mortgages and construction loan payable, net		492,416			882,787
Accounts payable and accrued expenses		174,903			185,702
Dividends payable		130,262			128,892
Other liabilities		385,328			431,915
Total liabilities (2)		5,564,365			6,225,436
Redeemable noncontrolling interests		23,682			16,143
Commitments and contingencies (Footnote 19)
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 5,996,240 shares; 42,580 and 41,200 shares issued and outstanding (in series), respectively; Aggregate liquidation preference $1,064,500 and $1,030,000, respectively		43			41
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 421,388,879 and 425,646,380 shares, respectively		4,214			4,256
Paid-in capital		6,117,254			6,152,764
Cumulative distributions in excess of net income		(787,707	)		(761,337	)
Accumulated other comprehensive loss		-			(1,480	)
Total stockholders' equity		5,333,804			5,394,244
Noncontrolling interests		77,249			127,903
Total equity		5,411,053			5,522,147
Total liabilities and equity	$	10,999,100		$	11,763,726

(1)	Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2018 and December 31, 2017 of $239,012 and $644,990, respectively.  See Footnote 9 of the Notes to Consolidated Financial Statements.
(2)	Includes non-recourse liabilities of consolidated VIEs at December 31, 2018 and December 31, 2017 of $143,186 and $417,688, respectively.  See Footnote 9 of the Notes to Consolidated Financial Statements.

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

48

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

	Year Ended December 31,
	2018			2017			2016
Revenues
Revenues from rental properties	$	882,345		$	912,670		$	893,365
Reimbursement income		246,381			247,563			239,015
Other rental property income		20,877			23,552			20,021
Management and other fee income		15,159			17,049			18,391
Total revenues		1,164,762			1,200,834			1,170,792
Operating expenses
Rent		(10,929	)		(11,145	)		(10,993	)
Real estate taxes		(153,336	)		(157,196	)		(146,615	)
Operating and maintenance		(164,294	)		(169,552	)		(171,416	)
General and administrative		(87,797	)		(91,690	)		(86,796	)
Provision for doubtful accounts		(6,253	)		(5,630	)		(5,563	)
Impairment charges		(79,207	)		(67,331	)		(93,266	)
Depreciation and amortization		(310,380	)		(360,811	)		(355,320	)
Total operating expenses		(812,196	)		(863,355	)		(869,969	)
Gain on sale of operating properties/change in control of interests		229,840			93,538			92,823
Operating income		582,406			431,017			393,646
Other income/(expense)
Other income, net		13,041			2,559			5,425
Interest expense		(183,339	)		(191,956	)		(192,549	)
Early extinguishment of debt charges		(12,762	)		(1,753	)		(45,674	)
Income before income taxes, net, equity in income of joint ventures, net, gain on change in control of joint venture interests and equity in income from other real estate investments, net		399,346			239,867			160,848
(Provision)/benefit for income taxes, net		(1,600	)		880			(78,583	)
Equity in income of joint ventures, net		71,617			60,763			218,714
Gain on change in control of joint venture interests		-			71,160			57,386
Equity in income of other real estate investments, net		29,100			67,001			27,773
Net income		498,463			439,671			386,138
Net income attributable to noncontrolling interests		(668	)		(13,596	)		(7,288	)
Net income attributable to the Company		497,795			426,075			378,850
Preferred stock redemption charges		-			(7,014	)		-
Preferred dividends		(58,191	)		(46,600	)		(46,220	)
Net income available to the Company's common shareholders	$	439,604		$	372,461		$	332,630
Per common share:
Net income available to the Company's common shareholders:
-Basic	$	1.02		$	0.87		$	0.79
-Diluted	$	1.02		$	0.87		$	0.79
Weighted average shares:
-Basic		420,641			423,614			418,402
-Diluted		421,379			424,019			419,709

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

49

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

	Year Ended December 31,
	2018			2017			2016
Net income	$	498,463		$	439,671		$	386,138
Other comprehensive income:
Change in unrealized gains/losses related to available-for-sale securities		-			(1,542	)		8
Change in unrealized value on interest rate swaps		344			631			451
Change in foreign currency translation adjustments		-			(6,335	)		(281	)
Other comprehensive income/(loss)		344			(7,246	)		178
Comprehensive income		498,807			432,425			386,316
Comprehensive income attributable to noncontrolling interests		(668	)		(13,596	)		(7,288	)
Comprehensive income attributable to the Company	$	498,139		$	418,829		$	379,028

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

50

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Years Ended December 31, 2018, 2017 and 2016

(in thousands) 

	Cumulative			Accumulated
	Distributions in			Other																		Total
	Excess of			Comprehensive			Preferred Stock						Common Stock						Paid-in			Stockholders'			Noncontrolling			Total
	Net Income			Income /(Loss)			Issued			Amount			Issued			Amount			Capital			Equity			Interests			Equity
Balance, January 1, 2016	$	(572,335	)	$	5,588			32		$	32			413,431		$	4,134		$	5,608,881		$	5,046,300		$	135,651		$	5,181,951
Contributions/deemed contributions from noncontrolling interests		-			-			-			-			-			-			-			-			16,667			16,667
Comprehensive income:
Net income		378,850			-			-			-			-			-			-			378,850			7,288			386,138
Other comprehensive income:
Change in unrealized gains on marketable securities		-			8			-			-			-			-			-			8			-			8
Change in unrealized value 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 declared to common and preferred shares		(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
Contributions/deemed contributions from noncontrolling interests		-			-			-			-			-			-			-			-			48,877			48,877
Comprehensive income:
Net income		426,075			-			-			-			-			-			-			426,075			13,596			439,671
Other comprehensive income:
Change in unrealized gains/losses on marketable securities		-			(1,542	)		-			-			-			-			-			(1,542	)		-			(1,542	)
Change in unrealized value on interest rate swaps		-			631			-			-			-			-			-			631			-			631
Change in foreign currency translation adjustments		-			(6,335	)		-			-			-			-			-			(6,335	)		-			(6,335	)
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(1,297	)		(1,297	)
Dividends declared to common and preferred shares		(510,545	)		-			-			-			-			-			-			(510,545	)		-			(510,545	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(13,995	)		(13,995	)
Issuance of common stock		-			-			-			-			776			8			(8	)		-			-			-
Issuance of preferred stock		-			-			18			18			-			-			439,401			439,419			-			439,419
Surrender of restricted stock		-			-			-			-			(248	)		(2	)		(5,697	)		(5,699	)		-			(5,699	)
Exercise of common stock options		-			-			-			-			84			-			1,526			1,526			-			1,526
Amortization of equity awards		-			-			-			-			-			-			18,983			18,983			-			18,983
Redemption of preferred stock		-			-			(9	)		(9	)		-			-			(224,991	)		(225,000	)		-			(225,000	)
Redemption/conversion of noncontrolling interests		-			-			-			-			-			-			592			592			(66,013	)		(65,421	)
Balance, December 31, 2017		(761,337	)		(1,480	)		41			41			425,646			4,256			6,152,764			5,394,244			127,903			5,522,147
Impact of change in accounting principles
ASU 2017-05 (1)		8,098			-			-			-			-			-			-			8,098			-			8,098
ASU 2016-01 (1)		(1,136	)		1,136			-			-			-			-			-			-			-			-
Balance, January 1, 2018, as adjusted		(754,375	)		(344	)		41			41			425,646			4,256			6,152,764			5,402,342			127,903			5,530,245
Contributions/deemed contributions from noncontrolling interests		-			-			-			-			-			-			-			-			109			109
Comprehensive income:
Net income		497,795			-			-			-			-			-			-			497,795			668			498,463
Other comprehensive income:
Change in unrealized value on interest rate swaps		-			344			-			-			-			-			-			344			-			344
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(373	)		(373	)
Dividends declared to common and preferred shares		(531,127	)		-			-			-			-			-			-			(531,127	)		-			(531,127	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(2,663	)		(2,663	)
Issuance of common stock		-			-			-			-			1,101			11			(11	)		-			-			-
Issuance of preferred stock		-			-			2			2			-			-			33,112			33,114			-			33,114
Repurchase of common stock		-			-			-			-			(5,100	)		(51	)		(75,075	)		(75,126	)		-			(75,126	)
Surrender of restricted stock		-			-			-			-			(300	)		(3	)		(4,357	)		(4,360	)		-			(4,360	)
Exercise of common stock options		-			-			-			-			42			1			591			592			-			592
Amortization of equity awards		-			-			-			-			-			-			16,548			16,548			-			16,548
Acquisition/deconsolidation of noncontrolling interests		-			-			-			-			-			-			1,203			1,203			(48,395	)		(47,192	)
Adjustment of redeemable noncontrolling interests to estimated fair value		-			-			-			-			-			-			(7,521	)		(7,521	)		-			(7,521	)
Balance, December 31, 2018	$	(787,707	)	$	-			43		$	43			421,389		$	4,214		$	6,117,254		$	5,333,804		$	77,249		$	5,411,053

(1) Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU").  See Footnote 1 of the Notes to the Consolidated Financial Statements for additional disclosure.

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

51

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2018			2017			2016
Cash flow from operating activities:
Net income	$	498,463		$	439,671		$	386,138
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		310,380			360,811			355,320
Impairment charges		79,207			67,331			93,266
Deferred taxes		-			807			55,068
Early extinguishment of debt charges		12,762			1,753			45,674
Equity award expense		18,221			21,563			19,071
Gain on sale of operating properties, net		(229,840	)		(93,538	)		(92,823	)
Gain on change in control of joint venture interests		-			(71,160	)		(57,386	)
Equity in income of joint ventures, net		(71,617	)		(60,763	)		(218,714	)
Equity in income from other real estate investments, net		(29,100	)		(67,001	)		(27,773	)
Distributions from joint ventures and other real estate investments		104,626			58,189			90,589
Change in accounts and notes receivable		5,229			(7,934	)		(6,571	)
Change in accounts payable and accrued expenses		(9,175	)		4,417			(7,886	)
Change in Canadian withholding tax receivable		-			12,996			23,571
Change in other operating assets and liabilities		(51,220	)		(52,961	)		(65,448	)
Net cash flow provided by operating activities		637,936			614,181			592,096
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(5,407	)		(153,854	)		(203,190	)
Improvements to operating real estate		(290,874	)		(206,800	)		(143,489	)
Acquisition of real estate under development		(4,592	)		(10,010	)		(51,588	)
Improvements to real estate under development		(235,988	)		(160,257	)		(72,759	)
Investment in marketable securities		(63	)		(9,822	)		(2,466	)
Proceeds from sale of marketable securities		957			3,146			1,937
Investments in and advances to real estate joint ventures		(36,139	)		(35,291	)		(86,453	)
Reimbursements of investments and advances to real estate joint ventures		21,127			55,839			71,656
Distributions from liquidation of real estate joint ventures		-			-			138,475
Return of investment from liquidation of real estate joint ventures		-			-			191,902
Investment in other real estate investments		(524	)		(666	)		(233	)
Reimbursements of investments and advances to other real estate investments		12,878			40,709			11,019
Investment in other financing receivable		(125	)		-			-
Collection of mortgage loans receivable		22,299			1,405			921
Investment in other investments		(857	)		-			-
Reimbursements of other investments		-			-			500
Proceeds from sale of operating properties		754,731			181,321			304,600
Proceeds from sale of development properties		-			-			4,551
Proceeds from insurance casualty claims		16,222			-			-
Net cash flow provided by/(used for) investing activities		253,645			(294,280	)		165,383
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(204,746	)		(687,117	)		(700,853	)
Principal payments on rental property debt		(13,113	)		(15,186	)		(19,039	)
Proceeds from mortgage and construction loan financings		50,972			206,000			-
Proceeds/(repayments) under the unsecured revolving credit facility, net		92,254			(17,143	)		26,445
Proceeds from issuance of unsecured notes		-			1,250,000			1,400,000
Repayments under unsecured notes/term loan		(315,095	)		(550,000	)		(1,261,850	)
Payment of early extinguishment of debt charges		(13,308	)		(2,631	)		(45,674	)
Change in other financing liablities		(4,528	)		911			1,367
Contributions from noncontrolling interests		109			1,422			-
Redemption/distribution of noncontrolling interests		(6,660	)		(96,599	)		(12,594	)
Dividends paid		(529,756	)		(506,172	)		(474,045	)
Proceeds from issuance of stock, net		33,705			440,946			307,395
Redemption of preferred stock		-			(225,000	)		-
Repurchase of common stock		(75,126	)		-			-
Financing origination costs		(1,221	)		(23,305	)		(25,679	)
Net cash flow used for financing activities		(986,513	)		(223,874	)		(804,527	)
Net change in cash and cash equivalents		(94,932	)		96,027			(47,048	)
Cash and cash equivalents, beginning of year		238,513			142,486			189,534
Cash and cash equivalents, end of year	$	143,581		$	238,513		$	142,486
Interest paid during the year including payment of early extinguishment of debt charges of $13,308, $2,631 and $45,674, respectively (net of capitalized interest of $17,549, $14,480 and $5,618, respectively)	$	199,701		$	192,155		$	252,482
Income taxes paid/(received) during the year (net of refunds received of $1,007, $16,118 and $113,934, respectively)	$	514		$	(14,456	)	$	6,090

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

52

KIMCO REALTY CORPORATION AND SUBSIDIARIES

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 and Organization

Kimco Realty Corporation and its subsidiaries (the "Company" or "Kimco"), operate as a Real Estate Investment Trust (“REIT”) and are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by grocery stores, off-price retailers, discounters or service-oriented tenants. 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 has elected to be taxed as a REIT for federal income tax purposes under the Internal Revenue Code, as amended (the "Code"). The Company is organized and operates in a manner that enables it to qualify as a REIT under the Code.

Basis of Presentation

The accompanying Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or 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.

Use of Estimates

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.

Reclassifications

Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. In conjunction with the adoption of Accounting Standard Update (“ASU”) 2014-09 discussed below, the Company reclassified $247.6 million and $239.0 million to Reimbursement income and $23.6 million and $20.0 million to Other rental property income from Revenues from rental properties on the Company’s Consolidated Statements of Income for the years ended December 31, 2017 and 2016, respectively. The Company reclassified $26.8 million and $30.5 million of costs related to property management and services of the Company’s operating properties from General and administrative to Operating and maintenance on the Company’s Consolidated Statements of Income for the years ended December 31, 2017 and 2016, respectively. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company moved the Gains on sale of operating properties/change in control of interests line on the Company’s Consolidated Statements of Income within Operating income and as a result reclassified $6.0 million from Gain on sale of operating properties/change in control of interests to (Provision)/benefit for income taxes, net on the Company’s Consolidated Statements of Income for the year ended December 31, 2016.

Subsequent Events

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

53

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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 a market 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. Acquisitions of operating properties are categorized as asset acquisitions and as such the Company capitalizes the acquisition costs associated with these acquisitions.

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)	5	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, less cost to sell, 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 estimated fair value is less than the net carrying value of the property. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from third party offers, (ii) discounted cash flow models of the property over its remaining hold period or (iii) third party appraisals. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third party offers. For the discounted cash flow models and appraisals, the capitalization rate and discount rate utilized in the models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. In addition, such cash flow models 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.

54

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Real Estate Under Development

Real estate under development represents the development of open-air shopping center projects, which may include residential and mixed-use components, that 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. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, insurance, legal costs, 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, 2018, 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 and Other Assets

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.

Other assets include investments for which the Company applies the cost method of accounting. The Company recognizes as income distributions from net accumulated earnings of the investee since the date of acquisition. The net accumulated earnings of an investee subsequent to the date of investment are recognized by the Company only to the extent distributed by the investee. Distributions received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions of cost of the investment. For the periods presented, there have been no events or changes in circumstances that may have a significant adverse effect on the fair value of the Company's cost-method investments.  Other assets include the Company’s investment in Albertsons Companies, Inc, an owner/operator of grocery stores.  The Company accounts for this investment under the cost method of accounting, as it does not have significant influence over this investment (See Footnote 8 of the Notes to the Consolidated Financial Statements).

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. On January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). In accordance with the adoption of ASU 2016-01, the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income. Previously, changes in fair value of the Company’s available-for-sale marketable securities were recognized in Accumulated other comprehensive loss (“AOCI”) on the Company’s Consolidated Balance Sheets. As of December 31, 2017, the Company had aggregate unrealized losses related to its available-for-sale marketable securities of $1.1 million, which were included in AOCI on the Company’s Consolidated Balance Sheets. In connection with the adoption of ASU 2016-01, the Company recorded a cumulative-effect adjustment of $1.1 million to its beginning retained earnings as of January 1, 2018, which is reflected in Cumulative distributions in excess of net income on the Company’s Consolidated Statements of Changes in Equity.

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. 

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 capitalized and 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. Deferred leasing costs are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.

Effective January 1, 2019, in accordance with the adoption of ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), indirect internal leasing costs previously capitalized will be expensed. However, external leasing costs will continue to be capitalized. Previously, capitalized indirect internal leasing costs were recognized in Other assets, on the Company’s Consolidated Balance Sheets and upon adoption of ASU 2016-02 will be recognized in net income.

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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, 2018 and 2017, the Company had unamortized software development costs of $4.3 million and $6.2 million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed $5.3 million, $4.6 million and $8.0 million in amortization of software development costs during the years ended December 31, 2018, 2017 and 2016, respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages and construction loan payable, net 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, Trade Accounts Receivable and Gain Recognition

On January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“Topic 606”) using the modified retrospective method applying it to any open contracts as of January 1, 2018, for which the Company did not identify any open contracts. The Company also utilized the practical expedient for which the Company was not required to restate revenue from contracts that began and were completed within the same annual reporting period. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of December 31, 2018, the Company had no outstanding contract assets or contract liabilities. The adoption of this standard did not result in any material changes to the Company’s revenue recognition as compared to the previous guidance.

The Company’s primary source of revenue is derived from property leases which fall under the scope of Leases (Topic 840). The revenues which will be impacted by the adoption of Topic 606 include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic 606 are gains on sales of properties, lease termination fees and tax increment financing (“TIF”) contracts. The Company elected to disaggregate its revenue streams into the following line items on the Company’s Consolidated Statements of Income: Revenues from rental properties, Reimbursement income, Other rental property income and Management and other fee income. The Company believes that these are the proper disaggregated categories as they are the best depiction of its revenue streams both qualitatively and quantitatively.

Revenues from rental properties

Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. 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.  Lease termination fee income is recognized when the lessee provides consideration in order to terminate an existing lease agreement and has vacated the leased space. The performance obligation of the Company is the termination of the lease agreement which occurs upon consideration received and execution of the termination agreement. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market intangible asset or liability 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.

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Reimbursement income

Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned. The Company plans to elect the lessor practical expedient upon the effective date of ASU 2016-02.  Under this expedient the Company anticipates combining the lease components and non-lease components (CAM) and such will account for the for the combined components under ASU 2016-02. See New Accounting Pronouncements below for further details.

Other rental property income

Other rental property income totaled $20.9 million, $23.6 million and $20.0 million for the years ended December 31, 2018, 2017 and 2016, respectively, which mainly consists of ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources are through lease agreements/arrangements and are recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is recognized on a cash-basis when received.

Management and other fee income

Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic 606. 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 related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling tenant inquiries, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and none of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly and terms for payment are payment due upon receipt.

Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.

Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services. The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Trade Accounts Receivable

The Company makes estimates of the uncollectable trade 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 trade accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $10.3 million and $9.2 million of billed accounts receivable and $10.2 million and $7.9 million of straight-line rent receivable at December 31, 2018 and 2017, respectively.

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Gains on sales of operating properties/change in control of interests

On January 1, 2018, the Company also adopted ASU 2017-05, Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“Topic 610”) for gains and losses from the sale and/or transfer of real estate property. The Company adopted Topic 610 using the modified retrospective approach for all contracts effective January 1, 2018. Topic 610 provides that sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.

In accordance with its election to apply the modified retrospective approach for all contracts, the Company recorded a cumulative-effect adjustment of $8.1 million to its beginning retained earnings as of January 1, 2018, on the Company’s Consolidated Statements of Changes in Equity and an adjustment to Investments in and advances to real estate joint ventures on the Company’s Consolidated Balance Sheets. As of December 31, 2017, the Company had aggregate net deferred gains of $8.1 million relating to partial disposals of two operating real estate properties prior to the adoption of ASU 2017-05, of which $6.9 million was included in Investments in and advances to real estate joint ventures and $1.2 million was included in Other liabilities on the Company’s Consolidated Balance Sheets. The Company had deferred these gains in accordance with prior guidance due to its continuing involvement in the entities which acquired the operating real estate properties.

During the year ended December 31, 2018, the Company sold a portion of its investment in an operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity and recognized a gain on change in control of $6.8 million, in accordance with the adoption of ASU 2017-05 (See Footnote 5 to the Notes to the Company’s Consolidated Financial Statements for additional disclosure regarding disposals), which is included in Gain on sale of operating properties/change in control of interests on the Company’s Consolidated Statements of Income.

Income Taxes

The Company elected status as a REIT for federal income tax purposes beginning in its taxable year January 1, 1992 and operates in a manner that enables the Company to qualify and maintain its status as a REIT. 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.  

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 REIT subsidiaries (“TRS”) under the Code, subject to certain limitations. 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.  As such, the Company, through its wholly-owned 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. 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, where it has been determined that the local currency is the functional currency, 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 (expense)/income, 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. As of December 31, 2018, the Company had substantially liquidated its investments in Mexico and exited South America and Canada.

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 include 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. Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets. Units which embody a conditional 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. 

Contingently redeemable noncontrolling interests are recorded at fair value upon issuance. Any change in the fair value or redemption value of these noncontrolling interests is subsequently recognized through Paid-in capital on the Company’s Consolidated Balance Sheets and is included in the Company’s computation of earnings per share (See Footnote 23 of the Notes to the Consolidated Financial Statements).

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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 Statements 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 20 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

New Accounting Pronouncements

The following table represents ASUs to the FASB’s ASC that, as of the year ended December 31, 2018, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2018-17, Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities	The amendment to Topic 810 clarifies the following areas: (i)   Applying the variable interest entity (VIE) guidance to private companies under common control, and (ii)  Considering indirect interests held through related parties under common control, and for determining whether fees paid to decision makers and service providers are variable interests. This update improves the accounting for those areas, thereby improving general purpose financial reporting. Retrospective adoption is required.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.
ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract	The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.
ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement	The amendment modifies the disclosure requirements for fair value measurements in Topic 820, based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.

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ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses	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. In November 2018, the FASB issued ASU 2018-19, which includes amendments to clarify receivables arising from operating leases are within the scope of the new leases standard (Topic 842) discussed below and align the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements. Early adoption is permitted as of the original effective date.	January 1, 2020; Early adoption permitted	The Company is still assessing the impact on its financial position and/or results of operations.
ASU 2016-02, Leases (Topic 842) ASU 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 ASU 2018-10, Codification Improvements to Topic 842, Leases ASU 2018-11, Leases (Topic 842): Targeted Improvements ASU 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors	This ASU 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). In January 2018, the FASB issued ASU 2018-01, which includes amendments to clarify land easements are within the scope of the new leases standard (Topic 842) and provide an optional transition practical expedient to not evaluate whether existing and expired land easements that were not previously accounted for as leases under current lease guidance in Topic 840 and are to be accounted for or contain leases under Topic 842. Early adoption is permitted as of the original effective date. In July 2018, the FASB issued ASU 2018-10, which includes amendments to clarify certain aspects of the new lease standard. These amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments.  Additionally, during July 2018, the FASB issued ASU 2018-11, which includes (i) an additional transition method to provide transition relief on comparative reporting at adoption and (ii) an amendment to provide lessors with a practical expedient to combine lease and non-lease components of a contract if certain criteria are met. Under the transition option, companies can opt to not apply the new guidance, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption. The practical expedient allows lessors to elect, by class of underlying asset, to combine non-lease and associated lease components when certain criteria are met and requires them to account for the combined component in accordance with new revenue standard (Topic 606) if the non-lease components are the predominant component; conversely, if a lessor determines that the lease components are the predominant component, it requires them to account for the combined component as an operating lease in accordance with new leasing standard (Topic 842). In December 2018, the FASB issued ASU 2018-20, which includes narrow-scope improvements for lessors. The FASB amended the new leases standard to allow lessors to make an accounting policy election not to evaluate whether sales taxes and similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. The amendments also require a lessor to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. In addition, the amendments clarify that when lessors allocate variable payments to lease and non-lease components they are required to follow the recognition guidance in the new lease standard for the lease component and other applicable guidance, such as the new revenue standard, for the non-lease component.	January 1, 2019; Early adoption permitted	The Company plans to adopt this standard using the modified retrospective approach, which requires a cumulative-effect adjustment, if any, as of the date of adoption.  The Company has identified certain leases and accounting policies which it believes the adoption will impact, including its ground leases, administrative office leases, internal leasing costs and non-lease components. For leases where the Company is a lessee, primarily its ground leases and administrative office leases, the Company will be required to record a right-of-use asset and a lease liability on its Consolidated Balance Sheets upon adoption. While the Company is continuing to assess the potential impact of this standard, it expects to recognize total right-of-use assets and total lease liabilities ranging from $80.0 million to $110.0 million upon adoption of this standard. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed.  The Company expects to incur an expense relating to indirect internal leasing costs ranging from $11.0 million to $14.0 million during 2019. For leases where the Company is a lessor, within the terms of certain of its leases, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. The Company plans to elect the lessor practical expedient to combine the lease and non-lease components. The Company expects that the lease components are the predominant component in the majority of its leasing arrangements and will account for the combined component as an operating lease under Topic 842. The Company will also elect to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense.  The Company currently does not believe the adoption will significantly affect the timing of the recognition of its combined lease and non-lease components.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The following ASUs to the FASB’s ASC have been adopted by the Company during the year ended December 31, 2018:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied prospectively to awards modified on or after the adoption date.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.
ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 discussed below. An entity may elect to apply the amendments in ASU 2017-05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10-45-5 through 10-45-10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017-05 and ASU 2014-09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018	The Company adopted the provisions of Subtopic 610-20 using the modified retrospective approach. The Company has applied the guidance to disposals of nonfinancial assets (including real estate assets) within the scope of Subtopic 610-20, see above for impact from the adoption of this ASU.
ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities	The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following: (i)Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii)  Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments, and (v)  Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The amendments clarify certain aspects of the guidance issued in ASU 2016-01, discussed below, primarily impacting the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments.	January 1, 2018	Effective as of date of adoption, changes in fair value of the Company’s available-for-sale marketable securities are recognized in Other income, net on the Company’s Consolidated Statements of Income. See above and Footnote 11 in the Notes to the Consolidated Financial Statements for impact from the adoption of this ASU.
ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying performance obligations and licensing ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-scope improvements and practical expedients	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, 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, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016-10, an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in May 2016, the FASB issued ASU 2016-12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date.	January 1, 2018	The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard. Common area maintenance (“CAM”) reimbursement revenue, a non-lease component, falls within the scope of Topic 606.  Under the practical expedient mentioned above in Topic 842, the Company will be permitted to combine its non-lease and associated lease components. If the non-lease components are the predominant component, the Company will account for the combined component in accordance with the revenue standard (Topic 606). The revenues which are within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. The timing of recognition and amount of these revenues are consistent with the previous recognition and measurement.  See above for impact from the adoption of this ASU.
ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash	This amendment requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendment should be applied using a retrospective transition method to each period presented.	January 1, 2018	There was no impact to the Company’s statement of cash flows.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

2. Real Estate:

The Company’s components of Real estate, net consist of the following (in thousands):

	December 31,
	2018			2017
Land:
Developed land	$	2,783,959		$	2,971,020
Undeveloped land		38,732			48,264
Total land		2,822,691			3,019,284
Buildings and improvements:
Buildings		5,697,269			6,047,413
Building improvements		1,696,440			1,653,581
Tenant improvements		730,623			753,501
Fixtures and leasehold improvements		42,635			45,795
Above-market leases		133,913			153,484
In-place leases and tenant relationships		512,235			577,870
Total buildings and improvements		8,813,115			9,231,644
Real estate		11,635,806			12,250,928
Accumulated depreciation and amortization (1)		(2,385,287	)		(2,433,053	)
Total real estate, net	$	9,250,519		$	9,817,875

(1) At December 31, 2018 and 2017, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $466,576 and $459,211, respectively.

In addition, at December 31, 2018 and 2017, the Company had intangible liabilities relating to below-market leases from property acquisitions of $288.4 million and $329.3 million, respectively, net of accumulated amortization of $196.4 million and $184.5 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, 2018, 2017 and 2016 resulted in net increases to revenue of $14.9 million, $15.5 million and $21.4 million, respectively. The Company’s amortization expense associated with in-place leases and tenant relationships, which is included in depreciation and amortization, for the years ended December 31, 2018, 2017 and 2016 was $47.4 million, $62.7 million and $66.6 million, respectively.

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

	2019			2020			2021			2022			2023
Above-market and below-market leases amortization, net	$	13.4		$	13.5		$	13.8		$	12.8		$	12.5
In-place leases and tenant relationships amortization	$	(32.4	)	$	(24.7	)	$	(19.1	)	$	(14.6	)	$	(10.9	)

3. Property Acquisitions, Developments and Other Investments:

Acquisition/Consolidation of Operating Properties

During the year ended December 31, 2018, the Company acquired two land parcels adjacent to existing shopping centers located in Ardmore, PA and Elmont, NY, in separate transactions, for an aggregate purchase price of $5.4 million.

During the year ended December 31, 2017, the Company acquired the following operating properties, in separate transactions, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired/ Consolidated	Cash*		Debt		Other Consideration**		Total		GLA***
Plantation Commons	Plantation, FL (1) (3)	Jan-17	$	-	$	-	$	12,300	$	12,300		60
Gordon Plaza	Woodbridge, VA (1) (3)	Jan-17		-		-		3,100		3,100		184
Plaza del Prado	Glenview, IL	Jan-17		39,063		-		-		39,063		142
Columbia Crossing Parcel	Columbia Crossing, MD	Jan-17		5,100		-		-		5,100		25
The District at Tustin Legacy	Tustin, CA (2) (3)	Apr-17		-		206,000		98,698		304,698		688
Jantzen Beach Center	Portland, OR	Jul-17		131,927		-		-		131,927		722
Del Monte Plaza Parcel	Reno, NV	Jul-17		24,152		-		-		24,152		83
Gateway Station Phase II	Burleson, TX	Aug-17		15,355		-		-		15,355		79
Jantzen Beach Center Parcel	Portland, OR	Sep-17		6,279		-		-		6,279		25
Webster Square Outparcel	Nashua, NH	Sep-17		4,985		-		-		4,985		22
Whittwood Town Center	Whittier, CA	Oct-17		80,397		43,000		-		123,397		783
123 Coulter Avenue Parcel	Ardmore, PA	Oct-17		4,808		-		-		4,808		1
Fulton Marketplace Parcel	Santa Rosa, CA	Nov-17		13,162		-		-		13,162		61
			$	325,228	$	249,000	$	114,098	$	688,326		2,875

* The Company utilized an aggregate $162.4 million associated with Internal Revenue Code §1031 sales proceeds.

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

*** Gross leasable area ("GLA")

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

(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 has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and consolidates these assets.

(2) Effective April 1, 2017, the Company and its partner amended its joint venture agreement relating to the Company’s investment in this property. As a result of this amendment, the Company controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary.

(3) 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 Consideration. The Company’s current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

Property Name	Previous Ownership Interest			Gain on change in control of joint venture interests
Plantation Commons		76.25	%	$	9,793
Gordon Plaza		40.62	%		395
The District at Tustin Legacy	(a)				60,972
				$	71,160

(a) The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (54.27% as of date of consolidation).

Included in the Company’s Consolidated Statements of Income are $0 million, $31.0 million and $23.8 million in total revenues from the date of acquisition through December 31, 2018, 2017 and 2016, respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. There were no operating property acquisitions during the year ended December 31, 2018. The purchase price allocations for properties acquired/consolidated during the year ended December 31, 2017, are as follows (in thousands):

	Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	255,715			n/a
Buildings		379,148			50.0
Building improvements		46,613			41.5
Tenant improvements		14,520			7.2
In-place leases		56,200			7.2
Above-market leases		12,197			7.8
Below-market leases		(77,027	)		29.5
Mortgage fair value adjustment		(8,521	)		1.3
Tax increment financing (TIF) contracts		8,342			19.0
Other assets		5,090			n/a
Other liabilities		(3,951	)		n/a
Net assets acquired/consolidated	$	688,326

Hurricane Impact

On September 20, 2017, Hurricane Maria struck Puerto Rico as a Category 4 hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in seven operating properties located throughout Puerto Rico, aggregating 2.2 million square feet of GLA, which were variously impacted by the hurricane. The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to $62.0 million, as well as business interruption insurance with coverage up to $39.3 million in the aggregate, subject to a collective deductible of $1.2 million.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately $30.3 million. As of December 31, 2018, the Company has collected property insurance proceeds totaling $20.2 million to date, which exceeds the $16.0 million previously written off due to property damage by $4.2 million. As a result, the Company recognized this excess as income included in Other income, net on the Company’s Consolidated Statements of Income for the year ended December 31, 2018.

The Company’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up to one year. After the expiration of one year following the loss, the policy has 365 days of an extended period of indemnity which provides business interruption coverage in the event the properties have not fully recovered from the storm. During 2018 and 2017, the Company collected business interruption claims totaling $2.8 million and $1.6 million, respectively, from its insurance provider. Although the Company has primarily recovered its business interruption insurance claims, it will continue to assess and process any future business interruption claims for the extended period of indemnity and will submit insurance claims for its losses, if any, under its business interruption insurance policy.

4. Real Estate Under Development:

The Company is engaged in various real estate development projects for long-term investment. As of December 31, 2018, the Company had two active real estate development projects and one additional project held for future development. The costs incurred to date for these projects are as follows (in thousands):

		December 31,
Property Name	Location	2018		2017
Dania Pointe (1)	Dania Beach, FL	$	152,111	$	152,841
Mill Station	Owings Mills, MD		55,771		34,347
Promenade at Christiana (2)	New Castle, DE		33,502		32,875
Grand Parkway Marketplace (3)	Spring, TX		-		43,403
Lincoln Square (4)	Philadelphia, PA		-		90,479
Avenues Walk (5)	Jacksonville, FL		-		48,573
Total*		$	241,384	$	402,518

* Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $24.9 million and $27.7 million, as of December 31, 2018 and 2017, respectively.

(1) During 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million. Effective December 31, 2018, the first phase of this development project, aggregating $129.7 million (including capitalized costs of $8.9 million), were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use development project.

(2) Project to be developed in the future.

(3) During 2017, the Company sold a land parcel at this development project for a sales price of $2.9 million. In addition, effective September 30, 2018, this development project, aggregating $47.4 million (including capitalized costs of $5.2 million), was placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

(4) During 2017, KIM Lincoln, LLC (“KIM Lincoln”), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP (“Lincoln Member”) entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (see Footnote 14). 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 Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote 9). Effective December 31, 2018, this development project, aggregating $161.5 million (including capitalized costs of $7.1 million), was placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

(5) During 2018, the Company reclassified this project to Land on the Company’s Consolidated Balance Sheets, as it is no longer anticipated to be developed and will be marketed for sale as is. The as is value, estimated fair value, was below the carrying value and as such, the Company recorded an impairment charge of $37.8 million during the year ended December 31, 2018 (see Footnote 6).

During 2018 and 2017, the Company capitalized (i) interest of $13.9 million and $11.0 million, respectively, (ii) real estate taxes, insurance and legal costs of $2.6 million and $5.7 million, respectively, and (iii) payroll of $1.9 million and $3.3 million, respectively, in connection with these real estate development projects.

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

Operating Real Estate

The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate transactions (dollars in millions):

	Year Ended December 31,
	2018		2017		2016
Aggregate sales price/gross fair value	$	1,164.3	$	352.2	$	378.7
Gain on sale of operating properties/change in control of interests	$	229.8	$	93.5	$	92.8
Impairment charges	$	19.7	$	17.1	$	37.2
Number of operating properties sold/deconsolidated		54		25		30
Number of out-parcels sold		7		9		2

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Included in the table above, during the year ended December 31, 2018, the Company sold a portion of its investment in an operating property to its partner based on a gross fair value of $320.0 million, including $206.0 million of non-recourse mortgage debt, and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity and as such, reduced noncontrolling interests by $43.8 million and recognized a gain on change in control of $6.8 million, in accordance with the adoption of ASU 2017-05 effective as of January 1, 2018 (see Footnote 1 of the Notes to Consolidated Financial Statements). The Company has an investment in this unconsolidated property ($62.4 million as of the date of deconsolidation), included in Investments in and advances to real estate joint ventures on the Company’s Consolidated Balance Sheets. The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (54.8% as of the date of deconsolidation).

Land Sales

During 2018 and 2016, the Company sold 10 and six land parcels, respectively, for an aggregate sales price of $9.7 million and $3.9 million, respectively. These transactions resulted in an aggregate gain of $6.3 million and $1.9 million, before income tax expense and noncontrolling interest for the years ended December 31, 2018 and 2016, respectively. The gains from these transactions are recorded as other income, which is included in Other income, net on the Company’s Consolidated Statements of Income.

Held-for-Sale

At December 31, 2018, the Company had two consolidated properties classified as held-for-sale at an aggregate carrying amount of $17.2 million, net of accumulated depreciation of $5.5 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, which are in excess of the carrying values of the properties.

At December 31, 2017, the Company had three consolidated properties classified as held-for-sale at an aggregate carrying amount of $22.4 million, net of accumulated depreciation of $16.8 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, which are in excess of the carrying values of the properties.

6. Impairments:

Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period, general market conditions and delays of development, 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.

The Company has an active capital recycling program which provides for the disposition of certain properties, typically of lesser quality assets in less desirable locations. The Company has adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain operating properties (see Footnote 15 of the Notes to Consolidated Financial Statements for fair value disclosure).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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, 2018, 2017 and 2016 as follows (in millions):

	2018		2017		2016
Properties marketed for sale (1) (2)	$	59.5	$	34.0	$	28.6
Properties disposed	19.7			17.1		37.2
Properties held and used (3)		-		16.2		27.5
Total gross property impairment charges* (4)		79.2		67.3		93.3
Noncontrolling interests		-		-		(0.4	)
Benefit for income taxes		-		-		(21.1	)
Total net impairment charges	$	79.2	$	67.3	$	71.8

* See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value.

(1) These impairment charges relate to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties.

(2) During December 2018, the Company recognized an impairment charge of $41.0 million related to a development project located in Jacksonville, FL, for which the Company no longer intends to develop. The Company’s intent is to now market the property as is for sale during 2019. The Company’s decision to discontinue this development project was primarily based upon the expectation of increases in estimated costs to complete the project and unfavorable market conditions which would have a negative impact on the Company’s return on its investment. In addition, the Company believes its capital allocation to other projects within its portfolio, which are located within major metro markets, offer a better opportunity for growth and would provide greater value to the Company. 

(3)

During 2017, the Company recognized an impairment charge of $16.2 million related to a property for which the Company had re-evaluated its long-term plan for the property due to unfavorable local market conditions.

(4)

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 and certain properties maintained in the Company’s TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 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.

In addition to the impairment charges above, the Company recognized pretax impairment charges during 2018, 2017 and 2016 of $6.9 million, $4.8 million, and $15.0 million, 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 on the Company’s Consolidated Statements of Income (see Footnote 7 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.

7. Investment in and Advances to Real Estate Joint Ventures:

The Company and its subsidiaries have investments in and advances to 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. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at December 31, 2018 and 2017 (in millions, except number of properties):

			The Company's Investment
	Ownership		As of December 31,
Joint Venture	Interest		2018		2017
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3)		15.0%	$	175.2	$	179.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		167.2		154.1
Canada Pension Plan Investment Board (“CPP”) (2)		55.0%		135.0		105.0
Other Joint Venture Programs (3) (4)		Various		93.5		45.3
Total*			$	570.9	$	483.9

* Representing 109 property interests and 23.2 million square feet of GLA, as of December 31, 2018, and 118 property interests and 23.5 million square feet of GLA, as of December 31, 2017.

(1) Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, 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) As of December 31, 2017, the Company had aggregate net deferred gains of $6.9 million relating to the disposal of operating properties prior to the adoption of ASU 2017-05. These deferred gains were included in the Company’s investment above, of which $5.1 million related to KimPru II and $1.8 million related to Other Joint Venture Programs. Upon adoption, the Company recorded a cumulative-effect adjustment of $6.9 million to its beginning retained earnings as of January 1, 2018 on the Company’s Consolidated Statements of Changes in Equity. See Footnote 1 to the Notes to the Company’s Consolidated Financial Statements for further detail and discussion.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

(4) During March 2018, the Company sold a portion of its investment in an operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity. As of the date of deconsolidation, the Company had an investment in this unconsolidated property of $62.4 million. See Footnote 5 to the Notes to the Company’s Consolidated Financial Statements for further detail and discussion.

The table below presents the Company’s share of net income for these investments which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):

	Year Ended December 31,
	2018		2017		2016
KimPru and KimPru II	$	15.2	$	13.0	$	16.4
KIR		38.7		36.7		44.0
CPP		5.1		7.2		7.7
Other Joint Venture Programs (1) (2) (3) (4)		12.6		3.9		150.6
Total	$	71.6	$	60.8	$	218.7

(1) During the year ended December 31, 2018, a joint venture investment distributed cash proceeds resulting from the refinancing of an existing loan of which the Company’s share was $3.6 million. This distribution was in excess of the Company’s carrying basis in this joint venture investment and to that extent was recognized as income.

(2) During the year ended December 31, 2018, a joint venture recognized an impairment charge related to the pending foreclosure of a property, of which the Company’s share was $5.2 million.

(3) During the year ended December 31, 2017, the Company recognized a cumulative foreign currency translation loss of $4.8 million due to the substantial liquidation of the Company’s investments in Canada during 2017.

(4) During the year ended December 31, 2017, a joint venture recognized an impairment charge related to the pending sale of a property, of which the Company’s share was $3.4 million.

During 2018, certain of the Company’s real estate joint ventures disposed of 11 operating properties, in separate transactions, for an aggregate sales price of $213.5 million. These transactions resulted in an aggregate net gain to the Company of $18.5 million, for the year ended December 31, 2018.

During 2017, certain of the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in 13 operating properties and a portion of one property, in separate transactions, for an aggregate sales price of $180.8 million. These transactions resulted in an aggregate net gain to the Company of $7.5 million, for the year ended December 31, 2017. In addition, during 2017, the Company acquired a controlling interest in three operating properties from certain joint ventures, in separate transactions, with an aggregate gross fair value of $320.1 million. See Footnote 3 of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.

During 2016, certain of the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in 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 a controlling interest in nine operating properties and one development project from certain joint ventures, in separate transactions, with an aggregate gross fair value of $590.1 million.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2018 and 2017 (dollars in millions):

	December 31, 2018							December 31, 2017
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	572.6		4.29	%		49.0	$	625.7		3.59	%		59.8
KIR		651.4		4.43	%		40.4		702.0		4.60	%		47.5
CPP		84.4		3.85	%		54.0		84.9		2.91	%		4.0
Other Joint Venture Programs		474.2		4.26	%		78.6		287.6		4.41	%		27.2
Total	$	1,782.6						$	1,700.2

* Average remaining term includes extensions

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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

	December 31,
	2018		2017
Assets:
Real estate, net	$	3,574.1	$	3,402.1
Other assets		227.0		208.9
	$	3,801.1	$	3,611.0
Liabilities and Partners’/Members’ Capital:
Notes payable, net	$	272.7	$	233.1
Mortgages payable, net		1,509.9		1,467.1
Other liabilities		62.4		52.5
Noncontrolling interests		16.8		15.5
Partners’/Members’ capital		1,939.3		1,842.8
	$	3,801.1	$	3,611.0

	Year Ended December 31,
	2018			2017			2016
Revenues	$	506.3		$	516.0		$	597.5
Operating expenses		(146.1	)		(150.7	)		(178.1	)
Impairment charges		(20.7	)		(12.9	)		(38.6	)
Depreciation and amortization		(122.5	)		(116.1	)		(138.1	)
Gain on sale of operating properties		60.3			26.0			296.2
Interest expense		(80.1	)		(81.9	)		(117.3	)
Other (expense)/income, net		(4.4	)		(3.0	)		20.1
Net income	$	192.8		$	177.4		$	441.7

Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling $2.5 million and $2.1 million at December 31, 2018 and 2017, 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, 2018 and 2017, the Company’s carrying value in these investments was $570.9 million and $483.9 million, respectively.

8. Other Real Estate Investments and Other Assets:

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, 2018, the Company’s net investment under the Preferred Equity program was $176.3 million relating to 285 properties, including 273 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2018, the Company earned $28.8 million from its preferred equity investments, including $10.6 million in profit participation earned from six capital transactions. As of December 31, 2017, the Company’s net investment under the Preferred Equity program was $201.9 million relating to 357 properties, including 344 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2017, the Company earned $32.2 million from its preferred equity investments, including $14.8 million of cumulative foreign currency translation gain recognized as a result of the substantial liquidation of the Company’s investments in Canada during 2017.

As of December 31, 2018, these preferred equity investment properties had non-recourse mortgage loans aggregating $298.9 million (excluding fair market value of debt adjustments aggregating $15.1 million). These loans have scheduled maturities ranging from six months to six 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 primarily limited to its invested capital.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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

	December 31,
	2018		2017
Assets:
Real estate, net	$	110.4	$	142.3
Other assets		578.8		581.2
	$	689.2	$	723.5
Liabilities and Partners’/Members’ Capital:
Mortgages payable, net	$	314.0	$	381.9
Other liabilities		3.0		6.0
Partners’/Members’ capital		372.2		335.6
	$	689.2	$	723.5

	Year Ended December 31,
	2018			2017			2016
Revenues	$	77.0		$	75.4		$	102.6
Operating expenses		(15.5	)		(14.7	)		(27.4	)
Depreciation and amortization		(4.3	)		(4.6	)		(6.7	)
Gain on sale of operating properties		1.9			4.3			5.3
Interest expense		(16.9	)		(20.4	)		(26.7	)
Other expense, net		(8.2	)		(5.9	)		(11.5	)
Net income	$	34.0		$	34.1		$	35.6

Kimsouth (Albertsons) –

Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) was a subsidiary of Kimsouth that had a combined 14.35% noncontrolling interest (of which the Company held 9.8% and the two other noncontrolling members in the partnership, including Colony NorthStar, Inc. (“Colony NorthStar”) held a 4.3% ownership interest), in AB Acquisition, LLC (“AB Acquisition”). AB Acquisition was a joint venture which owned grocery operators Albertsons LLC (“Albertsons”), NAI Group Holdings Inc. (“NAI”) and Safeway Inc. (“Safeway”). The Company held a controlling interest in the ABS Venture and consolidated this entity.

During June 2017, the Company and ABS Venture received an aggregate cash distribution of $34.6 million from Albertsons, of which the Company’s combined share was $23.7 million with the remaining $10.9 million distributed to the two noncontrolling interest members in the ABS Venture. This distribution exceeded the Company’s carrying basis in its Albertson’s investment and as such was recognized as income and is included in Equity in income from other real estate investments, net on the Company’s Consolidated Statements of Income.

During December 2017, Albertsons, NAI and Safeway were merged into a single corporate entity Albertsons Companies, Inc. (“ACI”). In addition, the Company liquidated the ABS Venture, its consolidated partnership with Colony NorthStar and its other noncontrolling member, which held investments in Albertsons, NAI and Safeway. As a result of these transactions, the Company owns 9.74% of the common stock of ACI through two newly formed wholly-owned partnerships and accounts for this investment on the cost method. The liquidation of the ABS Venture resulted in the elimination of the previous noncontrolling member’s, including Colony NorthStar’s noncontrolling interest of $64.9 million, and a corresponding reduction in other assets to reflect the Company’s net investment in ACI of $140.2 million. The Company’s net investment in ACI is included in Other assets on the Company’s Consolidated Balance Sheets. The previous two noncontrolling members own their respective interests in ACI directly and are no longer in a joint venture partnership with the Company.  As of December 31, 2018, there were no identified events or changes in circumstances that may have a significant adverse effect on the fair value of this cost method investment.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

9. Variable Interest Entities (“VIE”):

Included within the Company’s operating properties at December 31, 2018 and 2017, are 23 and 24 consolidated entities that are VIEs, respectively, 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 because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less and they do not have substantive 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, 2018, total assets of these VIEs were $1.1 billion and total liabilities were $75.2 million. At December 31, 2017, total assets of these VIEs were $1.2 billion and total liabilities were $383.5 million.

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.

Additionally, included within the Company’s real estate development projects at December 31, 2018 and 2017, are one and three consolidated entities that are VIEs, respectively, 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 because 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, 2018, total assets of this real estate development VIE was $275.6 million and total liabilities were $68.0 million. At December 31, 2017, total assets of these real estate development VIEs were $307.9 million and total liabilities were $34.2 million.

Substantially all the projected remaining development costs to be funded for this real estate development project, aggregating $122.5 million, will be funded with capital contributions from the Company, when contractually obligated, and/or construction loan financing. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.

All liabilities of these VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are not restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by third party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets are as follows (in millions):

	December 31, 2018		December 31, 2017
Number of unencumbered VIEs		20		22
Number of encumbered VIEs		4		5
Total number of consolidated VIEs		24		27
Restricted Assets:
Real estate, net	$	229.2	$	627.5
Cash and cash equivalents		4.4		9.8
Accounts and notes receivable, net		2.1		3.2
Other assets		3.3		4.5
Total Restricted Assets	$	239.0	$	645.0
VIE Liabilities:
Mortgages and construction loan payable, net	$	83.8	$	340.9
Other liabilities		59.4		76.8
Total VIE Liabilities	$	143.2	$	417.7

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

10. Mortgages and Other Financing Receivables:

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2018, 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, 2016 to December 31, 2018 (in thousands):

	2018			2017			2016
Balance at January 1,	$	21,838		$	23,197		$	23,824
Additions:
New mortgage loans		14,825			-			-
Foreign currency translation		116			385			397
Amortization of loan discounts		125			112			112
Deductions:
Loan repayments		(21,012	)		-			-
Charge off/foreign currency translation		(155	)		(449	)		(213	)
Collections of principal		(1,287	)		(1,405	)		(921	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31,	$	14,448		$	21,838		$	23,197

The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2018, the Company had a total of 10 loans, all of which were identified as performing loans.

11. Marketable Securities:

Effective January 1, 2018, in accordance with the adoption of ASU 2016-01, the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income. In addition, the Company recorded a cumulative-effect adjustment of $1.1 million to its beginning retained earnings as of January 1, 2018, which is reflected in Cumulative distributions in excess of net income on the Company’s Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities. Also, during the year ended December 31, 2018, the Company recognized a net loss on changes in fair value of its available-for-sale marketable securities of $3.5 million in Other income, net on the Company’s Consolidated Statements of Income.

The following is a summary of amounts recorded on the Consolidated Financial Statements for marketable securities at December 31, 2018 and 2017 (in thousands):

	December 31, 2018		December 31, 2017
Available-for-sale:
Equity securities	$	9,045	$	11,936
Held-to-maturity:
Debt securities		1,257		1,329
Total marketable securities	$	10,302	$	13,265

During 2017, the Company acquired available-for-sale marketable equity securities for an aggregate purchase price of $9.8 million.

As of December 31, 2018, 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

12. Notes Payable:

As of December 31, 2018 and 2017 the Company’s Notes payable, net consisted of the following (dollars in millions):

	Carrying Amount at December 31,					Interest Rate at December 31,								Maturity Date at
	2018			2017		2018				2017				December 31, 2018
Senior unsecured notes	$	4,334.9		$	4,650.0		2.70%	-	4.45%		2.70%	-	6.88%	May-2021– Sep-2047
Credit facility		100.0			8.0		(a)				(a)			Mar-2021
Deferred financing costs, net		(53.4	)		(61.9)		n/a				n/a				n/a
	$	4,381.5		$	4,596.1		3.48%*				3.70%*

* Weighted-average interest rate

(a) Accrues interest at a rate of LIBOR plus 0.875% (3.31% and 2.28% at December 31, 2018 and 2017, respectively).

During the year ended December 31, 2017, the Company issued the following senior unsecured notes (dollars in millions):

Date Issued	Maturity Date	Amount Issued		Interest Rate
Aug-17	Feb-25	$	500.0		3.30%
Aug-17	Sep-47	$	350.0		4.45%
Mar-17	Apr-27	$	400.0		3.80%

During the years ended December 31, 2018 and 2017, the Company repaid the following notes (dollars in millions):

Type	Date Paid	Amount Repaid		Interest Rate		Maturity Date
Senior unsecured notes (1)	Aug-18	$	300.0		6.875%	Oct-19
Senior unsecured notes (2)	Jun-18 & Jul-18	$	15.1		3.200%	May-21
Medium term notes ("MTN") (3)	Aug-17 & Nov-17	$	300.0		4.300%	Feb-18
Unsecured term loan	Jan-17	$	250.0	LIBOR + 0.95%		Jan-17

(1) The Company recorded an early extinguishment of debt charge of $12.8 million resulting from the early repayment of these notes.

(2) Represents partial repayments. As of December 31, 2018, these notes had an outstanding balance of $484.9 million.

(3) On August 1, 2017, the Company made a tender offer to purchase any and all of these MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of the MTN notes. In addition, in November 2017, the Company redeemed the remaining $89.0 million outstanding MTN notes.

The scheduled maturities of all notes payable excluding unamortized debt issuance costs of $53.4 million, as of December 31, 2018, were as follows (in millions):

	2019		2020		2021		2022		2023		Thereafter		Total
Principal payments	$	-	$	-	$	584.9	$	500.0	$	350.0	$	3,000.0	$	4,434.9

The Company’s supplemental indentures governing its 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, 2018.   

Interest on the Company’s fixed-rate Senior Unsecured 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Credit Facility

The Company has a $2.25 billion unsecured revolving credit facility (the “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 Credit Facility, which accrues interest at a rate of LIBOR plus 87.5 basis points (3.31% as of December 31, 2018), can be increased to $2.75 billion through an accordion feature. In addition, the Credit 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. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. The Company was in compliance with all of the covenants as of December 31, 2018.   As of December 31, 2018, the Credit Facility had a balance of $100.0 million outstanding and $0.3 million appropriated for letters of credit.

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. The Term Loan accrued interest at LIBOR plus 95 basis points. During November 2016, the Company repaid $400.0 million of borrowings under the Company’s Term Loan and in January 2017, the Company repaid the remaining $250.0 million balance and terminated the agreement.

13. Mortgages and Construction Loan Payable:

Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K), are generally due in monthly installments of principal and/or interest.

In August 2018, the Company closed on a construction loan commitment of $67.0 million relating to one development property. This loan commitment is scheduled to mature in August 2020, with six additional six-month options to extend the maturity date to August 2023, bears interest at a rate of LIBOR plus 180 basis points (4.23% as of December 31, 2018), interest is paid monthly with a principal payment due at maturity. As of December 30, 2018, the construction loan had a balance of $51.0 million outstanding.

As of December 31, 2018 and 2017, the Company’s Mortgages and construction loan payable, net consisted of the following (in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,								Maturity Date at
	2018			2017			2018				2017				December 31, 2018
Mortgages payable	$	430.8		$	867.1			3.23%	-	9.75%		2.60%	-	9.75%		Jan-2020 – Aug-2031
Construction loan payable		51.0			-			4.23%				n/a				Aug-2020
Fair value debt adjustments, net		13.1			19.3			n/a				n/a				n/a
Deferred financing costs, net		(2.5	)		(3.6	)		n/a				n/a				n/a
	$	492.4		$	882.8			4.89%*				4.57%*

* Weighted-average interest rate

During 2018, the Company (i) deconsolidated $206.0 million of individual non-recourse mortgage debt relating to an operating property for which the Company no longer holds a controlling interest and (ii) repaid $205.6 million of maturing mortgage debt (including fair market value adjustments of $0.9 million) that encumbered six operating properties.

During 2018, the Company disposed of an encumbered property through foreclosure. The transaction resulted in a net decrease in mortgage debt of $12.4 million. In addition, the Company recognized a gain on forgiveness of debt of $4.3 million and relief of accrued interest of $3.4 million, both of which are included in Other income, net on the Company’s Consolidated Statements of Income.

During 2017, the Company (i) assumed/consolidated $257.5 million of individual non-recourse mortgage debt (including a fair market value adjustment of $8.5 million) related to two operating properties, (ii) paid off $692.9 million of mortgage debt (including fair market value adjustments of $5.8 million) that encumbered 27 operating properties and (iii) obtained a $206.0 million non-recourse mortgage relating to one operating property.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages and construction loan payable, excluding unamortized fair value debt adjustments and unamortized debt issuance costs, as of December 31, 2018, were as follows (in millions):

	2019		2020		2021		2022		2023		Thereafter		Total
Principal payments	$	12.7	$	160.3	$	144.9	$	140.1	$	15.5	$	8.3	$	481.8

14. 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. 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.  During the year ended December 31, 2018, there were various acquisitions and dispositions/liquidations of entities that had an impact on noncontrolling interest. See Footnotes 3, 4, and 8 of the Notes to Consolidated Financial Statements for additional information regarding specific transactions.

Included within noncontrolling interests are units that were determined to be contingently redeemable that 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 following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2018 and 2017 (in thousands):

	2018			2017
Balance at January 1,	$	16,143		$	86,953
Issuance of redeemable partnership interests (1)		-			10,000
Income		373			1,297
Distributions		(355	)		(2,538	)
Redemption/conversion of redeemable units (2)		-			(79,569	)
Adjustment to estimated redemption value (1)		7,521			-
Balance at December 31,	$	23,682		$	16,143

(1) During 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (See Footnote 4 of the Notes to Consolidated Financial Statements). During the year ended December 31, 2018, the Company recorded an adjustment of $7.5 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 – Accounting for Redeemable Equity Instruments.  The Company revalues the fair market value of this noncontrolling interest on a recurring basis and determined that its valuation was classified within Level 3 of the fair value hierarchy.  The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.00% and discount rate of 6.00% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

(2) During 2017, the Company redeemed the remaining 79,642,697 Preferred A Units for a total redemption price of $79.9 million, including an accrued preferred return of $0.4 million. These units, which had a par value of $1.00 and return per annum of 5.0%, were issued in connection with the Puerto Rico shopping center acquisitions discussed below.

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"). Since the acquisition date the Company has redeemed a substantial portion of these units. As of December 31, 2018 and 2017, noncontrolling interests relating to the remaining units were $5.2 million. The Units related annual cash distribution rates and related conversion features consisted of the following as of December 31, 2018:

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

(1) 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.

(2) 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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. In addition, during 2018 and 2017, 25,970 and 25,000 units, or $1.1 million and $0.9 million par value, respectively, of the Class B Units were redeemed and at the Company’s option settled in cash. As of December 31, 2018 and 2017, noncontrolling interest relating to the remaining Class B Units was $24.3 million and $25.4 million, respectively.

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 was restricted from disposing of these assets, other than through a tax-free transaction, through January 2017.

15. 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,
	2018				2017
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable, net (1)	$	4,381,456	$	4,126,450	$	4,596,140	$	4,601,479
Mortgages and construction loan payable, net (2)	$	492,416	$	486,341	$	882,787	$	881,427

(1) The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of December 31, 2018 and 2017, were $4.0 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of December 31, 2018 and 2017, were $97.6 million and $1.9 million, respectively.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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, 2018 and 2017, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at December 31, 2018		Level 1		Level 2	Level 3
Assets:
Marketable equity securities	$	9,045	$	9,045	$	$	-

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

Assets measured at fair value on a non-recurring basis at December 31, 2018 and 2017 are as follows (in thousands):

	Balance at December 31, 2018		Level 1		Level 2		Level 3
Real estate	$	99,693	$	-	$	-	$	99,693
Investments in real estate joint ventures (1)	$	62,429	$	-	$	-	$	62,429

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

(1) Fair value measurement as of date of deconsolidation. See Footnotes 5 and 7 to the Notes to the Consolidated Financial Statements.

During the year ended December 31, 2018, the Company recognized impairment charges related to adjustments to property carrying values of $79.2 million. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from (i) signed contracts or letters of intent from third party offers, (ii) discounted cash flow models or (iii) third party appraisals. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third party offers. For the discounted cash flow models and appraisals, the capitalization rates primarily range from 8.50% to 9.75% and discount rates primarily range from 9.25% to 11.25% 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During the year ended December 31, 2017, the Company recognized impairment charges related to adjustments to property carrying values of $67.3 million. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from (i) signed contracts or letters of intent from third party offers or (ii) discounted cash flow models. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third party offers. For the discounted cash flow models, the capitalization rates primarily range from 8.50% to 9.50% and discount rates primarily range from 9.00% to 10.50% 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.

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.

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

Preferred Stock

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

As of December 31, 2018
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,580		264,500		5.250	%	$	1.31250	$	1.00	12/20/2022
				42,580	$	1,064,500

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000		5.250	%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

The following Preferred Stock classes were issued during the year ended December 31, 2017:

Class of Preferred Stock	Date Issued	Depositary Shares Issued		Fractional Interest per Share	Net Proceeds, Before Expenses (in millions)		Offering Price
Class L	8/16/2017		9,000,000	1/1000	$	218.1		25.00
Class M (1)	12/20/2017		9,200,000	1/1000	$	222.8		25.00

(1) Additionally, during January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this offering.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The following Preferred Stock class was partially redeemed during the year ended December 31, 2017:

Class of Preferred Stock	Redemption Date	Depositary Shares Redeemed		Redemption Price		Redemption Amount (in millions)		Redemption Charges (in millions) (1)
Class I (2)	9/6/2017		9,000,000	$	25.00	$	225.0	$	7.0

(1) Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company’s Consolidated Balance Sheets are accounted for in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income attributable to the Company to arrive at net income available to the Company’s common shareholders and used in the calculation of earnings per share.

(2) The Company partially redeemed 9,000,000 depositary shares of its issued and outstanding Class I Preferred Stock, representing 56.25% of the issued and outstanding Class I Preferred Stock.

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

Voting Rights - The Class I, J, K, L and M 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, K, L or M Preferred Stock may vote, including any actions by written consent, each share of the Class I, J, K, L or M 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, K, L or M 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, K, L, or M Preferred Stock). As a result, each Class I, J, K, L or M 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 Class I Preferred Stock per share, $25,000 Class J Preferred Stock per share, $25,000 Class K Preferred Stock per share, $25,000 Class L Preferred Stock per share and $25,000 Class M Preferred Stock per share ($25.00 per each Class I, Class J, Class K, Class L and Class M 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 2018, the Company’s Board of Directors authorized a share repurchase program, which is effective for a term of two years, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. During the year ended December 31, 2018, the Company repurchased 5,100,000 shares for an aggregate purchase price of $75.1 million (weighted average price of $14.72 per share). As of December 31, 2018, the Company had $224.9 million available under this share repurchase program.

During February 2015, the Company established an at the market continuous offering program (the “ATM program”), which was effective for a term of three years and expired in February 2018, pursuant to which the Company may have offered and sold 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 have been 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 2016, the Company issued 9,806,377 shares and received proceeds of $285.2 million, net of commissions and fees of $2.9 million. The Company did not offer for sale any shares of common stock under the ATM program during 2018 and 2017.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common stock relating to the exercise of stock options or the issuance of restricted stock awards. These 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 2018, 2017 and 2016, the Company repurchased 278,566 shares, 232,304 shares and 257,477 shares, respectively, relating to shares of common stock surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to 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 14 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, 2018, is $14.6 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.

Dividends Declared

The following table provides a summary of the dividends declared per share:

	Year Ended December 31,
	2018		2017		2016
Common Stock	$	1.12000	$	1.09000	$	1.03500
Class I Depositary Shares	$	1.50000	$	1.50000	$	1.50000
Class I Depositary Shares Redeemed	$	-	$	0.96250	$	-
Class J Depositary Shares	$	1.37500	$	1.37500	$	1.37500
Class K Depositary Shares	$	1.40625	$	1.40625	$	1.40625
Class L Depositary Shares	$	1.28125	$	0.48047	$	-
Class M Depositary Shares	$	1.31250	$	0.04010	$	-

17. 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, 2018, 2017 and 2016 (in thousands):

	2018		2017		2016
Acquisition of real estate interests by assumption of mortgage debt	$	-	$	45,299	$	33,174
Acquisition of real estate interests through proceeds held in escrow	$	-	$	162,396	$	66,044
Proceeds deposited in escrow through sale of real estate interests	$	41,949	$	162,396	$	66,044
Disposition of real estate interests through the issuance of mortgage receivable	$	14,700	$	-	$	-
Disposition of real estate interests by foreclosure of debt	$	7,444	$	-	$	22,080
Forgiveness of debt due to foreclosure	$	12,415	$	-	$	26,000
Capital expenditures accrual	$	60,611	$	74,123	$	38,044
Issuance of common stock	$	-	$	-	$	85
Surrender of restricted common stock	$	4,360	$	5,699	$	7,008
Declaration of dividends paid in succeeding period	$	130,262	$	128,892	$	124,517
Change in noncontrolling interest due to liquidation of partnership	$	-	$	64,948	$	-
Increase in redeemable noncontrolling interests’ carrying amount	$	7,521	$	-	$	-
Deemed contribution from noncontrolling interest	$	-	$	10,000	$	-
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	-	$	325,981	$	407,813
Increase in mortgages payable, other liabilities and noncontrolling interests	$	-	$	258,626	$	268,194
Deconsolidation of Joint Ventures:
Decrease in real estate and other assets	$	300,299	$	-	$	-
Increase in investments in and advances to real estate joint ventures	$	62,429	$	-	$	-
Decrease in mortgages and construction loan payable, other liabilities and noncontrolling interests	$	248,274	$	-	$	-

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18. 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, 7 and 8 of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

Ripco

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. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Milton Cooper, Executive Chairman of the Board of Directors of the Company. During 2018, 2017 and 2016, the Company paid brokerage commissions of $0.2 million, $0.4 million and $0.2 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.

ProHEALTH

ProHEALTH is a multi-specialty physician group practice offering one-stop health care. Dr. David Cooper, M.D. and Dr. Clifford Cooper, M.D. are minority owners of ProHEALTH and are sons of Milton Cooper, Executive Chairman of the Board of Directors of the Company.  David Cooper is the father of Ross Cooper, President and Chief Investment Officer 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 contractual annual base rent received by the Company from these ProHEALTH leasing arrangements was $0.4 million for each of the years ended December 31, 2018, 2017 and 2016.

19. 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 2109. 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, 2018, 2017 and 2016.

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):

	2019		2020		2021		2022		2023		Thereafter
Minimum revenues	$	816.4	$	769.1	$	690.7	$	594.6	$	492.6	$	2,540.2

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 for the years ended December 31, 2018, 2017 and 2016 was $13.6 million, $15.7 million and $16.5 million, respectively.

Minimum contractual payments to be made by the Company under the terms of all non-cancelable operating ground and office leases for future years are as follows (in millions):

	2019		2020		2021		2022		2023		Thereafter
Minimum contractual payments	$	12.2	$	9.9	$	9.8	$	9.2	$	9.0	$	115.7

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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, 2018, these letters of credit aggregated $41.8 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, 2018, there were $20.6 million in performance and surety bonds outstanding.

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, 2018.

20. 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 Statements of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Monte Carlo method for performance shares or the Black-Scholes option pricing formula, 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 $18.2 million, $21.6 million and $19.1 million, for the years ended December 31, 2018, 2017 and 2016, respectively.  As of December 31, 2018, the Company had $29.4 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 2.8 years. The Company had 8,926,449, 10,410,343 and 10,015,040 shares of the Company’s common stock available for issuance under the Plans at December 31, 2018, 2017 and 2016, respectively.

Stock Options

During 2018, 2017 and 2016, the Company did not grant any stock options. Information with respect to stock options outstanding under the Plan for the years ended December 31, 2018, 2017 and 2016 are as follows:

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value (in millions)
Options outstanding, January 1, 2016		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
Exercised		(83,863	)	$	18.20	$	3.4
Forfeited		(2,464,920	)	$	35.91
Options outstanding, December 31, 2017		3,464,946		$	27.81	$	-
Exercised		(42,259	)	$	14.00	$	0.1
Forfeited		(1,781,321	)	$	36.53
Options outstanding, December 31, 2018		1,641,366		$	18.78	$	0.4
Options exercisable (fully vested) -
December 31, 2016		5,144,416		$	32.56	$	11.3
December 31, 2017		3,464,946		$	27.81	$	4.0
December 31, 2018		1,641,366		$	18.78	$	0.4

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The exercise price per share for options outstanding as of December 31, 2018 ranges from $11.54 to $24.12. The Company estimates forfeitures based on historical data. As of December 31, 2018, all of the Company’s outstanding options were vested. The weighted-average remaining contractual life for options outstanding and exercisable as of December 31, 2018 was 2.8 years. Cash received from options exercised under the Plan was $0.6 million, $1.5 million and $21.1 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Restricted Stock

Information with respect to restricted stock under the Plan for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
Restricted stock outstanding as of January 1,		1,777,429			1,930,732			1,712,534
Granted (1)		1,100,590			646,142			756,530
Vested		(751,201	)		(783,872	)		(520,539	)
Forfeited		(21,904	)		(15,573	)		(17,793	)
Restricted stock outstanding as of December 31,		2,104,914			1,777,429			1,930,732

(1) The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2018, 2017 and 2016 were $14.72, $25.04 and $26.15, respectively.

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. For the years ended December 31, 2018, 2017 and 2016, the dividends paid on unvested restricted shares were $2.8 million, $2.4 million, and $2.2 million, respectively.

Performance Shares

Information with respect to performance share awards under the Plan for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
Performance share awards outstanding as of January 1,		235,950			197,249			202,754
Granted (1)		297,450			135,780			100,170
Vested (2)		(100,170	)		(97,079	)		(105,675	)
Performance share awards outstanding as of December 31,		433,230			235,950			197,249

(1) The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2018, 2017 and 2016 were $15.40, $23.35 and $28.60, respectively.

(2) For the years ended December 31, 2018, 2017 and 2016, the corresponding common stock equivalent of these vested awards were 0, 0 and 130,080, respectively.

The more significant assumptions underlying the determination of fair values for these performance awards granted during 2018, 2017 and 2016 were as follows:

	2018			2017			2016
Stock price	$	14.99		$	24.91		$	26.29
Dividend yield (1)		0	%		0	%		0	%
Risk-free rate		2.39	%		1.45	%		0.87	%
Volatility (2)		22.90	%		18.93	%		18.80	%
Term of the award (years)		2.85			2.88			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.

(2) Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

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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, 2018. The Company’s contributions to the plan were $2.2 million, $2.1 million and $2.0 million for the years ended December 31, 2018, 2017 and 2016, respectively.

The Company recognized severance costs associated with employee terminations during the years ended December 31, 2018, 2017 and 2016, of $3.8 million, $5.5 million and $1.7 million, respectively.

21. 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, 2018, 2017 and 2016 (in thousands):

	2018			2017			2016
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	497,795		$	426,075		$	378,850
GAAP net (income)/loss attributable to TRSs		(3,357	)		(13,597	)		12,708
GAAP net income from REIT operations (1)		494,438			412,478			391,558
Net book depreciation in excess of tax depreciation		61,363			122,043			65,194
Capitalized leasing/legal commissions		(15,268	)		(7,102	)		(11,984	)
Deferred/prepaid/above-market and below-market rents, net		(23,437	)		(29,364	)		(34,097	)
Fair market value debt amortization		(5,268	)		(8,495	)		(15,901	)
Book/tax differences from executive compensation (2)		5,460			2,396			-
Book/tax differences from non-qualified stock options		(112	)		(172	)		(11,301	)
Book/tax differences from investments in and advances to real estate joint ventures		7,921			(23,802	)		(20,739	)
Book/tax differences from sale of properties		(2,889	)		(86,629	)		(93,704	)
Book adjustment to property carrying values and marketable equity securities		69,804			51,309			11,161
Taxable currency exchange gains/(losses), net		1,260			(780	)		(8,962	)
Tangible property regulation deduction		(49,209	)		(52,809	)		(28,954	)
GAAP gain on change in control of joint venture interests		(6,800	)		(71,160	)		(57,385	)
Valuation allowance against net deferred tax assets		-			-			51,939
Other book/tax differences, net		(10,351	)		3,282			28
Adjusted REIT taxable income	$	526,912		$	311,195		$	236,853

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

(1) All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interests and TRSs.

(2) In accordance with the Tax Cuts and Jobs Act, effective for tax years beginning on January 1, 2018, Section 162(m) of the Code placed a $1.0 million limit on the amount a company can deduct for executive compensation for their CEO, CFO and other three most highly paid executives.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Characterization of Distributions

The following characterizes distributions paid for tax purposes for the years ended December 31, 2018, 2017 and 2016, (amounts in thousands):

	2018				2017				2016
Preferred I Dividends
Ordinary income	$	5,565	53	%	$	21,636	96	%	$	16,320	68	%
Capital gain		4,935	47	%		902	4	%		7,680	32	%
	$	10,500	100	%	$	22,538	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	6,559	53	%	$	11,880	96	%	$	8,415	68	%
Capital gain		5,816	47	%		495	4	%		3,960	32	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	5,217	53	%	$	9,450	96	%	$	6,694	68	%
Capital gain		4,627	47	%		394	4	%		3,150	32	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Preferred L Dividends
Ordinary income	$	6,111	53	%	$	1,814	96	%	$	-	-
Capital gain		5,420	47	%		76	4	%		-	-
	$	11,531	100	%	$	1,890	100	%	$	-	-
Preferred M Dividends
Ordinary income	$	6,031	53	%	$	-	-		$	-	-
Capital gain		5,348	47	%		-	-			-	-
	$	11,379	100	%	$	-	-		$	-	-
Common Dividends
Ordinary income	$	235,642	50	%	$	260,573	57	%	$	263,892	62	%
Capital gain		212,077	45	%		9,143	2	%		127,689	30	%
Return of capital		23,564	5	%		187,430	41	%		34,050	8	%
	$	471,283	100	%	$	457,146	100	%	$	425,631	100	%
Total dividends distributed for tax purposes	$	526,912			$	503,793			$	471,850

For the years ended December 31, 2018, 2017 and 2016 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 include Kimco Realty Services II, Inc. ("KRS"), FNC Realty Corporation, Kimco Insurance Company (collectively “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. 

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, making significant changes to taxation of corporations and individuals. Effective for tax years beginning on January 1, 2018, this tax reform law reduces the federal statutory income tax rate from 35% to 21% for corporations and changed other certain tax provisions and deductions. ASC 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. As a result, the Company remeasured its deferred tax assets and liabilities and recorded a tax provision of $1.1 million during 2017.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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 primarily 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 are accounted for 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 income/(loss) and (provision)/benefit 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, 2018, 2017 and 2016, are summarized as follows (in thousands):

	2018			2017			2016
Income/(loss) before income taxes – U.S.	$	4,331		$	1,487		$	(23,810	)
(Provision)/benefit for income taxes, net:
Federal:
Current		(1,221	)		(704	)		2,199
Deferred		(1,198	)		(632	)		(45,097	)
Federal tax provision		(2,419	)		(1,336	)		(42,898	)
State and local:
Current		(43	)		(66	)		1,057
Deferred		(414	)		(190	)		(8,812	)
State tax provision		(457	)		(256	)		(7,755	)
Total tax provision – U.S.		(2,876	)		(1,592	)		(50,653	)
Net income/(loss) from U.S. TRSs	$	1,455		$	(105	)	$	(74,463	)
Income/(loss) before taxes – Non-U.S.	$	2,384		$	(11,483	)	$	138,253
Benefit/(provision) for Non-U.S. income taxes:
Current (1)	$	1,634		$	2,425		$	(24,393	)
Deferred		(358	)		47			(3,537	)
Non-U.S. tax benefit/(provision)	$	1,276		$	2,472		$	(27,930	)

(1) The year ended December 31, 2016 includes $24.9 million in expense related to the sale of interests in properties located in Canada.

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

	2018			2017			2016
Federal provision at statutory tax rate* (1)	$	(2,490	)	$	(520	)	$	(47,155	)
State and local provision, net of federal benefit (2)		(386	)		(1,072	)		(3,498	)
Total tax provision – U.S.	$	(2,876	)	$	(1,592	)	$	(50,653	)

* Federal statutory tax rate of 21% for the year ended December 31, 2018 and federal statutory tax rate of 35% for the years ended December 31, 2017 and 2016.

(1) The years ended December 31, 2018 and 2016, include charges of $1.6 million and $55.6 million, respectively, related to the recording of a deferred tax valuation allowance.

(2) The years ended December 31, 2018 and 2016, include charges of $0.3 million and $7.9 million, respectively, 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, 2018 and 2017, were as follows (in thousands):

	2018			2017
Deferred tax assets:
Tax/GAAP basis differences	$	28,865		$	35,839
Net operating losses (1)		20,947			22,137
Tax credit carryforwards (2)		6,064			6,064
Capital loss carryforwards		2,270			4,648
Related party deferred losses		619			619
Charitable contribution carryforwards		23			23
Valuation allowance		(45,413	)		(54,155	)
Total deferred tax assets		13,375			15,175
Deferred tax liabilities		(12,768	)		(12,739	)
Net deferred tax assets	$	607		$	2,436

(1) Expiration dates ranging from 2021 to 2032.

(2) Expiration dates ranging from 2027 to 2035 and includes alternative minimum tax credit carryovers of $3.5 million that do not expire.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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, above-market and below-market lease amortization, 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, 2018 and 2017. Operating losses and the valuation allowance are related primarily to the Company’s consolidation of its TRS's for accounting and reporting purposes. 

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. Effective August 1, 2016, the Company merged Kimco Realty Services, Inc. (“KRSI”), a TRS holding REIT qualifying real estate, into a wholly-owned LLC (the "Merger") and KRSI was dissolved.  As a result of the Merger, the Company determined that the realization of its then 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 KRSI in the Merger. Assets of a TRS that become REIT assets in a merger transaction of the type entered into by the Company and KRSI 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 KRSI 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 KRSI during the 60 months following the Merger date. In the event that sales of KRSI assets during the recognition period result in corporate level tax, the unrecognized tax benefits reported as deferred tax assets from KRSI 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, 2018, will significantly increase or decrease within the next 12 months.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The liability for uncertain tax benefits principally consists of estimated foreign tax liabilities in years for which the statute of limitations is open. Open years range from 2010 through 2018 and vary by jurisdiction and issue. The aggregate changes in the balance of unrecognized tax benefits, associated with the Company’s previously held interests in Canada, for the years ended December 31, 2018 and 2017 were as follows (in thousands):

	2018			2017
Balance at January 1,	$	3,991		$	4,962
Changes in tax positions related to current year (1)		(250	)		339
Reductions due to lapsed statute of limitations		(935	)		(1,310	)
Balance at December 31,	$	2,806		$	3,991

(1) Amounts relate to increases/(decreases) from foreign currency translation adjustments.

During 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) has represented 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.

22. Accumulated Other Comprehensive Income (“AOCI”):

In accordance with the adoption of ASU 2016-01, the Company recorded a cumulative-effect adjustment of $1.1 million to beginning retained earnings as of January 1, 2018, which is reflected in Cumulative distributions in excess of net income on the Company’s Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities (See Footnotes 2 and 9 to the Notes to the Company’s Consolidated Financial Statements for additional disclosure).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The following table displays the change in the components of AOCI for the years ended December 31, 2018 and 2017:

	Foreign Currency Translation Adjustments			Unrealized Gains Related to Available-for-Sale Securities			Unrealized Gain/(Loss) on Interest Rate Swap			Total
Balance as of January 1, 2017	$	6,335		$	406		$	(975	)	$	5,766
Other comprehensive income before reclassifications		3,711			(1,542	)		631			2,800
Amounts reclassified from AOCI (1)		(10,046	)		-			-			(10,046	)
Net current-period other comprehensive income		(6,335	)		(1,542	)		631			(7,246	)
Balance as of December 31, 2017		-			(1,136	)		(344	)		(1,480	)
Balance as of January 1, 2018, as adjusted (2)		-			-			(344	)		(344	)
Other comprehensive income before reclassifications		-			-			437			437
Amounts reclassified from AOCI (3)		-			-			(93	)		(93	)
Net current-period other comprehensive income		-			-			344			344
Balance as of December 31, 2018	$	-		$	-		$	-		$	-

(1) During the year ended December 31, 2017, the Company was deemed to have substantially liquidated its investment in Canada and as a result, recognized a net cumulative foreign currency translation gain. Amounts were reclassified to the Company’s Consolidated Statements of Income as follows (i) $14.8 million of gain was reclassified to Equity in income of other real estate investments, net, and (ii) $4.8 million of loss was reclassified to Equity in income of joint ventures, net.

(2) Represents the balance as adjusted for the impact of change in accounting principles for ASU 2016-01. See Footnote 1 of the Notes to the Consolidated Financial Statements for additional disclosure.

(3) Amounts reclassified to Other income, net on the Company’s Consolidated Statements of Income.

23. 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,
	2018			2017			2016
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	439,604		$	372,461		$	332,630
Change in estimated redemption value of redeemable noncontrolling interests		(7,521	)		-			-
Earnings attributable to participating securities		(2,375	)		(2,132	)		(2,018	)
Net income available to the Company’s common shareholders for basic earnings per share		429,708			370,329			330,612
Distributions on convertible units		99			-			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	429,807		$	370,329		$	330,612
Weighted average common shares outstanding – basic		420,641			423,614			418,402
Effect of dilutive securities (1):
Equity awards		628			405			1,307
Assumed conversion of convertible units		110			-			-
Weighted average common shares outstanding – diluted		421,379			424,019			419,709
Net income available to the Company's common shareholders:
Basic earnings per share	$	1.02		$	0.87		$	0.79
Diluted earnings per share	$	1.02		$	0.87		$	0.79

(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 1.3 million, 3.1 million and 3.5 million stock options that were not dilutive as of December 31, 2018, 2017 and 2016, 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

24. Supplemental Financial Information (Unaudited):

The following represents the quarterly results of operations, expressed in thousands except per share amounts, for the years ended December 31, 2018 and 2017:

	2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	304,078	$	293,403	$	283,080	$	284,201
Net income attributable to the Company	$	144,090	$	165,386	$	100,158	$	88,161
Net income per common share:
Basic	$	0.30	$	0.36	$	0.19	$	0.17
Diluted	$	0.30	$	0.36	$	0.19	$	0.17

	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	293,588	$	297,176	$	294,845	$	315,225
Net income attributable to the Company	$	76,733	$	143,416	$	121,030	$	84,896
Net income per common share:
Basic	$	0.15	$	0.31	$	0.24	$	0.17
Diluted	$	0.15	$	0.31	$	0.24	$	0.17

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 (not including casualty loss or business interruption) 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, 2019, 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 $11.1 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 8.0% and 12.2% of incurred losses for the policy periods ending September 30, 2008 through September 30, 2019. These amounts do not erode the Company’s per occurrence or aggregate limits.

As of December 31, 2018 and 2017, 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, 2018, has an expiration date of February 15, 2019, with automatic renewals for one year.

Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2018 and 2017, is summarized as follows (in thousands):

	2018			2017
Balance at the beginning of the year	$	18,965		$	19,515
Incurred related to:
Current year		5,236			5,915
Prior years		(2,653	)		(727	)
Total incurred		2,583			5,188
Paid related to:
Current year		(683	)		(742	)
Prior years		(4,735	)		(4,996	)
Total paid		(5,418	)		(5,738	)
Balance at the end of the year	$	16,130		$	18,965

For the years ended December 31, 2018 and 2017, the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in a decrease of $2.7 million and $0.7 million, respectively, which was primarily due to continued regular favorable loss development on the general liability coverage assumed.

92

KIMCO REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For Years Ended December 31, 2018, 2017 and 2016

(in thousands)

	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2018
Allowance for uncollectable accounts (1)	$	17,066	$	9,254	$	-		$	(5,882	)	$	20,438
Allowance for deferred tax asset	$	54,155	$	-	$	(8,742	)	$	-		$	45,413
Year Ended December 31, 2017
Allowance for uncollectable accounts (1)	$	24,175	$	6,641	$	-		$	(13,750	)	$	17,066
Allowance for deferred tax asset	$	95,126	$	-	$	(40,971	)	$	-		$	54,155
Year Ended December 31, 2016
Allowance for uncollectable accounts (1)	$	31,820	$	7,982	$	-		$	(15,627	)	$	24,175
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126

(1) Includes allowances on accounts receivable and straight-line rents.

93

KIMCO REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2018

		INITIAL COST				COST CAPTIALIZED												TOTAL COST,				DATE OF
				BUILDING AND		SUBSEQUENT TO					BUILDING AND					ACCUMULATED		NET OF ACCUMULATED				ACQUISITION(A)
DESCRIPTION	State	LAND		IMPROVEMENTS		ACQUISITION (1)			LAND		IMPROVEMENTS			TOTAL		DEPRECIATION		DEPRECIATION		ENCUMBRANCES (2)		CONSTRUCTION(C)
SHOPPING CENTERS
MESA PAVILIONS NORTH	AZ	$	6,060,018	$	35,955,005	$	2,034,161		$	6,060,018	$	37,989,166		$	44,049,184	$	8,503,717	$	35,545,467	$	-	2009(A)
MESA RIVERVIEW	AZ		15,000,000		-		142,414,824			307,992		157,106,832			157,414,824		58,970,517		98,444,307		-	2005(C)
MESA PAVILIONS SOUTH	AZ		-		148,508		342,420			-		490,928			490,928		142,926		348,002		-	2011(A)
METRO SQUARE	AZ		4,101,017		16,410,632		1,776,707			4,101,017		18,187,339			22,288,356		9,330,379		12,957,977		-	1998(A)
PLAZA DEL SOL	AZ		5,324,501		21,269,943		1,593,060			4,577,869		23,609,635			28,187,504		9,183,161		19,004,343		-	1998(A)
PLAZA AT MOUNTAINSIDE	AZ		2,450,341		9,802,046		2,383,629			2,450,341		12,185,675			14,636,016		6,535,004		8,101,012		-	1997(A)
VILLAGE CROSSROADS	AZ		5,662,554		24,981,223		1,088,476			5,662,554		26,069,699			31,732,253		5,570,159		26,162,094		-	2011(A)
NORTH VALLEY	AZ		6,861,564		18,200,901		6,107,253			3,861,272		27,308,446			31,169,718		5,398,848		25,770,870		-	2011(A)
CHRISTOWN SPECTRUM	AZ		33,831,348		91,004,070		16,574,655			76,638,511		64,771,562			141,410,073		12,450,821		128,959,252		-	2015(A)
BELL CAMINO CENTER	AZ		2,427,465		6,439,065		576,138			2,427,465		7,015,203			9,442,668		2,011,511		7,431,157		-	2012(A)
COLLEGE PARK SHOPPING CENTER	AZ		3,276,951		7,741,323		1,135,661			3,276,951		8,876,984			12,153,935		2,586,989		9,566,946		-	2011(A)
COSTCO PLAZA	CA		4,995,639		19,982,557		527,389			4,995,639		20,509,946			25,505,585		11,002,286		14,503,299		-	1998(A)
BROOKHURST CENTER	CA		10,492,714		31,357,512		3,037,064			22,299,852		22,587,438			44,887,290		2,870,443		42,016,847		-	2016(A)
LAKEWOOD PLAZA	CA		1,294,176		3,669,266		(597,216	)		-		4,366,226			4,366,226		1,336,096		3,030,130		-	2014(A)
MADISON PLAZA	CA		5,874,396		23,476,190		1,923,344			5,874,396		25,399,534			31,273,930		13,949,717		17,324,213		-	1998(A)
CORONA HILLS PLAZA	CA		13,360,965		53,373,453		8,317,004			13,360,965		61,690,457			75,051,422		34,289,289		40,762,133		-	1998(A)
280 METRO CENTER	CA		38,734,566		94,903,403		2,297,522			38,734,566		97,200,925			135,935,491		12,547,006		123,388,485		-	2015(A)
LABAND VILLAGE SHOPPING CENTER	CA		5,600,000		13,289,347		(881,719	)		5,607,237		12,400,391			18,007,628		6,142,126		11,865,502		-	2008(A)
CUPERTINO VILLAGE	CA		19,886,099		46,534,919		25,970,678			19,886,099		72,505,597			92,391,696		20,827,069		71,564,627		-	2006(A)
NORTH COUNTY PLAZA	CA		10,205,305		28,934,219		(1,204,777	)		20,894,811		17,039,936			37,934,747		3,517,213		34,417,534		-	2014(A)
CHICO CROSSROADS	CA		9,975,810		30,534,524		(5,469,532	)		8,000,154		27,040,648			35,040,802		9,719,887		25,320,915		-	2008(A)
CORONA HILLS MARKETPLACE	CA		9,727,446		24,778,390		1,744,876			9,727,446		26,523,266			36,250,712		9,262,259		26,988,453		-	2007(A)
CREEKSIDE CENTER	CA		3,870,823		11,562,580		(265,986	)		5,154,061		10,013,356			15,167,417		1,036,480		14,130,937		-	2016(A)
LA MIRADA THEATRE CENTER	CA		8,816,741		35,259,965		(1,882,905	)		6,888,680		35,305,121			42,193,801		17,165,704		25,028,097		-	1998(A)
KENNETH HAHN PLAZA	CA		4,114,863		7,660,855		1,094,578			3,796,031		9,074,265			12,870,296		3,290,311		9,579,985		-	2010(A)
LA VERNE TOWN CENTER	CA		8,414,328		23,856,418		11,727,683			16,362,169		27,636,260			43,998,429		4,252,345		39,746,084		-	2014(A)
LINCOLN HILLS TOWN CENTER	CA		8,228,587		26,127,322		145,447			8,228,587		26,272,769			34,501,356		4,010,611		30,490,745		-	2015(A)
NOVATO FAIR S.C.	CA		9,259,778		15,599,790		937,963			9,259,778		16,537,753			25,797,531		6,407,051		19,390,480		-	2009(A)
SOUTH NAPA MARKET PLACE	CA		1,100,000		22,159,086		20,632,519			23,119,071		20,772,534			43,891,605		11,818,601		32,073,004		-	2006(A)
PLAZA DI NORTHRIDGE	CA		12,900,000		40,574,842		945,914			12,900,000		41,520,756			54,420,756		14,391,127		40,029,629		-	2005(A)
LINDA MAR SHOPPING CENTER	CA		16,548,592		37,521,194		2,715,559			16,548,592		40,236,753			56,785,345		7,787,456		48,997,889		-	2014(A)
POWAY CITY CENTRE	CA		5,854,585		13,792,470		8,926,444			7,247,814		21,325,685			28,573,499		8,900,702		19,672,797		-	2005(A)
REDWOOD CITY PLAZA	CA		2,552,000		6,215,168		5,942,129			2,552,000		12,157,297			14,709,297		1,843,845		12,865,452		-	2009(A)
STANFORD RANCH	CA		10,583,764		30,007,231		2,875,764			9,982,626		33,484,133			43,466,759		4,389,919		39,076,840		13,614,631	2014(A)
CROCKER RANCH	CA		7,526,146		24,877,611		104,542			7,526,146		24,982,153			32,508,299		3,172,079		29,336,220		9,622,160	2015(A)
HOME DEPOT PLAZA	CA		4,592,364		18,345,257		-			4,592,364		18,345,257			22,937,621		9,838,272		13,099,349		-	1998(A)
SANTEE TROLLEY SQUARE	CA		40,208,683		62,963,757		3,418			40,208,683		62,967,175			103,175,858		16,499,567		86,676,291		-	2015(A)
SAN DIEGO CARMEL MOUNTAIN	CA		5,322,600		8,873,991		140,982			5,322,600		9,014,973			14,337,573		2,492,439		11,845,134		-	2009(A)
FULTON MARKET PLACE	CA		2,966,018		6,920,710		16,395,020			6,519,424		19,762,324			26,281,748		3,804,997		22,476,751		-	2005(A)
BLACK MOUNTAIN VILLAGE	CA		4,678,015		11,913,344		825,438			4,678,015		12,738,782			17,416,797		4,763,408		12,653,389		-	2007(A)
RANCHO PENASQUITOS TOWNE CTR I	CA		14,851,595		20,342,165		310,166			14,851,595		20,652,331			35,503,926		2,868,669		32,635,257		13,370,985	2015(A)
RANCHO PENASQUITOS TWN CTR II	CA		12,944,972		20,323,961		610,406			12,944,972		20,934,367			33,879,339		2,908,894		30,970,445		10,260,486	2015(A)
CITY HEIGHTS	CA		10,687,472		28,324,896		(668,399	)		13,908,563		24,435,406			38,343,969		3,931,461		34,412,508		-	2012(A)
TRUCKEE CROSSROADS	CA		2,140,000		28,324,896		(18,420,405	)		2,140,000		9,904,491			12,044,491		5,740,669		6,303,822		1,791,686	2006(A)
GATEWAY AT DONNER PASS	CA		4,515,688		8,318,667		439,847			4,515,688		8,758,514			13,274,202		1,422,739		11,851,463		-	2015(A)
WESTLAKE SHOPPING CENTER	CA		16,174,307		64,818,562		101,644,330			16,174,307		166,462,892			182,637,199		56,984,694		125,652,505		-	2002(A)
LAKEWOOD VILLAGE	CA		8,597,100		24,374,615		(1,143,183	)		11,683,364		20,145,168			31,828,532		4,170,152		27,658,380		-	2014(A)
WHITTWOOD TOWN CENTER	CA		57,135,695		105,814,560		958,177			57,138,906		106,769,526			163,908,432		6,937,924		156,970,508		44,391,414	2017(A)
VILLAGE ON THE PARK	CO		2,194,463		8,885,987		9,747,732			3,018,391		17,809,791			20,828,182		5,738,440		15,089,742		-	1998(A)
QUINCY PLACE S.C.	CO		1,148,317		4,608,249		2,032,753			1,148,317		6,641,002			7,789,319		3,381,062		4,408,257		-	1998(A)
EAST BANK S.C.	CO		1,500,568		6,180,103		4,078,071			1,500,568		10,258,174			11,758,742		3,765,922		7,992,820		-	1998(A)
NORTHRIDGE SHOPPING CENTER	CO		4,932,690		16,496,175		1,856,177			8,934,385		14,350,657			23,285,042		2,577,058		20,707,984		-	2013(A)
DENVER WEST 38TH STREET	CO		161,167		646,983		52,299			161,167		699,282			860,449		346,973		513,476		-	1998(A)
ENGLEWOOD PLAZA	CO		805,837		3,232,650		735,002			805,837		3,967,652			4,773,489		2,068,112		2,705,377		-	1998(A)
FORT COLLINS S.C.	CO		1,253,497		7,625,278		1,599,608			1,253,497		9,224,886			10,478,383		4,109,707		6,368,676		-	2000(A)
GREELEY COMMONS	CO		3,313,095		20,069,559		1,379,533			3,313,095		21,449,092			24,762,187		4,378,430		20,383,757		-	2012(A)
HIGHLANDS RANCH VILLAGE S.C.	CO		8,135,427		21,579,936		(503,844	)		5,337,081		23,874,438			29,211,519		4,526,837		24,684,682		-	2011(A)
HIGHLANDS RANCH II	CO		3,514,837		11,755,916		701,975			3,514,837		12,457,891			15,972,728		3,003,002		12,969,726		-	2013(A)
VILLAGE CENTER WEST	CO		2,010,519		8,361,084		649,106			2,010,519		9,010,190			11,020,709		1,530,233		9,490,476		-	2011(A)
VILLAGE CENTER - HIGHLAND RANCH	CO		1,140,000		2,660,000		283,724			1,140,000		2,943,724			4,083,724		290,375		3,793,349		-	2014(A)
HERITAGE WEST S.C.	CO		1,526,576		6,124,074		2,056,247			1,526,576		8,180,321			9,706,897		3,846,369		5,860,528		-	1998(A)
MARKET AT SOUTHPARK	CO		9,782,769		20,779,522		793,717			9,782,769		21,573,239			31,356,008		4,809,584		26,546,424		-	2011(A)
NEWTOWN S.C.	CT		-		15,635,442		48,859			-		15,684,301			15,684,301		2,091,111		13,593,190		7,634,085	2014(A)
WEST FARM SHOPPING CENTER	CT		5,805,969		23,348,024		17,897,993			7,585,116		39,466,870			47,051,986		15,794,743		31,257,243		-	1998(A)
HAMDEN MART	CT		13,668,167		40,890,166		5,105,443			14,225,573		45,438,203			59,663,776		5,389,032		54,274,744		20,597,668	2016(A)
HOME DEPOT PLAZA	CT		7,704,968		30,797,640		3,406,887			7,704,968		34,204,527			41,909,495		15,906,581		26,002,914		-	1998(A)
WILTON RIVER PARK SHOPPING CTR	CT		7,154,585		27,509,279		(90,084	)		7,154,584		27,419,196			34,573,780		4,912,432		29,661,348		-	2012(A)
BRIGHT HORIZONS	CT		1,211,748		4,610,610		36,235			1,211,748		4,646,845			5,858,593		995,442		4,863,151		-	2012(A)
WILTON CAMPUS	CT		10,168,872		31,893,016		809,865			10,168,872		32,702,881			42,871,753		8,029,800		34,841,953		-	2013(A)
CAMDEN SQUARE	DE		122,741		66,738		4,664,447			3,024,375		1,829,551			4,853,926		206,876		4,647,050		-	2003(A)
PROMENADE AT CHRISTIANA (3)	DE		14,371,686		-		19,130,790			33,502,476		-			33,502,476		-		33,502,476		-	2014(C)
BRANDYWINE COMMONS	DE		-		36,057,487		1,906,024			-		37,963,511			37,963,511		5,903,513		32,059,998		-	2014(A)
CAMINO SQUARE	FL		573,875		2,295,501		3,110,802			733,875		5,246,303			5,980,178		3,872,616		2,107,562		-	1992(A)
CORAL SQUARE PROMENADE	FL		710,000		2,842,907		4,080,612			710,000		6,923,519			7,633,519		4,010,239		3,623,280		-	1994(A)
MAPLEWOOD PLAZA	FL		1,649,000		6,626,301		1,600,071			1,649,000		8,226,372			9,875,372		4,064,261		5,811,111		-	1997(A)
CURLEW CROSSING SHOPPING CTR	FL		5,315,955		12,529,467		2,524,246			5,315,955		15,053,713			20,369,668		6,301,435		14,068,233		-	2005(A)
SHOPS AT SANTA BARBARA PHASE 1	FL		743,463		5,373,994		148,505			743,463		5,522,499			6,265,962		813,190		5,452,772		-	2015(A)
SHOPS AT SANTA BARBARA PHASE 2	FL		331,692		2,488,832		-			331,692		2,488,832			2,820,524		390,095		2,430,429		-	2015(A)
SHOPS AT SANTA BARBARA PHASE 3	FL		329,726		2,358,700		61,618			329,726		2,420,318			2,750,044		341,468		2,408,576		-	2015(A)
CORAL POINTE S.C.	FL		2,411,608		20,507,735		361,446			2,411,608		20,869,181			23,280,789		2,954,149		20,326,640		-	2015(A)
DANIA POINTE	FL		105,113,024		-		35,286,919			35,481,702		104,918,241			140,399,943		-		140,399,943		49,969,297	2016(C)
DANIA POINTE PHASE II (3)	FL		-		-		142,723,016			142,723,016		-			142,723,016		-		142,723,016		-	2018(C)
FT.LAUDERDALE/CYPRESS CREEK	FL		14,258,760		28,042,390		1,986,704			14,258,760		30,029,094			44,287,854		9,947,785		34,340,069		-	2009(A)
HOMESTEAD-WACHTEL LAND LEASE	FL		150,000		-		-			150,000		-			150,000		-		150,000		-	2013(A)
OAKWOOD PLAZA NORTH	FL		35,300,961		141,731,019		1,078,739			35,300,961		142,809,758			178,110,719		14,067,418		164,043,301		-	2016(A)
OAKWOOD PLAZA SOUTH	FL		11,126,609		40,592,103		(78,501	)		11,126,609		40,513,602			51,640,211		4,228,647		47,411,564		-	2016(A)
OAKWOOD BUSINESS CTR-BLDG 1	FL		6,792,500		18,662,565		3,515,189			6,792,500		22,177,754			28,970,254		6,661,972		22,308,282		-	2009(A)
KIMCO AVENUES WALK, LLC	FL		26,984,546		-		(16,224,546	)		10,760,000		-			10,760,000		-		10,760,000		-	2005(C)
AVENUES WALK	FL		8,169,933		20,173,468		(22,080,393	)		1,724,923		4,538,085			6,263,008		569,586		5,693,422		-	2017(A)
RIVERPLACE SHOPPING CTR.	FL		7,503,282		31,011,027		1,529,107			7,200,050		32,843,366			40,043,416		10,051,460		29,991,956		-	2010(A)
MERCHANTS WALK	FL		2,580,816		10,366,090		6,961,870			2,580,816		17,327,960			19,908,776		9,032,151		10,876,625		-	2001(A)
CENTER AT MISSOURI AVENUE	FL		293,686		792,119		7,076,359			293,686		7,868,478			8,162,164		1,849,332		6,312,832		-	1968(C)
TRI-CITY PLAZA	FL		2,832,296		11,329,185		20,905,810			2,832,296		32,234,995			35,067,291		4,528,142		30,539,149		-	1992(A)
FT LAUDERDALE #1, FL	FL		1,002,733		2,602,415		13,112,633			1,774,443		14,943,338			16,717,781		10,251,260		6,466,521		-	1974(C)
NASA PLAZA	FL		-		1,754,000		3,338,821			-		5,092,821			5,092,821		4,017,435		1,075,386		-	1968(C)
GROVE GATE S.C.	FL		365,893		1,049,172		792,700			365,893		1,841,872			2,207,765		1,590,221		617,544		-	1968(C)
CHEVRON OUTPARCEL	FL		530,570		1,253,410		-			530,570		1,253,410			1,783,980		378,236		1,405,744		-	2010(A)
IVES DAIRY CROSSING	FL		732,914		4,080,460		11,428,885			720,852		15,521,407			16,242,259		9,758,177		6,484,082		-	1985(A)
MILLER ROAD S.C.	FL		1,138,082		4,552,327		4,653,437			1,138,082		9,205,764			10,343,846		6,004,334		4,339,512		-	1986(A)
KENDALE LAKES PLAZA	FL		18,491,461		28,496,001		(1,799,109	)		15,362,227		29,826,126			45,188,353		7,887,133		37,301,220		-	2009(A)
MILLER WEST PLAZA	FL		6,725,660		10,661,419		262,552			6,725,660		10,923,971			17,649,631		1,550,602		16,099,029		-	2015(A)
CORSICA SQUARE S.C.	FL		7,225,100		10,757,386		229,242			7,225,100		10,986,628			18,211,728		1,589,821		16,621,907		-	2015(A)
FLAGLER PARK	FL		26,162,980		80,737,041		4,548,949			26,725,480		84,723,490			111,448,970		24,399,812		87,049,158		-	2007(A)
PARK HILL PLAZA	FL		10,763,612		19,264,248		391,254			10,763,612		19,655,502			30,419,114		4,659,508		25,759,606		-	2011(A)
WINN DIXIE-MIAMI	FL		2,989,640		9,410,360		(51,872	)		3,544,297		8,803,831			12,348,128		1,116,394		11,231,734		-	2013(A)
MARATHON SHOPPING CENTER	FL		2,412,929		8,069,450		1,408,179			1,514,731		10,375,827			11,890,558		1,780,924		10,109,634		-	2013(A)
SODO S.C.	FL		-		68,139,271		8,577,527			142,195		76,574,603			76,716,798		21,243,324		55,473,474		-	2008(A)
RENAISSANCE CENTER	FL		9,104,379		36,540,873		16,553,220			9,122,758		53,075,714			62,198,472		20,431,499		41,766,973		-	1998(A)
MILLENIA PLAZA PHASE II	FL		7,711,000		20,702,992		1,801,738			7,698,200		22,517,530			30,215,730		8,761,724		21,454,006		-	2009(A)
RIVERSIDE LANDINGS S.C.	FL		3,512,202		14,439,668		261,172			3,512,202		14,700,840			18,213,042		1,999,649		16,213,393		-	2015(A)
GRAND OAKS VILLAGE	FL		7,409,319		19,653,869		(362,622	)		5,846,339		20,854,227			26,700,566		4,386,341		22,314,225		-	2011(A)
PLANTATION CROSSING	FL		2,782,030		8,077,260		3,653,308			2,782,030		11,730,568			14,512,598		738,324		13,774,274		-	2017(A)
POMPANO POINTE S.C.	FL		10,516,500		14,355,836		530,900			10,516,500		14,886,736			25,403,236		1,136,919		24,266,317		-	2012(A)
UNIVERSITY TOWN CENTER	FL		5,515,265		13,041,400		423,147			5,515,265		13,464,547			18,979,812		3,197,352		15,782,460		-	2011(A)
PALM BEACH GARDENS	FL		2,764,953		11,059,812		891,072			2,764,953		11,950,884			14,715,837		2,010,305		12,705,532		-	2009(A)
OAK TREE PLAZA	FL		-		917,360		1,562,194			-		2,479,554			2,479,554		1,427,320		1,052,234		-	1968(C)
TUTTLEBEE PLAZA	FL		254,961		828,465		1,812,825			254,961		2,641,290			2,896,251		1,871,329		1,024,922		-	2008(A)
SOUTH MIAMI S.C.	FL		1,280,440		5,133,825		3,605,635			1,280,440		8,739,460			10,019,900		4,753,771		5,266,129		-	1995(A)
CARROLLWOOD COMMONS	FL		5,220,445		16,884,228		3,146,743			5,220,445		20,030,971			25,251,416		10,137,448		15,113,968		-	1997(A)
VILLAGE COMMONS SHOPPING CENTER	FL		2,192,331		8,774,158		4,983,680			2,192,331		13,757,838			15,950,169		6,134,286		9,815,883		-	1998(A)
MISSION BELL SHOPPING CENTER	FL		5,056,426		11,843,119		8,691,774			5,067,033		20,524,286			25,591,319		7,317,804		18,273,515		-	2004(A)
VILLAGE COMMONS S.C.	FL		2,026,423		5,106,476		2,031,564			2,026,423		7,138,040			9,164,463		1,585,055		7,579,408		-	2013(A)
BELMART PLAZA	FL		1,656,097		3,394,420		5,722,156			1,656,097		9,116,576			10,772,673		927,224		9,845,449		-	2014(A)
MARKET AT HAYNES BRIDGE	GA		4,880,659		21,549,424		979,391			4,889,863		22,519,611			27,409,474		7,551,081		19,858,393		-	2008(A)
EMBRY VILLAGE	GA		18,147,054		33,009,514		1,332,206			18,160,525		34,328,249			52,488,774		23,117,994		29,370,780		-	2008(A)
PERIMETER EXPO PROPERTY	GA		14,770,275		44,295,457		2,362,639			16,142,152		45,286,219			61,428,371		4,220,999		57,207,372		-	2016(A)
RIVERWALK MARKETPLACE	GA		3,512,202		18,862,571		50,327			3,512,202		18,912,898			22,425,100		1,900,860		20,524,240		-	2015(A)
LAWRENCEVILLE MARKET	GA		8,878,266		29,691,191		276,376			9,060,436		29,785,397			38,845,833		6,031,890		32,813,943		-	2013(A)
BRAELINN VILLAGE	GA		7,314,719		20,738,792		1,824,744			6,342,926		23,535,329			29,878,255		3,676,866		26,201,389		-	2014(A)
SAVANNAH CENTER	GA		2,052,270		8,232,978		4,131,922			2,052,270		12,364,900			14,417,170		7,386,687		7,030,483		-	1993(A)
CHATHAM PLAZA	GA		13,390,238		35,115,882		980,126			13,403,262		36,082,984			49,486,246		13,169,012		36,317,234		-	2008(A)
CLIVE PLAZA	IA		500,525		2,002,101		-			500,525		2,002,101			2,502,626		1,176,448		1,326,178		-	1996(A)
DUBUQUE CENTER	IA		-		2,152,476		239,217			-		2,391,693			2,391,693		2,039,585		352,108		-	1997(A)
87TH STREET CENTER	IL		-		2,687,046		9,899,028			6,992,648		5,593,426			12,586,074		3,003,871		9,582,203		-	1997(A)
DOWNERS PARK PLAZA	IL		2,510,455		10,164,494		(12,485,854	)		189,095		-			189,095		-		189,095		-	1999(A)
PLAZA DEL PRADO	IL		10,203,960		28,409,786		1,557,625			10,203,960		29,967,411			40,171,371		3,583,364		36,588,007		-	2017(A)
MOUNT PROSPECT CENTER	IL		1,017,345		6,572,176		4,105,133			1,017,345		10,677,309			11,694,654		6,434,800		5,259,854		-	1997(A)
22ND STREET PLAZA	IL		1,527,188		8,679,108		4,880,654			1,527,188		13,559,762			15,086,950		6,393,561		8,693,389		-	1997(A)
SKOKIE POINTE	IL		-		2,276,360		9,564,305			2,628,440		9,212,225			11,840,665		4,170,823		7,669,842		-	1997(A)
HAWTHORN HILLS SQUARE	IL		6,783,928		33,033,624		2,699,882			6,783,928		35,733,506			42,517,434		8,237,719		34,279,715		-	2012(A)
GREENWOOD S.C.	IN		423,371		1,883,421		18,814,874			1,640,748		19,480,918			21,121,666		3,160,755		17,960,911		-	1970(C)
ABINGTON PLAZA	MA		10,457,183		494,652		-			10,457,183		494,652			10,951,835		156,500		10,795,335		3,920,234	2014(A)
WASHINGTON ST.PLAZA	MA		11,007,593		5,652,368		9,428,287			12,957,593		13,130,655			26,088,248		2,086,506		24,001,742		5,546,021	2014(A)
MEMORIAL PLAZA	MA		16,411,388		27,553,908		958,835			16,411,388		28,512,743			44,924,131		3,755,548		41,168,583		15,293,404	2014(A)
MAIN ST. PLAZA	MA		555,898		2,139,494		-			555,898		2,139,494			2,695,392		376,910		2,318,482		1,271,526	2014(A)
MORRISSEY PLAZA	MA		4,097,251		3,751,068		(890,144	)		4,097,251		2,860,924			6,958,175		269,139		6,689,036		2,913,275	2014(A)
GLENDALE SQUARE	MA		4,698,891		7,141,090		276,270			4,698,891		7,417,360			12,116,251		1,350,906		10,765,345		5,295,416	2014(A)
FALMOUTH PLAZA	MA		2,361,071		13,065,817		1,270,653			2,361,071		14,336,470			16,697,541		2,141,488		14,556,053		7,451,735	2014(A)
WAVERLY PLAZA	MA		1,215,005		3,622,911		281,295			1,203,205		3,916,006			5,119,211		754,489		4,364,722		2,143,170	2014(A)
FESTIVAL OF HYANNIS S.C.	MA		15,038,197		40,682,853		1,118,867			15,038,197		41,801,720			56,839,917		7,971,776		48,868,141		-	2014(A)
FELLSWAY PLAZA	MA		5,300,388		11,013,543		(99,939	)		5,300,388		10,913,604			16,213,992		1,429,820		14,784,172		6,322,144	2014(A)
DEL ALBA PLAZA	MA		3,163,033		8,967,874		19,995			3,163,033		8,987,869			12,150,902		1,151,070		10,999,832		7,305,045	2014(A)
NORTH QUINCY PLAZA	MA		6,332,542		17,954,110		(991,929	)		3,894,436		19,400,287			23,294,723		2,627,485		20,667,238		-	2014(A)
ADAMS PLAZA	MA		2,089,363		3,226,648		8,857			2,089,363		3,235,505			5,324,868		513,604		4,811,264		1,754,230	2014(A)
BROADWAY PLAZA	MA		6,485,065		343,422		-			6,485,065		343,422			6,828,487		117,986		6,710,501		2,692,126	2014(A)
VINNIN SQUARE PLAZA	MA		5,545,425		16,324,060		(28,816	)		5,545,425		16,295,244			21,840,669		3,386,960		18,453,709		8,482,824	2014(A)
PARADISE PLAZA	MA		4,183,038		12,194,885		1,558,032			4,183,038		13,752,917			17,935,955		2,579,883		15,356,072		8,197,970	2014(A)
BELMONT PLAZA	MA		11,104,983		848,844		-			11,104,983		848,844			11,953,827		196,427		11,757,400		4,843,479	2014(A)
VINNIN SQUARE IN-LINE	MA		582,228		2,094,560		(38,716	)		582,228		2,055,844			2,638,072		279,681		2,358,391		-	2014(A)
LINDEN PLAZA	MA		4,628,215		3,535,431		473,357			4,628,215		4,008,788			8,637,003		964,470		7,672,533		3,307,417	2014(A)
NORTH AVE. PLAZA	MA		1,163,875		1,194,673		23,933			1,163,875		1,218,606			2,382,481		262,045		2,120,436		841,582	2014(A)
WASHINGTON ST. S.C.	MA		7,380,918		9,987,119		1,965,851			7,380,918		11,952,970			19,333,888		1,618,598		17,715,290		5,813,070	2014(A)
MILL ST. PLAZA	MA		4,195,024		6,203,410		449,771			4,195,024		6,653,181			10,848,205		1,134,835		9,713,370		3,801,095	2014(A)
FULLERTON PLAZA	MD		14,237,901		6,743,980		7,361,633			14,237,901		14,105,613			28,343,514		1,232,824		27,110,690		-	2014(A)
GREENBRIER S.C.	MD		8,891,468		30,304,760		74,934			8,891,468		30,379,694			39,271,162		4,405,361		34,865,801		-	2014(A)
INGLESIDE S.C.	MD		10,416,726		17,889,235		(2,058	)		10,416,726		17,887,177			28,303,903		3,174,127		25,129,776		-	2014(A)
WILKENS BELTWAY PLAZA	MD		9,948,235		22,125,942		238,016			9,948,235		22,363,958			32,312,193		3,240,175		29,072,018		-	2014(A)
YORK ROAD PLAZA	MD		4,276,715		37,205,757		170,205			4,276,715		37,375,962			41,652,677		4,971,149		36,681,528		-	2014(A)
PUTTY HILL PLAZA	MD		4,192,152		11,112,111		774,676			4,192,152		11,886,787			16,078,939		3,320,369		12,758,570		-	2013(A)
SNOWDEN SQUARE S.C.	MD		1,929,402		4,557,934		5,155,349			3,326,422		8,316,263			11,642,685		1,830,541		9,812,144		-	2012(A)
COLUMBIA CROSSING	MD		3,612,550		34,344,509		172,640			3,612,550		34,517,149			38,129,699		4,164,044		33,965,655		-	2015(A)
DORSEY'S SEARCH VILLAGE CENTER	MD		6,321,963		27,996,087		177,268			6,321,963		28,173,355			34,495,318		3,233,759		31,261,559		-	2015(A)
HICKORY RIDGE	MD		7,183,646		26,947,776		526,522			7,183,646		27,474,298			34,657,944		3,561,103		31,096,841		-	2015(A)
HICKORY RIDGE (SUNOCO)	MD		543,197		2,122,234		-			543,197		2,122,234			2,665,431		357,204		2,308,227		-	2015(A)
KINGS CONTRIVANCE	MD		9,308,349		31,759,940		619,016			9,308,349		32,378,956			41,687,305		4,856,962		36,830,343		-	2014(A)
HARPER'S CHOICE	MD		8,429,284		18,373,994		688,796			8,429,284		19,062,790			27,492,074		2,709,642		24,782,432		-	2015(A)
WILDE LAKE	MD		1,468,038		5,869,862		25,978,515			2,577,073		30,739,342			33,316,415		9,681,524		23,634,891		-	2002(A)
RIVERHILL VILLAGE CENTER	MD		16,825,496		23,282,222		395,512			16,825,496		23,677,734			40,503,230		4,708,950		35,794,280		-	2014(A)
COLUMBIA CROSSING OUTPARCELS	MD		1,279,200		2,870,800		20,602,841			6,147,248		18,605,593			24,752,841		3,173,045		21,579,796		-	2011(A)
COLUMBIA CROSSING II SHOP.CTR.	MD		3,137,628		19,868,075		1,210,438			3,137,628		21,078,513			24,216,141		3,114,562		21,101,579		-	2013(A)
SHOPS AT DISTRICT HEIGHTS	MD		8,165,638		21,970,661		(1,389,278	)		7,298,215		21,448,806			28,747,021		2,018,911		26,728,110		13,193,497	2015(A)
ENCHANTED FOREST S.C.	MD		20,123,946		34,345,102		551,331			20,123,946		34,896,433			55,020,379		5,803,460		49,216,919		-	2014(A)
SHOPPES AT EASTON	MD		6,523,713		16,402,204		(2,574,117	)		5,668,532		14,683,268			20,351,800		2,546,751		17,805,049		-	2014(A)
VILLAGES AT URBANA	MD		3,190,074		6,067		19,032,291			4,828,774		17,399,658			22,228,432		2,068,527		20,159,905		-	2003(A)
GAITHERSBURG S.C.	MD		244,890		6,787,534		1,583,659			244,890		8,371,193			8,616,083		3,741,315		4,874,768		-	1999(A)
KENTLANDS MARKET SQUARE	MD		20,167,048		84,615,052		5,667,730			20,167,048		90,282,782			110,449,830		7,062,305		103,387,525		32,414,665	2016(A)
SHAWAN PLAZA	MD		4,466,000		20,222,367		(457,359	)		4,466,000		19,765,008			24,231,008		11,899,815		12,331,193		1,616,979	2008(A)
LAUREL PLAZA	MD		349,562		1,398,250		4,661,863			1,571,288		4,838,387			6,409,675		2,104,312		4,305,363		-	1995(A)
LAUREL PLAZA	MD		274,580		1,100,968		173,969			274,580		1,274,937			1,549,517		1,190,640		358,877		-	1972(C)
MILL STATION THEATER/RSTRNTS (3)	MD		23,378,543		1,089,760		51,928,950			70,508,283		5,888,970			76,397,253		172,744		76,224,509		-	2016(C)
CENTRE COURT-RETAIL/BANK	MD		1,035,359		7,785,830		135,322			1,035,359		7,921,152			8,956,511		1,390,511		7,566,000		1,489,591	2011(A)
CENTRE COURT-GIANT	MD		3,854,099		12,769,628		23,770			3,854,099		12,793,398			16,647,497		2,748,067		13,899,430		5,421,228	2011(A)
CENTRE COURT-OLD COURT/COURTYD	MD		2,279,177		5,284,577		3,744			2,279,177		5,288,321			7,567,498		1,129,051		6,438,447		-	2011(A)
RADCLIFFE CENTER	MD		12,042,713		21,187,946		7,512			12,042,713		21,195,458			33,238,171		3,392,854		29,845,317		-	2014(A)
TIMONIUM CROSSING	MD		2,525,377		14,862,817		592,001			2,525,377		15,454,818			17,980,195		2,478,564		15,501,631		-	2014(A)
TIMONIUM SQUARE	MD		6,000,000		24,282,998		14,639,146			7,331,195		37,590,949			44,922,144		17,036,129		27,886,015		-	2003(A)
TOWSON PLACE	MD		43,886,876		101,764,931		3,541,225			43,270,792		105,922,240			149,193,032		21,939,395		127,253,637		-	2012(A)
CENTURY PLAZA	MI		178,785		925,818		46,257			95,905		1,054,955			1,150,860		815,012		335,848		-	1968(C)
GREEN ORCHARD SHOPPING CENTER	MI		3,682,478		14,730,060		5,933,982			3,547,007		20,799,513			24,346,520		11,245,423		13,101,097		-	1993(A)
THE FOUNTAINS AT ARBOR LAKES	MN		28,585,296		66,699,024		14,145,986			29,485,296		79,945,010			109,430,306		29,728,628		79,701,678		-	2006(A)
CENTER POINT S.C.	MO		-		550,204		-			-		550,204			550,204		489,708		60,496		-	1998(A)
CAVE SPRINGS S.C.	MO		1,182,194		7,423,459		7,112,186			1,563,694		14,154,145			15,717,839		10,569,319		5,148,520		-	1997(A)
WOODLAWN MARKETPLACE	NC		919,251		3,570,981		2,740,450			919,251		6,311,431			7,230,682		3,767,403		3,463,279		-	2008(A)
TYVOLA SQUARE	NC		-		4,736,345		8,011,824			-		12,748,169			12,748,169		9,522,876		3,225,293		-	1986(A)
CROSSROADS PLAZA	NC		767,864		3,098,881		1,233,350			767,864		4,332,231			5,100,095		1,914,296		3,185,799		-	2000(A)
JETTON VILLAGE SHOPPES	NC		3,875,224		10,292,231		492,962			2,143,695		12,516,722			14,660,417		2,455,738		12,204,679		-	2011(A)
MOUNTAIN ISLAND MARKETPLACE	NC		3,318,587		7,331,413		696,680			3,818,587		7,528,093			11,346,680		1,554,286		9,792,394		-	2012(A)
WOODLAWN SHOPPING CENTER	NC		2,010,725		5,833,626		1,975,503			2,010,725		7,809,129			9,819,854		1,471,440		8,348,414		-	2012(A)
CROSSROADS PLAZA	NC		13,405,529		86,455,763		(1,357,983	)		13,405,529		85,097,780			98,503,309		14,908,507		83,594,802		-	2014(A)
QUAIL CORNERS	NC		7,318,321		26,675,644		1,459,529			7,318,321		28,135,173			35,453,494		3,920,660		31,532,834		15,783,077	2014(A)
DAVIDSON COMMONS	NC		2,978,533		12,859,867		526,025			2,978,533		13,385,892			16,364,425		2,460,912		13,903,513		-	2012(A)
PARK PLACE SC	NC		5,461,478		16,163,494		2,452,621			5,469,809		18,607,784			24,077,593		6,862,892		17,214,701		-	2008(A)
MOORESVILLE CROSSING	NC		12,013,727		30,604,173		101,982			11,625,801		31,094,081			42,719,882		11,980,366		30,739,516		-	2007(A)
PLEASANT VALLEY PROMENADE	NC		5,208,885		20,885,792		14,232,550			5,208,885		35,118,342			40,327,227		20,582,021		19,745,206		-	1993(A)
BRENNAN STATION	NC		7,749,751		20,556,891		(389,669	)		6,321,923		21,595,050			27,916,973		5,690,496		22,226,477		-	2011(A)
BRENNAN STATION OUTPARCEL	NC		627,906		1,665,576		(120,456	)		450,232		1,722,794			2,173,026		395,687		1,777,339		-	2011(A)
CLOVERDALE PLAZA	NC		540,667		719,655		7,293,478			540,667		8,013,133			8,553,800		3,720,029		4,833,771		-	1969(C)
WEBSTER SQUARE	NH		11,683,145		41,708,383		7,123,817			11,683,145		48,832,200			60,515,345		7,923,372		52,591,973		-	2014(A)
WEBSTER SQUARE - DSW	NH		1,346,391		3,638,397		131,388			1,346,391		3,769,785			5,116,176		247,958		4,868,218		-	2017(A)
WEBSTER SQUARE NORTH	NH		2,163,138		6,511,424		23,348			2,163,138		6,534,772			8,697,910		968,735		7,729,175		-	2016(A)
ROCKINGHAM PLAZA	NH		2,660,915		10,643,660		18,667,768			3,148,715		28,823,628			31,972,343		12,660,297		19,312,046		-	2008(A)
SHOP RITE PLAZA	NJ		2,417,583		6,364,094		1,593,987			2,417,583		7,958,081			10,375,664		7,264,250		3,111,414		-	1985(C)
MARLTON PLAZA	NJ		-		4,318,534		153,375			-		4,471,909			4,471,909		2,492,551		1,979,358		-	1996(A)
HILLVIEW SHOPPING CENTER	NJ		16,007,647		32,607,423		(617,102	)		16,007,647		31,990,321			47,997,968		4,938,386		43,059,582		-	2014(A)
GARDEN STATE PAVILIONS	NJ		7,530,709		10,801,949		20,263,576			12,203,841		26,392,393			38,596,234		7,264,990		31,331,244		-	2011(A)
CLARK SHOPRITE 70 CENTRAL AVE	NJ		3,496,673		11,693,769		994,829			13,959,593		2,225,678			16,185,271		841,415		15,343,856		-	2013(A)
COMMERCE CENTER WEST	NJ		385,760		1,290,080		160,534			793,595		1,042,779			1,836,374		254,498		1,581,876		-	2013(A)
COMMERCE CENTER EAST	NJ		1,518,930		5,079,690		1,753,865			7,235,196		1,117,289			8,352,485		441,223		7,911,262		-	2013(A)
CENTRAL PLAZA	NJ		3,170,465		10,602,845		32,536			5,145,167		8,660,679			13,805,846		2,289,780		11,516,066		-	2013(A)
EAST WINDSOR VILLAGE	NJ		9,335,011		23,777,978		216,781			9,335,011		23,994,759			33,329,770		6,834,515		26,495,255		-	2008(A)
HOLMDEL TOWNE CENTER	NJ		10,824,624		43,301,494		10,420,854			10,824,624		53,722,348			64,546,972		21,686,796		42,860,176		-	2002(A)
COMMONS AT HOLMDEL	NJ		16,537,556		38,759,952		4,102,243			16,537,556		42,862,195			59,399,751		17,731,112		41,668,639		-	2004(A)
PLAZA AT HILLSDALE	NJ		7,601,596		6,994,196		1,507,019			7,601,596		8,501,215			16,102,811		1,405,423		14,697,388		5,646,076	2014(A)
MAPLE SHADE	NJ		-		9,957,611		(766,074	)		-		9,191,537			9,191,537		1,253,309		7,938,228		-	2009(A)
PLAZA AT SHORT HILLS	NJ		20,155,471		11,061,984		703,566			20,155,471		11,765,550			31,921,021		2,361,189		29,559,832		8,989,640	2014(A)
NORTH BRUNSWICK PLAZA	NJ		3,204,978		12,819,912		26,577,782			3,204,978		39,397,694			42,602,672		20,263,413		22,339,259		-	1994(A)
PISCATAWAY TOWN CENTER	NJ		3,851,839		15,410,851		1,402,250			3,851,839		16,813,101			20,664,940		8,935,421		11,729,519		-	1998(A)
RIDGEWOOD S.C.	NJ		450,000		2,106,566		1,241,414			450,000		3,347,980			3,797,980		1,826,481		1,971,499		-	1993(A)
UNION CRESCENT III	NJ		7,895,483		3,010,640		28,965,399			8,696,579		31,174,943			39,871,522		16,041,646		23,829,876		-	2007(A)
WESTMONT PLAZA	NJ		601,655		2,404,604		13,726,802			601,655		16,131,406			16,733,061		6,994,243		9,738,818		-	1994(A)
WILLOWBROOK PLAZA	NJ		15,320,436		40,996,874		10,429,255			15,320,436		51,426,129			66,746,565		7,072,200		59,674,365		-	2009(A)
DEL MONTE PLAZA	NV		2,489,429		5,590,415		608,807			2,210,000		6,478,651			8,688,651		3,688,769		4,999,882		1,989,588	2006(A)
DEL MONTE PLAZA ANCHOR PARCEL	NV		6,512,745		17,599,602		108,249			6,520,017		17,700,579			24,220,596		921,154		23,299,442		-	2017(A)
REDFIELD PROMENADE	NV		4,415,339		32,035,192		595,394			4,415,339		32,630,586			37,045,925		6,310,310		30,735,615		-	2015(A)
MCQUEEN CROSSINGS	NV		5,017,431		20,779,024		232,165			5,017,431		21,011,189			26,028,620		4,035,179		21,993,441		-	2015(A)
GALENA JUNCTION	NV		8,931,027		17,503,387		154,819			8,931,027		17,658,206			26,589,233		3,028,659		23,560,574		-	2015(A)
D'ANDREA MARKETPLACE	NV		11,556,067		29,435,364		470,444			11,556,067		29,905,808			41,461,875		8,855,921		32,605,954		-	2007(A)
SPARKS MERCANTILE	NV		6,221,614		17,069,172		(62,106	)		6,221,614		17,007,066			23,228,680		2,859,783		20,368,897		-	2015(A)
BRIDGEHAMPTON COMMONS-W&E SIDE	NY		1,811,752		3,107,232		31,744,409			1,858,188		34,805,205			36,663,393		21,384,048		15,279,345		-	1972(C)
OCEAN PLAZA	NY		564,097		2,268,768		19,003			564,097		2,287,771			2,851,868		919,501		1,932,367		-	2003(A)
KINGS HIGHWAY	NY		2,743,820		6,811,268		2,235,709			2,743,820		9,046,977			11,790,797		3,662,544		8,128,253		-	2004(A)
RALPH AVENUE PLAZA	NY		4,414,466		11,339,857		3,912,149			4,414,467		15,252,005			19,666,472		5,523,187		14,143,285		-	2004(A)
BELLMORE S.C.	NY		1,272,269		3,183,547		1,590,605			1,272,269		4,774,152			6,046,421		1,914,907		4,131,514		-	2004(A)
MARKET AT BAY SHORE	NY		12,359,621		30,707,802		6,003,366			12,359,621		36,711,168			49,070,789		13,772,828		35,297,961		11,931,409	2006(A)
KEY FOOD - ATLANTIC AVE	NY		2,272,500		5,624,589		509,260			4,808,822		3,597,527			8,406,349		707,528		7,698,821		-	2012(A)
VETERANS MEMORIAL PLAZA	NY		5,968,082		23,243,404		12,008,996			5,980,130		35,240,352			41,220,482		14,944,317		26,276,165		-	1998(A)
BIRCHWOOD PLAZA COMMACK	NY		3,630,000		4,774,791		1,145,649			3,630,000		5,920,440			9,550,440		2,017,817		7,532,623		-	2007(A)
ELMONT S.C.	NY		3,011,658		7,606,066		6,171,045			3,011,658		13,777,111			16,788,769		3,854,085		12,934,684		-	2004(A)
ELMSFORD CENTER 1	NY		4,134,273		1,193,084		-			4,134,273		1,193,084			5,327,357		189,472		5,137,885		-	2013(A)
ELMSFORD CENTER 2	NY		4,076,403		15,598,504		949,902			4,076,403		16,548,406			20,624,809		3,036,778		17,588,031		-	2013(A)
FRANKLIN SQUARE S.C.	NY		1,078,541		2,516,581		4,070,828			1,078,541		6,587,409			7,665,950		2,694,563		4,971,387		-	2004(A)
AIRPORT PLAZA	NY		22,711,189		107,011,500		3,743,635			22,711,189		110,755,135			133,466,324		18,340,798		115,125,526		-	2015(A)
KISSENA BOULEVARD SHOPPING CTR	NY		11,610,000		2,933,487		818,491			11,610,000		3,751,978			15,361,978		1,118,521		14,243,457		-	2007(A)
HAMPTON BAYS PLAZA	NY		1,495,105		5,979,320		3,319,769			1,495,105		9,299,089			10,794,194		7,539,633		3,254,561		-	1989(A)
HICKSVILLE PLAZA	NY		3,542,739		8,266,375		2,505,434			3,542,739		10,771,809			14,314,548		3,639,106		10,675,442		-	2004(A)
WOODBURY CENTRE	NY		4,314,991		32,585,508		(1,950,621	)		3,805,271		31,144,607			34,949,878		5,026,007		29,923,871		-	2015(A)
TURNPIKE PLAZA	NY		2,471,832		5,839,416		708,010			2,471,832		6,547,426			9,019,258		1,965,026		7,054,232		-	2011(A)
JERICHO COMMONS SOUTH	NY		12,368,330		33,071,495		3,375,243			12,368,330		36,446,738			48,815,068		11,698,563		37,116,505		7,066,859	2007(A)
501 NORTH BROADWAY	NY		-		1,175,543		228,522			-		1,404,065			1,404,065		722,937		681,128		-	2007(A)
MILLERIDGE INN	NY		7,500,330		481,316		(48,741	)		7,500,000		432,905			7,932,905		31,746		7,901,159		-	2015(A)
FAMILY DOLLAR UNION TURNPIKE	NY		909,000		2,249,775		258,033			1,056,709		2,360,099			3,416,808		509,228		2,907,580		-	2012(A)
LITTLE NECK PLAZA	NY		3,277,254		13,161,218		5,996,052			3,277,253		19,157,271			22,434,524		7,525,806		14,908,718		-	2003(A)
KEY FOOD - 21ST STREET	NY		1,090,800		2,699,730		(159,449	)		1,669,153		1,961,928			3,631,081		315,311		3,315,770		-	2012(A)
MANHASSET CENTER	NY		4,567,003		19,165,808		30,995,487			3,471,939		51,256,359			54,728,298		25,230,504		29,497,794		-	1999(A)
MANHASSET CENTER(residential)	NY		950,000		-		-			950,000		-			950,000		-		950,000		-	2012(A)
MASPETH QUEENS-DUANE READE	NY		1,872,013		4,827,940		1,036,886			1,872,013		5,864,826			7,736,839		2,164,089		5,572,750		1,717,674	2004(A)
NORTH MASSAPEQUA S.C.	NY		1,880,816		4,388,549		(1,066,203	)		-		5,203,162			5,203,162		3,225,039		1,978,123		-	2004(A)
MINEOLA CROSSINGS	NY		4,150,000		7,520,692		249,645			4,150,000		7,770,337			11,920,337		2,354,155		9,566,182		-	2007(A)
SMITHTOWN PLAZA	NY		3,528,000		7,364,098		508,838			3,528,000		7,872,936			11,400,936		2,961,173		8,439,763		-	2009(A)
MANETTO HILL PLAZA	NY		263,693		584,031		10,882,601			263,693		11,466,632			11,730,325		6,730,779		4,999,546		-	1969(C)
SYOSSET S.C.	NY		106,655		76,197		2,082,162			106,655		2,158,359			2,265,014		1,152,013		1,113,001		-	1990(C)
RICHMOND S.C.	NY		2,280,000		9,027,951		21,068,693			2,280,000		30,096,644			32,376,644		13,973,052		18,403,592		-	1989(A)
GREENRIDGE PLAZA	NY		2,940,000		11,811,964		7,095,348			3,148,424		18,698,888			21,847,312		8,293,717		13,553,595		-	1997(A)
THE BOULEVARD	NY		28,723,536		38,232,267		49,602,960			28,723,536		87,835,227			116,558,763		14,231,135		102,327,628		-	2006(A)
FOREST AVENUE PLAZA	NY		4,558,592		10,441,408		157,648			4,558,592		10,599,056			15,157,648		4,071,200		11,086,448		-	2005(A)
INDEPENDENCE PLAZA	NY		12,279,093		34,813,852		(2,276,549	)		16,131,632		28,684,764			44,816,396		6,530,467		38,285,929		-	2014(A)
KEY FOOD - CENTRAL AVE.	NY		2,787,600		6,899,310		(394,910	)		2,603,321		6,688,679			9,292,000		1,124,011		8,167,989		-	2012(A)
WHITE PLAINS S.C.	NY		1,777,775		4,453,894		2,469,097			1,777,775		6,922,991			8,700,766		2,559,882		6,140,884		-	2004(A)
CHAMPION FOOD SUPERMARKET	NY		757,500		1,874,813		(24,388	)		2,241,118		366,807			2,607,925		161,713		2,446,212		-	2012(A)
SHOPRITE S.C.	NY		871,977		3,487,909		-			871,977		3,487,909			4,359,886		2,329,607		2,030,279		-	1998(A)
ROMAINE PLAZA	NY		782,459		1,825,737		588,133			782,459		2,413,870			3,196,329		785,714		2,410,615		-	2005(A)
OREGON TRAIL CENTER	OR		5,802,422		12,622,879		327,401			5,802,422		12,950,280			18,752,702		4,947,651		13,805,051		-	2009(A)
POWELL VALLEY JUNCTION	OR		5,062,500		3,152,982		(2,459,449	)		2,035,125		3,720,908			5,756,033		1,594,974		4,161,059		-	2009(A)
JANTZEN BEACH CENTER	OR		57,575,244		102,844,429		(696,182	)		57,588,287		102,135,204			159,723,491		6,798,963		152,924,528		-	2017(A)
SUBURBAN SQUARE	PA		70,679,871		166,351,381		54,820,988			71,279,871		220,572,369			291,852,240		52,131,369		239,720,871		-	2007(A)
CARNEGIE PLAZA	PA		-		3,298,908		17,747			-		3,316,655			3,316,655		3,316,655		-		-	1999(A)
CENTER SQUARE SHOPPING CENTER	PA		731,888		2,927,551		1,196,209			691,297		4,164,351			4,855,648		2,818,569		2,037,079		-	1996(A)
WAYNE PLAZA	PA		6,127,623		15,605,012		657,984			6,135,670		16,254,949			22,390,619		4,936,901		17,453,718		-	2008(A)
DEVON VILLAGE	PA		4,856,379		25,846,910		4,176,408			4,856,379		30,023,318			34,879,697		7,359,210		27,520,487		-	2012(A)
POCONO PLAZA	PA		1,050,000		2,372,628		1,001,241			1,050,000		3,373,869			4,423,869		3,266,395		1,157,474		-	1973(C)
RIDGE PIKE PLAZA	PA		1,525,337		4,251,732		(3,445,413	)		325,972		2,005,684			2,331,656		1,067,589		1,264,067		-	2008(A)
WHITELAND - HOBBY LOBBY	PA		176,666		4,895,360		1,447,703			176,666		6,343,063			6,519,729		2,735,654		3,784,075		-	1999(A)
WHITELAND TOWN CENTER	PA		731,888		2,927,551		59,067			731,888		2,986,618			3,718,506		1,688,275		2,030,231		-	1996(A)
HARRISBURG EAST SHOPPING CTR.	PA		452,888		6,665,238		10,823,352			3,002,888		14,938,590			17,941,478		7,505,883		10,435,595		-	2002(A)
TOWNSHIP LINE S.C.	PA		731,888		2,927,551		-			731,888		2,927,551			3,659,439		1,676,461		1,982,978		-	1996(A)
HORSHAM POINT	PA		3,813,247		18,189,450		207,022			3,813,247		18,396,472			22,209,719		2,197,127		20,012,592		-	2015(A)
HOLIDAY CENTER	PA		7,726,844		20,014,243		(4,342,789	)		6,098,316		17,299,982			23,398,298		3,736,413		19,661,885		-	2015(A)
NORRITON SQUARE	PA		686,134		2,664,535		4,014,541			774,084		6,591,126			7,365,210		4,955,112		2,410,098		-	1984(A)
SEARS HARDWARE	PA		10,000		-		-			10,000		-			10,000		-		10,000		-	2015(C)
FRANKFORD AVENUE S.C.	PA		731,888		2,927,551		-			731,888		2,927,551			3,659,439		1,676,461		1,982,978		-	1996(A)
WEXFORD PLAZA	PA		6,413,635		9,774,600		9,811,076			6,299,299		19,700,012			25,999,311		4,672,156		21,327,155		-	2010(A)
LINCOLN SQUARE	PA		90,478,522		-		72,389,626			10,532,804		152,335,344			162,868,148		-		162,868,148		-	2017(C)
CRANBERRY TOWNSHIP-PARCEL 1&2	PA		10,270,846		30,769,592		1,152,285			6,070,254		36,122,469			42,192,723		3,147,693		39,045,030		-	2016(A)
CROSSROADS PLAZA	PA		788,761		3,155,044		13,276,456			976,439		16,243,822			17,220,261		10,236,230		6,984,031		-	1986(A)
SPRINGFIELD S.C.	PA		919,998		4,981,589		12,946,369			920,000		17,927,956			18,847,956		10,251,442		8,596,514		-	1983(A)
SHREWSBURY SQUARE S.C.	PA		8,066,107		16,997,997		(2,176,277	)		6,171,638		16,716,189			22,887,827		2,540,597		20,347,230		-	2014(A)
WHITEHALL MALL	PA		-		5,195,577		-			-		5,195,577			5,195,577		2,975,246		2,220,331		-	1996(A)
WHOLE FOODS AT WYNNEWOOD	PA		15,042,165		-		11,782,090			13,772,394		13,051,861			26,824,255		587,371		26,236,884		-	2014(C)
SHOPPES AT WYNNEWOOD	PA		7,478,907		-		3,627,947			7,478,907		3,627,947			11,106,854		241,939		10,864,915		-	2015(C)
WEST MARKET ST. PLAZA	PA		188,562		1,158,307		41,712			188,562		1,200,019			1,388,581		1,177,425		211,156		-	1986(A)
REXVILLE TOWN CENTER	PR		24,872,982		48,688,161		7,708,424			25,678,064		55,591,503			81,269,567		33,332,955		47,936,612		-	2006(A)
PLAZA CENTRO - COSTCO	PR		3,627,973		10,752,213		1,573,414			3,866,206		12,087,394			15,953,600		6,861,281		9,092,319		-	2006(A)
PLAZA CENTRO - MALL	PR		19,873,263		58,719,179		11,279,620			19,408,112		70,463,950			89,872,062		35,363,672		54,508,390		-	2006(A)
PLAZA CENTRO - RETAIL	PR		5,935,566		16,509,748		2,193,596			6,026,070		18,612,840			24,638,910		9,803,465		14,835,445		-	2006(A)
PLAZA CENTRO - SAM'S CLUB	PR		6,643,224		20,224,758		2,766,593			6,520,090		23,114,485			29,634,575		21,639,814		7,994,761		-	2006(A)
LOS COLOBOS - BUILDERS SQUARE	PR		4,404,593		9,627,903		1,283,497			4,461,145		10,854,848			15,315,993		9,763,092		5,552,901		-	2006(A)
LOS COLOBOS - KMART	PR		4,594,944		10,120,147		789,782			4,402,338		11,102,535			15,504,873		9,889,185		5,615,688		-	2006(A)
LOS COLOBOS I	PR		12,890,882		26,046,669		4,948,282			13,613,375		30,272,458			43,885,833		16,576,693		27,309,140		-	2006(A)
LOS COLOBOS II	PR		14,893,698		30,680,556		5,698,650			15,142,300		36,130,604			51,272,904		20,072,967		31,199,937		-	2006(A)
WESTERN PLAZA - MAYAGUEZ ONE	PR		10,857,773		12,252,522		1,507,075			11,241,993		13,375,377			24,617,370		9,740,358		14,877,012		-	2006(A)
WESTERN PLAZA - MAYAGUEZ TWO	PR		16,874,345		19,911,045		3,718,253			16,872,647		23,630,996			40,503,643		16,343,909		24,159,734		-	2006(A)
MANATI VILLA MARIA SC	PR		2,781,447		5,673,119		1,465,441			2,606,588		7,313,419			9,920,007		4,318,633		5,601,374		-	2006(A)
PONCE TOWNE CENTER	PR		14,432,778		28,448,754		5,677,663			14,903,024		33,656,171			48,559,195		18,444,036		30,115,159		-	2006(A)
TRUJILLO ALTO PLAZA	PR		12,053,673		24,445,858		3,431,113			12,289,288		27,641,356			39,930,644		15,848,062		24,082,582		-	2006(A)
ST. ANDREWS CENTER	SC		730,164		3,132,092		19,158,955			730,164		22,291,047			23,021,211		11,215,826		11,805,385		-	1978(C)
WESTWOOD PLAZA	SC		1,744,430		6,986,094		14,195,199			1,726,833		21,198,890			22,925,723		4,480,724		18,444,999		-	1995(A)
WOODRUFF SHOPPING CENTER	SC		3,110,439		15,501,117		1,302,159			3,465,199		16,448,516			19,913,715		3,822,036		16,091,679		-	2010(A)
FOREST PARK	SC		1,920,241		9,544,875		46,791			1,920,241		9,591,666			11,511,907		1,713,102		9,798,805		-	2012(A)
OLD TOWNE VILLAGE	TN		-		4,133,904		4,214,858			-		8,348,762			8,348,762		6,169,272		2,179,490		-	1978(C)
CENTER OF THE HILLS	TX		2,923,585		11,706,145		2,785,660			2,923,585		14,491,805			17,415,390		5,988,829		11,426,561		-	2008(A)
GATEWAY STATION	TX		1,373,692		28,145,158		2,980,906			1,374,880		31,124,876			32,499,756		4,766,669		27,733,087		-	2011(A)
GATEWAY STATION PHASE II	TX		4,140,176		12,020,460		391,376			4,143,385		12,408,627			16,552,012		514,956		16,037,056		-	2017(A)
LAS TIENDAS PLAZA	TX		8,678,107		-		27,150,696			7,943,925		27,884,878			35,828,803		6,647,340		29,181,463		-	2005(C)
CONROE MARKETPLACE	TX		18,869,087		50,756,554		(3,206,438	)		10,841,611		55,577,592			66,419,203		7,625,213		58,793,990		-	2015(A)
MONTGOMERY PLAZA	TX		10,739,067		63,065,333		(427,375	)		10,738,796		62,638,229			73,377,025		10,292,303		63,084,722		27,364,178	2015(A)
PRESTON LEBANON CROSSING	TX		13,552,180		-		28,399,531			12,163,694		29,788,017			41,951,711		7,912,103		34,039,608		-	2006(C)
LAKE PRAIRIE TOWN CROSSING	TX		7,897,491		-		28,749,984			6,783,464		29,864,011			36,647,475		6,316,735		30,330,740		-	2006(C)
CENTER AT BAYBROOK	TX		6,941,017		27,727,491		12,232,730			6,928,120		39,973,118			46,901,238		17,822,217		29,079,021		-	1998(A)
CYPRESS TOWNE CENTER	TX		6,033,932		-		1,692,407			2,251,666		5,474,673			7,726,339		1,229,147		6,497,192		-	2003(C)
CYPRESS TOWNE CENTER	TX		12,329,195		36,836,381		1,284,624			8,644,145		41,806,055			50,450,200		3,847,926		46,602,274		-	2016(A)
CYPRESS TOWNE CENTER PHASE II	TX		2,061,477		6,157,862		(1,361,233	)		270,374		6,587,732			6,858,106		754,993		6,103,113		-	2016(A)
THE CENTRE AT COPPERFIELD	TX		6,723,267		22,524,551		535,094			6,723,357		23,059,555			29,782,912		3,590,931		26,191,981		-	2015(A)
COPPERWOOD VILLAGE	TX		13,848,109		84,183,731		1,787,815			13,848,109		85,971,546			99,819,655		13,710,949		86,108,706		-	2015(A)
ATASCOCITA COMMONS SHOP.CTR.	TX		16,322,636		54,587,066		334,921			16,099,004		55,145,619			71,244,623		9,476,125		61,768,498		27,993,991	2013(A)
TOMBALL CROSSINGS	TX		8,517,427		28,484,450		668,500			7,964,894		29,705,483			37,670,377		5,016,941		32,653,436		-	2013(A)
COPPERFIELD VILLAGE SHOP.CTR.	TX		7,827,639		34,864,441		500,342			7,827,639		35,364,783			43,192,422		5,243,651		37,948,771		-	2015(A)
KROGER PLAZA	TX		520,340		2,081,356		1,509,185			520,340		3,590,541			4,110,881		2,012,011		2,098,870		-	1995(A)
ACCENT PLAZA	TX		500,414		2,830,835		-			500,414		2,830,835			3,331,249		1,609,778		1,721,471		-	1996(A)
WOODBRIDGE SHOPPING CENTER	TX		2,568,705		6,813,716		107,746			2,568,705		6,921,462			9,490,167		1,614,612		7,875,555		-	2012(A)
GRAND PARKWAY MARKETPLACE	TX		25,363,548		-		65,637,884			21,937,009		69,064,423			91,001,432		1,888,163		89,113,269		-	2014(C)
GRAND PARKWAY MARKETPLACE II	TX		13,436,447		-		37,823,988			13,218,908		38,041,527			51,260,435		227,580		51,032,855		-	2015(C)
BURKE TOWN PLAZA	VA		-		43,240,068		148,028			-		43,388,096			43,388,096		7,389,107		35,998,989		-	2014(A)
OLD TOWN PLAZA	VA		4,500,000		41,569,735		(15,361,974	)		3,052,800		27,654,961			30,707,761		6,141,281		24,566,480		-	2007(A)
SUDLEY TOWNE PLAZA	VA		4,114,293		15,988,465		(8,878,436	)		2,169,742		9,054,580			11,224,322		1,681,675		9,542,647		-	2015(A)
TOWNE SQUARE	VA		8,499,373		24,302,141		2,276,918			8,858,432		26,220,000			35,078,432		4,163,565		30,914,867		-	2014(A)
POTOMAC RUN PLAZA	VA		27,369,515		48,451,209		577,607			27,369,515		49,028,816			76,398,331		13,702,556		62,695,775		-	2008(A)
DULLES TOWN CROSSING	VA		53,285,116		104,175,738		(7,386	)		53,285,116		104,168,352			157,453,468		17,943,630		139,509,838		-	2015(A)
DOCSTONE COMMONS	VA		3,839,249		11,468,264		473,394			3,903,963		11,876,944			15,780,907		913,189		14,867,718		-	2016(A)
DOCSTONE O/P - STAPLES	VA		1,425,307		4,317,552		(883,709	)		1,167,588		3,691,562			4,859,150		374,065		4,485,085		-	2016(A)
STAFFORD MARKETPLACE	VA		26,893,429		86,449,614		347,103			26,893,429		86,796,717			113,690,146		12,171,070		101,519,076		-	2015(A)
GORDON PLAZA	VA		-		3,330,621		25,700			-		3,356,321			3,356,321		218,464		3,137,857		-	2017(A)
AUBURN NORTH	WA		7,785,841		18,157,625		8,267,985			7,785,841		26,425,610			34,211,451		7,766,935		26,444,516		-	2007(A)
THE MARKETPLACE AT FACTORIA	WA		60,502,358		92,696,231		4,477,043			60,502,358		97,173,274			157,675,632		20,942,726		136,732,906		55,049,645	2013(A)
FRONTIER VILLAGE SHOPPING CTR.	WA		10,750,863		36,387,020		96,299			10,750,863		36,483,319			47,234,182		6,987,088		40,247,094		-	2012(A)
GATEWAY SHOPPING CENTER	WA		6,937,929		11,270,322		6,023,649			6,937,929		17,293,971			24,231,900		1,101,984		23,129,916		-	2016(A)
OLYMPIA WEST OUTPARCEL	WA		360,000		799,640		100,360			360,000		900,000			1,260,000		148,269		1,111,731		-	2012(A)
FRANKLIN PARK COMMONS	WA		5,418,825		11,988,657		1,542,755			5,418,825		13,531,412			18,950,237		2,084,443		16,865,794		-	2015(A)
SILVERDALE PLAZA	WA		3,875,013		33,020,027		86,050			3,755,613		33,225,477			36,981,090		6,250,724		30,730,366		-	2012(A)
OTHER PROPERTY INTERESTS
EL MIRAGE	AZ		6,786,441		503,987		(1,256,377	)		5,400,000		634,051			6,034,051		634,051		5,400,000		-	2008(C)
ASANTE RETAIL CENTER	AZ		8,702,635		3,405,683		2,866,808			11,039,472		3,935,654			14,975,126		3,564,804		11,410,322		-	2004(C)
SURPRISE SPECTRUM	AZ		4,138,760		94,572		(94,572	)		4,138,760		-			4,138,760		-		4,138,760		-	2008(C)
LAKE WALES S.C.	FL		601,052		-		-			601,052		-			601,052		-		601,052		-	2009(A)
PLANTATION CROSSING	FL		7,524,800		-		(6,721,763	)		803,037		-			803,037		-		803,037		-	2005(C)
LOWES S.C.	FL		1,620,203		-		(1,399,538	)		220,665		-			220,665		-		220,665		-	2007(A)
TREASURE VALLEY	ID		6,501,240		-		(5,520,565	)		519,811		460,864			980,675		460,864		519,811		-	2005(C)
22ND STREET PLAZA OUTPARCEL	IL		-		99,640		1,071,530			-		1,171,170			1,171,170		120,286		1,050,884		-	2001(A)
MARKETPLACE OF OAKLAWN	IL		-		678,668		108,483			-		787,151			787,151		784,200		2,951		-	1998(A)
LINWOOD-INDIANAPOLIS	IN		31,045		-		-			31,045		-			31,045		-		31,045		-	1991(A)
FLINT - VACANT LAND	MI		101,424		-		(10,000	)		91,424		-			91,424		-		91,424		-	2012(A)
CHARLOTTE SPORTS & FITNESS CTR	NC		500,754		1,858,643		479,046			500,754		2,337,689			2,838,443		1,846,094		992,349		-	1986(A)
SENATE/HILLSBOROUGH CROSSING	NC		519,395		-		(169,395	)		350,000		-			350,000		-		350,000		-	2003(A)
WAKEFIELD COMMONS III	NC		6,506,450		-		(5,397,400	)		1,475,214		(366,164	)		1,109,050		218,191		890,859		-	2001(C)
WAKEFIELD CROSSINGS	NC		3,413,932		-		(3,276,783	)		137,149		-			137,149		-		137,149		-	2001(C)
HILLSBOROUGH PROMENADE	NJ		11,886,809		-		(6,632,045	)		5,006,054		248,710			5,254,764		47,376		5,207,388		-	2001(C)
KEY BANK BUILDING	NY		1,500,000		40,486,755		(11,005,343	)		668,637		30,312,775			30,981,412		19,859,365		11,122,047		-	2006(A)
NORTHPORT LAND PARCEL	NY		-		14,460		81,983			-		96,443			96,443		1,072		95,371		-	2012(A)
MERRY LANE (PARKING LOT)	NY		1,485,531		1,749		517,081			1,485,531		518,830			2,004,361		-		2,004,361		-	2007(A)
JERICHO ATRIUM	NY		10,624,099		20,065,496		807,434			10,624,099		20,872,930			31,497,029		3,737,113		27,759,916		-	2016(A)
BIRCHWOOD PARK	NY		3,507,162		4,126		(1,511,288	)		2,000,000		-			2,000,000		-		2,000,000		-	2007(A)
STATEN ISLAND PLAZA	NY		5,600,744		6,788,460		(2,981,672	)		9,407,532		-			9,407,532		-		9,407,532		-	2005(A)
HIGH PARK CTR RETAIL	OH		3,783,875		-		(3,298,325	)		485,550		-			485,550		-		485,550		-	2001(C)
MCMINNVILLE PLAZA	OR		4,062,327		-		-			4,062,327		-			4,062,327		-		4,062,327		-	2006(C)
COULTER AVE. PARCEL	PA		577,630		1,348,019		15,283,061			16,795,296		413,414			17,208,710		28,529		17,180,181		-	2015(A)
MORRISVILLE S.C.	PA		340,000		1,360,000		(1,669,238	)		30,762		-			30,762		-		30,762		-	1996(A)
BLUE RIDGE	Various		12,346,900		71,529,796		(36,024,104	)		6,069,109		41,783,483			47,852,592		22,030,647		25,821,945		6,299,863	2005(A)
MICROPROPERTIES	TX		528,534		1,090,980		(1,266,986	)		220,492		132,036			352,528		61,956		290,572		-	2012(A)
BALANCE OF PORTFOLIO (4)	Various		1,907,180		65,127,207		(12,574,380	)		110		54,459,897			54,460,007		25,335,442		29,124,565		-
TOTALS		$	2,953,511,558	$	7,110,034,072	$	1,813,644,865		$	3,063,703,962	$	8,813,486,533		$	11,877,190,495	$	2,385,287,743	$	9,491,902,752	$	492,416,135

(1) The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment.

(2) Includes fair market value of debt adjustments, net and deferred financing costs, net.

(3) Shopping center includes active real estate under development project or land held for development.

(4) Includes fixtures, leasehold improvements and other costs capitalized.

94

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

The aggregate cost for Federal income tax purposes was approximately $9.7 billion at December 31, 2018.

The changes in total real estate assets for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
Balance, beginning of period	$	12,653,444,998		$	12,008,075,148		$	11,568,809,126
Additions during period:
Acquisitions		3,420,020			438,125,265			181,719,189
Improvements		554,408,568			414,955,609			217,668,292
Transfers from unconsolidated joint ventures		-			329,194,717			615,511,560
Change in exchange rate		-			1,035,816			598,744
Deductions during period:
Sales		(767,246,512	)		(315,954,464	)		(391,758,149	)
Transfers to unconsolidated joint ventures		(315,728,832	)		-			-
Assets held for sale		(69,741,938	)		(56,187,719	)		(12,608,829	)
Adjustment for fully depreciated assets		(72,992,791	)		(107,660,366	)		(80,660,536	)
Adjustment of property carrying values		(108,373,018	)		(58,139,008	)		(91,204,249	)
Balance, end of period	$	11,877,190,495		$	12,653,444,998		$	12,008,075,148

The changes in accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 are as follows:

	2018			2017			2016
Balance, beginning of period	$	2,433,052,747		$	2,278,291,645		$	2,115,319,888
Additions during period:
Depreciation for year		293,667,298			368,919,387			344,179,201
Deductions during period:
Sales		(239,277,690	)		(86,798,173	)		(97,063,934	)
Transfers to unconsolidated joint ventures		(11,634,554	)		-			-
Assets held for sale		(17,527,267	)		(19,699,746	)		(3,482,974	)
Adjustment for fully depreciated assets		(72,992,791	)		(107,660,366	)		(80,660,536	)
Balance, end of period	$	2,385,287,743		$	2,433,052,747		$	2,278,291,645

Reclassifications:

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

95

KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2018
(in thousands)
Description	Interest Rate		Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Original Face Amount of Mortgages		Carrying Amount of Mortgages (b)		Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail
Westport, CT		6.50%	Mar-33	I	$	-	$	5,014	$	5,014	$	-
Las Vegas, NV		12.00%	May-33	I		-		3,075		3,075		-
Miami, FL		7.57%	Jun-19	P& I		-		4,201		1,646		-
Miami, FL		7.57%	Jun-19	P& I		-		3,678		1,613		-
Nonretail
Oakbrook Terrace, IL		6.00%	Dec-24	I		-		1,950		1,950		-
Individually < 3% (c)		(d)	(e)	P&I		-		2,474		695		-
						-		20,392		13,993		-
Other Financing Loans:
Nonretail
Individually < 3% (f)		(g)	(h)	P&I		-		775		455		-
					$	-	$	21,167	$	14,448	$	-

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

(b)  The aggregate cost for Federal income tax purposes was approximately $14.4 million as of December 31, 2018.

(c)  Comprised of three separate loans with original loan amounts ranging from $0.5 million to $1.4 million.

(d)  Interest rates range from 6.88% to 7.41%.

(e)  Maturity dates range from October 2019 to December 2030.

(f)  Comprised of two separate loans with original loan amounts ranging from $0.2 million to $0.6 million.

(g)  Interest rates range from 2.28% to 6.85%.

(h)  Maturity dates range from April 2019 to April 2027.

For a reconciliation of mortgage and other financing receivables from January 1, 2016 to December 31, 2018, see Footnote 10 of the Notes to the 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.

96

EX-21.1

Exhibit 21.1

SIGNIFICANT SUBSIDIARIES

None.

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. 333-223226) 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 15, 2019 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 15, 2019

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 15, 2019

/s/ Conor C. Flynn

Conor C. Flynn      

Chief Executive Officer

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 15, 2019

/s/ Glenn G. Cohen

Glenn G. Cohen

Chief Financial Officer

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, 2018 (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 15, 2019

/s/ Conor C. Flynn

Conor C. Flynn

Chief Executive Officer

Date: February 15, 2019

/s/ Glenn G. Cohen

Glenn G. Cohen

Chief Financial Officer

EX-99.1

Exhibit 99.1

								MAJOR LEASES						GROCER
LOCATION		PORTFOLIO	YEAR DEVELOPED OR ACQUIRED	LEASABLE AREA (SQ.FT.)		PERCENT LEASED (1)		TENANT NAME	GLA		TENANT NAME	GLA		TENANT NAME	GLA
ARIZONA
	MESA		2009		227,627		98.8	FLOOR & DECOR		92,904	PETSMART		25,339	WINCO FOODS (6)		101,060
	MESA (5)		2005		1,063,974		95.9	BASS PRO SHOPS OUTDOOR WORLD		170,000	HOME DEPOT		102,589	WALMART		208,000
	MESA		2011		79,790		100.0	MOR FURNITURE FOR LESS		33,234	MICHAELS		25,520	TARGET (6)		128,972
	PEORIA		2011		167,986		98.3	JCPENNEY		53,984	JO-ANN FABRICS		40,734	TARGET (6)		151,457
	PHOENIX		1998		218,608		100.0	BURLINGTON		98,054	MICHAELS		23,190
	PHOENIX		1998		229,707		84.6	COSTCO		141,659	DD'S DISCOUNTS		21,406	RANCH MARKET (6)		103,909
	PHOENIX		1997		131,621		100.0	TRADER JOE'S		11,145				SAFEWAY		62,573
	PHOENIX		2011		184,292		99.0	MICHAELS		25,666				WALMART		110,627
	PHOENIX		2015		836,986		98.5	WALMART		251,361	JCPENNEY		98,000	COSTCO		154,809
	SUN CITY		2012		62,559		100.0	CVS		24,519				SAFEWAY (6)		48,500
	TEMPE		2011		62,285		98.6							WHOLE FOODS MARKET		32,306
CALIFORNIA
	ALHAMBRA		1998		195,473		100.0	JO-ANN FABRICS		13,472				COSTCO		157,019
	ANAHEIM	PRU	2006		348,524		99.5	FOREVER 21		80,000	SMART & FINAL EXTRA!		30,000	EL SUPER		54,087
	ANAHEIM		2016		154,043		99.4	RITE AID		18,235	BLINK FITNESS		16,310	RALPHS		45,000
	ANAHEIM	PRU	2006		105,338		91.8	HARBOR FREIGHT TOOLS		17,459	DOLLAR TREE		10,797	STATER BROTHERS		37,440
	BELLFLOWER		2014		113,233		38.9	PLANET FITNESS		29,025
	CARLSBAD (5)		2014		149,513		94.7	MARSHALLS		27,000	DOLLAR TREE		16,610
	CARMICHAEL (5)		1998		200,499		88.2	HOME DEPOT		110,861				WALMART NEIGHBORHOOD MARKET		44,257
	CHICO		2008		264,335		98.6	EVANS FURNITURE GALLERIES		57,635	BED BATH & BEYOND		25,002	FOOD MAXX		54,239
	CHINO (5)	PRU	2006		315,957		85.4	LA CURACAO		104,465	ROSS DRESS FOR LESS		30,730	TARGET (6)		112,062
	CHINO	PRU	2006		168,264		97.3	DOLLAR TREE		25,060	PETSMART		24,225	ALBERTSONS (6)		43,440
	CHINO HILLS		2008		73,352		100.0							STATER BROTHERS		43,235
	COLMA		2015		227,941		83.1	MARSHALLS		32,000	ROSS DRESS FOR LESS		24,759
	CORONA		1998		491,898		97.9	COSTCO		114,112	HOME DEPOT		100,000	99 RANCH MARKET (6)		42,630
	CORONA		2007		148,805		100.0	PETSMART		24,515	HOWARD'S APPLIANCES, TV'S & M		15,120	VONS		55,650
	COVINA	KIR	2000		277,782		100.0	LOWE'S HOME CENTER		111,348	SKYZONE		25,608	ALDI		17,508
	CUPERTINO (5)		2006		129,047		92.5							99 RANCH MARKET		29,657
	DALY CITY (5)		2002		595,850		94.6	HOME DEPOT		109,000	BURLINGTON		55,000	SAFEWAY		57,817
	DUBLIN	PRU	2006		155,070		100.0	ORCHARD SUPPLY HARDWARE (4)		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		100.0	24 HOUR FITNESS		22,000				BEL AIR MARKET		56,435
	ESCONDIDO (5)	PRU	2006		215,203		93.0	LA FITNESS		40,000	ROSS DRESS FOR LESS		24,729	VONS		40,000
	FAIR OAKS	PRU	2006		98,625		95.5	PLANET FITNESS		18,400				RALEY'S		59,231
	FREMONT	PRU	2007		504,666		90.4	BED BATH & BEYOND		39,830	MARSHALLS		30,028	SAFEWAY		54,741
	FREMONT (5)	PRU	2006		127,938		100.0	CVS		24,437	24 HOUR FITNESS		24,145	SAVE MART		48,000
	GARDENA	PRU	2006		65,987		100.0	DAISO JAPAN		19,300				99 RANCH MARKET		22,000
	HAYWARD		2016		80,911		91.7	99 CENTS ONLY STORE		29,300	BIG LOTS		23,334
	HUNTINGTON BEACH	PRU	2006		148,805		96.8	CVS		20,120	CRUNCH FITNESS		16,609	VONS		40,800
	LA MIRADA		1998		264,513		94.0	UFC GYMS		45,388	U.S. POSTAL SERVICE		26,577	ALBERTSONS (6)		47,199
	LA VERNE		2014		226,872		96.6	MARSHALLS		27,764	STAPLES		15,661	TARGET		114,732
	LINCOLN		2015		116,409		97.8	CVS		23,077				SAFEWAY		55,342
	LIVERMORE	PRU	2006		104,165		80.1	ROSS DRESS FOR LESS		24,000	DOLLAR TREE		12,061	TARGET (6)		112,739
	LOS ANGELES		2010		150,665		98.2	DD'S DISCOUNTS		22,224	RITE AID		18,160	RALPHS/FOOD 4 LESS		38,950
	LOS ANGELES (5)	PRU	2006		151,900		100.0	ROSS DRESS FOR LESS		29,356	CVS		25,487	SUPERIOR MARKETS		34,420
	MONTEBELLO	KIR	2000		251,489		99.5	SEARS		105,000	BIG LOTS		46,270
	NAPA		2006		349,530		100.0	TARGET		116,000	HOME DEPOT		100,238	RALEY'S		60,890
	NORTHRIDGE		2005		163,941		86.8	DSW SHOE WAREHOUSE		32,400	MONKEY SPORTS		24,053	SUPER KING MARKET		39,348
	NOVATO		2009		133,485		96.3	RITE AID		24,769	DOLLAR TREE		15,708	SAFEWAY		51,199
	OCEANSIDE	PRU	2006		353,004		98.8	SEARS OUTLET		38,902	ROSS DRESS FOR LESS		30,000
	OCEANSIDE	PRU	2006		93,786		92.0	LAMPS PLUS		11,000				TRADER JOE'S		12,881
	PACIFICA		2014		168,231		94.8	ROSS DRESS FOR LESS		24,246	RITE AID		19,085	SAFEWAY		45,892
	PACIFICA	PRU	2006		102,982		96.4	RITE AID		23,064				SAFEWAY		31,781
	POWAY		2005		121,435		97.9	STEIN MART		40,000	HOMEGOODS		26,210
	REDWOOD CITY		2009		45,870		100.0	ORCHARD SUPPLY HARDWARE		42,509				COSTCO (6)		132,067
	ROSEVILLE		2014		188,493		97.4	DICK'S SPORTING GOODS		55,377	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		98.1	TJ MAXX		31,152	HOMEGOODS		30,619	SPROUTS FARMERS MARKET		19,225
	SAN DIEGO		2007		48,169		100.0							NAMASTE PLAZA SUPERMARKET		10,439
	SAN DIEGO		2015		116,794		99.2							VONS (6)		40,000
	SAN DIEGO		2012		108,741		100.0							ALBERTSONS		66,284
	SAN JOSE (5)	PRU	2006		147,147		87.3	CITY SPORTS CLUB		35,467	ALTITUDE TRAMPOLINE PARK		30,000	FOOD MAXX (6)		48,971
	SAN LEANDRO	PRU	2006		95,255		97.2	ROSS DRESS FOR LESS		26,706	MICHAELS		19,020
	SAN RAMON	KIR	1999		45,938		100.0	ULTA		10,500	PETCO		10,000
	SANTA ANA		1998		134,400		100.0	HOME DEPOT		134,400
	SANTA ROSA		2005		102,478		95.9	ACE HARDWARE		12,100				RALEY'S		60,913
	SANTEE		2015		312,698		97.6	24 HOUR FITNESS		36,000	BED BATH & BEYOND		30,000	TARGET (6)		126,587
	TEMECULA	KIR	1999		342,000		96.9	KMART		86,479	TRISTONE THEATRES		29,650	FOOD 4 LESS		52,640
	TEMECULA	CPP	2010		519,018		98.9	WALMART		221,639	KOHL'S		88,728	SPROUTS FARMERS MARKET		25,647
	TORRANCE	KIR	2000		270,749		98.4	BURLINGTON		43,595	UFC GYMS		42,575	TRADER JOE'S		10,004
	TRUCKEE		2006		26,553		97.5							SAVE MART (6)		29,572
	TRUCKEE		2015		38,749		100.0							SAFEWAY (6)		38,794
	TUSTIN	OJV	2018		687,590		97.1	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 (4)		41,430
	TUSTIN	PRU	2006		137,287		94.4	MICHAELS		22,364	TRADER JOE'S		14,888	RALPHS		36,400
	UPLAND	PRU	2006		273,149		98.3	HOME DEPOT		98,064	HOBBY LOBBY		63,748
	VALENCIA	PRU	2006		143,070		95.9	CVS		25,500				RALPHS		45,579
	VISTA	PRU	2006		122,563		96.7	CVS		22,154				ALBERTSONS		46,819
	WALNUT CREEK	PRU	2006		114,627		100.0	CENTURY THEATRES		57,017	COST PLUS WORLD MARKET		19,044
	WESTMINSTER	PRU	2006		209,749		97.1	HOWARD'S APPLIANCES & FLAT SCR		17,962				PAVILIONS		69,445
	WHITTIER		2017		681,420		98.2	TARGET		141,900	SEARS		137,985	VONS		51,011
	WINDSOR		2014		126,187		99.0	CVS		19,950				SAFEWAY		52,610
COLORADO
	ARVADA		2013		144,315		84.4	RITE AID		56,674				TARGET (6)		128,000
	AURORA (5)		1998		120,783		99.1	ROSS DRESS FOR LESS		30,187	TJ MAXX		28,140
	AURORA		1998		42,977		87.3							KING SOOPERS (6)		56,959
	AURORA (5)		1998		141,275		91.1	24 HOUR FITNESS		41,896	COLORADO FABRICS		40,421
	DENVER		1998		18,405		100.0							LOCAVORE		18,405
	ENGLEWOOD		1998		80,330		100.0	HOBBY LOBBY		50,690	DART MANIA		10,000
	FORT COLLINS		2000		115,862		100.0	KOHL'S		105,862	GUITAR CENTER		10,000	SAM'S CLUB (6)		104,972
	GREELEY (5)		2012		130,253		100.0	BED BATH & BEYOND		27,974	MICHAELS		21,323	SPROUTS FARMERS MARKET		21,236
	HIGHLANDS RANCH		2011		208,127		93.7	ACE HARDWARE		33,450	TJ MAXX		30,000
	LAKEWOOD		1998		82,581		98.8							SAFEWAY		49,788
	LITTLETON (5)		2011		187,539		94.6	OFFICE DEPOT		25,267	TUESDAY MORNING		19,831	KING SOOPERS		64,532
CONNECTICUT
	BRANFORD	KIR	2000		190,738		96.6	KOHL'S		86,830				BIG Y		46,669
	DANBURY		2014		136,209		100.0	MARSHALLS		30,954				WALMART		105,255
	ENFIELD	KIR	2000		148,517		95.3	KOHL'S		88,000	BEST BUY		30,048
	FARMINGTON		1998		210,372		100.0	BURLINGTON		51,240	NORDSTROM RACK		35,834
	HAMDEN (5)		2016		334,813		97.2	WALMART		89,750	BOB'S STORES		49,133	ALDI		19,927
	NORTH HAVEN		1998		338,666		100.0	HOME DEPOT		111,500	DICK'S SPORTING GOODS		48,265	BJ'S WHOLESALE CLUB		109,920
	WILTON		2012		134,329		86.7	BOW TIE CINEMAS		14,248				STOP & SHOP		46,764
DELAWARE
	WILMINGTON		2014		165,792		100.0	BURLINGTON		42,443	RAYMOUR & FLANIGAN FURNITURE		36,000	SHOPRITE		58,236
FLORIDA
	ALTAMONTE SPRINGS		1998		192,128		100.0	PGA TOUR SUPERSTORE		38,292	DSW SHOE WAREHOUSE		23,990	WHOLE FOODS MARKET		40,000
	BOCA RATON (5)		1967
	BOYNTON BEACH	KIR	1999		192,776		98.0	BEALLS		103,479	ALBERTSONS		51,195
	BRANDON	KIR	2001		143,785		99.0	BED BATH & BEYOND		40,000	ROSS DRESS FOR LESS		25,106	TARGET (6)		107,648
	CAPE CORAL		2015		42,030		100.0
	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		94.8	TJ MAXX		29,500	DISCOVERY CLOTHING CO.		15,000
	DANIA BEACH (2)		2016		272,958		94.2	BRANDSMART U.S.A		91,347	HOBBY LOBBY		55,056	LUCKY'S MARKET		30,000
	FORT LAUDERDALE		2009		229,034		95.9	REGAL CINEMAS		52,936	LA FITNESS		48,479
	HOLLYWOOD		2016		898,913		96.9	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		2017		102,979		70.7	HAVERTY'S		44,916	CHUCK E CHEESE		14,500	WALMART (6)		203,000
	JACKSONVILLE		2010		256,980		99.3	STEIN MART		36,000	SEARS OUTLET		28,020
	KEY LARGO	KIR	2000		207,365		95.0	KMART		108,842	PUBLIX		48,555	PUBLIX		48,555
	LAKELAND		2001		241,256		97.8	HOBBY LOBBY		53,271	STEIN MART		39,500
	LARGO		1968		131,067		93.7	OLD TIME POTTERY		58,374	YOUFIT HEALTH CLUBS		25,121	ALDI		20,800
	LARGO		1992		221,462		81.8	LA FITNESS		33,490	ROSS DRESS FOR LESS		24,895	PUBLIX		42,112
	LAUDERHILL		1974		181,576		70.2	STAPLES		23,500	PARTY CITY		12,700	PRESIDENTE SUPERMARKET		22,772
	MARATHON		2013		106,398		89.5	KMART		52,571				WINN DIXIE		38,400
	MELBOURNE		1968		168,737		83.4	RADIAL		69,900	WALGREENS		15,525
	MIAMI	OJV	2003		87,305		100.0	ORCHARD SUPPLY HARDWARE		29,111				FRESCO Y MAS		55,944
	MIAMI	OJV	2016		1,615		100.0							FRESCO Y MAS (6)		55,944
	MIAMI		1968		107,000		100.0	HOME DEPOT		94,207				MILAN'S MARKET		10,947
	MIAMI	OJV	1965		64,550		98.6	YOUFIT HEALTH CLUBS		30,000				FRESCO Y MAS (6)		55,944
	MIAMI		1986		87,069		100.0	WALGREENS		14,468				PUBLIX		46,810
	MIAMI		2009		293,001		99.6	KMART		114,000	HOBBY LOBBY		40,000
	MIAMI		2015		63,563		100.0							PUBLIX		44,271
	MIAMI		2015		60,280		98.3							PUBLIX		45,600
	MIAMI		2007		355,134		97.6	BUY BUY BABY		29,953	YOUFIT HEALTH CLUBS		24,840	PUBLIX		56,000
	MIAMI		2011		112,423		100.0	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
	NORTH MIAMI BEACH		1985		108,795		100.0	WALGREENS		15,930				PUBLIX		51,420
	ORLANDO	KIR	2000		184,362		100.0	FITNESS CF		56,000	PGA TOUR SUPERSTORE		50,239
	ORLANDO		2008		179,074		92.4	24 HOUR FITNESS		49,875	TJ MAXX		26,843	TARGET (6)		184,782
	ORLANDO		2009		156,052		100.0	MARSHALLS		30,027	HOMEGOODS		24,991	TARGET (6)		187,166
	ORLANDO		2011		86,321		100.0							FRESH MARKET		18,400
	OVIEDO		2015		78,093		98.2							PUBLIX		44,270
	PENSACOLA		2011		101,377		98.6							PUBLIX		61,389
	PLANTATION		2017		60,414		100.0							LUCKY'S MARKET		41,440
	POMPANO BEACH		2012		77,352		100.0	HOMEGOODS		20,280	ULTA		11,224	WHOLE FOODS MARKET		40,100
	SAINT PETERSBURG		1968		118,574		78.9	OLLIE'S BARGAIN OUTLET		45,871	YOUFIT HEALTH CLUBS		22,000
	SARASOTA		2008		100,237		90.0	TJ MAXX		29,825	OFFICEMAX		23,800
	TALLAHASSEE		1998		190,811		99.3	STEIN MART		31,920	HOMEGOODS		24,471	THE FRESH MARKET		22,300
	TAMPA	KIR	2001		340,000		92.4	BEST BUY		46,121	JO-ANN FABRICS		45,965
	TAMPA		1997		206,564		100.0	AMERICAN SIGNATURE		49,106	ROSS DRESS FOR LESS		26,250	SPROUTS FARMERS MARKET		27,000
	TAMPA		2004		197,181		99.4	LOWE'S HOME CENTER		167,000
	WEST PALM BEACH (5)		2009		23,350		100.0	FLORIDA SCHOOL FOR DANCE EDUCA		23,350
	WEST PALM BEACH		2014		66,440		92.7							PUBLIX		28,800
	WEST PALM BEACH		1997		3,787		100.0							PUBLIX (6)		28,800
GEORGIA
	ALPHARETTA		2008		130,390		98.8							KROGER		62,000
	ATLANTA (5)		2008		156,308		99.2	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		539,930		90.7	HOBBY LOBBY		65,864	BURLINGTON		44,118	TARGET (6)		123,000
	DULUTH		2015		78,025		100.0							WHOLE FOODS MARKET		70,125
	LAWRENCEVILLE		2013		285,656		100.0	HOBBY LOBBY		67,400	AMC THEATRES		65,442	TARGET (6)		116,400
	PEACHTREE CITY		2014		266,045		97.4	KMART		86,479				KROGER		108,127
	SAVANNAH		1993		186,514		99.4	BED BATH & BEYOND		35,005	TJ MAXX		33,067
	SAVANNAH		2008		197,605		80.2	ROSS DRESS FOR LESS		30,187	COST PLUS WORLD MARKET		21,000
	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		88.4	KOHL'S		86,584	HOBBY LOBBY		51,214	ALDI		17,330
	CHAMPAIGN	KIR	2001		111,720		100.0	BEST BUY		45,350	ROSS DRESS FOR LESS		30,247
	CHICAGO		1997		129,127		94.9	BURLINGTON		75,623	RAINBOW SHOPS		13,770	JEWEL/OSCO (6)		67,648
	DOWNERS GROVE		1999		8,041		100.0							SHOP N SAVE (6)		42,610
	GLENVIEW		2017		141,721		95.1							JEWEL/OSCO		59,171
	MOUNT PROSPECT		1997		192,547		70.6	KOHL'S		101,097	TRUE VALUE		27,619
	OAKBROOK TERRACE		2001		176,164		100.0	HOME DEPOT		121,903	BIG LOTS		30,000
	SKOKIE		1997		58,455		100.0	MARSHALLS		30,406	OLD NAVY		28,049	JEWEL/OSCO (6)		70,630
	VERNON HILLS		2012		192,624		99.0	DICK'S SPORTING GOODS		54,997	PETSMART		27,518
INDIANA
	GREENWOOD (5)		1970		186,365		100.0	BIG LOTS		47,000	MARSHALLS/HOMEGOODS		42,000	FRESH THYME FARMERS MARKET		29,979
	INDIANAPOLIS	OJV	1964		165,255		78.1	CVS		12,800	DOLLAR GENERAL		10,686	KROGER		63,468
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		0.0
	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
	HYANNIS		2014		231,546		98.8	HOBBY LOBBY		46,932	HOMEGOODS		24,904	SHAW'S SUPERMARKET		54,712
	MEDFORD		2014		56,215		100.0	A.C. MOORE		22,478				ALDI		21,952
	PITTSFIELD		2014		72,014		92.3							STOP & SHOP		61,935
	QUINCY		2014		80,510		100.0	MING SEAFOOD RESTAURANT CORP.		14,247				BIG Y		55,087
	QUINCY		2014		24,469		100.0	WALGREENS		12,607
	REVERE		2014		15,272		100.0	WALGREENS		15,272
	SALEM		2014		48,587		95.8	STAPLES		17,001
	SPRINGFIELD		2014		19,287		100.0	CVS		19,287
	SWAMPSCOTT		2014		63,975		100.0	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		93,705	PIER 1 IMPORTS		10,680
	WORCESTER		2014		66,281		100.0	HARBOR FREIGHT TOOLS		18,859	DOLLAR TREE		10,541	99 ASIAN SUPERMARKET		21,521
MARYLAND
	BALTIMORE (5)		2014		124,422		93.2							WEIS MARKETS		67,520
	BALTIMORE		2014		114,045		100.0	RITE AID		11,868	DOLLAR TREE		10,000	SAFEWAY		54,200
	BALTIMORE		2015		58,879		88.2	CORT FURNITURE RENTAL		14,856
	BALTIMORE		2014		80,997		97.4							GIANT FOOD		55,108
	BALTIMORE		2014		90,903		100.0							GIANT FOOD		56,892
	BALTIMORE		2013		90,830		98.7							GIANT FOOD		43,136
	BEL AIR		2014		130,193		95.5	CVS		10,125	DOLLAR TREE		10,000	SAFEWAY		55,032
	CLARKSVILLE		2014		105,907		98.8							GIANT FOOD		62,943
	COLUMBIA		2012		75,000		100.0	MICHAELS		26,706	PETSMART		25,000	BJ'S WHOLESALE CLUB (6)		109,384
	COLUMBIA		2015		298,387		74.9	NORDSTROM RACK		40,750	TJ MAXX		30,600	TARGET (6)		130,604
	COLUMBIA (5)		2015		91,176		97.0							GIANT FOOD		57,994
	COLUMBIA		2014		98,399		96.5							HARRIS TEETER		56,905
	COLUMBIA		2015		91,165		94.6							SAFEWAY		55,164
	COLUMBIA		2002		66,050		100.0	CVS		13,225				DAVID'S NATURAL MARKET		15,079
	DISTRICT HEIGHTS		2015		90,929		95.5							GIANT FOOD		64,333
	EASTON		2014		113,330		91.7	DOLLAR TREE		10,000				GIANT FOOD		64,885
	ELLICOTT CITY (5)		2015		82,456		98.5							GIANT FOOD		55,000
	ELLICOTT CITY		2014		139,898		96.6	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 (5)		2003		107,988		97.2							GIANT FOOD		56,166
	GAITHERSBURG		1999		88,277		96.6	FLOOR & DECOR		60,102	MATTRESS & FURNITURE MART		10,026
	GAITHERSBURG (5)		2016		225,908		88.1	CINEPOLIS		34,052	MICHAELS		23,296	WHOLE FOODS MARKET		35,868
	HUNT VALLEY		2008		94,653		93.8							GIANT FOOD		55,330
	LAUREL (5)		1964		157,474		100.0	2ND AVE. VALUE STORES		81,550	PLANET FITNESS		21,000
	OWINGS MILLS (3)		2015		428,607		100.0	COSTCO		148,000	LOWE'S HOME CENTER		111,238	GIANT FOOD		66,450
	PASADENA	OJV	2003		38,766		100.0	DAVITA		10,496
	PIKESVILLE		2011		105,223		91.2							GIANT FOOD		63,529
	TIMONIUM		2014		59,799		89.8	AMERICAN RADIOLOGY		13,573
	TIMONIUM		2003		191,561		92.8	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		100.0	WALMART		154,828	TARGET		132,608	WEIS MARKETS		55,452
MICHIGAN
	FARMINGTON		1993		96,194		100.0	TUESDAY MORNING		14,610	FITNESS 19		10,250	FRESH THYME FARMERS MARKET		26,086
	LIVONIA		1968		19,584		32.7
	WALKER		1993		387,210		100.0	RUBY-15-WALKER, LLC		156,366	KOHL'S		104,508
MINNESOTA
	MAPLE GROVE	KIR	2001		449,773		92.8	BEST BUY		45,953	JO-ANN FABRICS		45,940	BYERLY'S		55,043
	MAPLE GROVE		2006		481,032		98.6	LOWE'S HOME CENTER		137,933	DICK'S SPORTING GOODS		51,182	COSTCO (6)		139,262
	MINNETONKA	KIR	1998		121,066		98.8	HOBBY LOBBY		62,204	TOTAL WINE & MORE		25,775
MISSOURI
	SAINT CHARLES		1998		84,460		100.0	KOHL'S		84,460
	SAINT PETERS		1997		176,804		91.4	HOBBY LOBBY		57,028	EDGE FITNESS CLUB		40,418
NORTH CAROLINA
	CARY	KIR	2001		315,977		100.0	KOHL'S		86,584	PETSMART		26,040	BJ'S WHOLESALE CLUB		108,532
	CARY		2000		581,668		93.9	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		94.4	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		100.0							HARRIS TEETER		51,486
	CORNELIUS		2011		80,600		100.0							HARRIS TEETER		57,260
	DAVIDSON		2012		83,938		92.4							HARRIS TEETER		48,000
	DURHAM	KIR	2002		408,065		99.2	BEST BUY		45,000	BUY BUY BABY		31,772	WALMART		149,929
	KNIGHTDALE	OJV	2011		323,000		90.3	DICK'S SPORTING GOODS		45,000	ROSS DRESS FOR LESS		30,144	TARGET (6)		124,163
	MOORESVILLE		2007		165,798		100.0	BEST BUY		30,000	BED BATH & BEYOND		28,000
	MORRISVILLE		2008		169,901		94.2	CARMIKE CINEMAS		60,124	O2 FITNESS CLUBS		36,000	FOOD LION		36,427
	RALEIGH		1993		356,075		80.3	GOLF GALAXY		59,719	BED BATH & BEYOND		35,335
	RALEIGH		2011		136,670		99.0	OFFICE DEPOT		22,391	02 FITNESS		21,081
	WINSTON-SALEM		1969		132,590		100.0	DOLLAR TREE		14,849				HARRIS TEETER		60,279
NEW HAMPSHIRE
	NASHUA		2014		219,445		99.5	TJ MAXX		25,219	MICHAELS		24,300	TRADER JOE'S		13,800
	SALEM		1994		350,451		100.0	KOHL'S		91,282	BOB'S DISCOUNT FURNITURE		51,507
NEW JERSEY
	BRIDGEWATER	KIR	2001		244,217		100.0	BED BATH & BEYOND		40,415	MARSHALLS		39,562	TRADER JOE'S		12,820
	CHERRY HILL		1985		124,750		100.0	HUNG VUONG FOOD MARKET - SS		34,427	RETRO FITNESS		10,366	HUNG VUONG SUPERMARKET		62,532
	CHERRY HILL		1996		129,809		95.5	KOHL'S		96,629	PLANET FITNESS		22,320
	CHERRY HILL		2014		216,219		100.0	KOHL'S		86,770	HOBBY LOBBY		44,675	TARGET (6)		130,915
	CHERRY HILL		2011		381,409		93.3	BURLINGTON		70,500	GABE'S		39,610	SHOPRITE		71,676
	CLARK		2013		85,000		100.0							SHOPRITE		85,000
	CLARK		2013		52,812		100.0							BRIXMORE		52,812
	CLARK		2013		41,537		100.0	24 HOUR FITNESS		28,000	WALGREENS		13,537
	EAST WINDSOR		2008		248,727		100.0	TARGET		126,200	KOHL'S		30,257	PATEL BROTHERS		22,310
	EDGEWATER	PRU	2007		423,316		99.3	TARGET		113,156	TJ MAXX		35,000	ACME		63,966
	HILLSDALE		2014		60,432		100.0	WALGREENS		16,332				KING'S SUPER MARKET		30,811
	HOLMDEL		2007		299,723		98.2	HOBBY LOBBY		56,021	MARSHALLS		48,833
	HOLMDEL		2007		234,557		100.0	BEST BUY		30,109	MICHAELS		25,482	BEST MARKET		37,500
	MILLBURN		2014		89,321		100.0	WALGREENS (4)		17,139	PET SUPPLIES PLUS		10,158	KING'S SUPER MARKET		40,024
	MOORESTOWN		2009		201,351		100.0	LOWE'S HOME CENTER		135,198	SKYZONE		42,173
	NORTH BRUNSWICK		1994		429,379		100.0	BURLINGTON		64,676	MARSHALLS		52,440	WALMART		181,957
	PISCATAWAY		1998		97,348		96.2							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		347,803		100.0	FLOOR & DECOR		89,933	LIFE STORAGE LP		85,063
	WESTMONT		1994		173,259		87.6	A.C. MOORE		14,800	TUESDAY MORNING		13,271	TARGET		48,142
NEVADA
	RENO		2006		119,377		100.0	SIERRA TRADING POST		31,000	PIER 1 IMPORTS		10,542	WHOLE FOODS MARKET		51,758
	RENO		2015		152,601		100.0	BED BATH & BEYOND		35,185	NORDSTROM RACK		31,000	WILD OATS MARKET (4)		28,788
	RENO		2015		104,319		100.0							RALEY'S		65,519
	RENO		2015		118,012		100.0	SHELL OIL		10,000				RALEY'S		61,570
	SPARKS		2007		120,045		97.1	CVS		18,990				SAFEWAY		56,061
	SPARKS		2015		113,759		93.5							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	BIG LOTS		43,123	ALDI		18,635
	BELLMORE		2004		15,445		100.0	PETSMART		12,052
	BRIDGEHAMPTON		2009		287,507		99.3	KMART		89,935	TJ MAXX		33,800	KING KULLEN		61,892
	BRONX	OJV	2013		224,959		100.0	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		100.0	PETSMART		20,165	CITI TRENDS		11,186	TOPS SUPERMARKET		84,000
	CENTEREACH	OJV	1993		387,075		96.4	BIG LOTS		33,600	PLANET FITNESS		23,118	WALMART		151,067
	COMMACK (5)		1998		235,154		100.0	HOBBY LOBBY		42,970	BURLINGTON		40,471	WHOLE FOODS MARKET		45,000
	COMMACK		2007		24,617		100.0	DEAL$		14,137
	COPIAGUE	KIR	1998		135,436		100.0	HOME DEPOT		112,000				TARGET (6)		130,417
	EAST NORTHPORT		2012		3,827		100.0
	ELMONT		2004		27,078		86.2	TJ MAXX		21,178
	ELMSFORD		2013		143,288		100.0	ELMSFORD 119		84,450	AUTONATION		58,838
	FARMINGDALE		2015		434,353		94.9	HOME DEPOT		116,790	SUNRISE CREDIT SERVICES		34,821	STEW LEONARD'S		60,000
	FLUSHING		2007		22,416		100.0							FRUIT VALLEY PRODUCE		17,300
	FRANKLIN SQUARE		2004		17,789		100.0	PETCO		11,857
	FREEPORT	KIR	2000		173,002		100.0	VORNADO REALTY TRUST		37,328	MARSHALLS		27,540	TARGET		46,753
	GLEN COVE	KIR	2000		49,212		100.0	STAPLES		24,880	PETSMART		13,482
	HAMPTON BAYS		1989		70,990		100.0	MACY'S		50,000	PETCO		11,890
	HARRIMAN		2015		228,008		95.7	KOHL'S		86,584	MICHAELS		24,008
	HICKSVILLE		2004		35,736		100.0	PETCO		12,919	DOLLAR TREE		10,481
	HUNTINGTON STATION		2011		52,973		100.0	RITE AID		11,010				BEST MARKET		30,700
	JERICHO		2007		171,180		100.0	MARSHALLS		33,600	MILLERIDGE		20,466	WHOLE FOODS MARKET		38,304
	KEW GARDENS HILLS		2012		10,790		100.0
	LATHAM	KIR	1999		620,575		88.4	SAM'S CLUB		134,900	DICK'S SPORTING GOODS		116,097	HANNAFORD		63,664
	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 (4)		22,500
	MERRICK	KIR	2000		108,296		98.5	HOMEGOODS		24,836	MANDEE		15,038	BEST MARKET		44,478
	MINEOLA		2007		26,747		100.0							NORTHSHORE 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		100.0	EASY DAY		13,965
	PLAINVIEW		1969		88,222		100.0							FAIRWAY STORES		55,162
	SELDEN		2014		236,130		95.3	HOME DEPOT		102,220	RITE AID		14,673	TARGET		52,250
	STATEN ISLAND	KIR	2000		190,779		95.4	TJ MAXX		34,798	LA FITNESS		34,000
	STATEN ISLAND		1989		268,362		100.0	SI FURNITURE INC.		29,216	HOMEGOODS		26,375	TARGET		139,839
	STATEN ISLAND		1997		100,977		99.2	LA FITNESS		33,180
	STATEN ISLAND (5)		2006		70,492		100.0	CVS		13,044	MANDEE		11,146	SHOPRITE		68,107
	STATEN ISLAND		2005		47,270		100.0	STAPLES		47,270
	SYOSSET		1967		32,124		96.3	NEW YORK SPORTS CLUB		16,664
	VALLEY STREAM		2012		27,924		100.0							KEY FOOD		27,924
	WHITE PLAINS (5)		2004		17,649		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
OREGON
	CLACKAMAS	PRU	2007		236,981		97.1	HOBBY LOBBY		45,461	NORDSTROM RACK		27,766	TARGET (6)		125,923
	GRESHAM	PRU	2006		263,686		86.9	MADRONA WATUMULL		55,120	ROSS DRESS FOR LESS		26,832
	GRESHAM		2009		208,276		91.1	MARSHALLS		27,500	OFFICE DEPOT		26,706
	GRESHAM		2009		107,583		75.9							WALMART NEIGHBORHOOD MARKET		60,000
	HILLSBORO	PRU	2008		210,941		92.8	RITE AID		27,465	DSW SHOE WAREHOUSE		19,949	SAFEWAY		53,000
	MILWAUKIE	PRU	2007		185,760		92.2	RITE AID		31,472	JO-ANN FABRICS		13,775	HAGGEN (4)		42,630
	PORTLAND		2017		744,241		87.6	HOME DEPOT		106,500	BURLINGTON		70,501	TARGET		138,700
PENNSYLVANIA
	ARDMORE		2007		314,158		91.6	LIFE TIME FITNESS		78,363	WEST ELM		10,543	TRADER JOE'S		12,548
	BLUE BELL		1996		120,211		100.0	KOHL'S		93,444	HOMEGOODS		26,767	MCCAFFREY'S FOOD MARKETS (6)		88,842
	CHAMBERSBURG		2008		131,623		93.6	WINE & SPIRITS SHOPPE		11,309				GIANT FOOD		67,521
	DEVON		2012		68,935		100.0	WINE & SPIRITS SHOPPE		10,394				WHOLE FOODS MARKET		33,504
	EAGLEVILLE		2008		59,536		100.0	OLLIE'S BARGAIN OUTLET		37,373	DOLLAR TREE		10,263
	EAST NORRITON		1984		131,794		98.5	RETRO FITNESS		18,025	JO-ANN FABRICS		12,250	SHOPRITE		66,506
	EAST STROUDSBURG (5)		1973		66,618		68.9	HOMEGOODS		22,500				GIANT FOOD		66,479
	EXTON		1996		145,869		100.0	KOHL'S		85,184	HOBBY LOBBY		60,685
	HARRISBURG		1972		192,078		94.0	AMERICAN SIGNATURE		48,884	TOUCH OF COLOR FLOORING		31,167	GIANT FOOD		72,251
	HAVERTOWN		1996		80,938		100.0	KOHL'S		80,938
	HORSHAM		2015		71,737		100.0							GIANT FOOD		48,820
	MONROEVILLE		2015		143,200		93.0	PETSMART		29,650	BED BATH & BEYOND		25,312
	MONTGOMERYVILLE	KIR	2002		256,951		100.0	BED BATH & BEYOND		32,037	GABE'S		28,892	GIANT FOOD		67,179
	NORRISTOWN		2015		60,160		100.0	SEARS HARDWARE		60,160
	PHILADELPHIA	OJV	1983		180,597		100.0	BURLINGTON		70,723	RAYMOUR & FLANIGAN FURNITURE		33,000
	PHILADELPHIA (5)	OJV	1995		332,812		98.4	TARGET		137,000	PEP BOYS		20,800	ACME		66,703
	PHILADELPHIA		1996		82,345		100.0	KOHL'S (4)		82,345
	PHILADELPHIA	OJV	2006		293,134		19.1	HOLY REDEEMER PHYSICIAN		11,205				ACME (6)		66,703
	PHILADELPHIA		2017		95,441		100.0	TARGET		36,215	PETSMART		15,360	SPROUTS FARMERS MARKET		32,000
	PITTSBURGH		2010		153,493		86.7	THE TILE SHOP		16,059				WHOLE FOODS MARKET		38,613
	PITTSBURGH		2016		166,195		100.0	TJ MAXX		30,000	STAPLES		23,884	FRESH THYME FARMERS MARKET		31,296
	RICHBORO		1986		111,982		100.0							ACME		55,537
	SCOTT TOWNSHIP		1999		69,288		100.0	WALMART		69,288				SHOP N SAVE (6)		48,000
	SHREWSBURY		2014		94,706		96.6							GIANT FOOD		58,785
	SPRINGFIELD		1983		171,277		93.8	STAPLES		26,535	EMPIRE BEAUTY SCHOOL		11,472	GIANT FOOD		66,825
	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		14.1
PUERTO RICO
	BAYAMON		2006		186,421		95.0	PLANET FITNESS		18,100	CHUCK E CHEESE		13,600	AMIGO SUPERMARKET		35,588
	CAGUAS		2006		599,509		95.4	COSTCO		134,881	JCPENNEY		98,348	SAM'S CLUB		138,622
	CAROLINA		2006		570,621		96.3	KMART		118,242	HOME DEPOT		109,800	ECONO RIAL		56,372
	MANATI		2006		69,640		86.6	PLANET FITNESS		20,350	FARMACIA SAVIA		11,525
	MAYAGUEZ		2006		354,830		98.1	HOME DEPOT		109,800	CARIBBEAN CINEMA		45,126	SAM'S CLUB		100,408
	PONCE		2006		191,680		98.2	2000 CINEMA CORP.		60,000	PETSMART		13,279	SUPERMERCADOS MAXIMO		35,651
	TRUJILLO ALTO		2006		198,815		99.3	KMART		80,100	FARMACIA SAVIA		11,895	PUEBLO SUPERMARKET		26,869
SOUTH CAROLINA
	CHARLESTON		1978		189,554		100.0	STEIN MART		37,000	PETCO		15,314	HARRIS TEETER		52,334
	CHARLESTON (5)		1995		180,845		100.0	BARNES & NOBLE		25,389	TJ MAXX		25,240	HARRIS TEETER		53,000
	GREENVILLE		2010		118,452		100.0	ACADEMY SPORTS & OUTDOORS		89,510				TRADER JOE'S		12,836
	GREENVILLE		2012		51,672		90.1							THE FRESH MARKET		20,550
TENNESSEE
	MADISON		1978		175,593		96.6	OLD TIME POTTERY		99,400				WALMART NEIGHBORHOOD MARKET		39,687
TEXAS
	AMARILLO	KIR	1997		486,522		99.4	HOME DEPOT		109,800	KOHL'S		94,680
	AUSTIN	OJV	2011		88,829		95.2	BARNES & NOBLE		24,685	PETCO		12,350
	AUSTIN	OJV	2011		131,039		99.1	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		64.4	BED BATH & BEYOND		44,846	COST PLUS WORLD MARKET		19,089
	AUSTIN		1998		145,337		87.9	PETCO		13,108				HEB GROCERY		64,310
	AUSTIN	PRU	2007		213,352		96.3	BED BATH & BEYOND		42,098	BUY BUY BABY		28,730
	BROWNSVILLE		2005		238,683		97.8	BURLINGTON		80,274	TJ MAXX		28,460
	BURLESON		2011		367,552		98.7	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
	DALLAS	KIR	1998		83,868		100.0	ROSS DRESS FOR LESS		28,160	OFFICEMAX		23,500	TARGET (6)		130,715
	DALLAS	PRU	2007		171,143		91.9	CVS		16,799	ULTA		10,800	VITAMIN COTTAGE NATURAL FOOD		11,110
	FORT WORTH		2015		286,737		97.2	MARSHALLS		38,032	ROSS DRESS FOR LESS		30,079	TARGET (6)		173,890
	FRISCO		2006		240,647		98.5	HOBBY LOBBY		81,392	HEMISPHERES		50,000	SPROUTS FARMERS MARKET		26,043
	GRAND PRAIRIE		2006		243,900		93.4	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	HOMEGOODS		31,620
	HOUSTON		2015		350,836		89.4	MARSHALLS		30,382	BED BATH & BEYOND		26,535	FOOD TOWN (6)		57,539
	HOUSTON		2013		149,065		94.1	ROSS DRESS FOR LESS		30,176	OLD NAVY		19,222
	HOUSTON		2015		165,268		97.8	ROSS DRESS FOR LESS		26,000	TOTAL WINE & MORE		23,608	SPROUTS FARMERS MARKET		29,582
	HUMBLE		2013		316,574		96.8	KOHL'S		88,827	TJ MAXX		50,035	TARGET (6)		180,000
	MESQUITE		1974		79,550		96.2							KROGER		51,000
	PASADENA	KIR	1999		410,071		98.5	BEST BUY		36,896	ROSS DRESS FOR LESS		30,187
	PLANO		1996		100,598		100.0	HOME DEPOT EXPO (4)		97,798
	SPRING		2014		566,294		95.5	ACADEMY SPORTS & OUTDOORS		63,182	HOBBY LOBBY		55,000	TARGET (6)		126,844
	SUGAR LAND		2012		96,623		96.3							KROGER		64,842
	WEBSTER		2006		363,830		100.0	HOBBY LOBBY		100,086	BEL FURNITURE		58,842
VIRGINIA
	BURKE		2014		124,148		95.3	CVS		12,380	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		87.7
	LEESBURG	PRU	2007		318,775		97.8	DICK'S SPORTING GOODS		43,149	BIG LOTS		36,958
	MANASSAS		2015		107,233		100.0	BURLINGTON		69,960	ELITE FURNITURE AND MATTRESS		10,852
	PENTAGON CITY	CPP	2010		328,957		100.0	MARSHALLS		42,142	BEST BUY		36,532	COSTCO		171,286
	ROANOKE		2014		304,911		96.5	MICHAELS (4)		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		331,139		100.0	TJ MAXX		30,545	ROSS DRESS FOR LESS		30,179	SHOPPERS FOOD		67,995
	STERLING		2008		361,110		86.7	MICHAELS		35,333	HOMESENSE		33,000	TARGET (6)		125,204
	STERLING		2015		808,442		99.6	WALMART		209,613	LOWE'S HOME CENTER		135,197	SAM'S CLUB		135,193
	WOODBRIDGE (5)		2017		148,293		96.5	REGENCY FURNITURE		73,882	THE SALVATION ARMY		17,070	ALDI		16,530
	WOODBRIDGE	KIR	1998		499,288		100.0	HOBBY LOBBY		63,971	DICK'S SPORTING GOODS		57,437
WASHINGTON
	AUBURN		2007		174,470		82.9	LA FITNESS		34,500	OFFICE DEPOT		23,070
	BELLEVUE		2013		503,994		94.3	TARGET		101,495	WALMART		76,207	SAFEWAY		36,992
	BELLINGHAM	PRU	2007		378,621		95.0	KMART		103,950	GOODWILL INDUSTRIES		35,735	SAFEWAY		67,070
	FEDERAL WAY	KIR	2000		199,642		100.0	JO-ANN FABRICS		43,506	BARNES & NOBLE		24,987	H MART		55,069
	KENT	PRU	2006		86,909		67.3	ROSS DRESS FOR LESS		27,200				TARGET (6)		115,900
	LAKE STEVENS (5)		2012		173,374		99.4	MICHAELS		22,450	TJ MAXX		21,000	SAFEWAY		61,000
	MILL CREEK		2016		96,671		94.6	PLANET FITNESS		25,333				SPROUTS FARMERS MARKET		29,942
	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		99.0	BARTELL DRUGS		13,327				SAFEWAY		39,556
	SILVERDALE		2012		170,406		94.0	JO-ANN FABRICS		29,903	RITE AID		23,470	SAFEWAY		55,003
	SPOKANE (5)		2015		102,419		100.0	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	KIR	2003		468,857		98.7	DICK'S SPORTING GOODS		53,545	MACY'S FURNITURE		48,670	LAM'S SEAFOOD MARKET		28,136
TOTAL 438 SHOPPING CENTER PROPERTY INTERESTS (7)					76,584,824

(1)	Percent leased information as of December 31, 2018.
(2)	Denotes ground-up development project. The square footage shown represents completed leaseable area, of which approximately 273,000 sf is included in occupancy; Phase II of the property is still under development
(3)	Denotes ground-up development project. The square footage shown represents completed leaseable area, of which approximately 103,000 sf is included in occupancy.
(4)	Denotes tenants who are Dark & Paying.
(5)	Denotes projects which exclude GLA of units being held for redevelopment
(6)	Denotes tenants who are Shadow Anchors
(7)	Does not include 289 properties, primarily through the Company’s preferred equity investments, other real estate investments and non-retail properties, totaling approximately 4.4 million square feet of GLA.
CPP	Denotes property interest in Canada Pension Plan.
KIR	Denotes property interest in Kimco Income REIT.
OJV	Denotes property interest in Other US Joint Ventures.
PRU	Denotes property interest in Prudential Investment Program.

XML

Document And Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 06, 2019	Jun. 30, 2018
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 Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		421,385,972
Entity Public Float			$ 7
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false

XML

Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Assets:
Land		$ 2,822,691	$ 3,019,284
Building and improvements		8,813,115	9,231,644
Real estate		11,635,806	12,250,928
Less: accumulated depreciation and amortization	[1]	(2,385,287)	(2,433,053)
Total real estate, net		9,250,519	9,817,875
Real estate under development	[2]	241,384	402,518
Investments in and advances to real estate joint ventures		570,922	483,861
Other real estate investments		192,123	217,584
Mortgages and other financing receivables		14,448	21,838
Cash and cash equivalents		143,581	238,513
Marketable securities		10,302	13,265
Accounts and notes receivable, net		184,528	189,757
Deferred charges and prepaid expenses		156,155	155,472
Other assets		235,138	223,043
Total assets	[3]	10,999,100	11,763,726
Liabilities:
Notes payable, net		4,381,456	4,596,140
Mortgages and construction loan payable, net		492,416	882,787
Accounts payable and accrued expenses		174,903	185,702
Dividends payable		130,262	128,892
Other liabilities		385,328	431,915
Total liabilities	[4]	5,564,365	6,225,436
Redeemable noncontrolling interests		23,682	16,143
Commitments and contingencies (Footnote 19)
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 5,996,240 shares; 42,580 and 41,200 shares issued and outstanding (in series), respectively; Aggregate liquidation preference $1,064,500 and $1,030,000, respectively		43	41
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 421,388,879 and 425,646,380 shares, respectively		4,214	4,256
Paid-in capital		6,117,254	6,152,764
Cumulative distributions in excess of net income		(787,707)	(761,337)
Accumulated other comprehensive loss			(1,480)
Total stockholders' equity		5,333,804	5,394,244
Noncontrolling interests		77,249	127,903
Total equity		5,411,053	5,522,147
Total liabilities and equity		$ 10,999,100	$ 11,763,726

[1] At December 31, 2018 and 2017, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $466,576 and $459,211, respectively.

[2] Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $24.9 million and $27.7 million, as of December 31, 2018 and 2017, respectively.

[3] Includes restricted assets of consolidated variable interest entities ("VIEs") at December 31, 2018 and December 31, 2017 of $239,012 and $644,990, respectively. See Footnote 9 of the Notes to Consolidated Financial Statements.

[4] Includes non-recourse liabilities of consolidated VIEs at December 31, 2018 and December 31, 2017 of $143,186 and $417,688, respectively. See Footnote 9 of the Notes to Consolidated Financial Statements.

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets of consolidated variable interest entities	$ 239,012	$ 644,990
Liabilities of consolidated variable interest entities	$ 143,186	$ 417,688
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	5,996,240	5,996,240
Preferred stock, shares issued (in shares)	42,580	41,200
Preferred stock, shares outstanding (in shares)	42,580	41,200
Preferred stock, liquidation preference	$ 1,064,500	$ 1,030,000
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)	421,388,879	425,646,380
Common stock, shares outstanding (in shares)	421,388,879	425,646,380

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Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues		$ 1,164,762	$ 1,200,834	$ 1,170,792
Operating expenses
Rent		(10,929)	(11,145)	(10,993)
Real estate taxes		(153,336)	(157,196)	(146,615)
Operating and maintenance		(164,294)	(169,552)	(171,416)
General and administrative		(87,797)	(91,690)	(86,796)
Provision for doubtful accounts		(6,253)	(5,630)	(5,563)
Impairment charges	[1],[2]	79,207	67,331	93,266
Depreciation and amortization		(310,380)	(360,811)	(355,320)
Total operating expenses		(812,196)	(863,355)	(869,969)
Gain on sale of operating properties/change in control of interests		229,840	93,538	92,823
Operating income		582,406	431,017	393,646
Other income/(expense)
Other income, net		13,041	2,559	5,425
Interest expense		(183,339)	(191,956)	(192,549)
Early extinguishment of debt charges		(12,762)	(1,753)	(45,674)
Income before income taxes, net, equity in income of joint ventures, net, gain on change in control of joint venture interests and equity in income from other real estate investments, net		399,346	239,867	160,848
(Provision)/benefit for income taxes, net		(1,600)	880	(78,583)
Equity in income		71,617	60,763	218,714
Gain on change in control of joint venture interests			71,160	57,386
Net income		498,463	439,671	386,138
Net income attributable to noncontrolling interests		(668)	(13,596)	(7,288)
Net income attributable to the Company		497,795	426,075	378,850
Preferred stock redemption charges			(7,014)
Preferred dividends		(58,191)	(46,600)	(46,220)
Net income available to the Company's common shareholders		$ 439,604	$ 372,461	$ 332,630
Per common share:
Basic (in dollars per share)		$ 1.02	$ 0.87	$ 0.79
Diluted (in dollars per share)		$ 1.02	$ 0.87	$ 0.79
Weighted average shares:
-Basic (in shares)		420,641	423,614	418,402
-Diluted (in shares)	[3]	421,379	424,019	419,709
Joint Ventures [Member]
Other income/(expense)
Equity in income		$ 71,617	$ 60,763	$ 218,714
Other Real Estate Investments [Member]
Other income/(expense)
Equity in income		29,100	67,001	27,773
Revenues from Rental Properties [Member]
Revenues		882,345	912,670	893,365
Reimbursement Income [Member]
Revenues		246,381	247,563	239,015
Other Rental Property Income [Member]
Revenues		20,877	23,552	20,021
Management and Other Fee Incomes [Member]
Revenues		$ 15,159	$ 17,049	$ 18,391

[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 and certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 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] See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

[3] 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 1.3 million, 3.1 million and 3.5 million stock options that were not dilutive as of December 31, 2018, 2017 and 2016, respectively.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income	$ 498,463	$ 439,671	$ 386,138
Other comprehensive income:
Change in unrealized gains/losses related to available-for-sale securities		(1,542)	8
Change in unrealized value on interest rate swaps	344	631	451
Change in foreign currency translation adjustments		(6,335)	(281)
Net current-period other comprehensive income	344	(7,246)	178
Comprehensive income	498,807	432,425	386,316
Comprehensive income attributable to noncontrolling interests	(668)	(13,596)	(7,288)
Comprehensive income attributable to the Company	$ 498,139	$ 418,829	$ 379,028

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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 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
Contributions/deemed contributions from noncontrolling interests									16,667	16,667
Net income		378,850						378,850	7,288	386,138
Change in unrealized gains/losses related to available-for-sale securities			8					8		8
Change in unrealized value 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 declared to common and preferred shares		(483,382)						(483,382)		(483,382)
Distributions to noncontrolling interests									(8,522)	(8,522)
Issuance of common stock						$ 107	286,314	286,421		286,421
Depositary Shares Issued (in shares)						10,711,000
Surrender of restricted stock						$ (3)	(7,005)	(7,008)		(7,008)
Surrender of restricted stock (in shares)						(276,000)
Exercise of common stock options						$ 12	21,048	21,060		$ 21,060
Exercise of common stock options (in shares)						1,168,000				1,167,819
Amortization of equity awards							13,720	13,720		$ 13,720
Balance at Dec. 31, 2016		(676,867)	5,766		$ 32	$ 4,250	5,922,958	5,256,139	146,735	$ 5,402,874
Repurchase of common stock (in shares)										(257,477)
Balance (in shares) at Dec. 31, 2016					32,000	425,034,000
Contributions/deemed contributions from noncontrolling interests									48,877	$ 48,877
Net income		426,075						426,075	13,596	439,671
Change in unrealized gains/losses related to available-for-sale securities			(1,542)					(1,542)		(1,542)
Change in unrealized value on interest rate swaps			631					631		631
Change in foreign currency translation adjustment			(6,335)					(6,335)		(6,335)
Redeemable noncontrolling interests income									(1,297)	(1,297)
Dividends declared to common and preferred shares		(510,545)						(510,545)		(510,545)
Distributions to noncontrolling interests									(13,995)	(13,995)
Issuance of common stock						$ 8	(8)
Depositary Shares Issued (in shares)						776,000
Surrender of restricted stock						$ (2)	(5,697)	(5,699)		(5,699)
Surrender of restricted stock (in shares)						(248,000)
Exercise of common stock options							1,526	1,526		$ 1,526
Exercise of common stock options (in shares)						84,000				83,863
Amortization of equity awards							18,983	18,983		$ 18,983
Issuance of preferred stock					$ 18		439,401	439,419		439,419
Issuance of preferred stock (in shares)					18,000
Redemption of preferred stock					$ (9)		(224,991)	(225,000)		(225,000)
Redemption of preferred stock (in shares)					(9,000)
Redemption/conversion of noncontrolling interests							592	592	(66,013)	(65,421)
Balance at Dec. 31, 2017		(761,337)	(1,480)		$ 41	$ 4,256	6,152,764	5,394,244	127,903	$ 5,522,147
Repurchase of common stock (in shares)										(232,304)
Balance (in shares) at Dec. 31, 2017					41,000	425,646,000
Adoption of accounting policy | Accounting Standards Update 2017-05 [Member]	[1]	8,098						8,098		$ 8,098
Adoption of accounting policy | Accounting Standards Update 2016-01 [Member]	[1]	(1,136)	1,136
Contributions/deemed contributions from noncontrolling interests									109	109
Net income		497,795						497,795	668	498,463
Change in unrealized gains/losses related to available-for-sale securities
Change in unrealized value on interest rate swaps			344					344		344
Redeemable noncontrolling interests income									(373)	(373)
Dividends declared to common and preferred shares		(531,127)						(531,127)		(531,127)
Distributions to noncontrolling interests									(2,663)	(2,663)
Issuance of common stock						$ 11	(11)
Depositary Shares Issued (in shares)						1,101,000
Surrender of restricted stock						$ (3)	(4,357)	(4,360)		(4,360)
Surrender of restricted stock (in shares)						(300,000)
Exercise of common stock options						$ 1	591	592		$ 592
Exercise of common stock options (in shares)						42,000				42,259
Amortization of equity awards							16,548	16,548		$ 16,548
Issuance of preferred stock					$ 2		33,112	33,114		33,114
Issuance of preferred stock (in shares)					2,000
Balance at Dec. 31, 2018		(787,707)			$ 43	$ 4,214	6,117,254	5,333,804	77,249	5,411,053
Balance at Dec. 31, 2017		(754,375)	(344)	[2]	41	4,256	6,152,764	5,402,342	127,903	5,530,245
Repurchase of common stock						$ (51)	(75,075)	(75,126)		$ (75,126)
Repurchase of common stock (in shares)						(5,100,000)				(278,566)
Acquisition/deconsolidation of noncontrolling interests							1,203	1,203	(48,395)	$ (47,192)
Adjustment of redeemable noncontrolling interests to estimated fair value							$ (7,521)	$ (7,521)		$ (7,521)
Balance (in shares) at Dec. 31, 2018					43,000	421,389,000

[1] Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 1 of the Notes to Consolidated Financial Statements for additional disclosure.

[2] Represents the balance as adjusted for the impact of change in accounting principles for ASU 2016-01. See Footnote 1 of the Notes to the Consolidated Financial Statements for additional disclosure.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flow from operating activities:
Net income		$ 498,463	$ 439,671	$ 386,138
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		310,380	360,811	355,320
Impairment charges	[1],[2]	79,207	67,331	93,266
Deferred taxes			807	55,068
Early extinguishment of debt charges		12,762	1,753	45,674
Equity award expense		18,221	21,563	19,071
Gain on sale of operating properties, net		(229,840)	(93,538)	(92,823)
Gain on change in control of joint venture interests			(71,160)	(57,386)
Equity in income of joint ventures, net		(71,617)	(60,763)	(218,714)
Equity in income from other real estate investments, net		(29,100)	(67,001)	(27,773)
Distributions from joint ventures and other real estate investments		104,626	58,189	90,589
Change in accounts and notes receivable		5,229	(7,934)	(6,571)
Change in accounts payable and accrued expenses		(9,175)	4,417	(7,886)
Change in Canadian withholding tax receivable			12,996	23,571
Change in other operating assets and liabilities		(51,220)	(52,961)	(65,448)
Net cash flow provided by operating activities		637,936	614,181	592,096
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(5,407)	(153,854)	(203,190)
Improvements to operating real estate		(290,874)	(206,800)	(143,489)
Acquisition of real estate under development		(4,592)	(10,010)	(51,588)
Improvements to real estate under development		(235,988)	(160,257)	(72,759)
Investment in marketable securities		(63)	(9,822)	(2,466)
Proceeds from sale of marketable securities		957	3,146	1,937
Investments in and advances to real estate joint ventures		(36,139)	(35,291)	(86,453)
Reimbursements of investments and advances to real estate joint ventures		21,127	55,839	71,656
Distributions from liquidation of real estate joint ventures				138,475
Return of investment from liquidation of real estate joint ventures				191,902
Investment in other real estate investments		(524)	(666)	(233)
Reimbursements of investments and advances to other real estate investments		12,878	40,709	11,019
Investment in other financing receivable		(125)
Collection of mortgage loans receivable		22,299	1,405	921
Investment in other investments		(857)
Reimbursements of other investments				500
Proceeds from sale of operating properties		754,731	181,321	304,600
Proceeds from sale of development properties				4,551
Proceeds from insurance casualty claims		16,222
Net cash flow provided by/(used for) investing activities		253,645	(294,280)	165,383
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(204,746)	(687,117)	(700,853)
Principal payments on rental property debt		(13,113)	(15,186)	(19,039)
Proceeds from mortgage and construction loan financings		50,972	206,000
Proceeds/(repayments) under the unsecured revolving credit facility, net		92,254	(17,143)	26,445
Proceeds from issuance of unsecured notes			1,250,000	1,400,000
Repayments under unsecured notes/term loan		(315,095)	(550,000)	(1,261,850)
Payment of early extinguishment of debt charges		(13,308)	(2,631)	(45,674)
Change in other financing liablities		(4,528)	911	1,367
Contributions from noncontrolling interests		109	1,422
Redemption/distribution of noncontrolling interests		(6,660)	(96,599)	(12,594)
Dividends paid		(529,756)	(506,172)	(474,045)
Proceeds from issuance of stock, net		33,705	440,946	307,395
Redemption of preferred stock			(225,000)
Repurchase of common stock		(75,126)
Financing origination costs		(1,221)	(23,305)	(25,679)
Net cash flow used for financing activities		(986,513)	(223,874)	(804,527)
Net change in cash and cash equivalents		(94,932)	96,027	(47,048)
Cash and cash equivalents, beginning of year		238,513	142,486	189,534
Cash and cash equivalents, end of year		143,581	238,513	142,486
Interest paid during the year including payment of early extinguishment of debt charges of $13,308, $2,631 and $45,674, respectively (net of capitalized interest of $17,549, $14,480 and $5,618, respectively)		199,701	192,155	252,482
Income taxes paid/(received) during the year (net of refunds received of $1,007, $16,118 and $113,934, respectively)		$ 514	$ (14,456)	$ 6,090

[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 and certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 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] See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

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Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Early extinguishment of debt charges	$ 13,308	$ 2,631	$ 45,674
Cash paid for capitalized interest	17,549	14,480	5,618
Refunds received	$ 1,007	$ 16,118	$ 113,934

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Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. Summary of Significant Accounting Policies:

Business

and Organization

Kimco Realty Corporation and its subsidiaries (the "Company" or "Kimco"), operate as a Real Estate Investment Trust (“REIT”) and are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by grocery stores, off-price retailers, discounters or service-oriented tenants. 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 has elected to be taxed as a REIT for federal income tax purposes under the Internal Revenue Code, as amended (the "Code"). The Company is organized and operates in a manner that enables it to qualify as a REIT under the Code.

Basis of Presentation

The accompanying Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or 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.

Use of

Estimates

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.

Reclassifications

Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. In conjunction with the adoption of Accounting Standard Update (“ASU”)

2014

-

09

discussed below, the Company reclassified

$247.6

million and

$239.0

million to Reimbursement income and

$23.6

million and

$20.0

million to Other rental property income from Revenues from rental properties on the Company’s Consolidated Statements of Income for the years ended

December 31, 2017

and

2016,

respectively. The Company reclassified

$26.8

million and

$30.5

million of costs related to property management and services of the Company’s operating properties from General and administrative to Operating and maintenance on the Company’s Consolidated Statements of Income for the years ended

December 31, 2017

and

2016,

respectively. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated

August 18, 2018,

the Company moved the Gains on sale of operating properties/change in control of interests line on the Company’s Consolidated Statements of Income within Operating income and as a result reclassified

$6.0

million from Gain on sale of operating properties/change in control of interests to (Provision)/benefit for income taxes, net on the Company’s Consolidated Statements of Income for the year ended

December 31, 2016.

Subsequent Events

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

Real Estate

Real estate assets are stated at cost, less accumulated depreciation and amortization. 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 a market 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. Acquisitions of operating properties are categorized as asset acquisitions and as such the Company capitalizes the acquisition costs associated with these acquisitions.

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)	5	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, less cost to sell, 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 estimated fair value is less than the net carrying value of the property. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from

third

party offers, (ii) discounted cash flow models of the property over its remaining hold period or (iii)

third

party appraisals. The Company does

not

have access to the unobservable inputs used to determine the estimated fair values of

third

party offers. For the discounted cash flow models and appraisals, the capitalization rate and discount rate utilized in the models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. In addition, such cash flow models 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

may

include residential and mixed-use components, that 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. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, insurance, legal costs, 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, 2018,

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 and Other Assets

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.

Other assets include investments for which the Company applies the cost method of accounting. The Company recognizes as income distributions from net accumulated earnings of the investee since the date of acquisition. The net accumulated earnings of an investee subsequent to the date of investment are recognized by the Company only to the extent distributed by the investee. Distributions received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions of cost of the investment. For the periods presented, there have been

no

events or changes in circumstances that

may

have a significant adverse effect on the fair value of the Company's cost-method investments.  Other assets include the Company’s investment in Albertsons Companies, Inc, an owner/operator of grocery stores.  The Company accounts for this investment under the cost method of accounting, as it does

not

have significant influence over this investment (See Footnote

8

of the Notes to the Consolidated Financial Statements).

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. On

January 1, 2018,

the Company adopted ASU

2016

-

01,

Financial Instruments—

Overall

(Subtopic

825

-

10

): Recognition and Measurement of Financial Assets and Financial Liabilities

(“ASU

2016

-

01”

). In accordance with the adoption of ASU

2016

-

01,

the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income. Previously, changes in fair value of the Company’s available-for-sale marketable securities were recognized in Accumulated other comprehensive loss (“AOCI”) on the Company’s Consolidated Balance Sheets. As of

December 31, 2017,

the Company had aggregate unrealized losses related to its available-for-sale marketable securities of

$1.1

million, which were included in AOCI on the Company’s Consolidated Balance Sheets. In connection with the adoption of ASU

2016

-

01,

the Company recorded a cumulative-effect adjustment of

$1.1

million to its beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Consolidated Statements of Changes in Equity.

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. 

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 capitalized and 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. Deferred leasing costs are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.

Effective

January 1, 2019,

in accordance with the adoption of ASU

2016

-

02,

Leases

(Topic

842

)

("ASU

2016

-

02"

), indirect internal leasing costs previously capitalized will be expensed. However, external leasing costs will continue to be capitalized. Previously, capitalized indirect internal leasing costs were recognized in Other assets, on the Company’s Consolidated Balance Sheets and upon adoption of ASU

2016

-

02

will be recognized in net income.

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, 2018

and

2017,

the Company had unamortized software development costs of

$4.3

million and

$6.2

million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed

$5.3

million,

$4.6

million and

$8.0

million in amortization of software development costs during the years ended

December 31, 2018,

2017

and

2016,

respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages and construction loan payable, net 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

,

Trade

Accounts Receivable

and

Gain

Recognition

On

January 1, 2018,

the Company adopted ASU

2014

-

09,

Revenue from Contracts with

Customers

(Topic

606

)

, (“Topic

606”

) using the modified retrospective method applying it to any open contracts as of

January 1, 2018,

for which the Company did

not

identify any open contracts. The Company also utilized the practical expedient for which the Company was

not

required to restate revenue from contracts that began and were completed within the same annual reporting period. Results for reporting periods beginning after

January 1, 2018,

are presented under Topic

606,

while prior period amounts are

not

adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic

605

). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of

December 31, 2018,

the Company had

no

outstanding contract assets or contract liabilities. The adoption of this standard did

not

result in any material changes to the Company’s revenue recognition as compared to the previous guidance.

The Company’s primary source of revenue is derived from property leases which fall under the scope of Leases (Topic

840

). The revenues which will be impacted by the adoption of Topic

606

include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic

606

are gains on sales of properties, lease termination fees and tax increment financing (“TIF”) contracts. The Company elected to disaggregate its revenue streams into the following line items on the Company’s Consolidated Statements of Income: Revenues from rental properties, Reimbursement income, Other rental property income and Management and other fee income. The Company believes that these are the proper disaggregated categories as they are the best depiction of its revenue streams both qualitatively and quantitatively.

Revenues from rental properties

Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. 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.  Lease termination fee income is recognized when the lessee provides consideration in order to terminate an existing lease agreement and has vacated the leased space. The performance obligation of the Company is the termination of the lease agreement which occurs upon consideration received and execution of the termination agreement. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market intangible asset or liability 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.

Reimbursement income

Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned. The Company plans to elect the lessor practical expedient upon the effective date of ASU

2016

-

02.

  Under this expedient the Company anticipates combining the lease components and non-lease components (CAM) and such will account for the for the combined components under ASU

2016

-

02.

See New Accounting Pronouncements below for further details.

Other rental property income

Other rental property income totaled

$20.9

million,

$23.6

million and

$20.0

million for the years ended

December 31, 2018,

2017

and

2016,

respectively, which mainly consists of ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources are through lease agreements/arrangements and are recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is recognized on a cash-basis when received.

Management and other fee income

Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic

606.

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 related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling tenant inquiries, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and

none

of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly and terms for payment are payment due upon receipt.

Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.

Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services. The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Trade Accounts Receivable

The Company makes estimates of the uncollectable trade 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 trade accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of

$10.3

million and

$9.2

million of billed accounts receivable and

$10.2

million and

$7.9

million of straight-line rent receivable at

December 31, 2018

and

2017,

respectively.

Gains on sales of operating properties/change in control of interests

On

January 1, 2018,

the Company also adopted ASU

2017

-

05,

Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic

610

-

20

): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets

(“Topic

610”

) for gains and losses from the sale and/or transfer of real estate property. The Company adopted Topic

610

using the modified retrospective approach for all contracts effective

January 1, 2018.

Topic

610

provides that sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.

In accordance with its election to apply the modified retrospective approach for all contracts, the Company recorded a cumulative-effect adjustment of

$8.1

million to its beginning retained earnings as of

January 1, 2018,

on the Company’s Consolidated Statements of Changes in Equity and an adjustment to Investments in and advances to real estate joint ventures on the Company’s Consolidated Balance Sheets. As of

December 31, 2017,

the Company had aggregate net deferred gains of

$8.1

million relating to partial disposals of

two

operating real estate properties prior to the adoption of ASU

2017

-

05,

of which

$6.9

million was included in Investments in and advances to real estate joint ventures and

$1.2

million was included in Other liabilities on the Company’s Consolidated Balance Sheets. The Company had deferred these gains in accordance with prior guidance due to its continuing involvement in the entities which acquired the operating real estate properties.

During the year ended

December 31, 2018,

the Company sold a portion of its investment in an operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company

no

longer consolidates the entity and recognized a gain on change in control of

$6.8

million, in accordance with the adoption of ASU

2017

-

05

(See Footnote

5

to the Notes to the Company’s Consolidated Financial Statements for additional disclosure regarding disposals), which is included in Gain on sale of operating properties/change in control of interests on the Company’s Consolidated Statements of Income.

Income Taxes

The Company elected status as a REIT for federal income tax purposes beginning in its taxable year

January 1, 1992

and operates in a manner that enables the Company to qualify and maintain its status as a REIT. 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.  

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 REIT subsidiaries (“TRS”) under the Code, subject to certain limitations. 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.  As such, the Company, through its wholly-owned 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. 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, where it has been determined that the local currency is the functional currency, 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 (expense)/income, 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. As of

December 31, 2018,

the Company had substantially liquidated its investments in Mexico and exited South America and Canada.

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 include 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. Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets. Units which embody a conditional 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. 

Contingently redeemable noncontrolling interests are recorded at fair value upon issuance. Any change in the fair value or redemption value of these noncontrolling interests is subsequently recognized through Paid-in capital on the Company’s Consolidated Balance Sheets and is included in the Company’s computation of earnings per share (See Footnote

23

of the Notes to the Consolidated Financial Statements).

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 Statements 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

20

of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

New Accounting Pronouncements

The following table represents ASUs to the FASB’s ASC that, as of the year ended

December 31, 2018,

are

not

yet effective for the Company and for which the Company has

not

elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2018 - 17, Consolidation (Topic 810 ) – Targeted Improvements to Related Party Guidance for Variable Interest Entities	The amendment to Topic 810 clarifies the following areas: (i)   Applying the variable interest entity (VIE) guidance to private companies under common control, and (ii)  Considering indirect interests held through related parties under common control, and for determining whether fees paid to decision makers and service providers are variable interests. This update improves the accounting for those areas, thereby improving general purpose financial reporting. Retrospective adoption is required.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.
ASU 2018 - 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 - 40 ): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract	The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.
ASU 2018 - 13, Fair Value Measurement (Topic 820 ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement	The amendment modifies the disclosure requirements for fair value measurements in Topic 820, based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements , including the consideration of costs and benefits.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.

ASU 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments ASU 2018 - 19, Codification Improvements to Topic 326,  Financial Instruments – Credit Losses	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. In November 2018, the FASB issued ASU 2018 - 19, which includes amendments to clarify receivables arising from operating leases are within the scope of the new leases standard (Topic 842 ) discussed below and align the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements. Early adoption is permitted as of the original effective date.	January 1, 2020; Early adoption permitted	The Company is still assessing the impact on its financial position and/or results of operations.
ASU 2016 - 02, Leases (Topic 842 ) ASU 2018 - 01, Leases (Topic 842 ): Land Easement Practical Expedient for Transition to Topic 842 ASU 2018 - 10, Codification Improvements to Topic 842, Leases ASU 2018 - 11, Leases (Topic 842 ): Targeted Improvements ASU 2018 - 20, Leases (Topic 842 ): Narrow-Scope Improvements for Lessors	This ASU 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 ). In January 2018, the FASB issued ASU 2018 - 01, which includes amendments to clarify land easements are within the scope of the new leases standard (Topic 842 ) and provide an optional transition practical expedient to not evaluate whether existing and expired land easements that were not previously accounted for as leases under current lease guidance in Topic 840 and are to be accounted for or contain leases under Topic 842.  Early adoption is permitted as of the original effective date. In July 2018, the FASB issued ASU 2018 - 10, which includes amendments to clarify certain aspects of the new lease standard. These amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments.  Additionally, during July 2018, the FASB issued ASU 2018 - 11, which includes (i) an additional transition method to provide transition relief on comparative reporting at adoption and (ii) an amendment to provide lessors with a practical expedient to combine lease and non-lease components of a contract if certain criteria are met. Under the transition option, companies can opt to not apply the new guidance, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption. The practical expedient allows lessors to elect, by class of underlying asset, to combine non-lease and associated lease components when certain criteria are met and requires them to account for the combined component in accordance with new revenue standard (Topic 606 ) if the non-lease components are the predominant component; conversely, if a lessor determines that the lease components are the predominant component, it requires them to account for the combined component as an operating lease in accordance with new leasing standard (Topic 842 ). In December 2018, the FASB issued ASU 2018 - 20, which includes narrow-scope improvements for lessors. The FASB amended the new leases standard to allow lessors to make an accounting policy election not to evaluate whether sales taxes and similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. The amendments also require a lessor to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. In addition, the amendments clarify that when lessors allocate variable payments to lease and non-lease components they are required to follow the recognition guidance in the new lease standard for the lease component and other applicable guidance, such as the new revenue standard, for the non-lease component.	January 1, 2019; Early adoption permitted	The Company plans to adopt this standard using the modified retrospective approach, which requires a cumulative-effect adjustment, if any, as of the date of adoption.  The Company has identified certain leases and accounting policies which it believes the adoption will impact, including its ground leases, administrative office leases, internal leasing costs and non-lease components. For leases where the Company is a lessee, primarily its ground leases and administrative office leases, the Company will be required to record a right-of-use asset and a lease liability on its Consolidated Balance Sheets upon adoption. While the Company is continuing to assess the potential impact of this standard, it expects to recognize total right-of-use assets and total lease liabilities ranging from $80.0 million to $110.0 million upon adoption of this standard. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed.  The Company expects to incur an expense relating to indirect internal leasing costs ranging from $11.0 million to $14.0 million during 2019. For leases where the Company is a lessor, within the terms of certain of its leases, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. The Company plans to elect the lessor practical expedient to combine the lease and non-lease components. The Company expects that the lease components are the predominant component in the majority of its leasing arrangements and will account for the combined component as an operating lease under Topic 842. The Company will also elect to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense.  The Company currently does not believe the adoption will significantly affect the timing of the recognition of its combined lease and non-lease components.

The following ASUs to the FASB’s ASC have been adopted by the Company during the year ended

December 31, 2018:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017 - 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied prospectively to awards modified on or after the adoption date.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.
ASU 2017 - 05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 - 20 ): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610 - 20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017 - 05 also clarifies that nonfinancial assets within the scope of Subtopic 610 - 20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610 - 20, which was issued in May 2014 as part of ASU 2014 - 09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017 - 05 at the same time it applies the amendments in ASU 2014 - 09 discussed below. An entity may elect to apply the amendments in ASU 2017 - 05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10 - 45 - 5 through 10 - 45 - 10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017 - 05 and ASU 2014 - 09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018	The Company adopted the provisions of Subtopic 610 - 20 using the modified retrospective approach. The Company has applied the guidance to disposals of nonfinancial assets (including real estate assets) within the scope of Subtopic 610 - 20, see above for impact from the adoption of this ASU.
ASU 2016 - 01, Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2018 - 03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities	The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following: (i)Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii)  Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments, and (v)  Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The amendments clarify certain aspects of the guidance issued in ASU 2016 - 01, discussed below, primarily impacting the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments.	January 1, 2018	Effective as of date of adoption, changes in fair value of the Company’s available-for-sale marketable securities are recognized in Other income, net on the Company’s Consolidated Statements of Income. See above and Footnote  11 in the Notes to the Consolidated Financial Statements for impact from the adoption of this ASU.
ASU 2014 - 09, Revenue from Contracts with Customers (Topic 606 ) ASU 2015 - 14, Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date ASU 2016 - 08, Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 ): Identifying performance obligations and licensing ASU 2016 - 12, Revenue from Contracts with Customers (Topic 606 ): Narrow-scope improvements and practical expedients	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, 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, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016 - 10, an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in May 2016, the FASB issued ASU 2016 - 12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date.	January 1, 2018	The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard. Common area maintenance (“CAM”) reimbursement revenue, a non-lease component, falls within the scope of Topic 606.   Under the practical expedient mentioned above in Topic 842, the Company will be permitted to combine its non-lease and associated lease components. If the non-lease components are the predominant component, the Company will account for the combined component in accordance with the revenue standard (Topic 606 ). The revenues which are within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. The timing of recognition and amount of these revenues are consistent with the previous recognition and measurement.  See above for impact from the adoption of this ASU.
ASU 2016 - 18,  Statement of Cash Flows (Topic 230 ): Restricted Cash	This amendment requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendment should be applied using a retrospective transition method to each period presented.	January 1,  2018	There was no impact to the Company’s statement of cash flows.

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Note 2 - Real Estate

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Real Estate Disclosure [Text Block]

2. Real Estate:

The Company’s components of Real estate, net consist of the following (in thousands):

	December 31,
	201 8			201 7
Land:
Developed land	$	2,783,959		$	2,971,020
Undeveloped land		38,732			48,264
Total land		2,822,691			3,019,284
Buildings and improvements:
Buildings		5,697,269			6,047,413
Building improvements		1,696,440			1,653,581
Tenant improvements		730,623			753,501
Fixtures and leasehold improvements		42,635			45,795
Above-market leases		133,913			153,484
In-place leases and tenant relationships		512,235			577,870
Total buildings and improvements		8,813,115			9,231,644
Real estate		11,635,806			12,250,928
Accumulated depreciation and amortization (1)		(2,385,287	)		(2,433,053	)
Total real estate, net	$	9,250,519		$	9,817,875

( 1 ) At December 31, 2018 and 2017, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $466,576 and $459,211, respectively.

In addition, at

December 31, 2018

and

2017,

the Company had intangible liabilities relating to below-market leases from property acquisitions of

$288.4

million and

$329.3

million, respectively, net of accumulated amortization of

$196.4

million and

$184.5

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, 2018,

2017

and

2016

 resulted in net increases to revenue of

$14.9

million,

$15.5

million and

$21.4

million, respectively. The Company’s amortization expense associated with in-place leases and tenant relationships, which is included in depreciation and amortization, for the years ended

December 31, 2018,

2017

and

2016

was

$47.4

million,

$62.7

million and

$66.6

million, respectively.

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

five

years are as follows (in millions):

	201 9			20 20			202 1			202 2			202 3
Above-market and below-market leases amortization, net	$	13.4		$	13.5		$	13.8		$	12.8		$	12.5
In-place leases and tenant relationships amortization	$	(32.4	)	$	(24.7	)	$	(19.1	)	$	(14.6	)	$	(10.9	)

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Note 3 - Property Acquisitions, Developments and Other Investments

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3. Property Acquisitions, Developments and Other Investments:

Acquisition

/Consolidation

of Operating Properties

During the year ended

December 31, 2018,

the Company acquired

two

land parcels adjacent to existing shopping centers located in Ardmore, PA and Elmont, NY, in separate transactions, for an aggregate purchase price of

$5.4

million.

During the year ended

December 31, 2017,

the Company acquired the following operating properties, in separate transactions, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired/ Consolidated	Cash*		Debt		Other Conside r ation * *		Total		GLA***
Plantation Commons	Plantation, FL (1) (3)	Jan-17	$	-	$	-	$	12,300	$	12,300		60
Gordon Plaza	Woodbridge, VA (1) (3)	Jan-17		-		-		3,100		3,100		184
Plaza del Prado	Glenview, IL	Jan-17		39,063		-		-		39,063		142
Columbia Crossing Parcel	Columbia Crossing, MD	Jan-17		5,100		-		-		5,100		25
The District at Tustin Legacy	Tustin, CA (2) (3)	Apr-17		-		206,000		98,698		304,698		688
Jantzen Beach Center	Portland, OR	Jul-17		131,927		-		-		131,927		722
Del Monte Plaza Parcel	Reno, NV	Jul-17		24,152		-		-		24,152		83
Gateway Station Phase II	Burleson, TX	Aug-17		15,355		-		-		15,355		79
Jantzen Beach Center Parcel	Portland, OR	Sep-17		6,279		-		-		6,279		25
Webster Square Outparcel	Nashua, NH	Sep-17		4,985		-		-		4,985		22
Whittwood Town Center	Whittier, CA	Oct-17		80,397		43,000		-		123,397		783
123 Coulter Avenue Parcel	Ardmore, PA	Oct-17		4,808		-		-		4,808		1
Fulton Marketplace Parcel	Santa Rosa, CA	Nov-17		13,162		-		-		13,162		61
			$	325,228	$	249,000	$	114,098	$	688,326		2,875

* The Company utilized an aggregate

$162.4

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 has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and consolidates these assets.

( 2 ) Effective April 1, 2017, the Company and its partner amended its joint venture agreement relating to the Company’s investment in this property. As a result of this amendment, the Company controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary.

( 3 ) 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 Consideration. The Company’s current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

Property Name	Previous Ownership Interest			Gain on change in control of joint venture interests
Plantation Commons		76.25	%	$	9,793
Gordon Plaza		40.62	%		395
The District at Tustin Legacy	(a)				60,972
				$	71,160

(a) The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement ( 54.27% as of date of consolidation).

Included in the Company’s Consolidated Statements of Income are

$0

million,

$31.0

million and

$23.8

million in total revenues from the date of acquisition through

December 31, 2018,

2017

and

2016,

respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. There were

no

operating property acquisitions during the year ended

December 31, 2018.

The purchase price allocations for properties acquired/consolidated during the year ended

December 31, 2017,

are as follows (in thousands):

	Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	255,715			n/a
Buildings		379,148			50.0
Building improvements		46,613			41.5
Tenant improvements		14,520			7.2
In-place leases		56,200			7.2
Above-market leases		12,197			7.8
Below-market leases		(77,027	)		29.5
Mortgage fair value adjustment		(8,521	)		1.3
Tax increment financing (TIF) contracts		8,342			19.0
Other assets		5,090			n/a
Other liabilities		(3,951	)		n/a
Net assets acquired/consolidated	$	688,326

Hurricane Impact

On

September 20, 2017,

Hurricane Maria struck Puerto Rico as a Category

4

hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in

seven

operating properties located throughout Puerto Rico, aggregating

2.2

million square feet of GLA, which were variously impacted by the hurricane. The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to

$62.0

million, as well as business interruption insurance with coverage up to

$39.3

million in the aggregate, subject to a collective deductible of

$1.2

million.

The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately

$30.3

million. As of

December 31, 2018,

the Company has collected property insurance proceeds totaling

$20.2

million to date, which exceeds the

$16.0

million previously written off due to property damage by

$4.2

million. As a result, the Company recognized this excess as income included in Other income, net on the Company’s Consolidated Statements of Income for the year ended

December 31, 2018.

The Company’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up to

one

year. After the expiration of

one

year following the loss, the policy has

365

days of an extended period of indemnity which provides business interruption coverage in the event the properties have

not

fully recovered from the storm. During

2018

and

2017,

the Company collected business interruption claims totaling

$2.8

 million and

$1.6

million, respectively, from its insurance provider. Although the Company has primarily recovered its business interruption insurance claims, it will continue to assess and process any future business interruption claims for the extended period of indemnity and will submit insurance claims for its losses, if any, under its business interruption insurance policy.

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Note 4 - Real Estate Under Development

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Real Estate Under Development [Text Block]

4. Real Estate Under Development :

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

December 31, 2018,

the Company had

two

active real estate development projects and

one

additional project held for future development. The costs incurred to date for these projects are as follows (in thousands):

		December 31,
Property Name	Location	201 8		201 7
Dania Pointe (1)	Dania Beach, FL	$	152,111	$	152,841
Mill Station	Owings Mills, MD		55,771		34,347
Promenade at Christiana (2)	New Castle, DE		33,502		32,875
Grand Parkway Marketplace (3)	Spring, TX		-		43,403
Lincoln Square (4)	Philadelphia, PA		-		90,479
Avenues Walk (5)	Jacksonville, FL		-		48,573
Total*		$	241,384	$	402,518

* Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of

$24.9

million and

$27.7

million, as of

December 31, 2018

and

2017,

respectively.

( 1 ) During 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million. Effective December 31, 2018, the first phase of this development project, aggregating $129.7 million (including capitalized costs of $8.9 million), were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use development project.

( 2 ) Project to be developed in the future.

( 3 ) During 2017, the Company sold a land parcel at this development project for a sales price of $2.9 million. In addition, effective September 30, 2018, this development project, aggregating $47.4 million (including capitalized costs of $5.2 million), was placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

( 4 ) During 2017, KIM Lincoln, LLC (“KIM Lincoln”), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP (“Lincoln Member”) entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (see Footnote 14 ). 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 Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote 9 ). Effective December 31, 2018, this development project, aggregating $161.5 million (including capitalized costs of $7.1 million), was placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets.

( 5 ) During 2018, the Company reclassified this project to Land on the Company’s Consolidated Balance Sheets, as it is no longer anticipated to be developed and will be marketed for sale as is. The as is value, estimated fair value, was below the carrying value and as such, the Company recorded an impairment charge of $37.8 million during the year ended December 31, 2018 (see Footnote 6).

During

2018

and

2017,

the Company capitalized (i) interest of

$13.9

million and

$11.0

million, respectively, (ii) real estate taxes, insurance and legal costs of

$2.6

million and

$5.7

million, respectively, and (iii) payroll of

$1.9

million and

$3.3

million, respectively, in connection with these real estate development projects.

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Note 5 - Dispositions of Real Estate and Assets Held-for-sale

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

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

Operating Real Estate

The table below summarizes the Company’s disposition activity relating to operating properties and parcels, in separate transactions (dollars in millions):

	Year Ended December 31 ,
	201 8		201 7		2016
Aggregate sales price/gross fair value	$	1,164.3	$	352.2	$	378.7
Gain on sale of operating properties/change in control of interests	$	229.8	$	93.5	$	92.8
Impairment charges	$	19.7	$	17.1	$	37.2
Number of operating properties sold/deconsolidated		54		25		30
Number of out-parcels sold		7		9		2

Included in the table above, during the year ended

December 31, 2018,

the Company sold a portion of its investment in an operating property to its partner based on a gross fair value of

$320.0

million, including

$206.0

million of non-recourse mortgage debt, and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company

no

longer consolidates the entity and as such, reduced noncontrolling interests by

$43.8

million and recognized a gain on change in control of

$6.8

million, in accordance with the adoption of ASU

2017

-

05

effective as of

January 1, 2018 (

see Footnote

1

of the Notes to Consolidated Financial Statements). The Company has an investment in this unconsolidated property (

$62.4

million as of the date of deconsolidation), included in Investments in and advances to real estate joint ventures on the Company’s Consolidated Balance Sheets. The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (

54.8%

as of the date of deconsolidation).

Land

S

ales

During

2018

and

2016,

the Company sold

10

and

six

land parcels, respectively, for an aggregate sales price of

$9.7

million and

$3.9

million, respectively. These transactions resulted in an aggregate gain of

$6.3

million and

$1.9

million, before income tax expense and noncontrolling interest for the years ended

December 31, 2018

and

2016,

respectively. The gains from these transactions are recorded as other income, which is included in Other income, net on the Company’s Consolidated Statements of Income.

Held-for-Sale

At

December 31, 2018,

the Company had

two

consolidated properties classified as held-for-sale at an aggregate carrying amount of

$17.2

million, net of accumulated depreciation of

$5.5

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, which are in excess of the carrying values of the properties.

At

December 31, 2017,

the Company had

three

consolidated properties classified as held-for-sale at an aggregate carrying amount of

$22.4

million, net of accumulated depreciation of

$16.8

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, which are in excess of the carrying values of the properties.

XML

Note 6 - Impairments

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Asset Impairment Charges [Text Block]

6. Impairments :

Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period, general market conditions and delays of development, 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.

The Company has an active capital recycling program which provides for the disposition of certain properties, typically of lesser quality assets in less desirable locations. The Company has adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain operating properties (see Footnote

15

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, 2018,

2017

and

2016

as follows (in millions):

	201 8		201 7		201 6
Properties marketed for sale (1) (2)	$	59.5	$	34.0	$	28.6
Properties disposed	19.7			17.1		37.2
Properties held and used (3)		-		16.2		27.5
Total gross property impairment charges* (4)		79.2		67.3		93.3
Noncontrolling interests		-		-		(0.4	)
Benefit for income taxes		-		-		(21.1	)
Total net impairment charges	$	79.2	$	67.3	$	71.8

* See Footnote

15

of the Notes to Consolidated Financial Statements for additional disclosure on fair value.

( 1 ) These impairment charges relate to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties.

( 2 ) During December 2018, the Company recognized an impairment charge of $41.0 million related to a development project located in Jacksonville, FL, for which the Company no longer intends to develop. The Company’s intent is to now market the property as is for sale during 2019. The Company’s decision to discontinue this development project was primarily based upon the expectation of increases in estimated costs to complete the project and unfavorable market conditions which would have a negative impact on the Company’s return on its investment. In addition, the Company believes its capital allocation to other projects within its portfolio, which are located within major metro markets, offer a better opportunity for growth and would provide greater value to the Company. 

( 3 )

During 2017, the Company recognized an impairment charge of $16.2 million related to a property for which the Company had re-evaluated its long-term plan for the property due to unfavorable local market conditions.

( 4 )

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 and certain properties maintained in the Company’s TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 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.

In addition to the impairment charges above, the Company recognized pretax impairment charges during

2018,

2017

and

2016

of

$6.9

million,

$4.8

million, and

$15.0

million, 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 on the Company’s Consolidated Statements of Income (see Footnote

7

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 7 - Investment In and Advances to Real Estate Joint Ventures

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Investments and Advances In Real Estate Joint Ventures [Text Block]

7. Investment in and Advances to Real Estate Joint Ventures :

The Company and its subsidiaries have investments in and advances to 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. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at

December 31, 2018

and

2017

(in millions, except number of properties):

			The Company's Investment
	Ownership		As of December 31,
Joint Venture	Interest		2018		2017
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3)		15.0%	$	175.2	$	179.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		167.2		154.1
Canada Pension Plan Investment Board (“CPP”) (2)		55.0%		135.0		105.0
Other Joint Venture Programs (3) (4)		Various		93.5		45.3
Total*			$	570.9	$	483.9

* Representing

109

property interests and

23.2

million square feet of GLA, as of

December 31, 2018,

and

118

property interests and

23.5

million square feet of GLA, as of

December 31, 2017.

( 1 ) Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, 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 ) As of December 31, 2017, the Company had aggregate net deferred gains of $6.9 million relating to the disposal of operating properties prior to the adoption of ASU 2017 - 05. These deferred gains were included in the Company’s investment above, of which $5.1 million related to KimPru II and $1.8 million related to Other Joint Venture Programs. Upon adoption, the Company recorded a cumulative-effect adjustment of $6.9 million to its beginning retained earnings as of January 1, 2018 on the Company’s Consolidated Statements of Changes in Equity. See Footnote 1 to the Notes to the Company’s Consolidated Financial Statements for further detail and discussion.

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

( 4 ) During March 2018, the Company sold a portion of its investment in an operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity. As of the date of deconsolidation, the Company had an investment in this unconsolidated property of $62.4 million. See Footnote  5 to the Notes to the Company’s Consolidated Financial Statements for further detail and discussion.

The table below presents the Company’s share of net income for these investments which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):

	Year Ended December 31,
	201 8		201 7		2016
KimPru and KimPru II	$	15.2	$	13.0	$	16.4
KIR		38.7		36.7		44.0
CPP		5.1		7.2		7.7
Other Joint Venture Programs (1) (2) (3) (4)		12.6		3.9		150.6
Total	$	71.6	$	60.8	$	218.7

( 1 ) During the year ended December 31, 2018, a joint venture investment distributed cash proceeds resulting from the refinancing of an existing loan of which the Company’s share was $3.6 million. This distribution was in excess of the Company’s carrying basis in this joint venture investment and to that extent was recognized as income.

( 2 ) During the year ended December 31, 2018, a joint venture recognized an impairment charge related to the pending foreclosure of a property, of which the Company’s share was $5.2 million.

( 3 ) During the year ended December 31, 2017, the Company recognized a cumulative foreign currency translation loss of $4.8 million due to the substantial liquidation of the Company’s investments in Canada during 2017.

( 4 ) During the year ended December 31, 2017, a joint venture recognized an impairment charge related to the pending sale of a property, of which the Company’s share was $3.4 million.

During

2018,

certain of the Company’s real estate joint ventures disposed of

11

operating properties, in separate transactions, for an aggregate sales price of

$213.5

million. These transactions resulted in an aggregate net gain to the Company of

$18.5

million, for the year ended

December 31, 2018.

During

2017,

certain of the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in

13

operating properties and a portion of

one

property, in separate transactions, for an aggregate sales price of

$180.8

million. These transactions resulted in an aggregate net gain to the Company of

$7.5

million, for the year ended

December 31, 2017.

In addition, during

2017,

the Company acquired a controlling interest in

three

operating properties from certain joint ventures, in separate transactions, with an aggregate gross fair value of

$320.1

million. See Footnote

3

of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.

During

2016,

certain of the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in

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 a controlling interest in

nine

operating properties and

one

development project from certain joint ventures, in separate transactions, with an aggregate gross fair value of

$590.1

million.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at

December 31, 2018

and

2017

(dollars in millions):

	December 31, 2018							December 31, 2017
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable , N et		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	572.6		4.29	%		49.0	$	625.7		3.59	%		59.8
KIR		651.4		4.43	%		40.4		702.0		4.60	%		47.5
CPP		84.4		3.85	%		54.0		84.9		2.91	%		4.0
Other Joint Venture Programs		474.2		4.26	%		78.6		287.6		4.41	%		27.2
Total	$	1,782.6						$	1,700.2

* Average remaining term includes extensions

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

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

	December 31,
	201 8		201 7
Assets:
Real estate, net	$	3,574.1	$	3,402.1
Other assets		227.0		208.9
	$	3,801.1	$	3,611.0
Liabilities and Partners’/Members’ Capital:
Notes payable, net	$	272.7	$	233.1
Mortgages payable, net		1,509.9		1,467.1
Other liabilities		62.4		52.5
Noncontrolling interests		16.8		15.5
Partners’/Members’ capital		1,939.3		1,842.8
	$	3,801.1	$	3,611.0

	Year Ended December 31,
	201 8			201 7			201 6
Revenues	$	506.3		$	516.0		$	597.5
Operating expenses		(146.1	)		(150.7	)		(178.1	)
Impairment charges		(20.7	)		(12.9	)		(38.6	)
Depreciation and amortization		(122.5	)		(116.1	)		(138.1	)
Gain on sale of operating properties		60.3			26.0			296.2
Interest expense		(80.1	)		(81.9	)		(117.3	)
Other (expense)/income, net		(4.4	)		(3.0	)		20.1
Net income	$	192.8		$	177.4		$	441.7

Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling

$2.5

million and

$2.1

million at

December 31, 2018

and

2017,

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, 2018

and

2017,

the Company’s carrying value in these investments was

$570.9

million and

$483.9

million, respectively.

XML

Note 8 - Other Real Estate Investments and Other Assets

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Other Real Estate Investments and Other Assets [Text Block]

8. Other Real Estate Investments and Other Assets :

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, 2018,

the Company’s net investment under the Preferred Equity program was

$176.3

million relating to

285

properties, including

273

net leased properties which are accounted for as direct financing leases. For the year ended

December 31, 2018,

the Company earned

$28.8

million from its preferred equity investments, including

$10.6

million in profit participation earned from

six

capital transactions. As of

December 31, 2017,

the Company’s net investment under the Preferred Equity program was

$201.9

million relating to

357

properties, including

344

net leased properties which are accounted for as direct financing leases. For the year ended

December 31, 2017,

the Company earned

$32.2

million from its preferred equity investments, including

$14.8

million of cumulative foreign currency translation gain recognized as a result of the substantial liquidation of the Company’s investments in Canada during

2017.

As of

December 31, 2018,

these preferred equity investment properties had non-recourse mortgage loans aggregating

$298.9

million (excluding fair market value of debt adjustments aggregating

$15.1

million). These loans have scheduled maturities ranging from

six

months to

six

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 primarily limited to its invested capital.

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

	December 31,
	201 8		201 7
Assets:
Real estate, net	$	110.4	$	142.3
Other assets		578.8		581.2
	$	689.2	$	723.5
Liabilities and Partners’/Members’ Capital:
Mortgages payable, net	$	314.0	$	381.9
Other liabilities		3.0		6.0
Partners’/Members’ capital		372.2		335.6
	$	689.2	$	723.5

	Year Ended December 31,
	201 8			201 7			201 6
Revenues	$	77.0		$	75.4		$	102.6
Operating expenses		(15.5	)		(14.7	)		(27.4	)
Depreciation and amortization		(4.3	)		(4.6	)		(6.7	)
Gain on sale of operating properties		1.9			4.3			5.3
Interest expense		(16.9	)		(20.4	)		(26.7	)
Other expense, net		(8.2	)		(5.9	)		(11.5	)
Net income	$	34.0		$	34.1		$	35.6

Kimsouth

(Albertsons)

–

Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) was a subsidiary of Kimsouth that had a combined

14.35%

noncontrolling interest (of which the Company held

9.8%

and the

two

other noncontrolling members in the partnership, including Colony NorthStar, Inc. (“Colony NorthStar”) held a

4.3%

ownership interest), in AB Acquisition, LLC (“AB Acquisition”). AB Acquisition was a joint venture which owned grocery operators Albertsons LLC (“Albertsons”), NAI Group Holdings Inc. (“NAI”) and Safeway Inc. (“Safeway”). The Company held a controlling interest in the ABS Venture and consolidated this entity.

During

June 2017,

the Company and ABS Venture received an aggregate cash distribution of

$34.6

million from Albertsons, of which the Company’s combined share was

$23.7

million with the remaining

$10.9

million distributed to the

two

noncontrolling interest members in the ABS Venture. This distribution exceeded the Company’s carrying basis in its Albertson’s investment and as such was recognized as income and is included in Equity in income from other real estate investments, net on the Company’s Consolidated Statements of Income.

During

December 2017,

Albertsons, NAI and Safeway were merged into a single corporate entity Albertsons Companies, Inc. (“ACI”). In addition, the Company liquidated the ABS Venture, its consolidated partnership with Colony NorthStar and its other noncontrolling member, which held investments in Albertsons, NAI and Safeway. As a result of these transactions, the Company owns

9.74%

of the common stock of ACI through

two

newly formed wholly-owned partnerships and accounts for this investment on the cost method. The liquidation of the ABS Venture resulted in the elimination of the previous noncontrolling member’s, including Colony NorthStar’s noncontrolling interest of

$64.9

million, and a corresponding reduction in other assets to reflect the Company’s net investment in ACI of

$140.2

million. The Company’s net investment in ACI is included in Other assets on the Company’s Consolidated Balance Sheets. The previous

two

noncontrolling members own their respective interests in ACI directly and are

no

longer in a joint venture partnership with the Company.  As of December

31,

2018,

there were

no

identified events or changes in circumstances that may have a significant adverse effect on the fair value of this cost method investment.

XML

Note 9 - Variable Interest Entities ("VIE")

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

9. Variable Interest Entities (“VIE”) :

Included within the Company’s operating properties at

December 31, 2018

and

2017,

are

23

and

24

consolidated entities that are VIEs, respectively, 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 because the unrelated investors do

not

have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less and they do

not

have substantive 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, 2018,

total assets of these VIEs were

$1.1

billion and total liabilities were

$75.2

million. At

December 31, 2017,

total assets of these VIEs were

$1.2

billion and total liabilities were

$383.5

million.

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.

Additionally, included within the Company’s real estate development projects at

December 31, 2018

and

2017,

are

one

and

three

consolidated entities that are VIEs, respectively, 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 because 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, 2018,

total assets of this real estate development VIE was

$275.6

million and total liabilities were

$68.0

million. At

December 31, 2017,

total assets of these real estate development VIEs were

$307.9

million and total liabilities were

$34.2

million.

Substantially all the projected remaining development costs to be funded for this real estate development project, aggregating

$122.5

million, will be funded with capital contributions from the Company, when contractually obligated, and/or construction loan financing. The Company has

not

provided financial support to these VIEs that it was

not

previously contractually required to provide.

All liabilities of these VIEs are non-recourse to the Company (“VIE Liabilities”). The assets of the unencumbered VIEs are

not

restricted for use to settle only the obligations of these VIEs. The remaining VIE assets are encumbered by

third

party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets are as follows (in millions):

	December 31, 201 8		December 31, 201 7
Number of unencumbered VIEs		20		22
Number of encumbered VIEs		4		5
Total number of consolidated VIEs		24		27
Restricted Assets:
Real estate, net	$	229.2	$	627.5
Cash and cash equivalents		4.4		9.8
Accounts and notes receivable, net		2.1		3.2
Other assets		3.3		4.5
Total Restricted Assets	$	239.0	$	645.0
VIE Liabilities:
Mortgages and construction loan payable, net	$	83.8	$	340.9
Other liabilities		59.4		76.8
Total VIE Liabilities	$	143.2	$	417.7

XML

Note 10 - Mortgages and Other Financing Receivables

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

10. Mortgages and Other Financing Receivables :

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. For a complete listing of the Company’s mortgages and other financing receivables at

December 31, 2018,

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, 2016

to

December 31, 2018 (

in thousands):

	201 8			201 7			201 6
Balance at January 1,	$	21,838		$	23,197		$	23,824
Additions:
New mortgage loans		14,825			-			-
Foreign currency translation		116			385			397
Amortization of loan discounts		125			112			112
Deductions:
Loan repayments		(21,012	)		-			-
Charge off/foreign currency translation		(155	)		(449	)		(213	)
Collections of principal		(1,287	)		(1,405	)		(921	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31,	$	14,448		$	21,838		$	23,197

The Company reviews payment status to identify performing versus non-performing loans. As of

December 31, 2018,

the Company had a total of

10

loans, all of which were identified as performing loans.

XML

Note 11 - Marketable Securities

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

11. Marketable Securities :

Effective

January 1, 2018,

in accordance with the adoption of ASU

2016

-

01,

the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income. In addition, the Company recorded a cumulative-effect adjustment of

$1.1

million to its beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities. Also, during the year ended

December 31, 2018,

the Company recognized a net loss on changes in fair value of its available-for-sale marketable securities of

$3.5

million in Other income, net on the Company’s Consolidated Statements of Income.

The following is a summary of amounts recorded on the Consolidated Financial Statements for marketable securities at

December 31, 2018

and

2017

 (in thousands):

	December 31, 2018		December 31, 2017
Available-for-sale:
Equity securities	$	9,045	$	11,936
Held-to-maturity:
Debt securities		1,257		1,329
Total marketable securities	$	10,302	$	13,265

During

2017,

the Company acquired available-for-sale marketable equity securities for an aggregate purchase price of

$9.8

million.

As of

December 31, 2018,

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 12 - Notes Payable

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

12. Notes Payable :

As of

December 31, 2018

and

2017

the Company’s Notes payable, net consisted of the following (dollars in millions):

	Carrying Amount at December 31,					Interest Rate at December 31,								Maturity Date at
	2018			2017		2018				2017				December 31, 2018
Senior unsecured notes	$	4,334.9		$	4,650.0		2.70%	-	4.45%		2.70%	-	6.88%	May-2021– Sep-2047
Credit facility		100.0			8.0		(a)				(a)			Mar-2021
Deferred financing costs, net		(53.4	)		(61.9)		n/a				n/a				n/a
	$	4,381.5		$	4,596.1		3.48%*				3.70%*

* Weighted-average interest rate

(a) Accrues interest at a rate of LIBOR plus 0.875% ( 3.31% and 2.28% at December 31, 2018 and 2017, respectively).

During the year ended

December 31, 2017,

the Company issued the following senior unsecured notes (dollars in millions):

Date Issued	Maturity Date	Amount Issued		Interest Rate
Aug-17	Feb-25	$	500.0		3.30%
Aug-17	Sep-47	$	350.0		4.45%
Mar-17	Apr-27	$	400.0		3.80%

During the years ended

December 31, 2018

and

2017,

the Company repaid the following notes (dollars in millions):

Type	Date Paid	Amount Repaid		Interest Rate		Maturity Date
Senior unsecured notes (1)	Aug-18	$	300.0		6.875%	Oct-19
Senior unsecured notes (2)	Jun-18 & Jul-18	$	15.1		3.200%	May-21
Medium term notes ("MTN") (3)	Aug-17 & Nov-17	$	300.0		4.300%	Feb-18
Unsecured term loan	Jan-17	$	250.0	LIBOR + 0.95%		Jan-17

( 1 ) The Company recorded an early extinguishment of debt charge of $12.8 million resulting from the early repayment of these notes.

( 2 ) Represents partial repayments. As of December 31, 2018, these notes had an outstanding balance of $484.9 million.

( 3 ) On August 1, 2017, the Company made a tender offer to purchase any and all of these MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of the MTN notes. In addition, in November 2017, the Company redeemed the remaining $89.0 million outstanding MTN notes.

The scheduled maturities of all notes payable excluding unamortized debt issuance costs of

$53.4

million, as of

December 31, 2018,

were as follows (in millions):

	201 9		20 20		202 1		202 2		202 3		Thereafter		Total
Principal payments	$	-	$	-	$	584.9	$	500.0	$	350.0	$	3,000.0	$	4,434.9

The Company’s supplemental indentures governing its 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, 2018.   

Interest on the Company’s fixed-rate Senior Unsecured 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.

Credit Facility

The Company has a

$2.25

billion unsecured revolving credit facility (the “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 Credit Facility, which accrues interest at a rate of LIBOR plus

87.5

basis points (

3.31%

as of

December 31, 2018),

can be increased to

$2.75

billion through an accordion feature. In addition, the Credit 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. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. The Company was in compliance with all of the covenants as of

December 31, 2018.   

As of

December 31, 2018,

the Credit Facility had a balance of

$100.0

million outstanding and

$0.3

million appropriated for letters of credit.

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. The Term Loan accrued interest at LIBOR plus

95

basis points. During

November 2016,

the Company repaid

$400.0

million of borrowings under the Company’s Term Loan and in

January 2017,

the Company repaid the remaining

$250.0

million balance and terminated the agreement.

XML

Note 13 - Mortgages and Construction Loan Payable

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

13. Mortgages and Construction Loan Payable :

Mortgages, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form

10

-K), are generally due in monthly installments of principal and/or interest.

In

August 2018,

the Company closed on a construction loan commitment of

$67.0

million relating to

one

development property. This loan commitment is scheduled to mature in

August 2020,

with

six

additional

six

-month options to extend the maturity date to

August 2023,

 bears interest at a rate of LIBOR plus

180

basis points (

4.23%

as of

December 31, 2018), 

interest is paid monthly with a principal payment due at maturity. As of

December 30, 2018,

the construction loan had a balance of

$51.0

million outstanding.

As of

December 31, 2018

and

2017,

the Company’s Mortgages and construction loan payable, net consisted of the following (in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,								Maturity Date at
	201 8			2017			201 8				2017				December 31, 201 8
Mortgages payable	$	430.8		$	867.1			3.23%	-	9.75%		2.60%	-	9.75%		Jan-2020 – Aug-2031
Construction loan payable		51.0			-			4.23%				n/a				Aug-2020
Fair value debt adjustments, net		13.1			19.3			n/a				n/a				n/a
Deferred financing costs, net		(2.5	)		(3.6	)		n/a				n/a				n/a
	$	492.4		$	882.8			4.89%*				4.57%*

* Weighted-average interest rate

During

2018,

the Company (i) deconsolidated

$206.0

million of individual non-recourse mortgage debt relating to an operating property for which the Company

no

longer holds a controlling interest and (ii) repaid

$205.6

million of maturing mortgage debt (including fair market value adjustments of

$0.9

million) that encumbered

six

operating properties.

During

2018,

the Company disposed of an encumbered property through foreclosure. The transaction resulted in a net decrease in mortgage debt of

$12.4

million. In addition, the Company recognized a gain on forgiveness of debt of

$4.3

million and relief of accrued interest of

$3.4

million, both of which are included in Other income, net on the Company’s Consolidated Statements of Income.

During

2017,

the Company (i) assumed/consolidated

$257.5

million of individual non-recourse mortgage debt (including a fair market value adjustment of

$8.5

million) related to

two

operating properties, (ii) paid off

$692.9

million of mortgage debt (including fair market value adjustments of

$5.8

million) that encumbered

27

operating properties and (iii) obtained a

$206.0

million non-recourse mortgage relating to

one

operating property.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages and construction loan payable, excluding unamortized fair value debt adjustments and unamortized debt issuance costs, as of

December 31, 2018,

were as follows (in millions):

	201 9		20 20		202 1		202 2		202 3		Thereafter		Total
Principal payments	$	12.7	$	160.3	$	144.9	$	140.1	$	15.5	$	8.3	$	481.8

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Note 14 - Noncontrolling Interests

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Noncontrolling Interest Disclosure [Text Block]

14. 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. 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.  During the year ended

December 31, 2018,

there were various acquisitions and dispositions/liquidations of entities that had an impact on noncontrolling interest. See Footnotes

3,

4,

and

8

of the Notes to Consolidated Financial Statements for additional information regarding specific transactions.

Included within noncontrolling interests are units that were determined to be contingently redeemable that 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 following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended

December 31, 2018

and

2017

(in thousands):

	20 18			201 7
Balance at January 1,	$	16,143		$	86,953
Issuance of redeemable partnership interests (1)		-			10,000
Income		373			1,297
Distributions		(355	)		(2,538	)
Redemption/conversion of redeemable units (2)		-			(79,569	)
Adjustment to estimated redemption value (1)		7,521			-
Balance at December 31,	$	23,682		$	16,143

( 1 ) During 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (See Footnote 4 of the Notes to Consolidated Financial Statements). During the year ended December 31, 2018, the Company recorded an adjustment of $7.5 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 – Accounting for Redeemable Equity Instruments.  The Company revalues the fair market value of this noncontrolling interest on a recurring basis and determined that its valuation was classified within Level 3 of the fair value hierarchy.  The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.00% and discount rate of 6.00% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

( 2 ) During 2017, the Company redeemed the remaining 79,642,697 Preferred A Units for a total redemption price of $79.9 million, including an accrued preferred return of $0.4 million. These units, which had a par value of $1.00 and return per annum of 5.0%, were issued in connection with the Puerto Rico shopping center acquisitions discussed below.

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"). Since the acquisition date the Company has redeemed a substantial portion of these units. As of

December 31, 2018

and

2017,

noncontrolling interests relating to the remaining units were

$5.2

million. The Units related annual cash distribution rates and related conversion features consisted of the following as of

December 31, 2018:

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

( 1 ) 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.

( 2 ) 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.

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. In addition, during

2018

and

2017,

25,970

and

25,000

units, or

$1.1

million and

$0.9

million par value, respectively, of the Class B Units were redeemed and at the Company’s option settled in cash. As of

December 31, 2018

and

2017,

noncontrolling interest relating to the remaining Class B Units was

$24.3

million and

$25.4

million, respectively.

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 was restricted from disposing of these assets, other than through a tax-free transaction, through

January 2017.

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Note 15 - Fair Value Disclosure of Financial Instruments

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Fair Value Disclosures [Text Block]

15. 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 8				201 7
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable, net (1)	$	4,381,456	$	4,126,450	$	4,596,140	$	4,601,479
Mortgages and construction loan payable, net (2)	$	492,416	$	486,341	$	882,787	$	881,427

( 1 ) The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and its Credit Facility was classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of December 31, 2018 and 2017, were $4.0 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of December 31, 2018 and 2017, were $97.6 million and $1.9 million, respectively.

( 2 ) 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, 2018

and

2017,

aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at December 31, 201 8		Level 1		Level 2	Level 3
Assets:
Marketable equity securities	$	9,045	$	9,045	$	$	-

	Balance at December 31, 201 7		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

Assets measured at fair value on a non-recurring basis at

December 31, 2018

and

2017

are as follows (in thousands):

	Balance at December 31, 2018		Level 1		Level 2		Level 3
Real estate	$	99,693	$	-	$	-	$	99,693
Investments in real estate joint ventures (1)	$	62,429	$	-	$	-	$	62,429

	Balance at December 31, 201 7		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

( 1 ) Fair value measurement as of date of deconsolidation. See Footnotes 5 and 7 to the Notes to the Consolidated Financial Statements.

During the year ended

December 31, 2018,

the Company recognized impairment charges related to adjustments to property carrying values of

$79.2

million. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from (i) signed contracts or letters of intent from

third

party offers, (ii) discounted cash flow models or (iii)

third

party appraisals. The Company does

not

have access to the unobservable inputs used to determine the estimated fair values of

third

party offers. For the discounted cash flow models and appraisals, the capitalization rates primarily range from

8.50%

to

9.75%

and discount rates primarily range from

9.25%

to

11.25%

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, 2017,

the Company recognized impairment charges related to adjustments to property carrying values of

$67.3

million. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from (i) signed contracts or letters of intent from

third

party offers or (ii) discounted cash flow models. The Company does

not

have access to the unobservable inputs used to determine the estimated fair values of

third

party offers. For the discounted cash flow models, the capitalization rates primarily range from

8.50%

to

9.50%

and discount rates primarily range from

9.00%

to

10.50%

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.

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 16 - Preferred Stock, Common Stock and Convertible Unit Transactions

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

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

Preferred Stock

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

As of December 31, 2018
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,580		264,500		5.250	%	$	1.31250	$	1.00	12/20/2022
				42,580	$	1,064,500

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000		5.250	%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

The following Preferred Stock classes were issued during the year ended

December 31, 2017:

Class of Preferred Stock	Date Issued	Depositary Shares Issued		Fractional Interest per Share	Net Proceeds, Before Expenses (in millions)		Offering Price
Class L	8/16/2017		9,000,000	1/1000	$	218.1		25.00
Class M (1)	12/20/2017		9,200,000	1/1000	$	222.8		25.00

( 1 ) Additionally, during January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one -thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this offering.

The following Preferred Stock class was partially redeemed during the year ended

December 31, 2017:

Class of Preferred Stock	Redemption Date	Depositary Shares Redeemed		Redemption Price		Redemption Amount (in millions)		Redemption Charges (in millions) (1)
Class I (2)	9/6/2017		9,000,000	$	25.00	$	225.0	$	7.0

( 1 ) Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company’s Consolidated Balance Sheets are accounted for in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income attributable to the Company to arrive at net income available to the Company’s common shareholders and used in the calculation of earnings per share.

( 2 ) The Company partially redeemed 9,000,000 depositary shares of its issued and outstanding Class I Preferred Stock, representing 56.25% of the issued and outstanding Class I Preferred Stock.

The Company’s Preferred Stock Depositary Shares for all classes are

not

convertible or exchangeable for any other property or securities of the Company. 

Voting Rights - The Class I, J, K, L and M 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, K, L or M Preferred Stock

may

vote, including any actions by written consent, each share of the Class I, J, K, L or M 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, K, L or M 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, K, L, or M Preferred Stock). As a result, each Class I, J, K, L or M 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

Class I Preferred Stock per share,

$25,000

Class J Preferred Stock per share,

$25,000

Class K Preferred Stock per share,

$25,000

Class L Preferred Stock per share and

$25,000

Class M Preferred Stock per share (

$25.00

per each Class I, Class J, Class K, Class L and Class M 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 2018,

the Company’s Board of Directors authorized a share repurchase program, which is effective for a term of

two

years, pursuant to which the Company

may

repurchase shares of its common stock, par value

$0.01

per share, with an aggregate gross purchase price of up to

$300.0

million. During the year ended

December 31, 2018,

the Company repurchased

5,100,000

shares for an aggregate purchase price of

$75.1

million (weighted average price of

$14.72

per share). As of

December 31, 2018,

the Company had

$224.9

million available under this share repurchase program.

During

February 2015,

the Company established an at the market continuous offering program (the “ATM program”), which was effective for a term of

three

years and expired in

February 2018,

pursuant to which the Company

may

have offered and sold 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

have been 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

2016,

the Company issued

9,806,377

shares and received proceeds of

$285.2

million, net of commissions and fees of

$2.9

million. The Company did

not

offer for sale any shares of common stock under the ATM program during

2018

and

2017.

The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common stock relating to the exercise of stock options or the issuance of restricted stock awards. These 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

2018,

2017

and

2016,

the Company repurchased

278,566

shares,

232,304

shares and

257,477

shares, respectively, relating to shares of common stock surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to 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

14

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, 2018,

is

$14.6

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.

Dividends Declared

The following table provides a summary of the dividends declared per share:

	Year Ended December 31,
	2018		2017		2016
Common Stock	$	1.12000	$	1.09000	$	1.03500
Class I Depositary Shares	$	1.50000	$	1.50000	$	1.50000
Class I Depositary Shares Redeemed	$	-	$	0.96250	$	-
Class J Depositary Shares	$	1.37500	$	1.37500	$	1.37500
Class K Depositary Shares	$	1.40625	$	1.40625	$	1.40625
Class L Depositary Shares	$	1.28125	$	0.48047	$	-
Class M Depositary Shares	$	1.31250	$	0.04010	$	-

XML

Note 17 - Supplemental Schedule of Non-cash Investing / Financing Activities

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

17. 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, 2018,

2017

and

2016

(in thousands):

	2018		2017		2016
Acquisition of real estate interests by assumption of mortgage debt	$	-	$	45,299	$	33,174
Acquisition of real estate interests through proceeds held in escrow	$	-	$	162,396	$	66,044
Proceeds deposited in escrow through sale of real estate interests	$	41,949	$	162,396	$	66,044
Disposition of real estate interests through the issuance of mortgage receivable	$	14,700	$	-	$	-
Disposition of real estate interests by foreclosure of debt	$	7,444	$	-	$	22,080
Forgiveness of debt due to foreclosure	$	12,415	$	-	$	26,000
Capital expenditures accrual	$	60,611	$	74,123	$	38,044
Issuance of common stock	$	-	$	-	$	85
Surrender of restricted common stock	$	4,360	$	5,699	$	7,008
Declaration of dividends paid in succeeding period	$	130,262	$	128,892	$	124,517
Change in noncontrolling interest due to liquidation of partnership	$	-	$	64,948	$	-
Increase in redeemable noncontrolling interests’ carrying amount	$	7,521	$	-	$	-
Deemed contribution from noncontrolling interest	$	-	$	10,000	$	-
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	-	$	325,981	$	407,813
Increase in mortgages payable, other liabilities and noncontrolling interests	$	-	$	258,626	$	268,194
Deconsolidation of Joint Ventures:
Decrease in real estate and other assets	$	300,299	$	-	$	-
Increase in investments in and advances to real estate joint ventures	$	62,429	$	-	$	-
Decrease in mortgages and construction loan payable, other liabilities and noncontrolling interests	$	248,274	$	-	$	-

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Note 18 - Transactions With Related Parties

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

18. 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,

7

and

8

of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

Ripco

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. Todd Cooper, an officer and

50%

shareholder of Ripco, is a son of Milton Cooper, Executive Chairman of the Board of Directors of the Company. During

2018,

2017

and

2016,

the Company paid brokerage commissions of

$0.2

 million,

$0.4

million and

$0.2

million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.

Pro

HEALTH

ProHEALTH is a multi-specialty physician group practice offering

one

-stop health care. Dr. David Cooper, M.D. and Dr. Clifford Cooper, M.D. are minority owners of ProHEALTH and are sons of Milton Cooper, Executive Chairman of the Board of Directors of the Company.  David Cooper is the father of Ross Cooper, President and Chief Investment Officer 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 contractual annual base rent received by the Company from these ProHEALTH leasing arrangements was 

$0.4

million for each of the years ended

December 31, 2018,

2017

and

2016.

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Note 19 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

19. 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

2109.

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, 2018,

2017

and

2016.

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):

	201 9		20 20		20 21		202 2		20 23		Thereafter
Minimum revenues	$	816.4	$	769.1	$	690.7	$	594.6	$	492.6	$	2,540.2

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 for the years ended

December 31, 2018,

2017

and

2016

was

$13.6

million,

$15.7

million and

$16.5

million, respectively.

Minimum contractual payments to be made by the Company under the terms of all non-cancelable operating ground and office leases for future years are as follows (in millions):

	201 9		20 20		20 21		202 2		202 3		Thereafter
Minimum contractual payments	$	12.2	$	9.9	$	9.8	$	9.2	$	9.0	$	115.7

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, 2018,

these letters of credit aggregated

$41.8

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, 2018,

there were

$20.6

million in performance and surety bonds outstanding.

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, 2018.

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Note 20 - Incentive Plans

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

20. 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 Statements of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Monte Carlo method for performance shares or the Black-Scholes option pricing formula, 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

$18.2

 million,

$21.6

million and

$19.1

million, for the years ended

December 31, 2018,

2017

and

2016,

respectively.  As of

December 31, 2018,

the Company had

$29.4

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

2.8

years. The Company had

8,926,449,

10,410,343

and

10,015,040

shares of the Company’s common stock available for issuance under the Plans at

December 31, 2018,

2017

and

2016,

respectively.

Stock Options

During

2018,

2017

and

2016,

the Company did

not

grant any stock options. Information with respect to stock options outstanding under the Plan for the years ended

December 31, 2018,

2017

and

2016

are as follows:

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic V alue (in millions)
Options outstanding, January 1, 2016		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
Exercised		(83,863	)	$	18.20	$	3.4
Forfeited		(2,464,920	)	$	35.91
Options outstanding, December 31, 2017		3,464,946		$	27.81	$	-
Exercised		(42,259	)	$	14.00	$	0.1
Forfeited		(1,781,321	)	$	36.53
Options outstanding, December 31, 2018		1,641,366		$	18.78	$	0.4
Options exercisable (fully vested) -
December 31, 2016		5,144,416		$	32.56	$	11.3
December 31, 2017		3,464,946		$	27.81	$	4.0
December 31, 2018		1,641,366		$	18.78	$	0.4

The exercise price per share for options outstanding as of

December 31, 2018

ranges from

$11.54

to

$24.12.

The Company estimates forfeitures based on historical data. As of

December 31, 2018,

all of the Company’s outstanding options were vested. The weighted-average remaining contractual life for options outstanding and exercisable as of

December 31, 2018

was

2.8

years. Cash received from options exercised under the Plan was

$0.6

million,

$1.5

million and

$21.1

million for the years ended

December 31, 2018,

2017

and

2016,

respectively.

Restricted Stock

Information with respect to restricted stock under the Plan for the years ended

December 31, 2018,

2017

and

2016

are as follows:

	201 8			201 7			201 6
Restricted stock outstanding as of January 1,		1,777,429			1,930,732			1,712,534
Granted (1)		1,100,590			646,142			756,530
Vested		(751,201	)		(783,872	)		(520,539	)
Forfeited		(21,904	)		(15,573	)		(17,793	)
Restricted stock outstanding as of December 31,		2,104,914			1,777,429			1,930,732

( 1 ) The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2018, 2017 and 2016 were $14.72, $25.04 and $26.15, respectively.

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. For the years ended

December 31, 2018,

2017

and

2016,

the dividends paid on unvested restricted shares were

$2.8

million,

$2.4

million, and

$2.2

million, respectively.

Performance Shares

Information with respect to performance share awards under the Plan for the years ended

December 31, 2018,

2017

and

2016

are as follows:

	201 8			201 7			201 6
Performance share awards outstanding as of January 1,		235,950			197,249			202,754
Granted (1)		297,450			135,780			100,170
Vested (2)		(100,170	)		(97,079	)		(105,675	)
Performance share awards outstanding as of December 31,		433,230			235,950			197,249

( 1 ) The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2018, 2017 and 2016 were $15.40, $23.35  and $28.60, respectively.

( 2 ) For the years ended December 31, 2018, 2017 and 2016, the corresponding common stock equivalent of these vested awards were 0, 0 and 130,080, respectively.

The more significant assumptions underlying the determination of fair values for these performance awards granted during

2018,

2017

and

2016

were as follows:

	201 8			201 7			201 6
Stock price	$	14.99		$	24.91		$	26.29
Dividend yield (1)		0	%		0	%		0	%
Risk-free rate		2.39	%		1.45	%		0.87	%
Volatility (2)		22.90	%		18.93	%		18.80	%
Term of the award (years)		2.85			2.88			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.

( 2 ) Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

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, 2018.

The Company’s contributions to the plan were

$2.2

million,

$2.1

million and

$2.0

million for the years ended

December 31, 2018,

2017

and

2016,

respectively.

The Company recognized severance costs associated with employee terminations during the years ended

December 31, 2018,

2017

and

2016,

of

$3.8

 million,

$5.5

million and

$1.7

million, respectively.

XML

Note 21 - Income Taxes

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

21. 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, 2018,

2017

and

2016

(in thousands):

	2018			2017			2016
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	497,795		$	426,075		$	378,850
GAAP net (income)/loss attributable to TRSs		(3,357	)		(13,597	)		12,708
GAAP net income from REIT operations (1)		494,438			412,478			391,558
Net book depreciation in excess of tax depreciation		61,363			122,043			65,194
Capitalized leasing/legal commissions		(15,268	)		(7,102	)		(11,984	)
Deferred/prepaid/above-market and below-market rents, net		(23,437	)		(29,364	)		(34,097	)
Fair market value debt amortization		(5,268	)		(8,495	)		(15,901	)
Book/tax differences from executive compensation (2)		5,460			2,396			-
Book/tax differences from non-qualified stock options		(112	)		(172	)		(11,301	)
Book/tax differences from investments in and advances to real estate joint ventures		7,921			(23,802	)		(20,739	)
Book/tax differences from sale of properties		(2,889	)		(86,629	)		(93,704	)
Book adjustment to property carrying values and marketable equity securities		69,804			51,309			11,161
Taxable currency exchange gains/(losses), net		1,260			(780	)		(8,962	)
Tangible property regulation deduction		(49,209	)		(52,809	)		(28,954	)
GAAP gain on change in control of joint venture interests		(6,800	)		(71,160	)		(57,385	)
Valuation allowance against net deferred tax assets		-			-			51,939
Other book/tax differences, net		(10,351	)		3,282			28
Adjusted REIT taxable income	$	526,912		$	311,195		$	236,853

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

( 1 ) All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interests and TRSs.

( 2 ) In accordance with the Tax Cuts and Jobs Act, effective for tax years beginning on January 1, 2018,  Section 162 (m) of the Code placed a $1.0 million limit on the amount a company can deduct for executive compensation for their CEO, CFO and other three most highly paid executives.

Characterization of Distributions

The following characterizes distributions paid for tax purposes for the years ended

December 31, 2018,

2017

and

2016,

(amounts in thousands):

	2018				2017				2016
Preferred I Dividends
Ordinary income	$	5,565	53	%	$	21,636	96	%	$	16,320	68	%
Capital gain		4,935	47	%		902	4	%		7,680	32	%
	$	10,500	100	%	$	22,538	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	6,559	53	%	$	11,880	96	%	$	8,415	68	%
Capital gain		5,816	47	%		495	4	%		3,960	32	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	5,217	53	%	$	9,450	96	%	$	6,694	68	%
Capital gain		4,627	47	%		394	4	%		3,150	32	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Preferred L Dividends
Ordinary income	$	6,111	53	%	$	1,814	96	%	$	-	-
Capital gain		5,420	47	%		76	4	%		-	-
	$	11,531	100	%	$	1,890	100	%	$	-	-
Preferred M Dividends
Ordinary income	$	6,031	53	%	$	-	-		$	-	-
Capital gain		5,348	47	%		-	-			-	-
	$	11,379	100	%	$	-	-		$	-	-
Common Dividends
Ordinary income	$	235,642	50	%	$	260,573	57	%	$	263,892	62	%
Capital gain		212,077	45	%		9,143	2	%		127,689	30	%
Return of capital		23,564	5	%		187,430	41	%		34,050	8	%
	$	471,283	100	%	$	457,146	100	%	$	425,631	100	%
Total dividends distributed for tax purposes	$	526,912			$	503,793			$	471,850

For the years ended

December 31, 2018,

2017

and

2016

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 include Kimco Realty Services II, Inc. ("KRS"), FNC Realty Corporation, Kimco Insurance Company (collectively “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. 

On

December 22, 2017,

the Tax Cuts and Jobs Act was signed into law, making significant changes to taxation of corporations and individuals. Effective for tax years beginning on

January 1, 2018,

this tax reform law reduces the federal statutory income tax rate from

35%

to

21%

for corporations and changed other certain tax provisions and deductions. ASC

740,

Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. As a result, the Company remeasured its deferred tax assets and liabilities and recorded a tax provision of

$1.1

million during

2017.

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 primarily 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 are accounted for 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 income/(loss) and (provision)/benefit 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, 2018,

2017

and

2016,

are summarized as follows (in thousands):

	201 8			2017			2016
Income/(loss) before income taxes – U.S.	$	4,331		$	1,487		$	(23,810	)
(Provision)/benefit for income taxes, net:
Federal:
Current		(1,221	)		(704	)		2,199
Deferred		(1,198	)		(632	)		(45,097	)
Federal tax provision		(2,419	)		(1,336	)		(42,898	)
State and local:
Current		(43	)		(66	)		1,057
Deferred		(414	)		(190	)		(8,812	)
State tax provision		(457	)		(256	)		(7,755	)
Total tax provision – U.S.		(2,876	)		(1,592	)		(50,653	)
Net income/(loss) from U.S. TRSs	$	1,455		$	(105	)	$	(74,463	)
Income/(loss) before taxes – Non-U.S.	$	2,384		$	(11,483	)	$	138,253
Benefit/(provision) for Non-U.S. income taxes:
Current (1)	$	1,634		$	2,425		$	(24,393	)
Deferred		(358	)		47			(3,537	)
Non-U.S. tax benefit/(provision)	$	1,276		$	2,472		$	(27,930	)

( 1 ) The year ended December 31, 2016 includes $24.9 million in expense related to the sale of interests in properties located in Canada.

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

	201 8			201 7			201 6
Federal provision at statutory tax rate* (1)	$	(2,490	)	$	(520	)	$	(47,155	)
State and local provision, net of federal benefit (2)		(386	)		(1,072	)		(3,498	)
Total tax provision – U.S.	$	(2,876	)	$	(1,592	)	$	(50,653	)

* Federal statutory tax rate of

21%

for the year ended

December 31, 2018

and federal statutory tax rate of

35%

for the years ended

December 31, 2017

and

2016.

( 1 ) The years ended December 31, 2018 and 2016, include charges of $1.6  million and  $55.6 million, respectively, related to the recording of a deferred tax valuation allowance.

( 2 ) The years ended December 31, 2018 and 2016, include charges of $0.3 million and  $7.9 million, respectively, 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, 2018

and

2017,

were as follows (in thousands):

	201 8			201 7
Deferred tax assets:
Tax/GAAP basis differences	$	28,865		$	35,839
Net operating losses (1)		20,947			22,137
Tax credit carryforwards (2)		6,064			6,064
Capital loss carryforwards		2,270			4,648
Related party deferred losses		619			619
Charitable contribution carryforwards		23			23
Valuation allowance		(45,413	)		(54,155	)
Total deferred tax assets		13,375			15,175
Deferred tax liabilities		(12,768	)		(12,739	)
Net deferred tax assets	$	607		$	2,436

( 1 ) Expiration dates ranging from 2021 to 2032.

( 2 ) Expiration dates ranging from 2027 to 2035 and includes alternative minimum tax credit carryovers of $3.5 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, above-market and below-market lease amortization, 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, 2018

and

2017.

Operating losses and the valuation allowance are related primarily to the Company’s consolidation of its TRS's for accounting and reporting purposes. 

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. Effective

August 1, 2016,

the Company merged Kimco Realty Services, Inc. (“KRSI”), a TRS holding REIT qualifying real estate, into a wholly-owned LLC (the "Merger") and KRSI was dissolved.  As a result of the Merger, the Company determined that the realization of its then 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 KRSI in the Merger. Assets of a TRS that become REIT assets in a merger transaction of the type entered into by the Company and KRSI 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 KRSI 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 KRSI during the

60

months following the Merger date. In the event that sales of KRSI assets during the recognition period result in corporate level tax, the unrecognized tax benefits reported as deferred tax assets from KRSI 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, 2018,

will significantly increase or decrease within the next

12

months.

The liability for uncertain tax benefits principally consists of estimated foreign tax liabilities in years for which the statute of limitations is open. Open years range from

2010

through

2018

and vary by jurisdiction and issue. The aggregate changes in the balance of unrecognized tax benefits, associated with the Company’s previously held interests in Canada, for the years ended

December 31, 2018

and

2017

were as follows (in thousands):

	201 8			201 7
Balance at January 1,	$	3,991		$	4,962
Changes in tax positions related to current year (1)		(250	)		339
Reductions due to lapsed statute of limitations		(935	)		(1,310	)
Balance at December 31,	$	2,806		$	3,991

( 1 ) Amounts relate to increases/(decreases) from foreign currency translation adjustments.

During

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) has represented 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 22 - Accumulated Other Comprehensive Income ("AOCI")

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

22. Accumulated Other Comprehensive Income (“AOCI”):

In accordance with the adoption of ASU

2016

-

01,

the Company recorded a cumulative-effect adjustment of

$1.1

million to beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Consolidated Statements of Changes in Equity, to reclassify unrealized losses previously reported in AOCI for available-for-sale marketable securities (See Footnotes

2

and

9

to the Notes to the Company’s Consolidated Financial Statements for additional disclosure).

The following table displays the change in the components of AOCI for the years ended

December 31, 2018

and

2017:

	Foreign Currency Translation Adjustments			Unrealized Gain s Related to Available-for-Sale Securities			Unrealized Gain/(Loss) on Interest Rate Swap			Total
Balance as of January 1, 2017	$	6,335		$	406		$	(975	)	$	5,766
Other comprehensive income before reclassifications		3,711			(1,542	)		631			2,800
Amounts reclassified from AOCI (1)		(10,046	)		-			-			(10,046	)
Net current-period other comprehensive income		(6,335	)		(1,542	)		631			(7,246	)
Balance as of December 31, 2017		-			(1,136	)		(344	)		(1,480	)
Balance as of January 1, 2018, as adjusted (2)		-			-			(344	)		(344	)
Other comprehensive income before reclassifications		-			-			437			437
Amounts reclassified from AOCI (3)		-			-			(93	)		(93	)
Net current-period other comprehensive income		-			-			344			344
Balance as of December 31, 2018	$	-		$	-		$	-		$	-

( 1 ) During the year ended December 31, 2017, the Company was deemed to have substantially liquidated its investment in Canada and as a result, recognized a net cumulative foreign currency translation gain. Amounts were reclassified to the Company’s Consolidated Statements of Income as follows (i) $14.8 million of gain was reclassified to Equity in income of other real estate investments, net, and (ii) $4.8 million of loss was reclassified to Equity in income of joint ventures, net.

( 2 ) Represents the balance as adjusted for the impact of change in accounting principles for ASU 2016 - 01. See Footnote 1 of the Notes to the Consolidated Financial Statements for additional disclosure.

( 3 ) Amounts reclassified to Other income, net on the Company’s Consolidated Statements of Income.

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Note 23 - Earnings Per Share

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

23. 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,
	2018			2017			2016
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	439,604		$	372,461		$	332,630
Change in estimated redemption value of redeemable noncontrolling interests		(7,521	)		-			-
Earnings attributable to participating securities		(2,375	)		(2,132	)		(2,018	)
Net income available to the Company’s common shareholders for basic earnings per share		429,708			370,329			330,612
Distributions on convertible units		99			-			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	429,807		$	370,329		$	330,612
Weighted average common shares outstanding – basic		420,641			423,614			418,402
Effect of dilutive securities (1):
Equity awards		628			405			1,307
Assumed conversion of convertible units		110			-			-
Weighted average common shares outstanding – diluted		421,379			424,019			419,709
Net income available to the Company's common shareholders:
Basic earnings per share	$	1.02		$	0.87		$	0.79
Diluted earnings per share	$	1.02		$	0.87		$	0.79

( 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 1.3 million, 3.1 million and 3.5 million stock options that were not dilutive as of December 31, 2018, 2017 and 2016, 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.

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Note 24 - Supplemental Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Quarterly Financial Information [Text Block]

24. Supplemental Financial Information (Unaudited) :

The following represents the quarterly results of operations, expressed in thousands except per share amounts, for the years ended

December 31, 2018

and

2017:

	2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	304,078	$	293,403	$	283,080	$	284,201
Net income attributable to the Company	$	144,090	$	165,386	$	100,158	$	88,161
Net income per common share:
Basic	$	0.30	$	0.36	$	0.19	$	0.17
Diluted	$	0.30	$	0.36	$	0.19	$	0.17

	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	293,588	$	297,176	$	294,845	$	315,225
Net income attributable to the Company	$	76,733	$	143,416	$	121,030	$	84,896
Net income per common share:
Basic	$	0.15	$	0.31	$	0.24	$	0.17
Diluted	$	0.15	$	0.31	$	0.24	$	0.17

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Note 25 - Captive Insurance Company

12 Months Ended

Dec. 31, 2018

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 (

not

including casualty loss or business interruption) 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, 2019,

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

$11.1

 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

8.0%

and

12.2%

of incurred losses for the policy periods ending

September 30, 2008

through

September 30, 2019.

These amounts do

not

erode the Company’s per occurrence or aggregate limits.

As of

December 31, 2018

and

2017,

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, 2018,

has an expiration date of

February 15, 2019,

with automatic renewals for

one

year.

Activity in the liability for unpaid losses and loss adjustment expenses for the years ended

December 31, 2018

and

2017,

is summarized as follows (in thousands):

	201 8			201 7
Balance at the beginning of the year	$	18,965		$	19,515
Incurred related to:
Current year		5,236			5,915
Prior years		(2,653	)		(727	)
Total incurred		2,583			5,188
Paid related to:
Current year		(683	)		(742	)
Prior years		(4,735	)		(4,996	)
Total paid		(5,418	)		(5,738	)
Balance at the end of the year	$	16,130		$	18,965

For the years ended

December 31, 2018

and

2017,

the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in a decrease of

$2.7

million and 

$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, 2018

Notes to Financial Statements

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

KIMCO REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For Years Ended

December 31, 2018,

2017

and

2016

(in thousands)

	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2018
Allowance for uncollectable accounts (1)	$	17,066	$	9,254	$	-		$	(5,882	)	$	20,438
Allowance for deferred tax asset	$	54,155	$	-	$	(8,742	)	$	-		$	45,413
Year Ended December 31, 2017
Allowance for uncollectable accounts (1)	$	24,175	$	6,641	$	-		$	(13,750	)	$	17,066
Allowance for deferred tax asset	$	95,126	$	-	$	(40,971	)	$	-		$	54,155
Year Ended December 31, 2016
Allowance for uncollectable accounts (1)	$	31,820	$	7,982	$	-		$	(15,627	)	$	24,175
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126

( 1 ) Includes allowances on accounts receivable and straight-line rents.

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Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block]

KIMCO REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2018

		INITIAL COST				COST CAPTIALIZED											TOTAL COST,				DATE OF
				BUILDING AND		SUBSEQUENT TO					BUILDING AND				ACCUMULATED		NET OF ACCUMULATED				ACQUISITION(A)
DESCRIPTION	State	LAND		IMPROVEMENTS		ACQUISITION (1)			LAND		IMPROVEMENTS		TOTAL		DEPRECIATION		DEPRECIATION		ENCUMBRANCES (2)		CONSTRUCTION(C)
SHOPPING CENTERS
MESA PAVILIONS NORTH	AZ	$	6,060,018	$	35,955,005	$	2,034,161		$	6,060,018	$	37,989,166	$	44,049,184	$	8,503,717	$	35,545,467	$	-	2009(A)
MESA RIVERVIEW	AZ		15,000,000		-		142,414,824			307,992		157,106,832		157,414,824		58,970,517		98,444,307		-	2005(C)
MESA PAVILIONS SOUTH	AZ		-		148,508		342,420			-		490,928		490,928		142,926		348,002		-	2011(A)
METRO SQUARE	AZ		4,101,017		16,410,632		1,776,707			4,101,017		18,187,339		22,288,356		9,330,379		12,957,977		-	1998(A)
PLAZA DEL SOL	AZ		5,324,501		21,269,943		1,593,060			4,577,869		23,609,635		28,187,504		9,183,161		19,004,343		-	1998(A)
PLAZA AT MOUNTAINSIDE	AZ		2,450,341		9,802,046		2,383,629			2,450,341		12,185,675		14,636,016		6,535,004		8,101,012		-	1997(A)
VILLAGE CROSSROADS	AZ		5,662,554		24,981,223		1,088,476			5,662,554		26,069,699		31,732,253		5,570,159		26,162,094		-	2011(A)
NORTH VALLEY	AZ		6,861,564		18,200,901		6,107,253			3,861,272		27,308,446		31,169,718		5,398,848		25,770,870		-	2011(A)
CHRISTOWN SPECTRUM	AZ		33,831,348		91,004,070		16,574,655			76,638,511		64,771,562		141,410,073		12,450,821		128,959,252		-	2015(A)
BELL CAMINO CENTER	AZ		2,427,465		6,439,065		576,138			2,427,465		7,015,203		9,442,668		2,011,511		7,431,157		-	2012(A)
COLLEGE PARK SHOPPING CENTER	AZ		3,276,951		7,741,323		1,135,661			3,276,951		8,876,984		12,153,935		2,586,989		9,566,946		-	2011(A)
COSTCO PLAZA	CA		4,995,639		19,982,557		527,389			4,995,639		20,509,946		25,505,585		11,002,286		14,503,299		-	1998(A)
BROOKHURST CENTER	CA		10,492,714		31,357,512		3,037,064			22,299,852		22,587,438		44,887,290		2,870,443		42,016,847		-	2016(A)
LAKEWOOD PLAZA	CA		1,294,176		3,669,266		(597,216	)		-		4,366,226		4,366,226		1,336,096		3,030,130		-	2014(A)
MADISON PLAZA	CA		5,874,396		23,476,190		1,923,344			5,874,396		25,399,534		31,273,930		13,949,717		17,324,213		-	1998(A)
CORONA HILLS PLAZA	CA		13,360,965		53,373,453		8,317,004			13,360,965		61,690,457		75,051,422		34,289,289		40,762,133		-	1998(A)
280 METRO CENTER	CA		38,734,566		94,903,403		2,297,522			38,734,566		97,200,925		135,935,491		12,547,006		123,388,485		-	2015(A)
LABAND VILLAGE SHOPPING CENTER	CA		5,600,000		13,289,347		(881,719	)		5,607,237		12,400,391		18,007,628		6,142,126		11,865,502		-	2008(A)
CUPERTINO VILLAGE	CA		19,886,099		46,534,919		25,970,678			19,886,099		72,505,597		92,391,696		20,827,069		71,564,627		-	2006(A)
NORTH COUNTY PLAZA	CA		10,205,305		28,934,219		(1,204,777	)		20,894,811		17,039,936		37,934,747		3,517,213		34,417,534		-	2014(A)
CHICO CROSSROADS	CA		9,975,810		30,534,524		(5,469,532	)		8,000,154		27,040,648		35,040,802		9,719,887		25,320,915		-	2008(A)
CORONA HILLS MARKETPLACE	CA		9,727,446		24,778,390		1,744,876			9,727,446		26,523,266		36,250,712		9,262,259		26,988,453		-	2007(A)
CREEKSIDE CENTER	CA		3,870,823		11,562,580		(265,986	)		5,154,061		10,013,356		15,167,417		1,036,480		14,130,937		-	2016(A)
LA MIRADA THEATRE CENTER	CA		8,816,741		35,259,965		(1,882,905	)		6,888,680		35,305,121		42,193,801		17,165,704		25,028,097		-	1998(A)
KENNETH HAHN PLAZA	CA		4,114,863		7,660,855		1,094,578			3,796,031		9,074,265		12,870,296		3,290,311		9,579,985		-	2010(A)
LA VERNE TOWN CENTER	CA		8,414,328		23,856,418		11,727,683			16,362,169		27,636,260		43,998,429		4,252,345		39,746,084		-	2014(A)
LINCOLN HILLS TOWN CENTER	CA		8,228,587		26,127,322		145,447			8,228,587		26,272,769		34,501,356		4,010,611		30,490,745		-	2015(A)
NOVATO FAIR S.C.	CA		9,259,778		15,599,790		937,963			9,259,778		16,537,753		25,797,531		6,407,051		19,390,480		-	2009(A)
SOUTH NAPA MARKET PLACE	CA		1,100,000		22,159,086		20,632,519			23,119,071		20,772,534		43,891,605		11,818,601		32,073,004		-	2006(A)
PLAZA DI NORTHRIDGE	CA		12,900,000		40,574,842		945,914			12,900,000		41,520,756		54,420,756		14,391,127		40,029,629		-	2005(A)
LINDA MAR SHOPPING CENTER	CA		16,548,592		37,521,194		2,715,559			16,548,592		40,236,753		56,785,345		7,787,456		48,997,889		-	2014(A)
POWAY CITY CENTRE	CA		5,854,585		13,792,470		8,926,444			7,247,814		21,325,685		28,573,499		8,900,702		19,672,797		-	2005(A)
REDWOOD CITY PLAZA	CA		2,552,000		6,215,168		5,942,129			2,552,000		12,157,297		14,709,297		1,843,845		12,865,452		-	2009(A)
STANFORD RANCH	CA		10,583,764		30,007,231		2,875,764			9,982,626		33,484,133		43,466,759		4,389,919		39,076,840		13,614,631	2014(A)
CROCKER RANCH	CA		7,526,146		24,877,611		104,542			7,526,146		24,982,153		32,508,299		3,172,079		29,336,220		9,622,160	2015(A)
HOME DEPOT PLAZA	CA		4,592,364		18,345,257		-			4,592,364		18,345,257		22,937,621		9,838,272		13,099,349		-	1998(A)
SANTEE TROLLEY SQUARE	CA		40,208,683		62,963,757		3,418			40,208,683		62,967,175		103,175,858		16,499,567		86,676,291		-	2015(A)
SAN DIEGO CARMEL MOUNTAIN	CA		5,322,600		8,873,991		140,982			5,322,600		9,014,973		14,337,573		2,492,439		11,845,134		-	2009(A)
FULTON MARKET PLACE	CA		2,966,018		6,920,710		16,395,020			6,519,424		19,762,324		26,281,748		3,804,997		22,476,751		-	2005(A)
BLACK MOUNTAIN VILLAGE	CA		4,678,015		11,913,344		825,438			4,678,015		12,738,782		17,416,797		4,763,408		12,653,389		-	2007(A)
RANCHO PENASQUITOS TOWNE CTR I	CA		14,851,595		20,342,165		310,166			14,851,595		20,652,331		35,503,926		2,868,669		32,635,257		13,370,985	2015(A)
RANCHO PENASQUITOS TWN CTR II	CA		12,944,972		20,323,961		610,406			12,944,972		20,934,367		33,879,339		2,908,894		30,970,445		10,260,486	2015(A)
CITY HEIGHTS	CA		10,687,472		28,324,896		(668,399	)		13,908,563		24,435,406		38,343,969		3,931,461		34,412,508		-	2012(A)
TRUCKEE CROSSROADS	CA		2,140,000		28,324,896		(18,420,405	)		2,140,000		9,904,491		12,044,491		5,740,669		6,303,822		1,791,686	2006(A)
GATEWAY AT DONNER PASS	CA		4,515,688		8,318,667		439,847			4,515,688		8,758,514		13,274,202		1,422,739		11,851,463		-	2015(A)
WESTLAKE SHOPPING CENTER	CA		16,174,307		64,818,562		101,644,330			16,174,307		166,462,892		182,637,199		56,984,694		125,652,505		-	2002(A)
LAKEWOOD VILLAGE	CA		8,597,100		24,374,615		(1,143,183	)		11,683,364		20,145,168		31,828,532		4,170,152		27,658,380		-	2014(A)
WHITTWOOD TOWN CENTER	CA		57,135,695		105,814,560		958,177			57,138,906		106,769,526		163,908,432		6,937,924		156,970,508		44,391,414	2017(A)
VILLAGE ON THE PARK	CO		2,194,463		8,885,987		9,747,732			3,018,391		17,809,791		20,828,182		5,738,440		15,089,742		-	1998(A)
QUINCY PLACE S.C.	CO		1,148,317		4,608,249		2,032,753			1,148,317		6,641,002		7,789,319		3,381,062		4,408,257		-	1998(A)
EAST BANK S.C.	CO		1,500,568		6,180,103		4,078,071			1,500,568		10,258,174		11,758,742		3,765,922		7,992,820		-	1998(A)
NORTHRIDGE SHOPPING CENTER	CO		4,932,690		16,496,175		1,856,177			8,934,385		14,350,657		23,285,042		2,577,058		20,707,984		-	2013(A)
DENVER WEST 38TH STREET	CO		161,167		646,983		52,299			161,167		699,282		860,449		346,973		513,476		-	1998(A)
ENGLEWOOD PLAZA	CO		805,837		3,232,650		735,002			805,837		3,967,652		4,773,489		2,068,112		2,705,377		-	1998(A)
FORT COLLINS S.C.	CO		1,253,497		7,625,278		1,599,608			1,253,497		9,224,886		10,478,383		4,109,707		6,368,676		-	2000(A)
GREELEY COMMONS	CO		3,313,095		20,069,559		1,379,533			3,313,095		21,449,092		24,762,187		4,378,430		20,383,757		-	2012(A)
HIGHLANDS RANCH VILLAGE S.C.	CO		8,135,427		21,579,936		(503,844	)		5,337,081		23,874,438		29,211,519		4,526,837		24,684,682		-	2011(A)
HIGHLANDS RANCH II	CO		3,514,837		11,755,916		701,975			3,514,837		12,457,891		15,972,728		3,003,002		12,969,726		-	2013(A)
VILLAGE CENTER WEST	CO		2,010,519		8,361,084		649,106			2,010,519		9,010,190		11,020,709		1,530,233		9,490,476		-	2011(A)
VILLAGE CENTER - HIGHLAND RANCH	CO		1,140,000		2,660,000		283,724			1,140,000		2,943,724		4,083,724		290,375		3,793,349		-	2014(A)
HERITAGE WEST S.C.	CO		1,526,576		6,124,074		2,056,247			1,526,576		8,180,321		9,706,897		3,846,369		5,860,528		-	1998(A)

MARKET AT SOUTHPARK	CO	9,782,769	20,779,522	793,717		9,782,769	21,573,239	31,356,008	4,809,584	26,546,424	-	2011(A)
NEWTOWN S.C.	CT	-	15,635,442	48,859		-	15,684,301	15,684,301	2,091,111	13,593,190	7,634,085	2014(A)
WEST FARM SHOPPING CENTER	CT	5,805,969	23,348,024	17,897,993		7,585,116	39,466,870	47,051,986	15,794,743	31,257,243	-	1998(A)
HAMDEN MART	CT	13,668,167	40,890,166	5,105,443		14,225,573	45,438,203	59,663,776	5,389,032	54,274,744	20,597,668	2016(A)
HOME DEPOT PLAZA	CT	7,704,968	30,797,640	3,406,887		7,704,968	34,204,527	41,909,495	15,906,581	26,002,914	-	1998(A)
WILTON RIVER PARK SHOPPING CTR	CT	7,154,585	27,509,279	(90,084	)	7,154,584	27,419,196	34,573,780	4,912,432	29,661,348	-	2012(A)
BRIGHT HORIZONS	CT	1,211,748	4,610,610	36,235		1,211,748	4,646,845	5,858,593	995,442	4,863,151	-	2012(A)
WILTON CAMPUS	CT	10,168,872	31,893,016	809,865		10,168,872	32,702,881	42,871,753	8,029,800	34,841,953	-	2013(A)
CAMDEN SQUARE	DE	122,741	66,738	4,664,447		3,024,375	1,829,551	4,853,926	206,876	4,647,050	-	2003(A)
PROMENADE AT CHRISTIANA (3)	DE	14,371,686	-	19,130,790		33,502,476	-	33,502,476	-	33,502,476	-	2014(C)
BRANDYWINE COMMONS	DE	-	36,057,487	1,906,024		-	37,963,511	37,963,511	5,903,513	32,059,998	-	2014(A)
CAMINO SQUARE	FL	573,875	2,295,501	3,110,802		733,875	5,246,303	5,980,178	3,872,616	2,107,562	-	1992(A)
CORAL SQUARE PROMENADE	FL	710,000	2,842,907	4,080,612		710,000	6,923,519	7,633,519	4,010,239	3,623,280	-	1994(A)
MAPLEWOOD PLAZA	FL	1,649,000	6,626,301	1,600,071		1,649,000	8,226,372	9,875,372	4,064,261	5,811,111	-	1997(A)
CURLEW CROSSING SHOPPING CTR	FL	5,315,955	12,529,467	2,524,246		5,315,955	15,053,713	20,369,668	6,301,435	14,068,233	-	2005(A)
SHOPS AT SANTA BARBARA PHASE 1	FL	743,463	5,373,994	148,505		743,463	5,522,499	6,265,962	813,190	5,452,772	-	2015(A)
SHOPS AT SANTA BARBARA PHASE 2	FL	331,692	2,488,832	-		331,692	2,488,832	2,820,524	390,095	2,430,429	-	2015(A)
SHOPS AT SANTA BARBARA PHASE 3	FL	329,726	2,358,700	61,618		329,726	2,420,318	2,750,044	341,468	2,408,576	-	2015(A)
CORAL POINTE S.C.	FL	2,411,608	20,507,735	361,446		2,411,608	20,869,181	23,280,789	2,954,149	20,326,640	-	2015(A)
DANIA POINTE	FL	105,113,024	-	35,286,919		35,481,702	104,918,241	140,399,943	-	140,399,943	49,969,297	2016(C)
DANIA POINTE PHASE II (3)	FL	-	-	142,723,016		142,723,016	-	142,723,016	-	142,723,016	-	2018(C)
FT.LAUDERDALE/CYPRESS CREEK	FL	14,258,760	28,042,390	1,986,704		14,258,760	30,029,094	44,287,854	9,947,785	34,340,069	-	2009(A)
HOMESTEAD-WACHTEL LAND LEASE	FL	150,000	-	-		150,000	-	150,000	-	150,000	-	2013(A)
OAKWOOD PLAZA NORTH	FL	35,300,961	141,731,019	1,078,739		35,300,961	142,809,758	178,110,719	14,067,418	164,043,301	-	2016(A)
OAKWOOD PLAZA SOUTH	FL	11,126,609	40,592,103	(78,501	)	11,126,609	40,513,602	51,640,211	4,228,647	47,411,564	-	2016(A)
OAKWOOD BUSINESS CTR-BLDG 1	FL	6,792,500	18,662,565	3,515,189		6,792,500	22,177,754	28,970,254	6,661,972	22,308,282	-	2009(A)
KIMCO AVENUES WALK, LLC	FL	26,984,546	-	(16,224,546	)	10,760,000	-	10,760,000	-	10,760,000	-	2005(C)
AVENUES WALK	FL	8,169,933	20,173,468	(22,080,393	)	1,724,923	4,538,085	6,263,008	569,586	5,693,422	-	2017(A)
RIVERPLACE SHOPPING CTR.	FL	7,503,282	31,011,027	1,529,107		7,200,050	32,843,366	40,043,416	10,051,460	29,991,956	-	2010(A)
MERCHANTS WALK	FL	2,580,816	10,366,090	6,961,870		2,580,816	17,327,960	19,908,776	9,032,151	10,876,625	-	2001(A)
CENTER AT MISSOURI AVENUE	FL	293,686	792,119	7,076,359		293,686	7,868,478	8,162,164	1,849,332	6,312,832	-	1968(C)
TRI-CITY PLAZA	FL	2,832,296	11,329,185	20,905,810		2,832,296	32,234,995	35,067,291	4,528,142	30,539,149	-	1992(A)
FT LAUDERDALE #1, FL	FL	1,002,733	2,602,415	13,112,633		1,774,443	14,943,338	16,717,781	10,251,260	6,466,521	-	1974(C)
NASA PLAZA	FL	-	1,754,000	3,338,821		-	5,092,821	5,092,821	4,017,435	1,075,386	-	1968(C)
GROVE GATE S.C.	FL	365,893	1,049,172	792,700		365,893	1,841,872	2,207,765	1,590,221	617,544	-	1968(C)
CHEVRON OUTPARCEL	FL	530,570	1,253,410	-		530,570	1,253,410	1,783,980	378,236	1,405,744	-	2010(A)
IVES DAIRY CROSSING	FL	732,914	4,080,460	11,428,885		720,852	15,521,407	16,242,259	9,758,177	6,484,082	-	1985(A)
MILLER ROAD S.C.	FL	1,138,082	4,552,327	4,653,437		1,138,082	9,205,764	10,343,846	6,004,334	4,339,512	-	1986(A)
KENDALE LAKES PLAZA	FL	18,491,461	28,496,001	(1,799,109	)	15,362,227	29,826,126	45,188,353	7,887,133	37,301,220	-	2009(A)
MILLER WEST PLAZA	FL	6,725,660	10,661,419	262,552		6,725,660	10,923,971	17,649,631	1,550,602	16,099,029	-	2015(A)
CORSICA SQUARE S.C.	FL	7,225,100	10,757,386	229,242		7,225,100	10,986,628	18,211,728	1,589,821	16,621,907	-	2015(A)
FLAGLER PARK	FL	26,162,980	80,737,041	4,548,949		26,725,480	84,723,490	111,448,970	24,399,812	87,049,158	-	2007(A)
PARK HILL PLAZA	FL	10,763,612	19,264,248	391,254		10,763,612	19,655,502	30,419,114	4,659,508	25,759,606	-	2011(A)
WINN DIXIE-MIAMI	FL	2,989,640	9,410,360	(51,872	)	3,544,297	8,803,831	12,348,128	1,116,394	11,231,734	-	2013(A)
MARATHON SHOPPING CENTER	FL	2,412,929	8,069,450	1,408,179		1,514,731	10,375,827	11,890,558	1,780,924	10,109,634	-	2013(A)
SODO S.C.	FL	-	68,139,271	8,577,527		142,195	76,574,603	76,716,798	21,243,324	55,473,474	-	2008(A)
RENAISSANCE CENTER	FL	9,104,379	36,540,873	16,553,220		9,122,758	53,075,714	62,198,472	20,431,499	41,766,973	-	1998(A)
MILLENIA PLAZA PHASE II	FL	7,711,000	20,702,992	1,801,738		7,698,200	22,517,530	30,215,730	8,761,724	21,454,006	-	2009(A)
RIVERSIDE LANDINGS S.C.	FL	3,512,202	14,439,668	261,172		3,512,202	14,700,840	18,213,042	1,999,649	16,213,393	-	2015(A)
GRAND OAKS VILLAGE	FL	7,409,319	19,653,869	(362,622	)	5,846,339	20,854,227	26,700,566	4,386,341	22,314,225	-	2011(A)
PLANTATION CROSSING	FL	2,782,030	8,077,260	3,653,308		2,782,030	11,730,568	14,512,598	738,324	13,774,274	-	2017(A)
POMPANO POINTE S.C.	FL	10,516,500	14,355,836	530,900		10,516,500	14,886,736	25,403,236	1,136,919	24,266,317	-	2012(A)
UNIVERSITY TOWN CENTER	FL	5,515,265	13,041,400	423,147		5,515,265	13,464,547	18,979,812	3,197,352	15,782,460	-	2011(A)
PALM BEACH GARDENS	FL	2,764,953	11,059,812	891,072		2,764,953	11,950,884	14,715,837	2,010,305	12,705,532	-	2009(A)
OAK TREE PLAZA	FL	-	917,360	1,562,194		-	2,479,554	2,479,554	1,427,320	1,052,234	-	1968(C)
TUTTLEBEE PLAZA	FL	254,961	828,465	1,812,825		254,961	2,641,290	2,896,251	1,871,329	1,024,922	-	2008(A)
SOUTH MIAMI S.C.	FL	1,280,440	5,133,825	3,605,635		1,280,440	8,739,460	10,019,900	4,753,771	5,266,129	-	1995(A)
CARROLLWOOD COMMONS	FL	5,220,445	16,884,228	3,146,743		5,220,445	20,030,971	25,251,416	10,137,448	15,113,968	-	1997(A)
VILLAGE COMMONS SHOPPING CENTER	FL	2,192,331	8,774,158	4,983,680		2,192,331	13,757,838	15,950,169	6,134,286	9,815,883	-	1998(A)

MISSION BELL SHOPPING CENTER	FL	5,056,426	11,843,119	8,691,774		5,067,033	20,524,286	25,591,319	7,317,804	18,273,515	-	2004(A)
VILLAGE COMMONS S.C.	FL	2,026,423	5,106,476	2,031,564		2,026,423	7,138,040	9,164,463	1,585,055	7,579,408	-	2013(A)
BELMART PLAZA	FL	1,656,097	3,394,420	5,722,156		1,656,097	9,116,576	10,772,673	927,224	9,845,449	-	2014(A)
MARKET AT HAYNES BRIDGE	GA	4,880,659	21,549,424	979,391		4,889,863	22,519,611	27,409,474	7,551,081	19,858,393	-	2008(A)
EMBRY VILLAGE	GA	18,147,054	33,009,514	1,332,206		18,160,525	34,328,249	52,488,774	23,117,994	29,370,780	-	2008(A)
PERIMETER EXPO PROPERTY	GA	14,770,275	44,295,457	2,362,639		16,142,152	45,286,219	61,428,371	4,220,999	57,207,372	-	2016(A)
RIVERWALK MARKETPLACE	GA	3,512,202	18,862,571	50,327		3,512,202	18,912,898	22,425,100	1,900,860	20,524,240	-	2015(A)
LAWRENCEVILLE MARKET	GA	8,878,266	29,691,191	276,376		9,060,436	29,785,397	38,845,833	6,031,890	32,813,943	-	2013(A)
BRAELINN VILLAGE	GA	7,314,719	20,738,792	1,824,744		6,342,926	23,535,329	29,878,255	3,676,866	26,201,389	-	2014(A)
SAVANNAH CENTER	GA	2,052,270	8,232,978	4,131,922		2,052,270	12,364,900	14,417,170	7,386,687	7,030,483	-	1993(A)
CHATHAM PLAZA	GA	13,390,238	35,115,882	980,126		13,403,262	36,082,984	49,486,246	13,169,012	36,317,234	-	2008(A)
CLIVE PLAZA	IA	500,525	2,002,101	-		500,525	2,002,101	2,502,626	1,176,448	1,326,178	-	1996(A)
DUBUQUE CENTER	IA	-	2,152,476	239,217		-	2,391,693	2,391,693	2,039,585	352,108	-	1997(A)
87TH STREET CENTER	IL	-	2,687,046	9,899,028		6,992,648	5,593,426	12,586,074	3,003,871	9,582,203	-	1997(A)
DOWNERS PARK PLAZA	IL	2,510,455	10,164,494	(12,485,854	)	189,095	-	189,095	-	189,095	-	1999(A)
PLAZA DEL PRADO	IL	10,203,960	28,409,786	1,557,625		10,203,960	29,967,411	40,171,371	3,583,364	36,588,007	-	2017(A)
MOUNT PROSPECT CENTER	IL	1,017,345	6,572,176	4,105,133		1,017,345	10,677,309	11,694,654	6,434,800	5,259,854	-	1997(A)
22ND STREET PLAZA	IL	1,527,188	8,679,108	4,880,654		1,527,188	13,559,762	15,086,950	6,393,561	8,693,389	-	1997(A)
SKOKIE POINTE	IL	-	2,276,360	9,564,305		2,628,440	9,212,225	11,840,665	4,170,823	7,669,842	-	1997(A)
HAWTHORN HILLS SQUARE	IL	6,783,928	33,033,624	2,699,882		6,783,928	35,733,506	42,517,434	8,237,719	34,279,715	-	2012(A)
GREENWOOD S.C.	IN	423,371	1,883,421	18,814,874		1,640,748	19,480,918	21,121,666	3,160,755	17,960,911	-	1970(C)
ABINGTON PLAZA	MA	10,457,183	494,652	-		10,457,183	494,652	10,951,835	156,500	10,795,335	3,920,234	2014(A)
WASHINGTON ST.PLAZA	MA	11,007,593	5,652,368	9,428,287		12,957,593	13,130,655	26,088,248	2,086,506	24,001,742	5,546,021	2014(A)
MEMORIAL PLAZA	MA	16,411,388	27,553,908	958,835		16,411,388	28,512,743	44,924,131	3,755,548	41,168,583	15,293,404	2014(A)
MAIN ST. PLAZA	MA	555,898	2,139,494	-		555,898	2,139,494	2,695,392	376,910	2,318,482	1,271,526	2014(A)
MORRISSEY PLAZA	MA	4,097,251	3,751,068	(890,144	)	4,097,251	2,860,924	6,958,175	269,139	6,689,036	2,913,275	2014(A)
GLENDALE SQUARE	MA	4,698,891	7,141,090	276,270		4,698,891	7,417,360	12,116,251	1,350,906	10,765,345	5,295,416	2014(A)
FALMOUTH PLAZA	MA	2,361,071	13,065,817	1,270,653		2,361,071	14,336,470	16,697,541	2,141,488	14,556,053	7,451,735	2014(A)
WAVERLY PLAZA	MA	1,215,005	3,622,911	281,295		1,203,205	3,916,006	5,119,211	754,489	4,364,722	2,143,170	2014(A)
FESTIVAL OF HYANNIS S.C.	MA	15,038,197	40,682,853	1,118,867		15,038,197	41,801,720	56,839,917	7,971,776	48,868,141	-	2014(A)
FELLSWAY PLAZA	MA	5,300,388	11,013,543	(99,939	)	5,300,388	10,913,604	16,213,992	1,429,820	14,784,172	6,322,144	2014(A)
DEL ALBA PLAZA	MA	3,163,033	8,967,874	19,995		3,163,033	8,987,869	12,150,902	1,151,070	10,999,832	7,305,045	2014(A)
NORTH QUINCY PLAZA	MA	6,332,542	17,954,110	(991,929	)	3,894,436	19,400,287	23,294,723	2,627,485	20,667,238	-	2014(A)
ADAMS PLAZA	MA	2,089,363	3,226,648	8,857		2,089,363	3,235,505	5,324,868	513,604	4,811,264	1,754,230	2014(A)
BROADWAY PLAZA	MA	6,485,065	343,422	-		6,485,065	343,422	6,828,487	117,986	6,710,501	2,692,126	2014(A)
VINNIN SQUARE PLAZA	MA	5,545,425	16,324,060	(28,816	)	5,545,425	16,295,244	21,840,669	3,386,960	18,453,709	8,482,824	2014(A)
PARADISE PLAZA	MA	4,183,038	12,194,885	1,558,032		4,183,038	13,752,917	17,935,955	2,579,883	15,356,072	8,197,970	2014(A)
BELMONT PLAZA	MA	11,104,983	848,844	-		11,104,983	848,844	11,953,827	196,427	11,757,400	4,843,479	2014(A)
VINNIN SQUARE IN-LINE	MA	582,228	2,094,560	(38,716	)	582,228	2,055,844	2,638,072	279,681	2,358,391	-	2014(A)
LINDEN PLAZA	MA	4,628,215	3,535,431	473,357		4,628,215	4,008,788	8,637,003	964,470	7,672,533	3,307,417	2014(A)
NORTH AVE. PLAZA	MA	1,163,875	1,194,673	23,933		1,163,875	1,218,606	2,382,481	262,045	2,120,436	841,582	2014(A)
WASHINGTON ST. S.C.	MA	7,380,918	9,987,119	1,965,851		7,380,918	11,952,970	19,333,888	1,618,598	17,715,290	5,813,070	2014(A)
MILL ST. PLAZA	MA	4,195,024	6,203,410	449,771		4,195,024	6,653,181	10,848,205	1,134,835	9,713,370	3,801,095	2014(A)
FULLERTON PLAZA	MD	14,237,901	6,743,980	7,361,633		14,237,901	14,105,613	28,343,514	1,232,824	27,110,690	-	2014(A)
GREENBRIER S.C.	MD	8,891,468	30,304,760	74,934		8,891,468	30,379,694	39,271,162	4,405,361	34,865,801	-	2014(A)
INGLESIDE S.C.	MD	10,416,726	17,889,235	(2,058	)	10,416,726	17,887,177	28,303,903	3,174,127	25,129,776	-	2014(A)
WILKENS BELTWAY PLAZA	MD	9,948,235	22,125,942	238,016		9,948,235	22,363,958	32,312,193	3,240,175	29,072,018	-	2014(A)
YORK ROAD PLAZA	MD	4,276,715	37,205,757	170,205		4,276,715	37,375,962	41,652,677	4,971,149	36,681,528	-	2014(A)
PUTTY HILL PLAZA	MD	4,192,152	11,112,111	774,676		4,192,152	11,886,787	16,078,939	3,320,369	12,758,570	-	2013(A)
SNOWDEN SQUARE S.C.	MD	1,929,402	4,557,934	5,155,349		3,326,422	8,316,263	11,642,685	1,830,541	9,812,144	-	2012(A)
COLUMBIA CROSSING	MD	3,612,550	34,344,509	172,640		3,612,550	34,517,149	38,129,699	4,164,044	33,965,655	-	2015(A)
DORSEY'S SEARCH VILLAGE CENTER	MD	6,321,963	27,996,087	177,268		6,321,963	28,173,355	34,495,318	3,233,759	31,261,559	-	2015(A)
HICKORY RIDGE	MD	7,183,646	26,947,776	526,522		7,183,646	27,474,298	34,657,944	3,561,103	31,096,841	-	2015(A)
HICKORY RIDGE (SUNOCO)	MD	543,197	2,122,234	-		543,197	2,122,234	2,665,431	357,204	2,308,227	-	2015(A)
KINGS CONTRIVANCE	MD	9,308,349	31,759,940	619,016		9,308,349	32,378,956	41,687,305	4,856,962	36,830,343	-	2014(A)
HARPER'S CHOICE	MD	8,429,284	18,373,994	688,796		8,429,284	19,062,790	27,492,074	2,709,642	24,782,432	-	2015(A)
WILDE LAKE	MD	1,468,038	5,869,862	25,978,515		2,577,073	30,739,342	33,316,415	9,681,524	23,634,891	-	2002(A)
RIVERHILL VILLAGE CENTER	MD	16,825,496	23,282,222	395,512		16,825,496	23,677,734	40,503,230	4,708,950	35,794,280	-	2014(A)
COLUMBIA CROSSING OUTPARCELS	MD	1,279,200	2,870,800	20,602,841		6,147,248	18,605,593	24,752,841	3,173,045	21,579,796	-	2011(A)
COLUMBIA CROSSING II SHOP.CTR.	MD	3,137,628	19,868,075	1,210,438		3,137,628	21,078,513	24,216,141	3,114,562	21,101,579	-	2013(A)
SHOPS AT DISTRICT HEIGHTS	MD	8,165,638	21,970,661	(1,389,278	)	7,298,215	21,448,806	28,747,021	2,018,911	26,728,110	13,193,497	2015(A)
ENCHANTED FOREST S.C.	MD	20,123,946	34,345,102	551,331		20,123,946	34,896,433	55,020,379	5,803,460	49,216,919	-	2014(A)
SHOPPES AT EASTON	MD	6,523,713	16,402,204	(2,574,117	)	5,668,532	14,683,268	20,351,800	2,546,751	17,805,049	-	2014(A)
VILLAGES AT URBANA	MD	3,190,074	6,067	19,032,291		4,828,774	17,399,658	22,228,432	2,068,527	20,159,905	-	2003(A)
GAITHERSBURG S.C.	MD	244,890	6,787,534	1,583,659		244,890	8,371,193	8,616,083	3,741,315	4,874,768	-	1999(A)
KENTLANDS MARKET SQUARE	MD	20,167,048	84,615,052	5,667,730		20,167,048	90,282,782	110,449,830	7,062,305	103,387,525	32,414,665	2016(A)
SHAWAN PLAZA	MD	4,466,000	20,222,367	(457,359	)	4,466,000	19,765,008	24,231,008	11,899,815	12,331,193	1,616,979	2008(A)
LAUREL PLAZA	MD	349,562	1,398,250	4,661,863		1,571,288	4,838,387	6,409,675	2,104,312	4,305,363	-	1995(A)
LAUREL PLAZA	MD	274,580	1,100,968	173,969		274,580	1,274,937	1,549,517	1,190,640	358,877	-	1972(C)
MILL STATION THEATER/RSTRNTS (3)	MD	23,378,543	1,089,760	51,928,950		70,508,283	5,888,970	76,397,253	172,744	76,224,509	-	2016(C)
CENTRE COURT-RETAIL/BANK	MD	1,035,359	7,785,830	135,322		1,035,359	7,921,152	8,956,511	1,390,511	7,566,000	1,489,591	2011(A)
CENTRE COURT-GIANT	MD	3,854,099	12,769,628	23,770		3,854,099	12,793,398	16,647,497	2,748,067	13,899,430	5,421,228	2011(A)
CENTRE COURT-OLD COURT/COURTYD	MD	2,279,177	5,284,577	3,744		2,279,177	5,288,321	7,567,498	1,129,051	6,438,447	-	2011(A)
RADCLIFFE CENTER	MD	12,042,713	21,187,946	7,512		12,042,713	21,195,458	33,238,171	3,392,854	29,845,317	-	2014(A)
TIMONIUM CROSSING	MD	2,525,377	14,862,817	592,001		2,525,377	15,454,818	17,980,195	2,478,564	15,501,631	-	2014(A)
TIMONIUM SQUARE	MD	6,000,000	24,282,998	14,639,146		7,331,195	37,590,949	44,922,144	17,036,129	27,886,015	-	2003(A)
TOWSON PLACE	MD	43,886,876	101,764,931	3,541,225		43,270,792	105,922,240	149,193,032	21,939,395	127,253,637	-	2012(A)

CENTURY PLAZA	MI	178,785	925,818	46,257		95,905	1,054,955	1,150,860	815,012	335,848	-	1968(C)
GREEN ORCHARD SHOPPING CENTER	MI	3,682,478	14,730,060	5,933,982		3,547,007	20,799,513	24,346,520	11,245,423	13,101,097	-	1993(A)
THE FOUNTAINS AT ARBOR LAKES	MN	28,585,296	66,699,024	14,145,986		29,485,296	79,945,010	109,430,306	29,728,628	79,701,678	-	2006(A)
CENTER POINT S.C.	MO	-	550,204	-		-	550,204	550,204	489,708	60,496	-	1998(A)
CAVE SPRINGS S.C.	MO	1,182,194	7,423,459	7,112,186		1,563,694	14,154,145	15,717,839	10,569,319	5,148,520	-	1997(A)
WOODLAWN MARKETPLACE	NC	919,251	3,570,981	2,740,450		919,251	6,311,431	7,230,682	3,767,403	3,463,279	-	2008(A)
TYVOLA SQUARE	NC	-	4,736,345	8,011,824		-	12,748,169	12,748,169	9,522,876	3,225,293	-	1986(A)
CROSSROADS PLAZA	NC	767,864	3,098,881	1,233,350		767,864	4,332,231	5,100,095	1,914,296	3,185,799	-	2000(A)
JETTON VILLAGE SHOPPES	NC	3,875,224	10,292,231	492,962		2,143,695	12,516,722	14,660,417	2,455,738	12,204,679	-	2011(A)
MOUNTAIN ISLAND MARKETPLACE	NC	3,318,587	7,331,413	696,680		3,818,587	7,528,093	11,346,680	1,554,286	9,792,394	-	2012(A)
WOODLAWN SHOPPING CENTER	NC	2,010,725	5,833,626	1,975,503		2,010,725	7,809,129	9,819,854	1,471,440	8,348,414	-	2012(A)
CROSSROADS PLAZA	NC	13,405,529	86,455,763	(1,357,983	)	13,405,529	85,097,780	98,503,309	14,908,507	83,594,802	-	2014(A)
QUAIL CORNERS	NC	7,318,321	26,675,644	1,459,529		7,318,321	28,135,173	35,453,494	3,920,660	31,532,834	15,783,077	2014(A)
DAVIDSON COMMONS	NC	2,978,533	12,859,867	526,025		2,978,533	13,385,892	16,364,425	2,460,912	13,903,513	-	2012(A)
PARK PLACE SC	NC	5,461,478	16,163,494	2,452,621		5,469,809	18,607,784	24,077,593	6,862,892	17,214,701	-	2008(A)
MOORESVILLE CROSSING	NC	12,013,727	30,604,173	101,982		11,625,801	31,094,081	42,719,882	11,980,366	30,739,516	-	2007(A)
PLEASANT VALLEY PROMENADE	NC	5,208,885	20,885,792	14,232,550		5,208,885	35,118,342	40,327,227	20,582,021	19,745,206	-	1993(A)
BRENNAN STATION	NC	7,749,751	20,556,891	(389,669	)	6,321,923	21,595,050	27,916,973	5,690,496	22,226,477	-	2011(A)
BRENNAN STATION OUTPARCEL	NC	627,906	1,665,576	(120,456	)	450,232	1,722,794	2,173,026	395,687	1,777,339	-	2011(A)
CLOVERDALE PLAZA	NC	540,667	719,655	7,293,478		540,667	8,013,133	8,553,800	3,720,029	4,833,771	-	1969(C)
WEBSTER SQUARE	NH	11,683,145	41,708,383	7,123,817		11,683,145	48,832,200	60,515,345	7,923,372	52,591,973	-	2014(A)
WEBSTER SQUARE - DSW	NH	1,346,391	3,638,397	131,388		1,346,391	3,769,785	5,116,176	247,958	4,868,218	-	2017(A)
WEBSTER SQUARE NORTH	NH	2,163,138	6,511,424	23,348		2,163,138	6,534,772	8,697,910	968,735	7,729,175	-	2016(A)
ROCKINGHAM PLAZA	NH	2,660,915	10,643,660	18,667,768		3,148,715	28,823,628	31,972,343	12,660,297	19,312,046	-	2008(A)
SHOP RITE PLAZA	NJ	2,417,583	6,364,094	1,593,987		2,417,583	7,958,081	10,375,664	7,264,250	3,111,414	-	1985(C)
MARLTON PLAZA	NJ	-	4,318,534	153,375		-	4,471,909	4,471,909	2,492,551	1,979,358	-	1996(A)
HILLVIEW SHOPPING CENTER	NJ	16,007,647	32,607,423	(617,102	)	16,007,647	31,990,321	47,997,968	4,938,386	43,059,582	-	2014(A)
GARDEN STATE PAVILIONS	NJ	7,530,709	10,801,949	20,263,576		12,203,841	26,392,393	38,596,234	7,264,990	31,331,244	-	2011(A)
CLARK SHOPRITE 70 CENTRAL AVE	NJ	3,496,673	11,693,769	994,829		13,959,593	2,225,678	16,185,271	841,415	15,343,856	-	2013(A)
COMMERCE CENTER WEST	NJ	385,760	1,290,080	160,534		793,595	1,042,779	1,836,374	254,498	1,581,876	-	2013(A)
COMMERCE CENTER EAST	NJ	1,518,930	5,079,690	1,753,865		7,235,196	1,117,289	8,352,485	441,223	7,911,262	-	2013(A)
CENTRAL PLAZA	NJ	3,170,465	10,602,845	32,536		5,145,167	8,660,679	13,805,846	2,289,780	11,516,066	-	2013(A)
EAST WINDSOR VILLAGE	NJ	9,335,011	23,777,978	216,781		9,335,011	23,994,759	33,329,770	6,834,515	26,495,255	-	2008(A)
HOLMDEL TOWNE CENTER	NJ	10,824,624	43,301,494	10,420,854		10,824,624	53,722,348	64,546,972	21,686,796	42,860,176	-	2002(A)
COMMONS AT HOLMDEL	NJ	16,537,556	38,759,952	4,102,243		16,537,556	42,862,195	59,399,751	17,731,112	41,668,639	-	2004(A)
PLAZA AT HILLSDALE	NJ	7,601,596	6,994,196	1,507,019		7,601,596	8,501,215	16,102,811	1,405,423	14,697,388	5,646,076	2014(A)
MAPLE SHADE	NJ	-	9,957,611	(766,074	)	-	9,191,537	9,191,537	1,253,309	7,938,228	-	2009(A)
PLAZA AT SHORT HILLS	NJ	20,155,471	11,061,984	703,566		20,155,471	11,765,550	31,921,021	2,361,189	29,559,832	8,989,640	2014(A)
NORTH BRUNSWICK PLAZA	NJ	3,204,978	12,819,912	26,577,782		3,204,978	39,397,694	42,602,672	20,263,413	22,339,259	-	1994(A)
PISCATAWAY TOWN CENTER	NJ	3,851,839	15,410,851	1,402,250		3,851,839	16,813,101	20,664,940	8,935,421	11,729,519	-	1998(A)
RIDGEWOOD S.C.	NJ	450,000	2,106,566	1,241,414		450,000	3,347,980	3,797,980	1,826,481	1,971,499	-	1993(A)
UNION CRESCENT III	NJ	7,895,483	3,010,640	28,965,399		8,696,579	31,174,943	39,871,522	16,041,646	23,829,876	-	2007(A)
WESTMONT PLAZA	NJ	601,655	2,404,604	13,726,802		601,655	16,131,406	16,733,061	6,994,243	9,738,818	-	1994(A)
WILLOWBROOK PLAZA	NJ	15,320,436	40,996,874	10,429,255		15,320,436	51,426,129	66,746,565	7,072,200	59,674,365	-	2009(A)
DEL MONTE PLAZA	NV	2,489,429	5,590,415	608,807		2,210,000	6,478,651	8,688,651	3,688,769	4,999,882	1,989,588	2006(A)
DEL MONTE PLAZA ANCHOR PARCEL	NV	6,512,745	17,599,602	108,249		6,520,017	17,700,579	24,220,596	921,154	23,299,442	-	2017(A)
REDFIELD PROMENADE	NV	4,415,339	32,035,192	595,394		4,415,339	32,630,586	37,045,925	6,310,310	30,735,615	-	2015(A)
MCQUEEN CROSSINGS	NV	5,017,431	20,779,024	232,165		5,017,431	21,011,189	26,028,620	4,035,179	21,993,441	-	2015(A)
GALENA JUNCTION	NV	8,931,027	17,503,387	154,819		8,931,027	17,658,206	26,589,233	3,028,659	23,560,574	-	2015(A)
D'ANDREA MARKETPLACE	NV	11,556,067	29,435,364	470,444		11,556,067	29,905,808	41,461,875	8,855,921	32,605,954	-	2007(A)
SPARKS MERCANTILE	NV	6,221,614	17,069,172	(62,106	)	6,221,614	17,007,066	23,228,680	2,859,783	20,368,897	-	2015(A)
BRIDGEHAMPTON COMMONS-W&E SIDE	NY	1,811,752	3,107,232	31,744,409		1,858,188	34,805,205	36,663,393	21,384,048	15,279,345	-	1972(C)
OCEAN PLAZA	NY	564,097	2,268,768	19,003		564,097	2,287,771	2,851,868	919,501	1,932,367	-	2003(A)
KINGS HIGHWAY	NY	2,743,820	6,811,268	2,235,709		2,743,820	9,046,977	11,790,797	3,662,544	8,128,253	-	2004(A)
RALPH AVENUE PLAZA	NY	4,414,466	11,339,857	3,912,149		4,414,467	15,252,005	19,666,472	5,523,187	14,143,285	-	2004(A)
BELLMORE S.C.	NY	1,272,269	3,183,547	1,590,605		1,272,269	4,774,152	6,046,421	1,914,907	4,131,514	-	2004(A)
MARKET AT BAY SHORE	NY	12,359,621	30,707,802	6,003,366		12,359,621	36,711,168	49,070,789	13,772,828	35,297,961	11,931,409	2006(A)
KEY FOOD - ATLANTIC AVE	NY	2,272,500	5,624,589	509,260		4,808,822	3,597,527	8,406,349	707,528	7,698,821	-	2012(A)
VETERANS MEMORIAL PLAZA	NY	5,968,082	23,243,404	12,008,996		5,980,130	35,240,352	41,220,482	14,944,317	26,276,165	-	1998(A)
BIRCHWOOD PLAZA COMMACK	NY	3,630,000	4,774,791	1,145,649		3,630,000	5,920,440	9,550,440	2,017,817	7,532,623	-	2007(A)
ELMONT S.C.	NY	3,011,658	7,606,066	6,171,045		3,011,658	13,777,111	16,788,769	3,854,085	12,934,684	-	2004(A)
ELMSFORD CENTER 1	NY	4,134,273	1,193,084	-		4,134,273	1,193,084	5,327,357	189,472	5,137,885	-	2013(A)
ELMSFORD CENTER 2	NY	4,076,403	15,598,504	949,902		4,076,403	16,548,406	20,624,809	3,036,778	17,588,031	-	2013(A)
FRANKLIN SQUARE S.C.	NY	1,078,541	2,516,581	4,070,828		1,078,541	6,587,409	7,665,950	2,694,563	4,971,387	-	2004(A)
AIRPORT PLAZA	NY	22,711,189	107,011,500	3,743,635		22,711,189	110,755,135	133,466,324	18,340,798	115,125,526	-	2015(A)

KISSENA BOULEVARD SHOPPING CTR	NY	11,610,000	2,933,487	818,491		11,610,000	3,751,978	15,361,978	1,118,521	14,243,457	-	2007(A)
HAMPTON BAYS PLAZA	NY	1,495,105	5,979,320	3,319,769		1,495,105	9,299,089	10,794,194	7,539,633	3,254,561	-	1989(A)
HICKSVILLE PLAZA	NY	3,542,739	8,266,375	2,505,434		3,542,739	10,771,809	14,314,548	3,639,106	10,675,442	-	2004(A)
WOODBURY CENTRE	NY	4,314,991	32,585,508	(1,950,621	)	3,805,271	31,144,607	34,949,878	5,026,007	29,923,871	-	2015(A)
TURNPIKE PLAZA	NY	2,471,832	5,839,416	708,010		2,471,832	6,547,426	9,019,258	1,965,026	7,054,232	-	2011(A)
JERICHO COMMONS SOUTH	NY	12,368,330	33,071,495	3,375,243		12,368,330	36,446,738	48,815,068	11,698,563	37,116,505	7,066,859	2007(A)
501 NORTH BROADWAY	NY	-	1,175,543	228,522		-	1,404,065	1,404,065	722,937	681,128	-	2007(A)
MILLERIDGE INN	NY	7,500,330	481,316	(48,741	)	7,500,000	432,905	7,932,905	31,746	7,901,159	-	2015(A)
FAMILY DOLLAR UNION TURNPIKE	NY	909,000	2,249,775	258,033		1,056,709	2,360,099	3,416,808	509,228	2,907,580	-	2012(A)
LITTLE NECK PLAZA	NY	3,277,254	13,161,218	5,996,052		3,277,253	19,157,271	22,434,524	7,525,806	14,908,718	-	2003(A)
KEY FOOD - 21ST STREET	NY	1,090,800	2,699,730	(159,449	)	1,669,153	1,961,928	3,631,081	315,311	3,315,770	-	2012(A)
MANHASSET CENTER	NY	4,567,003	19,165,808	30,995,487		3,471,939	51,256,359	54,728,298	25,230,504	29,497,794	-	1999(A)
MANHASSET CENTER(residential)	NY	950,000	-	-		950,000	-	950,000	-	950,000	-	2012(A)
MASPETH QUEENS-DUANE READE	NY	1,872,013	4,827,940	1,036,886		1,872,013	5,864,826	7,736,839	2,164,089	5,572,750	1,717,674	2004(A)
NORTH MASSAPEQUA S.C.	NY	1,880,816	4,388,549	(1,066,203	)	-	5,203,162	5,203,162	3,225,039	1,978,123	-	2004(A)
MINEOLA CROSSINGS	NY	4,150,000	7,520,692	249,645		4,150,000	7,770,337	11,920,337	2,354,155	9,566,182	-	2007(A)
SMITHTOWN PLAZA	NY	3,528,000	7,364,098	508,838		3,528,000	7,872,936	11,400,936	2,961,173	8,439,763	-	2009(A)
MANETTO HILL PLAZA	NY	263,693	584,031	10,882,601		263,693	11,466,632	11,730,325	6,730,779	4,999,546	-	1969(C)
SYOSSET S.C.	NY	106,655	76,197	2,082,162		106,655	2,158,359	2,265,014	1,152,013	1,113,001	-	1990(C)
RICHMOND S.C.	NY	2,280,000	9,027,951	21,068,693		2,280,000	30,096,644	32,376,644	13,973,052	18,403,592	-	1989(A)
GREENRIDGE PLAZA	NY	2,940,000	11,811,964	7,095,348		3,148,424	18,698,888	21,847,312	8,293,717	13,553,595	-	1997(A)
THE BOULEVARD	NY	28,723,536	38,232,267	49,602,960		28,723,536	87,835,227	116,558,763	14,231,135	102,327,628	-	2006(A)
FOREST AVENUE PLAZA	NY	4,558,592	10,441,408	157,648		4,558,592	10,599,056	15,157,648	4,071,200	11,086,448	-	2005(A)
INDEPENDENCE PLAZA	NY	12,279,093	34,813,852	(2,276,549	)	16,131,632	28,684,764	44,816,396	6,530,467	38,285,929	-	2014(A)
KEY FOOD - CENTRAL AVE.	NY	2,787,600	6,899,310	(394,910	)	2,603,321	6,688,679	9,292,000	1,124,011	8,167,989	-	2012(A)
WHITE PLAINS S.C.	NY	1,777,775	4,453,894	2,469,097		1,777,775	6,922,991	8,700,766	2,559,882	6,140,884	-	2004(A)
CHAMPION FOOD SUPERMARKET	NY	757,500	1,874,813	(24,388	)	2,241,118	366,807	2,607,925	161,713	2,446,212	-	2012(A)
SHOPRITE S.C.	NY	871,977	3,487,909	-		871,977	3,487,909	4,359,886	2,329,607	2,030,279	-	1998(A)
ROMAINE PLAZA	NY	782,459	1,825,737	588,133		782,459	2,413,870	3,196,329	785,714	2,410,615	-	2005(A)
OREGON TRAIL CENTER	OR	5,802,422	12,622,879	327,401		5,802,422	12,950,280	18,752,702	4,947,651	13,805,051	-	2009(A)
POWELL VALLEY JUNCTION	OR	5,062,500	3,152,982	(2,459,449	)	2,035,125	3,720,908	5,756,033	1,594,974	4,161,059	-	2009(A)
JANTZEN BEACH CENTER	OR	57,575,244	102,844,429	(696,182	)	57,588,287	102,135,204	159,723,491	6,798,963	152,924,528	-	2017(A)
SUBURBAN SQUARE	PA	70,679,871	166,351,381	54,820,988		71,279,871	220,572,369	291,852,240	52,131,369	239,720,871	-	2007(A)
CARNEGIE PLAZA	PA	-	3,298,908	17,747		-	3,316,655	3,316,655	3,316,655	-	-	1999(A)
CENTER SQUARE SHOPPING CENTER	PA	731,888	2,927,551	1,196,209		691,297	4,164,351	4,855,648	2,818,569	2,037,079	-	1996(A)
WAYNE PLAZA	PA	6,127,623	15,605,012	657,984		6,135,670	16,254,949	22,390,619	4,936,901	17,453,718	-	2008(A)
DEVON VILLAGE	PA	4,856,379	25,846,910	4,176,408		4,856,379	30,023,318	34,879,697	7,359,210	27,520,487	-	2012(A)
POCONO PLAZA	PA	1,050,000	2,372,628	1,001,241		1,050,000	3,373,869	4,423,869	3,266,395	1,157,474	-	1973(C)
RIDGE PIKE PLAZA	PA	1,525,337	4,251,732	(3,445,413	)	325,972	2,005,684	2,331,656	1,067,589	1,264,067	-	2008(A)
WHITELAND - HOBBY LOBBY	PA	176,666	4,895,360	1,447,703		176,666	6,343,063	6,519,729	2,735,654	3,784,075	-	1999(A)
WHITELAND TOWN CENTER	PA	731,888	2,927,551	59,067		731,888	2,986,618	3,718,506	1,688,275	2,030,231	-	1996(A)
HARRISBURG EAST SHOPPING CTR.	PA	452,888	6,665,238	10,823,352		3,002,888	14,938,590	17,941,478	7,505,883	10,435,595	-	2002(A)
TOWNSHIP LINE S.C.	PA	731,888	2,927,551	-		731,888	2,927,551	3,659,439	1,676,461	1,982,978	-	1996(A)
HORSHAM POINT	PA	3,813,247	18,189,450	207,022		3,813,247	18,396,472	22,209,719	2,197,127	20,012,592	-	2015(A)
HOLIDAY CENTER	PA	7,726,844	20,014,243	(4,342,789	)	6,098,316	17,299,982	23,398,298	3,736,413	19,661,885	-	2015(A)
NORRITON SQUARE	PA	686,134	2,664,535	4,014,541		774,084	6,591,126	7,365,210	4,955,112	2,410,098	-	1984(A)
SEARS HARDWARE	PA	10,000	-	-		10,000	-	10,000	-	10,000	-	2015(C)
FRANKFORD AVENUE S.C.	PA	731,888	2,927,551	-		731,888	2,927,551	3,659,439	1,676,461	1,982,978	-	1996(A)
WEXFORD PLAZA	PA	6,413,635	9,774,600	9,811,076		6,299,299	19,700,012	25,999,311	4,672,156	21,327,155	-	2010(A)
LINCOLN SQUARE	PA	90,478,522	-	72,389,626		10,532,804	152,335,344	162,868,148	-	162,868,148	-	2017(C)
CRANBERRY TOWNSHIP-PARCEL 1&2	PA	10,270,846	30,769,592	1,152,285		6,070,254	36,122,469	42,192,723	3,147,693	39,045,030	-	2016(A)
CROSSROADS PLAZA	PA	788,761	3,155,044	13,276,456		976,439	16,243,822	17,220,261	10,236,230	6,984,031	-	1986(A)
SPRINGFIELD S.C.	PA	919,998	4,981,589	12,946,369		920,000	17,927,956	18,847,956	10,251,442	8,596,514	-	1983(A)
SHREWSBURY SQUARE S.C.	PA	8,066,107	16,997,997	(2,176,277	)	6,171,638	16,716,189	22,887,827	2,540,597	20,347,230	-	2014(A)
WHITEHALL MALL	PA	-	5,195,577	-		-	5,195,577	5,195,577	2,975,246	2,220,331	-	1996(A)
WHOLE FOODS AT WYNNEWOOD	PA	15,042,165	-	11,782,090		13,772,394	13,051,861	26,824,255	587,371	26,236,884	-	2014(C)
SHOPPES AT WYNNEWOOD	PA	7,478,907	-	3,627,947		7,478,907	3,627,947	11,106,854	241,939	10,864,915	-	2015(C)
WEST MARKET ST. PLAZA	PA	188,562	1,158,307	41,712		188,562	1,200,019	1,388,581	1,177,425	211,156	-	1986(A)

REXVILLE TOWN CENTER	PR	24,872,982	48,688,161	7,708,424		25,678,064	55,591,503	81,269,567	33,332,955	47,936,612	-	2006(A)
PLAZA CENTRO - COSTCO	PR	3,627,973	10,752,213	1,573,414		3,866,206	12,087,394	15,953,600	6,861,281	9,092,319	-	2006(A)
PLAZA CENTRO - MALL	PR	19,873,263	58,719,179	11,279,620		19,408,112	70,463,950	89,872,062	35,363,672	54,508,390	-	2006(A)
PLAZA CENTRO - RETAIL	PR	5,935,566	16,509,748	2,193,596		6,026,070	18,612,840	24,638,910	9,803,465	14,835,445	-	2006(A)
PLAZA CENTRO - SAM'S CLUB	PR	6,643,224	20,224,758	2,766,593		6,520,090	23,114,485	29,634,575	21,639,814	7,994,761	-	2006(A)
LOS COLOBOS - BUILDERS SQUARE	PR	4,404,593	9,627,903	1,283,497		4,461,145	10,854,848	15,315,993	9,763,092	5,552,901	-	2006(A)
LOS COLOBOS - KMART	PR	4,594,944	10,120,147	789,782		4,402,338	11,102,535	15,504,873	9,889,185	5,615,688	-	2006(A)
LOS COLOBOS I	PR	12,890,882	26,046,669	4,948,282		13,613,375	30,272,458	43,885,833	16,576,693	27,309,140	-	2006(A)
LOS COLOBOS II	PR	14,893,698	30,680,556	5,698,650		15,142,300	36,130,604	51,272,904	20,072,967	31,199,937	-	2006(A)
WESTERN PLAZA - MAYAGUEZ ONE	PR	10,857,773	12,252,522	1,507,075		11,241,993	13,375,377	24,617,370	9,740,358	14,877,012	-	2006(A)
WESTERN PLAZA - MAYAGUEZ TWO	PR	16,874,345	19,911,045	3,718,253		16,872,647	23,630,996	40,503,643	16,343,909	24,159,734	-	2006(A)
MANATI VILLA MARIA SC	PR	2,781,447	5,673,119	1,465,441		2,606,588	7,313,419	9,920,007	4,318,633	5,601,374	-	2006(A)
PONCE TOWNE CENTER	PR	14,432,778	28,448,754	5,677,663		14,903,024	33,656,171	48,559,195	18,444,036	30,115,159	-	2006(A)
TRUJILLO ALTO PLAZA	PR	12,053,673	24,445,858	3,431,113		12,289,288	27,641,356	39,930,644	15,848,062	24,082,582	-	2006(A)
ST. ANDREWS CENTER	SC	730,164	3,132,092	19,158,955		730,164	22,291,047	23,021,211	11,215,826	11,805,385	-	1978(C)
WESTWOOD PLAZA	SC	1,744,430	6,986,094	14,195,199		1,726,833	21,198,890	22,925,723	4,480,724	18,444,999	-	1995(A)
WOODRUFF SHOPPING CENTER	SC	3,110,439	15,501,117	1,302,159		3,465,199	16,448,516	19,913,715	3,822,036	16,091,679	-	2010(A)
FOREST PARK	SC	1,920,241	9,544,875	46,791		1,920,241	9,591,666	11,511,907	1,713,102	9,798,805	-	2012(A)
OLD TOWNE VILLAGE	TN	-	4,133,904	4,214,858		-	8,348,762	8,348,762	6,169,272	2,179,490	-	1978(C)
CENTER OF THE HILLS	TX	2,923,585	11,706,145	2,785,660		2,923,585	14,491,805	17,415,390	5,988,829	11,426,561	-	2008(A)
GATEWAY STATION	TX	1,373,692	28,145,158	2,980,906		1,374,880	31,124,876	32,499,756	4,766,669	27,733,087	-	2011(A)
GATEWAY STATION PHASE II	TX	4,140,176	12,020,460	391,376		4,143,385	12,408,627	16,552,012	514,956	16,037,056	-	2017(A)
LAS TIENDAS PLAZA	TX	8,678,107	-	27,150,696		7,943,925	27,884,878	35,828,803	6,647,340	29,181,463	-	2005(C)
CONROE MARKETPLACE	TX	18,869,087	50,756,554	(3,206,438	)	10,841,611	55,577,592	66,419,203	7,625,213	58,793,990	-	2015(A)
MONTGOMERY PLAZA	TX	10,739,067	63,065,333	(427,375	)	10,738,796	62,638,229	73,377,025	10,292,303	63,084,722	27,364,178	2015(A)
PRESTON LEBANON CROSSING	TX	13,552,180	-	28,399,531		12,163,694	29,788,017	41,951,711	7,912,103	34,039,608	-	2006(C)
LAKE PRAIRIE TOWN CROSSING	TX	7,897,491	-	28,749,984		6,783,464	29,864,011	36,647,475	6,316,735	30,330,740	-	2006(C)
CENTER AT BAYBROOK	TX	6,941,017	27,727,491	12,232,730		6,928,120	39,973,118	46,901,238	17,822,217	29,079,021	-	1998(A)
CYPRESS TOWNE CENTER	TX	6,033,932	-	1,692,407		2,251,666	5,474,673	7,726,339	1,229,147	6,497,192	-	2003(C)
CYPRESS TOWNE CENTER	TX	12,329,195	36,836,381	1,284,624		8,644,145	41,806,055	50,450,200	3,847,926	46,602,274	-	2016(A)
CYPRESS TOWNE CENTER PHASE II	TX	2,061,477	6,157,862	(1,361,233	)	270,374	6,587,732	6,858,106	754,993	6,103,113	-	2016(A)
THE CENTRE AT COPPERFIELD	TX	6,723,267	22,524,551	535,094		6,723,357	23,059,555	29,782,912	3,590,931	26,191,981	-	2015(A)
COPPERWOOD VILLAGE	TX	13,848,109	84,183,731	1,787,815		13,848,109	85,971,546	99,819,655	13,710,949	86,108,706	-	2015(A)
ATASCOCITA COMMONS SHOP.CTR.	TX	16,322,636	54,587,066	334,921		16,099,004	55,145,619	71,244,623	9,476,125	61,768,498	27,993,991	2013(A)
TOMBALL CROSSINGS	TX	8,517,427	28,484,450	668,500		7,964,894	29,705,483	37,670,377	5,016,941	32,653,436	-	2013(A)
COPPERFIELD VILLAGE SHOP.CTR.	TX	7,827,639	34,864,441	500,342		7,827,639	35,364,783	43,192,422	5,243,651	37,948,771	-	2015(A)
KROGER PLAZA	TX	520,340	2,081,356	1,509,185		520,340	3,590,541	4,110,881	2,012,011	2,098,870	-	1995(A)
ACCENT PLAZA	TX	500,414	2,830,835	-		500,414	2,830,835	3,331,249	1,609,778	1,721,471	-	1996(A)
WOODBRIDGE SHOPPING CENTER	TX	2,568,705	6,813,716	107,746		2,568,705	6,921,462	9,490,167	1,614,612	7,875,555	-	2012(A)
GRAND PARKWAY MARKETPLACE	TX	25,363,548	-	65,637,884		21,937,009	69,064,423	91,001,432	1,888,163	89,113,269	-	2014(C)
GRAND PARKWAY MARKETPLACE II	TX	13,436,447	-	37,823,988		13,218,908	38,041,527	51,260,435	227,580	51,032,855	-	2015(C)
BURKE TOWN PLAZA	VA	-	43,240,068	148,028		-	43,388,096	43,388,096	7,389,107	35,998,989	-	2014(A)
OLD TOWN PLAZA	VA	4,500,000	41,569,735	(15,361,974	)	3,052,800	27,654,961	30,707,761	6,141,281	24,566,480	-	2007(A)
SUDLEY TOWNE PLAZA	VA	4,114,293	15,988,465	(8,878,436	)	2,169,742	9,054,580	11,224,322	1,681,675	9,542,647	-	2015(A)
TOWNE SQUARE	VA	8,499,373	24,302,141	2,276,918		8,858,432	26,220,000	35,078,432	4,163,565	30,914,867	-	2014(A)
POTOMAC RUN PLAZA	VA	27,369,515	48,451,209	577,607		27,369,515	49,028,816	76,398,331	13,702,556	62,695,775	-	2008(A)
DULLES TOWN CROSSING	VA	53,285,116	104,175,738	(7,386	)	53,285,116	104,168,352	157,453,468	17,943,630	139,509,838	-	2015(A)
DOCSTONE COMMONS	VA	3,839,249	11,468,264	473,394		3,903,963	11,876,944	15,780,907	913,189	14,867,718	-	2016(A)
DOCSTONE O/P - STAPLES	VA	1,425,307	4,317,552	(883,709	)	1,167,588	3,691,562	4,859,150	374,065	4,485,085	-	2016(A)
STAFFORD MARKETPLACE	VA	26,893,429	86,449,614	347,103		26,893,429	86,796,717	113,690,146	12,171,070	101,519,076	-	2015(A)
GORDON PLAZA	VA	-	3,330,621	25,700		-	3,356,321	3,356,321	218,464	3,137,857	-	2017(A)
AUBURN NORTH	WA	7,785,841	18,157,625	8,267,985		7,785,841	26,425,610	34,211,451	7,766,935	26,444,516	-	2007(A)
THE MARKETPLACE AT FACTORIA	WA	60,502,358	92,696,231	4,477,043		60,502,358	97,173,274	157,675,632	20,942,726	136,732,906	55,049,645	2013(A)
FRONTIER VILLAGE SHOPPING CTR.	WA	10,750,863	36,387,020	96,299		10,750,863	36,483,319	47,234,182	6,987,088	40,247,094	-	2012(A)
GATEWAY SHOPPING CENTER	WA	6,937,929	11,270,322	6,023,649		6,937,929	17,293,971	24,231,900	1,101,984	23,129,916	-	2016(A)
OLYMPIA WEST OUTPARCEL	WA	360,000	799,640	100,360		360,000	900,000	1,260,000	148,269	1,111,731	-	2012(A)
FRANKLIN PARK COMMONS	WA	5,418,825	11,988,657	1,542,755		5,418,825	13,531,412	18,950,237	2,084,443	16,865,794	-	2015(A)
SILVERDALE PLAZA	WA	3,875,013	33,020,027	86,050		3,755,613	33,225,477	36,981,090	6,250,724	30,730,366	-	2012(A)

OTHER PROPERTY INTERESTS
EL MIRAGE	AZ		6,786,441		503,987		(1,256,377	)		5,400,000		634,051			6,034,051		634,051		5,400,000		-	2008(C)
ASANTE RETAIL CENTER	AZ		8,702,635		3,405,683		2,866,808			11,039,472		3,935,654			14,975,126		3,564,804		11,410,322		-	2004(C)
SURPRISE SPECTRUM	AZ		4,138,760		94,572		(94,572	)		4,138,760		-			4,138,760		-		4,138,760		-	2008(C)
LAKE WALES S.C.	FL		601,052		-		-			601,052		-			601,052		-		601,052		-	2009(A)
PLANTATION CROSSING	FL		7,524,800		-		(6,721,763	)		803,037		-			803,037		-		803,037		-	2005(C)
LOWES S.C.	FL		1,620,203		-		(1,399,538	)		220,665		-			220,665		-		220,665		-	2007(A)
TREASURE VALLEY	ID		6,501,240		-		(5,520,565	)		519,811		460,864			980,675		460,864		519,811		-	2005(C)
22ND STREET PLAZA OUTPARCEL	IL		-		99,640		1,071,530			-		1,171,170			1,171,170		120,286		1,050,884		-	2001(A)
MARKETPLACE OF OAKLAWN	IL		-		678,668		108,483			-		787,151			787,151		784,200		2,951		-	1998(A)
LINWOOD-INDIANAPOLIS	IN		31,045		-		-			31,045		-			31,045		-		31,045		-	1991(A)
FLINT - VACANT LAND	MI		101,424		-		(10,000	)		91,424		-			91,424		-		91,424		-	2012(A)
CHARLOTTE SPORTS & FITNESS CTR	NC		500,754		1,858,643		479,046			500,754		2,337,689			2,838,443		1,846,094		992,349		-	1986(A)
SENATE/HILLSBOROUGH CROSSING	NC		519,395		-		(169,395	)		350,000		-			350,000		-		350,000		-	2003(A)
WAKEFIELD COMMONS III	NC		6,506,450		-		(5,397,400	)		1,475,214		(366,164	)		1,109,050		218,191		890,859		-	2001(C)
WAKEFIELD CROSSINGS	NC		3,413,932		-		(3,276,783	)		137,149		-			137,149		-		137,149		-	2001(C)
HILLSBOROUGH PROMENADE	NJ		11,886,809		-		(6,632,045	)		5,006,054		248,710			5,254,764		47,376		5,207,388		-	2001(C)
KEY BANK BUILDING	NY		1,500,000		40,486,755		(11,005,343	)		668,637		30,312,775			30,981,412		19,859,365		11,122,047		-	2006(A)
NORTHPORT LAND PARCEL	NY		-		14,460		81,983			-		96,443			96,443		1,072		95,371		-	2012(A)
MERRY LANE (PARKING LOT)	NY		1,485,531		1,749		517,081			1,485,531		518,830			2,004,361		-		2,004,361		-	2007(A)
JERICHO ATRIUM	NY		10,624,099		20,065,496		807,434			10,624,099		20,872,930			31,497,029		3,737,113		27,759,916		-	2016(A)
BIRCHWOOD PARK	NY		3,507,162		4,126		(1,511,288	)		2,000,000		-			2,000,000		-		2,000,000		-	2007(A)
STATEN ISLAND PLAZA	NY		5,600,744		6,788,460		(2,981,672	)		9,407,532		-			9,407,532		-		9,407,532		-	2005(A)
HIGH PARK CTR RETAIL	OH		3,783,875		-		(3,298,325	)		485,550		-			485,550		-		485,550		-	2001(C)
MCMINNVILLE PLAZA	OR		4,062,327		-		-			4,062,327		-			4,062,327		-		4,062,327		-	2006(C)
COULTER AVE. PARCEL	PA		577,630		1,348,019		15,283,061			16,795,296		413,414			17,208,710		28,529		17,180,181		-	2015(A)
MORRISVILLE S.C.	PA		340,000		1,360,000		(1,669,238	)		30,762		-			30,762		-		30,762		-	1996(A)
BLUE RIDGE	Various		12,346,900		71,529,796		(36,024,104	)		6,069,109		41,783,483			47,852,592		22,030,647		25,821,945		6,299,863	2005(A)
MICROPROPERTIES	TX		528,534		1,090,980		(1,266,986	)		220,492		132,036			352,528		61,956		290,572		-	2012(A)
BALANCE OF PORTFOLIO (4)	Various		1,907,180		65,127,207		(12,574,380	)		110		54,459,897			54,460,007		25,335,442		29,124,565		-
TOTALS		$	2,953,511,558	$	7,110,034,072	$	1,813,644,865		$	3,063,703,962	$	8,813,486,533		$	11,877,190,495	$	2,385,287,743	$	9,491,902,752	$	492,416,135

(

1

) The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment.

(

2

) Includes fair market value of debt adjustments, net and deferred financing costs, net.

(

3

) Shopping center includes active real estate under development project or land held for development.

(

4

) Includes fixtures, leasehold improvements and other costs capitalized.

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

The aggregate cost for Federal income tax purposes was approximately

$9.7

billion at

December 31, 2018.

The changes in total real estate assets for the years ended

December 31, 2018,

2017

and

2016

are as follows:

	2018			2017			2016
Balance, beginning of period	$	12,653,444,998		$	12,008,075,148		$	11,568,809,126
Additions during period:
Acquisitions		3,420,020			438,125,265			181,719,189
Improvements		554,408,568			414,955,609			217,668,292
Transfers from unconsolidated joint ventures		-			329,194,717			615,511,560
Change in exchange rate		-			1,035,816			598,744
Deductions during period:
Sales		(767,246,512	)		(315,954,464	)		(391,758,149	)
Transfers to unconsolidated joint ventures		(315,728,832	)		-			-
Assets held for sale		(69,741,938	)		(56,187,719	)		(12,608,829	)
Adjustment for fully depreciated assets		(72,992,791	)		(107,660,366	)		(80,660,536	)
Adjustment of property carrying values		(108,373,018	)		(58,139,008	)		(91,204,249	)
Balance, end of period	$	11,877,190,495		$	12,653,444,998		$	12,008,075,148

The changes in accumulated depreciation for the years ended

December 31, 2018,

2017

and

2016

are as follows:

	2018			2017			2016
Balance, beginning of period	$	2,433,052,747		$	2,278,291,645		$	2,115,319,888
Additions during period:
Depreciation for year		293,667,298			368,919,387			344,179,201
Deductions during period:
Sales		(239,277,690	)		(86,798,173	)		(97,063,934	)
Transfers to unconsolidated joint ventures		(11,634,554	)		-			-
Assets held for sale		(17,527,267	)		(19,699,746	)		(3,482,974	)
Adjustment for fully depreciated assets		(72,992,791	)		(107,660,366	)		(80,660,536	)
Balance, end of period	$	2,385,287,743		$	2,433,052,747		$	2,278,291,645

Reclassifications:

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

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Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Text Block]

KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2018
(in thousands)
Description	Interest Rate		Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Original Face Amount of Mortgages		Carrying Amount of Mortgages (b)		Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail
Westport, CT		6.50%	Mar-33	I	$	-	$	5,014	$	5,014	$	-
Las Vegas, NV		12.00%	May-33	I		-		3,075		3,075		-
Miami, FL		7.57%	Jun-19	P& I		-		4,201		1,646		-
Miami, FL		7.57%	Jun-19	P& I		-		3,678		1,613		-
Nonretail
Oakbrook Terrace, IL		6.00%	Dec-24	I		-		1,950		1,950		-
Individually < 3% (c)		(d)	(e)	P&I		-		2,474		695		-
						-		20,392		13,993		-
Other Financing Loans:
Nonretail
Individually < 3% (f)		(g)	(h)	P&I		-		775		455		-
					$	-	$	21,167	$	14,448	$	-

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

(b)  The aggregate cost for Federal income tax purposes was approximately

$14.4

million as of

December 31, 2018.

(c)  Comprised of

three

separate loans with original loan amounts ranging from

$0.5

 million to

$1.4

million.

(d)  Interest rates range from

6.88%

to

7.41%.

(e)  Maturity dates range from

October 

2019

to

December 2030.

(f)  Comprised of

two

separate loans with original loan amounts ranging from

$0.2

million to

$0.6

million.

(g)  Interest rates range from

2.28%

to

6.85%.

(h)  Maturity dates range from

April 2019

to

April 2027.

For a reconciliation of mortgage and other financing receivables from

January 1, 2016

to

December 31, 2018,

see Footnote

10

of the Notes to the 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.

XML

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or 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.

Use of Estimates, Policy [Policy Text Block]

Use of

Estimates

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.

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain amounts in the prior period have been reclassified in order to conform with the current period’s presentation. In conjunction with the adoption of Accounting Standard Update (“ASU”)

2014

-

09

discussed below, the Company reclassified

$247.6

million and

$239.0

million to Reimbursement income and

$23.6

million and

$20.0

million to Other rental property income from Revenues from rental properties on the Company’s Consolidated Statements of Income for the years ended

December 31, 2017

and

2016,

respectively. The Company reclassified

$26.8

million and

$30.5

million of costs related to property management and services of the Company’s operating properties from General and administrative to Operating and maintenance on the Company’s Consolidated Statements of Income for the years ended

December 31, 2017

and

2016,

respectively. In addition, in accordance with the SEC’s Disclosure Update and Simplification release, dated

August 18, 2018,

the Company moved the Gains on sale of operating properties/change in control of interests line on the Company’s Consolidated Statements of Income within Operating income and as a result reclassified

$6.0

million from Gain on sale of operating properties/change in control of interests to (Provision)/benefit for income taxes, net on the Company’s Consolidated Statements of Income for the year ended

December 31, 2016.

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.

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 a market 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. Acquisitions of operating properties are categorized as asset acquisitions and as such the Company capitalizes the acquisition costs associated with these acquisitions.

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)	5	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, less cost to sell, 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 estimated fair value is less than the net carrying value of the property. The Company’s estimated fair value is primarily based upon (i) estimated sales prices from signed contracts or letters of intent from

third

party offers, (ii) discounted cash flow models of the property over its remaining hold period or (iii)

third

party appraisals. The Company does

not

have access to the unobservable inputs used to determine the estimated fair values of

third

party offers. For the discounted cash flow models and appraisals, the capitalization rate and discount rate utilized in the models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. In addition, such cash flow models 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

may

include residential and mixed-use components, that 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. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, insurance, legal costs, 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, 2018,

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 and Other Assets

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.

Other assets include investments for which the Company applies the cost method of accounting. The Company recognizes as income distributions from net accumulated earnings of the investee since the date of acquisition. The net accumulated earnings of an investee subsequent to the date of investment are recognized by the Company only to the extent distributed by the investee. Distributions received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions of cost of the investment. For the periods presented, there have been

no

events or changes in circumstances that

may

have a significant adverse effect on the fair value of the Company's cost-method investments.  Other assets include the Company’s investment in Albertsons Companies, Inc, an owner/operator of grocery stores.  The Company accounts for this investment under the cost method of accounting, as it does

not

have significant influence over this investment (See Footnote

8

of the Notes to the Consolidated Financial Statements).

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. On

January 1, 2018,

the Company adopted ASU

2016

-

01,

Financial Instruments—

Overall

(Subtopic

825

-

10

): Recognition and Measurement of Financial Assets and Financial Liabilities

(“ASU

2016

-

01”

). In accordance with the adoption of ASU

2016

-

01,

the Company recognizes changes in the fair value of equity investments with readily determinable fair values in net income. Previously, changes in fair value of the Company’s available-for-sale marketable securities were recognized in Accumulated other comprehensive loss (“AOCI”) on the Company’s Consolidated Balance Sheets. As of

December 31, 2017,

the Company had aggregate unrealized losses related to its available-for-sale marketable securities of

$1.1

million, which were included in AOCI on the Company’s Consolidated Balance Sheets. In connection with the adoption of ASU

2016

-

01,

the Company recorded a cumulative-effect adjustment of

$1.1

million to its beginning retained earnings as of

January 1, 2018,

which is reflected in Cumulative distributions in excess of net income on the Company’s Consolidated Statements of Changes in Equity.

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. 

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 capitalized and 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. Deferred leasing costs are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.

Effective

January 1, 2019,

in accordance with the adoption of ASU

2016

-

02,

Leases

(Topic

842

)

("ASU

2016

-

02"

), indirect internal leasing costs previously capitalized will be expensed. However, external leasing costs will continue to be capitalized. Previously, capitalized indirect internal leasing costs were recognized in Other assets, on the Company’s Consolidated Balance Sheets and upon adoption of ASU

2016

-

02

will be recognized in net income.

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, 2018

and

2017,

the Company had unamortized software development costs of

$4.3

million and

$6.2

million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed

$5.3

million,

$4.6

million and

$8.0

million in amortization of software development costs during the years ended

December 31, 2018,

2017

and

2016,

respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages and construction loan payable, net 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

,

Trade

Accounts Receivable

and

Gain

Recognition

On

January 1, 2018,

the Company adopted ASU

2014

-

09,

Revenue from Contracts with

Customers

(Topic

606

)

, (“Topic

606”

) using the modified retrospective method applying it to any open contracts as of

January 1, 2018,

for which the Company did

not

identify any open contracts. The Company also utilized the practical expedient for which the Company was

not

required to restate revenue from contracts that began and were completed within the same annual reporting period. Results for reporting periods beginning after

January 1, 2018,

are presented under Topic

606,

while prior period amounts are

not

adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic

605

). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of

December 31, 2018,

the Company had

no

outstanding contract assets or contract liabilities. The adoption of this standard did

not

result in any material changes to the Company’s revenue recognition as compared to the previous guidance.

The Company’s primary source of revenue is derived from property leases which fall under the scope of Leases (Topic

840

). The revenues which will be impacted by the adoption of Topic

606

include fees for services performed at various unconsolidated joint ventures for which the Company is the manager. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. Also affected by Topic

606

are gains on sales of properties, lease termination fees and tax increment financing (“TIF”) contracts. The Company elected to disaggregate its revenue streams into the following line items on the Company’s Consolidated Statements of Income: Revenues from rental properties, Reimbursement income, Other rental property income and Management and other fee income. The Company believes that these are the proper disaggregated categories as they are the best depiction of its revenue streams both qualitatively and quantitatively.

Revenues from rental properties

Revenues from rental properties are comprised of minimum base rent, percentage rent, lease termination fee income, amortization of above-market and below-market rent adjustments and straight-line rent adjustments. 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.  Lease termination fee income is recognized when the lessee provides consideration in order to terminate an existing lease agreement and has vacated the leased space. The performance obligation of the Company is the termination of the lease agreement which occurs upon consideration received and execution of the termination agreement. Upon acquisition of real estate operating properties, the Company estimates the fair value of identified intangible assets and liabilities (including above-market and below-market leases, where applicable). The capitalized above-market or below-market intangible asset or liability 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.

Reimbursement income

Leases typically provide for reimbursement to the Company of common area maintenance costs (“CAM”), real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned. The Company plans to elect the lessor practical expedient upon the effective date of ASU

2016

-

02.

  Under this expedient the Company anticipates combining the lease components and non-lease components (CAM) and such will account for the for the combined components under ASU

2016

-

02.

See New Accounting Pronouncements below for further details.

Other rental property income

Other rental property income totaled

$20.9

million,

$23.6

million and

$20.0

million for the years ended

December 31, 2018,

2017

and

2016,

respectively, which mainly consists of ancillary income and TIF income. Ancillary income is derived through various agreements relating to parking lots, clothing bins, temporary storage, vending machines, ATMs, trash bins and trash collections, seasonal leases, etc. The majority of the revenue derived from these sources are through lease agreements/arrangements and are recognized in accordance with the lease terms described in the lease. The Company has TIF agreements with certain municipalities and receives payments in accordance with the agreements. TIF reimbursement income is recognized on a cash-basis when received.

Management and other fee income

Property management fees, property acquisition and disposition fees, construction management fees, leasing fees and asset management fees all fall within the scope of Topic

606.

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 related to partially owned entities are recognized to the extent attributable to the unaffiliated interest. Property and asset management fee income is recognized as a single performance obligation (managing the property) comprised of a series of distinct services (maintaining property, handling tenant inquiries, etc.). The Company believes that the overall service of property management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are recognized at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Leasing fee income is recognized as a single performance obligation primarily upon the rent commencement date. The Company believes the leasing services it provides are similar for each available space leased and

none

of the individual activities necessary to facilitate the execution of each lease are distinct. These fees are billed to the customer monthly and terms for payment are payment due upon receipt.

Property acquisition and disposition fees are recognized when the Company satisfies a performance obligation by acquiring a property or transferring control of a property. These fees are billed subsequent to the acquisition or sale of the property and payment is due upon receipt.

Construction management fees are recognized as a single performance obligation (managing the construction of the project) composed of a series of distinct services. The Company believes that the overall service of construction management is substantially the same each day and has the same pattern of performance over the term of the agreement. As a result, each day of service represents a performance obligation satisfied at that point in time. These fees are based on the amount spent on the construction at the end of each period for services performed during that period, primarily billed to the customer monthly and terms for payment are payment due upon receipt.

Trade Accounts Receivable

The Company makes estimates of the uncollectable trade 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 trade accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of

$10.3

million and

$9.2

million of billed accounts receivable and

$10.2

million and

$7.9

million of straight-line rent receivable at

December 31, 2018

and

2017,

respectively.

Gains on sales of operating properties/change in control of interests

On

January 1, 2018,

the Company also adopted ASU

2017

-

05,

Other Income–Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic

610

-

20

): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets

(“Topic

610”

) for gains and losses from the sale and/or transfer of real estate property. The Company adopted Topic

610

using the modified retrospective approach for all contracts effective

January 1, 2018.

Topic

610

provides that sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.

In accordance with its election to apply the modified retrospective approach for all contracts, the Company recorded a cumulative-effect adjustment of

$8.1

million to its beginning retained earnings as of

January 1, 2018,

on the Company’s Consolidated Statements of Changes in Equity and an adjustment to Investments in and advances to real estate joint ventures on the Company’s Consolidated Balance Sheets. As of

December 31, 2017,

the Company had aggregate net deferred gains of

$8.1

million relating to partial disposals of

two

operating real estate properties prior to the adoption of ASU

2017

-

05,

of which

$6.9

million was included in Investments in and advances to real estate joint ventures and

$1.2

million was included in Other liabilities on the Company’s Consolidated Balance Sheets. The Company had deferred these gains in accordance with prior guidance due to its continuing involvement in the entities which acquired the operating real estate properties.

During the year ended

December 31, 2018,

the Company sold a portion of its investment in an operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company

no

longer consolidates the entity and recognized a gain on change in control of

$6.8

million, in accordance with the adoption of ASU

2017

-

05

(See Footnote

5

to the Notes to the Company’s Consolidated Financial Statements for additional disclosure regarding disposals), which is included in Gain on sale of operating properties/change in control of interests on the Company’s Consolidated Statements of Income.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company elected status as a REIT for federal income tax purposes beginning in its taxable year

January 1, 1992

and operates in a manner that enables the Company to qualify and maintain its status as a REIT. 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.  

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 REIT subsidiaries (“TRS”) under the Code, subject to certain limitations. 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.  As such, the Company, through its wholly-owned 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. 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, where it has been determined that the local currency is the functional currency, 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 (expense)/income, 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. As of

December 31, 2018,

the Company had substantially liquidated its investments in Mexico and exited South America and Canada.

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 include 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. Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interests within the equity section on the Company’s Consolidated Balance Sheets. Units which embody a conditional 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. 

Contingently redeemable noncontrolling interests are recorded at fair value upon issuance. Any change in the fair value or redemption value of these noncontrolling interests is subsequently recognized through Paid-in capital on the Company’s Consolidated Balance Sheets and is included in the Company’s computation of earnings per share (See Footnote

23

of the Notes to the Consolidated Financial Statements).

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 Statements 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

20

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

The following table represents ASUs to the FASB’s ASC that, as of the year ended

December 31, 2018,

are

not

yet effective for the Company and for which the Company has

not

elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2018 - 17, Consolidation (Topic 810 ) – Targeted Improvements to Related Party Guidance for Variable Interest Entities	The amendment to Topic 810 clarifies the following areas: (i)   Applying the variable interest entity (VIE) guidance to private companies under common control, and (ii)  Considering indirect interests held through related parties under common control, and for determining whether fees paid to decision makers and service providers are variable interests. This update improves the accounting for those areas, thereby improving general purpose financial reporting. Retrospective adoption is required.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.
ASU 2018 - 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 - 40 ): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract	The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.
ASU 2018 - 13, Fair Value Measurement (Topic 820 ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement	The amendment modifies the disclosure requirements for fair value measurements in Topic 820, based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements , including the consideration of costs and benefits.	January 1, 2020; Early adoption permitted	The adoption of this ASU is not expected to have a material impact on the Company’s financial position and/or results of operations.

ASU 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments ASU 2018 - 19, Codification Improvements to Topic 326,  Financial Instruments – Credit Losses	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. In November 2018, the FASB issued ASU 2018 - 19, which includes amendments to clarify receivables arising from operating leases are within the scope of the new leases standard (Topic 842 ) discussed below and align the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements. Early adoption is permitted as of the original effective date.	January 1, 2020; Early adoption permitted	The Company is still assessing the impact on its financial position and/or results of operations.
ASU 2016 - 02, Leases (Topic 842 ) ASU 2018 - 01, Leases (Topic 842 ): Land Easement Practical Expedient for Transition to Topic 842 ASU 2018 - 10, Codification Improvements to Topic 842, Leases ASU 2018 - 11, Leases (Topic 842 ): Targeted Improvements ASU 2018 - 20, Leases (Topic 842 ): Narrow-Scope Improvements for Lessors	This ASU 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 ). In January 2018, the FASB issued ASU 2018 - 01, which includes amendments to clarify land easements are within the scope of the new leases standard (Topic 842 ) and provide an optional transition practical expedient to not evaluate whether existing and expired land easements that were not previously accounted for as leases under current lease guidance in Topic 840 and are to be accounted for or contain leases under Topic 842.  Early adoption is permitted as of the original effective date. In July 2018, the FASB issued ASU 2018 - 10, which includes amendments to clarify certain aspects of the new lease standard. These amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments.  Additionally, during July 2018, the FASB issued ASU 2018 - 11, which includes (i) an additional transition method to provide transition relief on comparative reporting at adoption and (ii) an amendment to provide lessors with a practical expedient to combine lease and non-lease components of a contract if certain criteria are met. Under the transition option, companies can opt to not apply the new guidance, including its disclosure requirements, in the comparative periods they present in their financial statements in the year of adoption. The practical expedient allows lessors to elect, by class of underlying asset, to combine non-lease and associated lease components when certain criteria are met and requires them to account for the combined component in accordance with new revenue standard (Topic 606 ) if the non-lease components are the predominant component; conversely, if a lessor determines that the lease components are the predominant component, it requires them to account for the combined component as an operating lease in accordance with new leasing standard (Topic 842 ). In December 2018, the FASB issued ASU 2018 - 20, which includes narrow-scope improvements for lessors. The FASB amended the new leases standard to allow lessors to make an accounting policy election not to evaluate whether sales taxes and similar taxes imposed by a governmental authority on a specific lease revenue-producing transaction are the primary obligation of the lessor as owner of the underlying leased asset. The amendments also require a lessor to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense. In addition, the amendments clarify that when lessors allocate variable payments to lease and non-lease components they are required to follow the recognition guidance in the new lease standard for the lease component and other applicable guidance, such as the new revenue standard, for the non-lease component.	January 1, 2019; Early adoption permitted	The Company plans to adopt this standard using the modified retrospective approach, which requires a cumulative-effect adjustment, if any, as of the date of adoption.  The Company has identified certain leases and accounting policies which it believes the adoption will impact, including its ground leases, administrative office leases, internal leasing costs and non-lease components. For leases where the Company is a lessee, primarily its ground leases and administrative office leases, the Company will be required to record a right-of-use asset and a lease liability on its Consolidated Balance Sheets upon adoption. While the Company is continuing to assess the potential impact of this standard, it expects to recognize total right-of-use assets and total lease liabilities ranging from $80.0 million to $110.0 million upon adoption of this standard. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed.  The Company expects to incur an expense relating to indirect internal leasing costs ranging from $11.0 million to $14.0 million during 2019. For leases where the Company is a lessor, within the terms of certain of its leases, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. The Company plans to elect the lessor practical expedient to combine the lease and non-lease components. The Company expects that the lease components are the predominant component in the majority of its leasing arrangements and will account for the combined component as an operating lease under Topic 842. The Company will also elect to exclude lessor costs paid directly by a lessee to third parties on the lessor’s behalf from variable payments and include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense.  The Company currently does not believe the adoption will significantly affect the timing of the recognition of its combined lease and non-lease components.

The following ASUs to the FASB’s ASC have been adopted by the Company during the year ended

December 31, 2018:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017 - 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied prospectively to awards modified on or after the adoption date.	January 1, 2018	There was no material impact to the Company’s financial position and/or results of operations.
ASU 2017 - 05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 - 20 ): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610 - 20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017 - 05 also clarifies that nonfinancial assets within the scope of Subtopic 610 - 20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610 - 20, which was issued in May 2014 as part of ASU 2014 - 09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017 - 05 at the same time it applies the amendments in ASU 2014 - 09 discussed below. An entity may elect to apply the amendments in ASU 2017 - 05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10 - 45 - 5 through 10 - 45 - 10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017 - 05 and ASU 2014 - 09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018	The Company adopted the provisions of Subtopic 610 - 20 using the modified retrospective approach. The Company has applied the guidance to disposals of nonfinancial assets (including real estate assets) within the scope of Subtopic 610 - 20, see above for impact from the adoption of this ASU.
ASU 2016 - 01, Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2018 - 03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities	The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following: (i)Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii)  Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments, and (v)  Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The amendments clarify certain aspects of the guidance issued in ASU 2016 - 01, discussed below, primarily impacting the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments.	January 1, 2018	Effective as of date of adoption, changes in fair value of the Company’s available-for-sale marketable securities are recognized in Other income, net on the Company’s Consolidated Statements of Income. See above and Footnote  11 in the Notes to the Consolidated Financial Statements for impact from the adoption of this ASU.
ASU 2014 - 09, Revenue from Contracts with Customers (Topic 606 ) ASU 2015 - 14, Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date ASU 2016 - 08, Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 ): Identifying performance obligations and licensing ASU 2016 - 12, Revenue from Contracts with Customers (Topic 606 ): Narrow-scope improvements and practical expedients	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, 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, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016 - 10, an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in May 2016, the FASB issued ASU 2016 - 12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date.	January 1, 2018	The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard. Common area maintenance (“CAM”) reimbursement revenue, a non-lease component, falls within the scope of Topic 606.   Under the practical expedient mentioned above in Topic 842, the Company will be permitted to combine its non-lease and associated lease components. If the non-lease components are the predominant component, the Company will account for the combined component in accordance with the revenue standard (Topic 606 ). The revenues which are within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. The timing of recognition and amount of these revenues are consistent with the previous recognition and measurement.  See above for impact from the adoption of this ASU.
ASU 2016 - 18,  Statement of Cash Flows (Topic 230 ): Restricted Cash	This amendment requires entities to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. The amendment should be applied using a retrospective transition method to each period presented.	January 1,  2018	There was no impact to the Company’s statement of cash flows.

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Note 2 - Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Property Subject to or Available for Operating Lease [Table Text Block]

	December 31,
	201 8			201 7
Land:
Developed land	$	2,783,959		$	2,971,020
Undeveloped land		38,732			48,264
Total land		2,822,691			3,019,284
Buildings and improvements:
Buildings		5,697,269			6,047,413
Building improvements		1,696,440			1,653,581
Tenant improvements		730,623			753,501
Fixtures and leasehold improvements		42,635			45,795
Above-market leases		133,913			153,484
In-place leases and tenant relationships		512,235			577,870
Total buildings and improvements		8,813,115			9,231,644
Real estate		11,635,806			12,250,928
Accumulated depreciation and amortization (1)		(2,385,287	)		(2,433,053	)
Total real estate, net	$	9,250,519		$	9,817,875

Above and Below Market Lease Tenant Relationships Future Amortization Income Expense [Table Text Block]

	201 9			20 20			202 1			202 2			202 3
Above-market and below-market leases amortization, net	$	13.4		$	13.5		$	13.8		$	12.8		$	12.5
In-place leases and tenant relationships amortization	$	(32.4	)	$	(24.7	)	$	(19.1	)	$	(14.6	)	$	(10.9	)

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Note 3 - Property Acquisitions, Developments and Other Investments (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

			Purchase Price (in thousands)
Property Name	Location	Month Acquired/ Consolidated	Cash*		Debt		Other Conside r ation * *		Total		GLA***
Plantation Commons	Plantation, FL (1) (3)	Jan-17	$	-	$	-	$	12,300	$	12,300		60
Gordon Plaza	Woodbridge, VA (1) (3)	Jan-17		-		-		3,100		3,100		184
Plaza del Prado	Glenview, IL	Jan-17		39,063		-		-		39,063		142
Columbia Crossing Parcel	Columbia Crossing, MD	Jan-17		5,100		-		-		5,100		25
The District at Tustin Legacy	Tustin, CA (2) (3)	Apr-17		-		206,000		98,698		304,698		688
Jantzen Beach Center	Portland, OR	Jul-17		131,927		-		-		131,927		722
Del Monte Plaza Parcel	Reno, NV	Jul-17		24,152		-		-		24,152		83
Gateway Station Phase II	Burleson, TX	Aug-17		15,355		-		-		15,355		79
Jantzen Beach Center Parcel	Portland, OR	Sep-17		6,279		-		-		6,279		25
Webster Square Outparcel	Nashua, NH	Sep-17		4,985		-		-		4,985		22
Whittwood Town Center	Whittier, CA	Oct-17		80,397		43,000		-		123,397		783
123 Coulter Avenue Parcel	Ardmore, PA	Oct-17		4,808		-		-		4,808		1
Fulton Marketplace Parcel	Santa Rosa, CA	Nov-17		13,162		-		-		13,162		61
			$	325,228	$	249,000	$	114,098	$	688,326		2,875

Summary of Ownership Interest [Table Text Block]

Property Name	Previous Ownership Interest			Gain on change in control of joint venture interests
Plantation Commons		76.25	%	$	9,793
Gordon Plaza		40.62	%		395
The District at Tustin Legacy	(a)				60,972
				$	71,160

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	255,715			n/a
Buildings		379,148			50.0
Building improvements		46,613			41.5
Tenant improvements		14,520			7.2
In-place leases		56,200			7.2
Above-market leases		12,197			7.8
Below-market leases		(77,027	)		29.5
Mortgage fair value adjustment		(8,521	)		1.3
Tax increment financing (TIF) contracts		8,342			19.0
Other assets		5,090			n/a
Other liabilities		(3,951	)		n/a
Net assets acquired/consolidated	$	688,326

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Note 4 - Real Estate Under Development (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Real Estate Held for Development [Table Text Block]

		December 31,
Property Name	Location	201 8		201 7
Dania Pointe (1)	Dania Beach, FL	$	152,111	$	152,841
Mill Station	Owings Mills, MD		55,771		34,347
Promenade at Christiana (2)	New Castle, DE		33,502		32,875
Grand Parkway Marketplace (3)	Spring, TX		-		43,403
Lincoln Square (4)	Philadelphia, PA		-		90,479
Avenues Walk (5)	Jacksonville, FL		-		48,573
Total*		$	241,384	$	402,518

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Note 5 - Dispositions of Real Estate and Assets Held-for-sale (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Year Ended December 31 ,
	201 8		201 7		2016
Aggregate sales price/gross fair value	$	1,164.3	$	352.2	$	378.7
Gain on sale of operating properties/change in control of interests	$	229.8	$	93.5	$	92.8
Impairment charges	$	19.7	$	17.1	$	37.2
Number of operating properties sold/deconsolidated		54		25		30
Number of out-parcels sold		7		9		2

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Note 6 - Impairments (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block]

	201 8		201 7		201 6
Properties marketed for sale (1) (2)	$	59.5	$	34.0	$	28.6
Properties disposed	19.7			17.1		37.2
Properties held and used (3)		-		16.2		27.5
Total gross property impairment charges* (4)		79.2		67.3		93.3
Noncontrolling interests		-		-		(0.4	)
Benefit for income taxes		-		-		(21.1	)
Total net impairment charges	$	79.2	$	67.3	$	71.8

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Note 7 - Investment In and Advances to Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Equity Method Investments [Table Text Block]

			The Company's Investment
	Ownership		As of December 31,
Joint Venture	Interest		2018		2017
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2) (3)		15.0%	$	175.2	$	179.5
Kimco Income Opportunity Portfolio (“KIR”) (2)		48.6%		167.2		154.1
Canada Pension Plan Investment Board (“CPP”) (2)		55.0%		135.0		105.0
Other Joint Venture Programs (3) (4)		Various		93.5		45.3
Total*			$	570.9	$	483.9

Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block]

	December 31, 2018							December 31, 2017
Joint Venture	Mortgages and Notes Payable, Net		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable , N et		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	572.6		4.29	%		49.0	$	625.7		3.59	%		59.8
KIR		651.4		4.43	%		40.4		702.0		4.60	%		47.5
CPP		84.4		3.85	%		54.0		84.9		2.91	%		4.0
Other Joint Venture Programs		474.2		4.26	%		78.6		287.6		4.41	%		27.2
Total	$	1,782.6						$	1,700.2

Investments in and Advances to Affiliates [Table Text Block]

	December 31,
	201 8		201 7
Assets:
Real estate, net	$	3,574.1	$	3,402.1
Other assets		227.0		208.9
	$	3,801.1	$	3,611.0
Liabilities and Partners’/Members’ Capital:
Notes payable, net	$	272.7	$	233.1
Mortgages payable, net		1,509.9		1,467.1
Other liabilities		62.4		52.5
Noncontrolling interests		16.8		15.5
Partners’/Members’ capital		1,939.3		1,842.8
	$	3,801.1	$	3,611.0

Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block]

	Year Ended December 31,
	201 8			201 7			201 6
Revenues	$	506.3		$	516.0		$	597.5
Operating expenses		(146.1	)		(150.7	)		(178.1	)
Impairment charges		(20.7	)		(12.9	)		(38.6	)
Depreciation and amortization		(122.5	)		(116.1	)		(138.1	)
Gain on sale of operating properties		60.3			26.0			296.2
Interest expense		(80.1	)		(81.9	)		(117.3	)
Other (expense)/income, net		(4.4	)		(3.0	)		20.1
Net income	$	192.8		$	177.4		$	441.7

Income [Member]

Notes Tables

Equity Method Investments [Table Text Block]

	Year Ended December 31,
	201 8		201 7		2016
KimPru and KimPru II	$	15.2	$	13.0	$	16.4
KIR		38.7		36.7		44.0
CPP		5.1		7.2		7.7
Other Joint Venture Programs (1) (2) (3) (4)		12.6		3.9		150.6
Total	$	71.6	$	60.8	$	218.7

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Note 8 - Other Real Estate Investments and Other Assets (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Real Estate Investment Financial Statements, Disclosure [Table Text Block]

	December 31,
	201 8		201 7
Assets:
Real estate, net	$	110.4	$	142.3
Other assets		578.8		581.2
	$	689.2	$	723.5
Liabilities and Partners’/Members’ Capital:
Mortgages payable, net	$	314.0	$	381.9
Other liabilities		3.0		6.0
Partners’/Members’ capital		372.2		335.6
	$	689.2	$	723.5

Preferred Equity Investments, Income Statement [Table Text Block]

	Year Ended December 31,
	201 8			201 7			201 6
Revenues	$	77.0		$	75.4		$	102.6
Operating expenses		(15.5	)		(14.7	)		(27.4	)
Depreciation and amortization		(4.3	)		(4.6	)		(6.7	)
Gain on sale of operating properties		1.9			4.3			5.3
Interest expense		(16.9	)		(20.4	)		(26.7	)
Other expense, net		(8.2	)		(5.9	)		(11.5	)
Net income	$	34.0		$	34.1		$	35.6

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Note 9 - Variable Interest Entities ("VIE") (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Variable Interest Entities [Table Text Block]

	December 31, 201 8		December 31, 201 7
Number of unencumbered VIEs		20		22
Number of encumbered VIEs		4		5
Total number of consolidated VIEs		24		27
Restricted Assets:
Real estate, net	$	229.2	$	627.5
Cash and cash equivalents		4.4		9.8
Accounts and notes receivable, net		2.1		3.2
Other assets		3.3		4.5
Total Restricted Assets	$	239.0	$	645.0
VIE Liabilities:
Mortgages and construction loan payable, net	$	83.8	$	340.9
Other liabilities		59.4		76.8
Total VIE Liabilities	$	143.2	$	417.7

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Note 10 - Mortgages and Other Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	201 8			201 7			201 6
Balance at January 1,	$	21,838		$	23,197		$	23,824
Additions:
New mortgage loans		14,825			-			-
Foreign currency translation		116			385			397
Amortization of loan discounts		125			112			112
Deductions:
Loan repayments		(21,012	)		-			-
Charge off/foreign currency translation		(155	)		(449	)		(213	)
Collections of principal		(1,287	)		(1,405	)		(921	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31,	$	14,448		$	21,838		$	23,197

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Note 11 - Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Marketable Securities [Table Text Block]

	December 31, 2018		December 31, 2017
Available-for-sale:
Equity securities	$	9,045	$	11,936
Held-to-maturity:
Debt securities		1,257		1,329
Total marketable securities	$	10,302	$	13,265

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Note 12 - Notes Payable (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Debt [Table Text Block]

Type	Date Paid	Amount Repaid		Interest Rate		Maturity Date
Senior unsecured notes (1)	Aug-18	$	300.0		6.875%	Oct-19
Senior unsecured notes (2)	Jun-18 & Jul-18	$	15.1		3.200%	May-21
Medium term notes ("MTN") (3)	Aug-17 & Nov-17	$	300.0		4.300%	Feb-18
Unsecured term loan	Jan-17	$	250.0	LIBOR + 0.95%		Jan-17

Schedule of Debt Issuance [Table Text Block]

Date Issued	Maturity Date	Amount Issued		Interest Rate
Aug-17	Feb-25	$	500.0		3.30%
Aug-17	Sep-47	$	350.0		4.45%
Mar-17	Apr-27	$	400.0		3.80%

Notes Payable [Member]

Notes Tables

Schedule of Debt [Table Text Block]

	Carrying Amount at December 31,					Interest Rate at December 31,								Maturity Date at
	2018			2017		2018				2017				December 31, 2018
Senior unsecured notes	$	4,334.9		$	4,650.0		2.70%	-	4.45%		2.70%	-	6.88%	May-2021– Sep-2047
Credit facility		100.0			8.0		(a)				(a)			Mar-2021
Deferred financing costs, net		(53.4	)		(61.9)		n/a				n/a				n/a
	$	4,381.5		$	4,596.1		3.48%*				3.70%*

Unsecured Debt [Member]

Notes Tables

Schedule of Maturities of Long-term Debt [Table Text Block]

	201 9		20 20		202 1		202 2		202 3		Thereafter		Total
Principal payments	$	-	$	-	$	584.9	$	500.0	$	350.0	$	3,000.0	$	4,434.9

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Note 13 - Mortgages and Construction Loan Payable (Tables) - Mortgages [Member]

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	Carrying Amount at December 31,						Interest Rate at December 31,								Maturity Date at
	201 8			2017			201 8				2017				December 31, 201 8
Mortgages payable	$	430.8		$	867.1			3.23%	-	9.75%		2.60%	-	9.75%		Jan-2020 – Aug-2031
Construction loan payable		51.0			-			4.23%				n/a				Aug-2020
Fair value debt adjustments, net		13.1			19.3			n/a				n/a				n/a
Deferred financing costs, net		(2.5	)		(3.6	)		n/a				n/a				n/a
	$	492.4		$	882.8			4.89%*				4.57%*

Schedule of Maturities of Long-term Debt [Table Text Block]

	201 9		20 20		202 1		202 2		202 3		Thereafter		Total
Principal payments	$	12.7	$	160.3	$	144.9	$	140.1	$	15.5	$	8.3	$	481.8

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Note 14 - Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Redeemable Noncontrolling Interest [Table Text Block]

	20 18			201 7
Balance at January 1,	$	16,143		$	86,953
Issuance of redeemable partnership interests (1)		-			10,000
Income		373			1,297
Distributions		(355	)		(2,538	)
Redemption/conversion of redeemable units (2)		-			(79,569	)
Adjustment to estimated redemption value (1)		7,521			-
Balance at December 31,	$	23,682		$	16,143

Convertible Non-convertible Units [Table Text Block]

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

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Note 15 - Fair Value Disclosure of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Fair Value, by Balance Sheet Grouping [Table Text Block]

	December 31,
	201 8				201 7
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable, net (1)	$	4,381,456	$	4,126,450	$	4,596,140	$	4,601,479
Mortgages and construction loan payable, net (2)	$	492,416	$	486,341	$	882,787	$	881,427

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	Balance at December 31, 201 8		Level 1		Level 2	Level 3
Assets:
Marketable equity securities	$	9,045	$	9,045	$	$	-

	Balance at December 31, 201 7		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

	Balance at December 31, 2018		Level 1		Level 2		Level 3
Real estate	$	99,693	$	-	$	-	$	99,693
Investments in real estate joint ventures (1)	$	62,429	$	-	$	-	$	62,429

	Balance at December 31, 201 7		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

As of December 31, 2018
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,580		264,500		5.250	%	$	1.31250	$	1.00	12/20/2022
				42,580	$	1,064,500

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000		5.250	%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

Dividends Declared [Table Text Block]

	Year Ended December 31,
	2018		2017		2016
Common Stock	$	1.12000	$	1.09000	$	1.03500
Class I Depositary Shares	$	1.50000	$	1.50000	$	1.50000
Class I Depositary Shares Redeemed	$	-	$	0.96250	$	-
Class J Depositary Shares	$	1.37500	$	1.37500	$	1.37500
Class K Depositary Shares	$	1.40625	$	1.40625	$	1.40625
Class L Depositary Shares	$	1.28125	$	0.48047	$	-
Class M Depositary Shares	$	1.31250	$	0.04010	$	-

Preferred Stock Redeemed [Member]

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

Class of Preferred Stock	Redemption Date	Depositary Shares Redeemed		Redemption Price		Redemption Amount (in millions)		Redemption Charges (in millions) (1)
Class I (2)	9/6/2017		9,000,000	$	25.00	$	225.0	$	7.0

Preferred Stock Issued [Member]

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

Class of Preferred Stock	Date Issued	Depositary Shares Issued		Fractional Interest per Share	Net Proceeds, Before Expenses (in millions)		Offering Price
Class L	8/16/2017		9,000,000	1/1000	$	218.1		25.00
Class M (1)	12/20/2017		9,200,000	1/1000	$	222.8		25.00

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Note 17 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	2018		2017		2016
Acquisition of real estate interests by assumption of mortgage debt	$	-	$	45,299	$	33,174
Acquisition of real estate interests through proceeds held in escrow	$	-	$	162,396	$	66,044
Proceeds deposited in escrow through sale of real estate interests	$	41,949	$	162,396	$	66,044
Disposition of real estate interests through the issuance of mortgage receivable	$	14,700	$	-	$	-
Disposition of real estate interests by foreclosure of debt	$	7,444	$	-	$	22,080
Forgiveness of debt due to foreclosure	$	12,415	$	-	$	26,000
Capital expenditures accrual	$	60,611	$	74,123	$	38,044
Issuance of common stock	$	-	$	-	$	85
Surrender of restricted common stock	$	4,360	$	5,699	$	7,008
Declaration of dividends paid in succeeding period	$	130,262	$	128,892	$	124,517
Change in noncontrolling interest due to liquidation of partnership	$	-	$	64,948	$	-
Increase in redeemable noncontrolling interests’ carrying amount	$	7,521	$	-	$	-
Deemed contribution from noncontrolling interest	$	-	$	10,000	$	-
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	-	$	325,981	$	407,813
Increase in mortgages payable, other liabilities and noncontrolling interests	$	-	$	258,626	$	268,194
Deconsolidation of Joint Ventures:
Decrease in real estate and other assets	$	300,299	$	-	$	-
Increase in investments in and advances to real estate joint ventures	$	62,429	$	-	$	-
Decrease in mortgages and construction loan payable, other liabilities and noncontrolling interests	$	248,274	$	-	$	-

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Note 19 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Future Minimum Rental Payments and Revenues for or From Operating Leases [Table Text Block]

	201 9		20 20		20 21		202 2		20 23		Thereafter
Minimum revenues	$	816.4	$	769.1	$	690.7	$	594.6	$	492.6	$	2,540.2

	201 9		20 20		20 21		202 2		202 3		Thereafter
Minimum contractual payments	$	12.2	$	9.9	$	9.8	$	9.2	$	9.0	$	115.7

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Note 20 - Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Share-based Compensation, Stock Options, Activity [Table Text Block]

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic V alue (in millions)
Options outstanding, January 1, 2016		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
Exercised		(83,863	)	$	18.20	$	3.4
Forfeited		(2,464,920	)	$	35.91
Options outstanding, December 31, 2017		3,464,946		$	27.81	$	-
Exercised		(42,259	)	$	14.00	$	0.1
Forfeited		(1,781,321	)	$	36.53
Options outstanding, December 31, 2018		1,641,366		$	18.78	$	0.4
Options exercisable (fully vested) -
December 31, 2016		5,144,416		$	32.56	$	11.3
December 31, 2017		3,464,946		$	27.81	$	4.0
December 31, 2018		1,641,366		$	18.78	$	0.4

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

	201 8			201 7			201 6
Restricted stock outstanding as of January 1,		1,777,429			1,930,732			1,712,534
Granted (1)		1,100,590			646,142			756,530
Vested		(751,201	)		(783,872	)		(520,539	)
Forfeited		(21,904	)		(15,573	)		(17,793	)
Restricted stock outstanding as of December 31,		2,104,914			1,777,429			1,930,732

Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]

	201 8			201 7			201 6
Performance share awards outstanding as of January 1,		235,950			197,249			202,754
Granted (1)		297,450			135,780			100,170
Vested (2)		(100,170	)		(97,079	)		(105,675	)
Performance share awards outstanding as of December 31,		433,230			235,950			197,249

Performance Shares [Member]

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	201 8			201 7			201 6
Stock price	$	14.99		$	24.91		$	26.29
Dividend yield (1)		0	%		0	%		0	%
Risk-free rate		2.39	%		1.45	%		0.87	%
Volatility (2)		22.90	%		18.93	%		18.80	%
Term of the award (years)		2.85			2.88			2.88

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Note 21 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Book to Tax Reconciliation [Table Text Block]

	2018			2017			2016
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	497,795		$	426,075		$	378,850
GAAP net (income)/loss attributable to TRSs		(3,357	)		(13,597	)		12,708
GAAP net income from REIT operations (1)		494,438			412,478			391,558
Net book depreciation in excess of tax depreciation		61,363			122,043			65,194
Capitalized leasing/legal commissions		(15,268	)		(7,102	)		(11,984	)
Deferred/prepaid/above-market and below-market rents, net		(23,437	)		(29,364	)		(34,097	)
Fair market value debt amortization		(5,268	)		(8,495	)		(15,901	)
Book/tax differences from executive compensation (2)		5,460			2,396			-
Book/tax differences from non-qualified stock options		(112	)		(172	)		(11,301	)
Book/tax differences from investments in and advances to real estate joint ventures		7,921			(23,802	)		(20,739	)
Book/tax differences from sale of properties		(2,889	)		(86,629	)		(93,704	)
Book adjustment to property carrying values and marketable equity securities		69,804			51,309			11,161
Taxable currency exchange gains/(losses), net		1,260			(780	)		(8,962	)
Tangible property regulation deduction		(49,209	)		(52,809	)		(28,954	)
GAAP gain on change in control of joint venture interests		(6,800	)		(71,160	)		(57,385	)
Valuation allowance against net deferred tax assets		-			-			51,939
Other book/tax differences, net		(10,351	)		3,282			28
Adjusted REIT taxable income	$	526,912		$	311,195		$	236,853

Taxable Characteristics of Distributions Paid [Table Text Block]

	2018				2017				2016
Preferred I Dividends
Ordinary income	$	5,565	53	%	$	21,636	96	%	$	16,320	68	%
Capital gain		4,935	47	%		902	4	%		7,680	32	%
	$	10,500	100	%	$	22,538	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	6,559	53	%	$	11,880	96	%	$	8,415	68	%
Capital gain		5,816	47	%		495	4	%		3,960	32	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	5,217	53	%	$	9,450	96	%	$	6,694	68	%
Capital gain		4,627	47	%		394	4	%		3,150	32	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Preferred L Dividends
Ordinary income	$	6,111	53	%	$	1,814	96	%	$	-	-
Capital gain		5,420	47	%		76	4	%		-	-
	$	11,531	100	%	$	1,890	100	%	$	-	-
Preferred M Dividends
Ordinary income	$	6,031	53	%	$	-	-		$	-	-
Capital gain		5,348	47	%		-	-			-	-
	$	11,379	100	%	$	-	-		$	-	-
Common Dividends
Ordinary income	$	235,642	50	%	$	260,573	57	%	$	263,892	62	%
Capital gain		212,077	45	%		9,143	2	%		127,689	30	%
Return of capital		23,564	5	%		187,430	41	%		34,050	8	%
	$	471,283	100	%	$	457,146	100	%	$	425,631	100	%
Total dividends distributed for tax purposes	$	526,912			$	503,793			$	471,850

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	201 8			2017			2016
Income/(loss) before income taxes – U.S.	$	4,331		$	1,487		$	(23,810	)
(Provision)/benefit for income taxes, net:
Federal:
Current		(1,221	)		(704	)		2,199
Deferred		(1,198	)		(632	)		(45,097	)
Federal tax provision		(2,419	)		(1,336	)		(42,898	)
State and local:
Current		(43	)		(66	)		1,057
Deferred		(414	)		(190	)		(8,812	)
State tax provision		(457	)		(256	)		(7,755	)
Total tax provision – U.S.		(2,876	)		(1,592	)		(50,653	)
Net income/(loss) from U.S. TRSs	$	1,455		$	(105	)	$	(74,463	)
Income/(loss) before taxes – Non-U.S.	$	2,384		$	(11,483	)	$	138,253
Benefit/(provision) for Non-U.S. income taxes:
Current (1)	$	1,634		$	2,425		$	(24,393	)
Deferred		(358	)		47			(3,537	)
Non-U.S. tax benefit/(provision)	$	1,276		$	2,472		$	(27,930	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	201 8			201 7			201 6
Federal provision at statutory tax rate* (1)	$	(2,490	)	$	(520	)	$	(47,155	)
State and local provision, net of federal benefit (2)		(386	)		(1,072	)		(3,498	)
Total tax provision – U.S.	$	(2,876	)	$	(1,592	)	$	(50,653	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	201 8			201 7
Deferred tax assets:
Tax/GAAP basis differences	$	28,865		$	35,839
Net operating losses (1)		20,947			22,137
Tax credit carryforwards (2)		6,064			6,064
Capital loss carryforwards		2,270			4,648
Related party deferred losses		619			619
Charitable contribution carryforwards		23			23
Valuation allowance		(45,413	)		(54,155	)
Total deferred tax assets		13,375			15,175
Deferred tax liabilities		(12,768	)		(12,739	)
Net deferred tax assets	$	607		$	2,436

Summary of Income Tax Contingencies [Table Text Block]

	201 8			201 7
Balance at January 1,	$	3,991		$	4,962
Changes in tax positions related to current year (1)		(250	)		339
Reductions due to lapsed statute of limitations		(935	)		(1,310	)
Balance at December 31,	$	2,806		$	3,991

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Note 22 - Accumulated Other Comprehensive Income ("AOCI") (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Foreign Currency Translation Adjustments			Unrealized Gain s Related to Available-for-Sale Securities			Unrealized Gain/(Loss) on Interest Rate Swap			Total
Balance as of January 1, 2017	$	6,335		$	406		$	(975	)	$	5,766
Other comprehensive income before reclassifications		3,711			(1,542	)		631			2,800
Amounts reclassified from AOCI (1)		(10,046	)		-			-			(10,046	)
Net current-period other comprehensive income		(6,335	)		(1,542	)		631			(7,246	)
Balance as of December 31, 2017		-			(1,136	)		(344	)		(1,480	)
Balance as of January 1, 2018, as adjusted (2)		-			-			(344	)		(344	)
Other comprehensive income before reclassifications		-			-			437			437
Amounts reclassified from AOCI (3)		-			-			(93	)		(93	)
Net current-period other comprehensive income		-			-			344			344
Balance as of December 31, 2018	$	-		$	-		$	-		$	-

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Note 23 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the Year Ended December 31,
	2018			2017			2016
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	439,604		$	372,461		$	332,630
Change in estimated redemption value of redeemable noncontrolling interests		(7,521	)		-			-
Earnings attributable to participating securities		(2,375	)		(2,132	)		(2,018	)
Net income available to the Company’s common shareholders for basic earnings per share		429,708			370,329			330,612
Distributions on convertible units		99			-			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	429,807		$	370,329		$	330,612
Weighted average common shares outstanding – basic		420,641			423,614			418,402
Effect of dilutive securities (1):
Equity awards		628			405			1,307
Assumed conversion of convertible units		110			-			-
Weighted average common shares outstanding – diluted		421,379			424,019			419,709
Net income available to the Company's common shareholders:
Basic earnings per share	$	1.02		$	0.87		$	0.79
Diluted earnings per share	$	1.02		$	0.87		$	0.79

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Note 24 - Supplemental Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Quarterly Financial Information [Table Text Block]

	2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	304,078	$	293,403	$	283,080	$	284,201
Net income attributable to the Company	$	144,090	$	165,386	$	100,158	$	88,161
Net income per common share:
Basic	$	0.30	$	0.36	$	0.19	$	0.17
Diluted	$	0.30	$	0.36	$	0.19	$	0.17

	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues	$	293,588	$	297,176	$	294,845	$	315,225
Net income attributable to the Company	$	76,733	$	143,416	$	121,030	$	84,896
Net income per common share:
Basic	$	0.15	$	0.31	$	0.24	$	0.17
Diluted	$	0.15	$	0.31	$	0.24	$	0.17

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Note 25 - Captive Insurance Company (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Unpaid Losses and Loss Adjustments [Table Text Block]

	201 8			201 7
Balance at the beginning of the year	$	18,965		$	19,515
Incurred related to:
Current year		5,236			5,915
Prior years		(2,653	)		(727	)
Total incurred		2,583			5,188
Paid related to:
Current year		(683	)		(742	)
Prior years		(4,735	)		(4,996	)
Total paid		(5,418	)		(5,738	)
Balance at the end of the year	$	16,130		$	18,965

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Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018
Allowance for uncollectable accounts (1)	$	17,066	$	9,254	$	-		$	(5,882	)	$	20,438
Allowance for deferred tax asset	$	54,155	$	-	$	(8,742	)	$	-		$	45,413
Year Ended December 31, 2017
Allowance for uncollectable accounts (1)	$	24,175	$	6,641	$	-		$	(13,750	)	$	17,066
Allowance for deferred tax asset	$	95,126	$	-	$	(40,971	)	$	-		$	54,155
Year Ended December 31, 2016
Allowance for uncollectable accounts (1)	$	31,820	$	7,982	$	-		$	(15,627	)	$	24,175
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126

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Schedule III - Real Estate and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Real Estate Properties [Table Text Block]

		INITIAL COST				COST CAPTIALIZED											TOTAL COST,				DATE OF
				BUILDING AND		SUBSEQUENT TO					BUILDING AND				ACCUMULATED		NET OF ACCUMULATED				ACQUISITION(A)
DESCRIPTION	State	LAND		IMPROVEMENTS		ACQUISITION (1)			LAND		IMPROVEMENTS		TOTAL		DEPRECIATION		DEPRECIATION		ENCUMBRANCES (2)		CONSTRUCTION(C)
SHOPPING CENTERS
MESA PAVILIONS NORTH	AZ	$	6,060,018	$	35,955,005	$	2,034,161		$	6,060,018	$	37,989,166	$	44,049,184	$	8,503,717	$	35,545,467	$	-	2009(A)
MESA RIVERVIEW	AZ		15,000,000		-		142,414,824			307,992		157,106,832		157,414,824		58,970,517		98,444,307		-	2005(C)
MESA PAVILIONS SOUTH	AZ		-		148,508		342,420			-		490,928		490,928		142,926		348,002		-	2011(A)
METRO SQUARE	AZ		4,101,017		16,410,632		1,776,707			4,101,017		18,187,339		22,288,356		9,330,379		12,957,977		-	1998(A)
PLAZA DEL SOL	AZ		5,324,501		21,269,943		1,593,060			4,577,869		23,609,635		28,187,504		9,183,161		19,004,343		-	1998(A)
PLAZA AT MOUNTAINSIDE	AZ		2,450,341		9,802,046		2,383,629			2,450,341		12,185,675		14,636,016		6,535,004		8,101,012		-	1997(A)
VILLAGE CROSSROADS	AZ		5,662,554		24,981,223		1,088,476			5,662,554		26,069,699		31,732,253		5,570,159		26,162,094		-	2011(A)
NORTH VALLEY	AZ		6,861,564		18,200,901		6,107,253			3,861,272		27,308,446		31,169,718		5,398,848		25,770,870		-	2011(A)
CHRISTOWN SPECTRUM	AZ		33,831,348		91,004,070		16,574,655			76,638,511		64,771,562		141,410,073		12,450,821		128,959,252		-	2015(A)
BELL CAMINO CENTER	AZ		2,427,465		6,439,065		576,138			2,427,465		7,015,203		9,442,668		2,011,511		7,431,157		-	2012(A)
COLLEGE PARK SHOPPING CENTER	AZ		3,276,951		7,741,323		1,135,661			3,276,951		8,876,984		12,153,935		2,586,989		9,566,946		-	2011(A)
COSTCO PLAZA	CA		4,995,639		19,982,557		527,389			4,995,639		20,509,946		25,505,585		11,002,286		14,503,299		-	1998(A)
BROOKHURST CENTER	CA		10,492,714		31,357,512		3,037,064			22,299,852		22,587,438		44,887,290		2,870,443		42,016,847		-	2016(A)
LAKEWOOD PLAZA	CA		1,294,176		3,669,266		(597,216	)		-		4,366,226		4,366,226		1,336,096		3,030,130		-	2014(A)
MADISON PLAZA	CA		5,874,396		23,476,190		1,923,344			5,874,396		25,399,534		31,273,930		13,949,717		17,324,213		-	1998(A)
CORONA HILLS PLAZA	CA		13,360,965		53,373,453		8,317,004			13,360,965		61,690,457		75,051,422		34,289,289		40,762,133		-	1998(A)
280 METRO CENTER	CA		38,734,566		94,903,403		2,297,522			38,734,566		97,200,925		135,935,491		12,547,006		123,388,485		-	2015(A)
LABAND VILLAGE SHOPPING CENTER	CA		5,600,000		13,289,347		(881,719	)		5,607,237		12,400,391		18,007,628		6,142,126		11,865,502		-	2008(A)
CUPERTINO VILLAGE	CA		19,886,099		46,534,919		25,970,678			19,886,099		72,505,597		92,391,696		20,827,069		71,564,627		-	2006(A)
NORTH COUNTY PLAZA	CA		10,205,305		28,934,219		(1,204,777	)		20,894,811		17,039,936		37,934,747		3,517,213		34,417,534		-	2014(A)
CHICO CROSSROADS	CA		9,975,810		30,534,524		(5,469,532	)		8,000,154		27,040,648		35,040,802		9,719,887		25,320,915		-	2008(A)
CORONA HILLS MARKETPLACE	CA		9,727,446		24,778,390		1,744,876			9,727,446		26,523,266		36,250,712		9,262,259		26,988,453		-	2007(A)
CREEKSIDE CENTER	CA		3,870,823		11,562,580		(265,986	)		5,154,061		10,013,356		15,167,417		1,036,480		14,130,937		-	2016(A)
LA MIRADA THEATRE CENTER	CA		8,816,741		35,259,965		(1,882,905	)		6,888,680		35,305,121		42,193,801		17,165,704		25,028,097		-	1998(A)
KENNETH HAHN PLAZA	CA		4,114,863		7,660,855		1,094,578			3,796,031		9,074,265		12,870,296		3,290,311		9,579,985		-	2010(A)
LA VERNE TOWN CENTER	CA		8,414,328		23,856,418		11,727,683			16,362,169		27,636,260		43,998,429		4,252,345		39,746,084		-	2014(A)
LINCOLN HILLS TOWN CENTER	CA		8,228,587		26,127,322		145,447			8,228,587		26,272,769		34,501,356		4,010,611		30,490,745		-	2015(A)
NOVATO FAIR S.C.	CA		9,259,778		15,599,790		937,963			9,259,778		16,537,753		25,797,531		6,407,051		19,390,480		-	2009(A)
SOUTH NAPA MARKET PLACE	CA		1,100,000		22,159,086		20,632,519			23,119,071		20,772,534		43,891,605		11,818,601		32,073,004		-	2006(A)
PLAZA DI NORTHRIDGE	CA		12,900,000		40,574,842		945,914			12,900,000		41,520,756		54,420,756		14,391,127		40,029,629		-	2005(A)
LINDA MAR SHOPPING CENTER	CA		16,548,592		37,521,194		2,715,559			16,548,592		40,236,753		56,785,345		7,787,456		48,997,889		-	2014(A)
POWAY CITY CENTRE	CA		5,854,585		13,792,470		8,926,444			7,247,814		21,325,685		28,573,499		8,900,702		19,672,797		-	2005(A)
REDWOOD CITY PLAZA	CA		2,552,000		6,215,168		5,942,129			2,552,000		12,157,297		14,709,297		1,843,845		12,865,452		-	2009(A)
STANFORD RANCH	CA		10,583,764		30,007,231		2,875,764			9,982,626		33,484,133		43,466,759		4,389,919		39,076,840		13,614,631	2014(A)
CROCKER RANCH	CA		7,526,146		24,877,611		104,542			7,526,146		24,982,153		32,508,299		3,172,079		29,336,220		9,622,160	2015(A)
HOME DEPOT PLAZA	CA		4,592,364		18,345,257		-			4,592,364		18,345,257		22,937,621		9,838,272		13,099,349		-	1998(A)
SANTEE TROLLEY SQUARE	CA		40,208,683		62,963,757		3,418			40,208,683		62,967,175		103,175,858		16,499,567		86,676,291		-	2015(A)
SAN DIEGO CARMEL MOUNTAIN	CA		5,322,600		8,873,991		140,982			5,322,600		9,014,973		14,337,573		2,492,439		11,845,134		-	2009(A)
FULTON MARKET PLACE	CA		2,966,018		6,920,710		16,395,020			6,519,424		19,762,324		26,281,748		3,804,997		22,476,751		-	2005(A)
BLACK MOUNTAIN VILLAGE	CA		4,678,015		11,913,344		825,438			4,678,015		12,738,782		17,416,797		4,763,408		12,653,389		-	2007(A)
RANCHO PENASQUITOS TOWNE CTR I	CA		14,851,595		20,342,165		310,166			14,851,595		20,652,331		35,503,926		2,868,669		32,635,257		13,370,985	2015(A)
RANCHO PENASQUITOS TWN CTR II	CA		12,944,972		20,323,961		610,406			12,944,972		20,934,367		33,879,339		2,908,894		30,970,445		10,260,486	2015(A)
CITY HEIGHTS	CA		10,687,472		28,324,896		(668,399	)		13,908,563		24,435,406		38,343,969		3,931,461		34,412,508		-	2012(A)
TRUCKEE CROSSROADS	CA		2,140,000		28,324,896		(18,420,405	)		2,140,000		9,904,491		12,044,491		5,740,669		6,303,822		1,791,686	2006(A)
GATEWAY AT DONNER PASS	CA		4,515,688		8,318,667		439,847			4,515,688		8,758,514		13,274,202		1,422,739		11,851,463		-	2015(A)
WESTLAKE SHOPPING CENTER	CA		16,174,307		64,818,562		101,644,330			16,174,307		166,462,892		182,637,199		56,984,694		125,652,505		-	2002(A)
LAKEWOOD VILLAGE	CA		8,597,100		24,374,615		(1,143,183	)		11,683,364		20,145,168		31,828,532		4,170,152		27,658,380		-	2014(A)
WHITTWOOD TOWN CENTER	CA		57,135,695		105,814,560		958,177			57,138,906		106,769,526		163,908,432		6,937,924		156,970,508		44,391,414	2017(A)
VILLAGE ON THE PARK	CO		2,194,463		8,885,987		9,747,732			3,018,391		17,809,791		20,828,182		5,738,440		15,089,742		-	1998(A)
QUINCY PLACE S.C.	CO		1,148,317		4,608,249		2,032,753			1,148,317		6,641,002		7,789,319		3,381,062		4,408,257		-	1998(A)
EAST BANK S.C.	CO		1,500,568		6,180,103		4,078,071			1,500,568		10,258,174		11,758,742		3,765,922		7,992,820		-	1998(A)
NORTHRIDGE SHOPPING CENTER	CO		4,932,690		16,496,175		1,856,177			8,934,385		14,350,657		23,285,042		2,577,058		20,707,984		-	2013(A)
DENVER WEST 38TH STREET	CO		161,167		646,983		52,299			161,167		699,282		860,449		346,973		513,476		-	1998(A)
ENGLEWOOD PLAZA	CO		805,837		3,232,650		735,002			805,837		3,967,652		4,773,489		2,068,112		2,705,377		-	1998(A)
FORT COLLINS S.C.	CO		1,253,497		7,625,278		1,599,608			1,253,497		9,224,886		10,478,383		4,109,707		6,368,676		-	2000(A)
GREELEY COMMONS	CO		3,313,095		20,069,559		1,379,533			3,313,095		21,449,092		24,762,187		4,378,430		20,383,757		-	2012(A)
HIGHLANDS RANCH VILLAGE S.C.	CO		8,135,427		21,579,936		(503,844	)		5,337,081		23,874,438		29,211,519		4,526,837		24,684,682		-	2011(A)
HIGHLANDS RANCH II	CO		3,514,837		11,755,916		701,975			3,514,837		12,457,891		15,972,728		3,003,002		12,969,726		-	2013(A)
VILLAGE CENTER WEST	CO		2,010,519		8,361,084		649,106			2,010,519		9,010,190		11,020,709		1,530,233		9,490,476		-	2011(A)
VILLAGE CENTER - HIGHLAND RANCH	CO		1,140,000		2,660,000		283,724			1,140,000		2,943,724		4,083,724		290,375		3,793,349		-	2014(A)
HERITAGE WEST S.C.	CO		1,526,576		6,124,074		2,056,247			1,526,576		8,180,321		9,706,897		3,846,369		5,860,528		-	1998(A)

MARKET AT SOUTHPARK	CO	9,782,769	20,779,522	793,717		9,782,769	21,573,239	31,356,008	4,809,584	26,546,424	-	2011(A)
NEWTOWN S.C.	CT	-	15,635,442	48,859		-	15,684,301	15,684,301	2,091,111	13,593,190	7,634,085	2014(A)
WEST FARM SHOPPING CENTER	CT	5,805,969	23,348,024	17,897,993		7,585,116	39,466,870	47,051,986	15,794,743	31,257,243	-	1998(A)
HAMDEN MART	CT	13,668,167	40,890,166	5,105,443		14,225,573	45,438,203	59,663,776	5,389,032	54,274,744	20,597,668	2016(A)
HOME DEPOT PLAZA	CT	7,704,968	30,797,640	3,406,887		7,704,968	34,204,527	41,909,495	15,906,581	26,002,914	-	1998(A)
WILTON RIVER PARK SHOPPING CTR	CT	7,154,585	27,509,279	(90,084	)	7,154,584	27,419,196	34,573,780	4,912,432	29,661,348	-	2012(A)
BRIGHT HORIZONS	CT	1,211,748	4,610,610	36,235		1,211,748	4,646,845	5,858,593	995,442	4,863,151	-	2012(A)
WILTON CAMPUS	CT	10,168,872	31,893,016	809,865		10,168,872	32,702,881	42,871,753	8,029,800	34,841,953	-	2013(A)
CAMDEN SQUARE	DE	122,741	66,738	4,664,447		3,024,375	1,829,551	4,853,926	206,876	4,647,050	-	2003(A)
PROMENADE AT CHRISTIANA (3)	DE	14,371,686	-	19,130,790		33,502,476	-	33,502,476	-	33,502,476	-	2014(C)
BRANDYWINE COMMONS	DE	-	36,057,487	1,906,024		-	37,963,511	37,963,511	5,903,513	32,059,998	-	2014(A)
CAMINO SQUARE	FL	573,875	2,295,501	3,110,802		733,875	5,246,303	5,980,178	3,872,616	2,107,562	-	1992(A)
CORAL SQUARE PROMENADE	FL	710,000	2,842,907	4,080,612		710,000	6,923,519	7,633,519	4,010,239	3,623,280	-	1994(A)
MAPLEWOOD PLAZA	FL	1,649,000	6,626,301	1,600,071		1,649,000	8,226,372	9,875,372	4,064,261	5,811,111	-	1997(A)
CURLEW CROSSING SHOPPING CTR	FL	5,315,955	12,529,467	2,524,246		5,315,955	15,053,713	20,369,668	6,301,435	14,068,233	-	2005(A)
SHOPS AT SANTA BARBARA PHASE 1	FL	743,463	5,373,994	148,505		743,463	5,522,499	6,265,962	813,190	5,452,772	-	2015(A)
SHOPS AT SANTA BARBARA PHASE 2	FL	331,692	2,488,832	-		331,692	2,488,832	2,820,524	390,095	2,430,429	-	2015(A)
SHOPS AT SANTA BARBARA PHASE 3	FL	329,726	2,358,700	61,618		329,726	2,420,318	2,750,044	341,468	2,408,576	-	2015(A)
CORAL POINTE S.C.	FL	2,411,608	20,507,735	361,446		2,411,608	20,869,181	23,280,789	2,954,149	20,326,640	-	2015(A)
DANIA POINTE	FL	105,113,024	-	35,286,919		35,481,702	104,918,241	140,399,943	-	140,399,943	49,969,297	2016(C)
DANIA POINTE PHASE II (3)	FL	-	-	142,723,016		142,723,016	-	142,723,016	-	142,723,016	-	2018(C)
FT.LAUDERDALE/CYPRESS CREEK	FL	14,258,760	28,042,390	1,986,704		14,258,760	30,029,094	44,287,854	9,947,785	34,340,069	-	2009(A)
HOMESTEAD-WACHTEL LAND LEASE	FL	150,000	-	-		150,000	-	150,000	-	150,000	-	2013(A)
OAKWOOD PLAZA NORTH	FL	35,300,961	141,731,019	1,078,739		35,300,961	142,809,758	178,110,719	14,067,418	164,043,301	-	2016(A)
OAKWOOD PLAZA SOUTH	FL	11,126,609	40,592,103	(78,501	)	11,126,609	40,513,602	51,640,211	4,228,647	47,411,564	-	2016(A)
OAKWOOD BUSINESS CTR-BLDG 1	FL	6,792,500	18,662,565	3,515,189		6,792,500	22,177,754	28,970,254	6,661,972	22,308,282	-	2009(A)
KIMCO AVENUES WALK, LLC	FL	26,984,546	-	(16,224,546	)	10,760,000	-	10,760,000	-	10,760,000	-	2005(C)
AVENUES WALK	FL	8,169,933	20,173,468	(22,080,393	)	1,724,923	4,538,085	6,263,008	569,586	5,693,422	-	2017(A)
RIVERPLACE SHOPPING CTR.	FL	7,503,282	31,011,027	1,529,107		7,200,050	32,843,366	40,043,416	10,051,460	29,991,956	-	2010(A)
MERCHANTS WALK	FL	2,580,816	10,366,090	6,961,870		2,580,816	17,327,960	19,908,776	9,032,151	10,876,625	-	2001(A)
CENTER AT MISSOURI AVENUE	FL	293,686	792,119	7,076,359		293,686	7,868,478	8,162,164	1,849,332	6,312,832	-	1968(C)
TRI-CITY PLAZA	FL	2,832,296	11,329,185	20,905,810		2,832,296	32,234,995	35,067,291	4,528,142	30,539,149	-	1992(A)
FT LAUDERDALE #1, FL	FL	1,002,733	2,602,415	13,112,633		1,774,443	14,943,338	16,717,781	10,251,260	6,466,521	-	1974(C)
NASA PLAZA	FL	-	1,754,000	3,338,821		-	5,092,821	5,092,821	4,017,435	1,075,386	-	1968(C)
GROVE GATE S.C.	FL	365,893	1,049,172	792,700		365,893	1,841,872	2,207,765	1,590,221	617,544	-	1968(C)
CHEVRON OUTPARCEL	FL	530,570	1,253,410	-		530,570	1,253,410	1,783,980	378,236	1,405,744	-	2010(A)
IVES DAIRY CROSSING	FL	732,914	4,080,460	11,428,885		720,852	15,521,407	16,242,259	9,758,177	6,484,082	-	1985(A)
MILLER ROAD S.C.	FL	1,138,082	4,552,327	4,653,437		1,138,082	9,205,764	10,343,846	6,004,334	4,339,512	-	1986(A)
KENDALE LAKES PLAZA	FL	18,491,461	28,496,001	(1,799,109	)	15,362,227	29,826,126	45,188,353	7,887,133	37,301,220	-	2009(A)
MILLER WEST PLAZA	FL	6,725,660	10,661,419	262,552		6,725,660	10,923,971	17,649,631	1,550,602	16,099,029	-	2015(A)
CORSICA SQUARE S.C.	FL	7,225,100	10,757,386	229,242		7,225,100	10,986,628	18,211,728	1,589,821	16,621,907	-	2015(A)
FLAGLER PARK	FL	26,162,980	80,737,041	4,548,949		26,725,480	84,723,490	111,448,970	24,399,812	87,049,158	-	2007(A)
PARK HILL PLAZA	FL	10,763,612	19,264,248	391,254		10,763,612	19,655,502	30,419,114	4,659,508	25,759,606	-	2011(A)
WINN DIXIE-MIAMI	FL	2,989,640	9,410,360	(51,872	)	3,544,297	8,803,831	12,348,128	1,116,394	11,231,734	-	2013(A)
MARATHON SHOPPING CENTER	FL	2,412,929	8,069,450	1,408,179		1,514,731	10,375,827	11,890,558	1,780,924	10,109,634	-	2013(A)
SODO S.C.	FL	-	68,139,271	8,577,527		142,195	76,574,603	76,716,798	21,243,324	55,473,474	-	2008(A)
RENAISSANCE CENTER	FL	9,104,379	36,540,873	16,553,220		9,122,758	53,075,714	62,198,472	20,431,499	41,766,973	-	1998(A)
MILLENIA PLAZA PHASE II	FL	7,711,000	20,702,992	1,801,738		7,698,200	22,517,530	30,215,730	8,761,724	21,454,006	-	2009(A)
RIVERSIDE LANDINGS S.C.	FL	3,512,202	14,439,668	261,172		3,512,202	14,700,840	18,213,042	1,999,649	16,213,393	-	2015(A)
GRAND OAKS VILLAGE	FL	7,409,319	19,653,869	(362,622	)	5,846,339	20,854,227	26,700,566	4,386,341	22,314,225	-	2011(A)
PLANTATION CROSSING	FL	2,782,030	8,077,260	3,653,308		2,782,030	11,730,568	14,512,598	738,324	13,774,274	-	2017(A)
POMPANO POINTE S.C.	FL	10,516,500	14,355,836	530,900		10,516,500	14,886,736	25,403,236	1,136,919	24,266,317	-	2012(A)
UNIVERSITY TOWN CENTER	FL	5,515,265	13,041,400	423,147		5,515,265	13,464,547	18,979,812	3,197,352	15,782,460	-	2011(A)
PALM BEACH GARDENS	FL	2,764,953	11,059,812	891,072		2,764,953	11,950,884	14,715,837	2,010,305	12,705,532	-	2009(A)
OAK TREE PLAZA	FL	-	917,360	1,562,194		-	2,479,554	2,479,554	1,427,320	1,052,234	-	1968(C)
TUTTLEBEE PLAZA	FL	254,961	828,465	1,812,825		254,961	2,641,290	2,896,251	1,871,329	1,024,922	-	2008(A)
SOUTH MIAMI S.C.	FL	1,280,440	5,133,825	3,605,635		1,280,440	8,739,460	10,019,900	4,753,771	5,266,129	-	1995(A)
CARROLLWOOD COMMONS	FL	5,220,445	16,884,228	3,146,743		5,220,445	20,030,971	25,251,416	10,137,448	15,113,968	-	1997(A)
VILLAGE COMMONS SHOPPING CENTER	FL	2,192,331	8,774,158	4,983,680		2,192,331	13,757,838	15,950,169	6,134,286	9,815,883	-	1998(A)

MISSION BELL SHOPPING CENTER	FL	5,056,426	11,843,119	8,691,774		5,067,033	20,524,286	25,591,319	7,317,804	18,273,515	-	2004(A)
VILLAGE COMMONS S.C.	FL	2,026,423	5,106,476	2,031,564		2,026,423	7,138,040	9,164,463	1,585,055	7,579,408	-	2013(A)
BELMART PLAZA	FL	1,656,097	3,394,420	5,722,156		1,656,097	9,116,576	10,772,673	927,224	9,845,449	-	2014(A)
MARKET AT HAYNES BRIDGE	GA	4,880,659	21,549,424	979,391		4,889,863	22,519,611	27,409,474	7,551,081	19,858,393	-	2008(A)
EMBRY VILLAGE	GA	18,147,054	33,009,514	1,332,206		18,160,525	34,328,249	52,488,774	23,117,994	29,370,780	-	2008(A)
PERIMETER EXPO PROPERTY	GA	14,770,275	44,295,457	2,362,639		16,142,152	45,286,219	61,428,371	4,220,999	57,207,372	-	2016(A)
RIVERWALK MARKETPLACE	GA	3,512,202	18,862,571	50,327		3,512,202	18,912,898	22,425,100	1,900,860	20,524,240	-	2015(A)
LAWRENCEVILLE MARKET	GA	8,878,266	29,691,191	276,376		9,060,436	29,785,397	38,845,833	6,031,890	32,813,943	-	2013(A)
BRAELINN VILLAGE	GA	7,314,719	20,738,792	1,824,744		6,342,926	23,535,329	29,878,255	3,676,866	26,201,389	-	2014(A)
SAVANNAH CENTER	GA	2,052,270	8,232,978	4,131,922		2,052,270	12,364,900	14,417,170	7,386,687	7,030,483	-	1993(A)
CHATHAM PLAZA	GA	13,390,238	35,115,882	980,126		13,403,262	36,082,984	49,486,246	13,169,012	36,317,234	-	2008(A)
CLIVE PLAZA	IA	500,525	2,002,101	-		500,525	2,002,101	2,502,626	1,176,448	1,326,178	-	1996(A)
DUBUQUE CENTER	IA	-	2,152,476	239,217		-	2,391,693	2,391,693	2,039,585	352,108	-	1997(A)
87TH STREET CENTER	IL	-	2,687,046	9,899,028		6,992,648	5,593,426	12,586,074	3,003,871	9,582,203	-	1997(A)
DOWNERS PARK PLAZA	IL	2,510,455	10,164,494	(12,485,854	)	189,095	-	189,095	-	189,095	-	1999(A)
PLAZA DEL PRADO	IL	10,203,960	28,409,786	1,557,625		10,203,960	29,967,411	40,171,371	3,583,364	36,588,007	-	2017(A)
MOUNT PROSPECT CENTER	IL	1,017,345	6,572,176	4,105,133		1,017,345	10,677,309	11,694,654	6,434,800	5,259,854	-	1997(A)
22ND STREET PLAZA	IL	1,527,188	8,679,108	4,880,654		1,527,188	13,559,762	15,086,950	6,393,561	8,693,389	-	1997(A)
SKOKIE POINTE	IL	-	2,276,360	9,564,305		2,628,440	9,212,225	11,840,665	4,170,823	7,669,842	-	1997(A)
HAWTHORN HILLS SQUARE	IL	6,783,928	33,033,624	2,699,882		6,783,928	35,733,506	42,517,434	8,237,719	34,279,715	-	2012(A)
GREENWOOD S.C.	IN	423,371	1,883,421	18,814,874		1,640,748	19,480,918	21,121,666	3,160,755	17,960,911	-	1970(C)
ABINGTON PLAZA	MA	10,457,183	494,652	-		10,457,183	494,652	10,951,835	156,500	10,795,335	3,920,234	2014(A)
WASHINGTON ST.PLAZA	MA	11,007,593	5,652,368	9,428,287		12,957,593	13,130,655	26,088,248	2,086,506	24,001,742	5,546,021	2014(A)
MEMORIAL PLAZA	MA	16,411,388	27,553,908	958,835		16,411,388	28,512,743	44,924,131	3,755,548	41,168,583	15,293,404	2014(A)
MAIN ST. PLAZA	MA	555,898	2,139,494	-		555,898	2,139,494	2,695,392	376,910	2,318,482	1,271,526	2014(A)
MORRISSEY PLAZA	MA	4,097,251	3,751,068	(890,144	)	4,097,251	2,860,924	6,958,175	269,139	6,689,036	2,913,275	2014(A)
GLENDALE SQUARE	MA	4,698,891	7,141,090	276,270		4,698,891	7,417,360	12,116,251	1,350,906	10,765,345	5,295,416	2014(A)
FALMOUTH PLAZA	MA	2,361,071	13,065,817	1,270,653		2,361,071	14,336,470	16,697,541	2,141,488	14,556,053	7,451,735	2014(A)
WAVERLY PLAZA	MA	1,215,005	3,622,911	281,295		1,203,205	3,916,006	5,119,211	754,489	4,364,722	2,143,170	2014(A)
FESTIVAL OF HYANNIS S.C.	MA	15,038,197	40,682,853	1,118,867		15,038,197	41,801,720	56,839,917	7,971,776	48,868,141	-	2014(A)
FELLSWAY PLAZA	MA	5,300,388	11,013,543	(99,939	)	5,300,388	10,913,604	16,213,992	1,429,820	14,784,172	6,322,144	2014(A)
DEL ALBA PLAZA	MA	3,163,033	8,967,874	19,995		3,163,033	8,987,869	12,150,902	1,151,070	10,999,832	7,305,045	2014(A)
NORTH QUINCY PLAZA	MA	6,332,542	17,954,110	(991,929	)	3,894,436	19,400,287	23,294,723	2,627,485	20,667,238	-	2014(A)
ADAMS PLAZA	MA	2,089,363	3,226,648	8,857		2,089,363	3,235,505	5,324,868	513,604	4,811,264	1,754,230	2014(A)
BROADWAY PLAZA	MA	6,485,065	343,422	-		6,485,065	343,422	6,828,487	117,986	6,710,501	2,692,126	2014(A)
VINNIN SQUARE PLAZA	MA	5,545,425	16,324,060	(28,816	)	5,545,425	16,295,244	21,840,669	3,386,960	18,453,709	8,482,824	2014(A)
PARADISE PLAZA	MA	4,183,038	12,194,885	1,558,032		4,183,038	13,752,917	17,935,955	2,579,883	15,356,072	8,197,970	2014(A)
BELMONT PLAZA	MA	11,104,983	848,844	-		11,104,983	848,844	11,953,827	196,427	11,757,400	4,843,479	2014(A)
VINNIN SQUARE IN-LINE	MA	582,228	2,094,560	(38,716	)	582,228	2,055,844	2,638,072	279,681	2,358,391	-	2014(A)
LINDEN PLAZA	MA	4,628,215	3,535,431	473,357		4,628,215	4,008,788	8,637,003	964,470	7,672,533	3,307,417	2014(A)
NORTH AVE. PLAZA	MA	1,163,875	1,194,673	23,933		1,163,875	1,218,606	2,382,481	262,045	2,120,436	841,582	2014(A)
WASHINGTON ST. S.C.	MA	7,380,918	9,987,119	1,965,851		7,380,918	11,952,970	19,333,888	1,618,598	17,715,290	5,813,070	2014(A)
MILL ST. PLAZA	MA	4,195,024	6,203,410	449,771		4,195,024	6,653,181	10,848,205	1,134,835	9,713,370	3,801,095	2014(A)
FULLERTON PLAZA	MD	14,237,901	6,743,980	7,361,633		14,237,901	14,105,613	28,343,514	1,232,824	27,110,690	-	2014(A)
GREENBRIER S.C.	MD	8,891,468	30,304,760	74,934		8,891,468	30,379,694	39,271,162	4,405,361	34,865,801	-	2014(A)
INGLESIDE S.C.	MD	10,416,726	17,889,235	(2,058	)	10,416,726	17,887,177	28,303,903	3,174,127	25,129,776	-	2014(A)
WILKENS BELTWAY PLAZA	MD	9,948,235	22,125,942	238,016		9,948,235	22,363,958	32,312,193	3,240,175	29,072,018	-	2014(A)
YORK ROAD PLAZA	MD	4,276,715	37,205,757	170,205		4,276,715	37,375,962	41,652,677	4,971,149	36,681,528	-	2014(A)
PUTTY HILL PLAZA	MD	4,192,152	11,112,111	774,676		4,192,152	11,886,787	16,078,939	3,320,369	12,758,570	-	2013(A)
SNOWDEN SQUARE S.C.	MD	1,929,402	4,557,934	5,155,349		3,326,422	8,316,263	11,642,685	1,830,541	9,812,144	-	2012(A)
COLUMBIA CROSSING	MD	3,612,550	34,344,509	172,640		3,612,550	34,517,149	38,129,699	4,164,044	33,965,655	-	2015(A)
DORSEY'S SEARCH VILLAGE CENTER	MD	6,321,963	27,996,087	177,268		6,321,963	28,173,355	34,495,318	3,233,759	31,261,559	-	2015(A)
HICKORY RIDGE	MD	7,183,646	26,947,776	526,522		7,183,646	27,474,298	34,657,944	3,561,103	31,096,841	-	2015(A)
HICKORY RIDGE (SUNOCO)	MD	543,197	2,122,234	-		543,197	2,122,234	2,665,431	357,204	2,308,227	-	2015(A)
KINGS CONTRIVANCE	MD	9,308,349	31,759,940	619,016		9,308,349	32,378,956	41,687,305	4,856,962	36,830,343	-	2014(A)
HARPER'S CHOICE	MD	8,429,284	18,373,994	688,796		8,429,284	19,062,790	27,492,074	2,709,642	24,782,432	-	2015(A)
WILDE LAKE	MD	1,468,038	5,869,862	25,978,515		2,577,073	30,739,342	33,316,415	9,681,524	23,634,891	-	2002(A)
RIVERHILL VILLAGE CENTER	MD	16,825,496	23,282,222	395,512		16,825,496	23,677,734	40,503,230	4,708,950	35,794,280	-	2014(A)
COLUMBIA CROSSING OUTPARCELS	MD	1,279,200	2,870,800	20,602,841		6,147,248	18,605,593	24,752,841	3,173,045	21,579,796	-	2011(A)
COLUMBIA CROSSING II SHOP.CTR.	MD	3,137,628	19,868,075	1,210,438		3,137,628	21,078,513	24,216,141	3,114,562	21,101,579	-	2013(A)
SHOPS AT DISTRICT HEIGHTS	MD	8,165,638	21,970,661	(1,389,278	)	7,298,215	21,448,806	28,747,021	2,018,911	26,728,110	13,193,497	2015(A)
ENCHANTED FOREST S.C.	MD	20,123,946	34,345,102	551,331		20,123,946	34,896,433	55,020,379	5,803,460	49,216,919	-	2014(A)
SHOPPES AT EASTON	MD	6,523,713	16,402,204	(2,574,117	)	5,668,532	14,683,268	20,351,800	2,546,751	17,805,049	-	2014(A)
VILLAGES AT URBANA	MD	3,190,074	6,067	19,032,291		4,828,774	17,399,658	22,228,432	2,068,527	20,159,905	-	2003(A)
GAITHERSBURG S.C.	MD	244,890	6,787,534	1,583,659		244,890	8,371,193	8,616,083	3,741,315	4,874,768	-	1999(A)
KENTLANDS MARKET SQUARE	MD	20,167,048	84,615,052	5,667,730		20,167,048	90,282,782	110,449,830	7,062,305	103,387,525	32,414,665	2016(A)
SHAWAN PLAZA	MD	4,466,000	20,222,367	(457,359	)	4,466,000	19,765,008	24,231,008	11,899,815	12,331,193	1,616,979	2008(A)
LAUREL PLAZA	MD	349,562	1,398,250	4,661,863		1,571,288	4,838,387	6,409,675	2,104,312	4,305,363	-	1995(A)
LAUREL PLAZA	MD	274,580	1,100,968	173,969		274,580	1,274,937	1,549,517	1,190,640	358,877	-	1972(C)
MILL STATION THEATER/RSTRNTS (3)	MD	23,378,543	1,089,760	51,928,950		70,508,283	5,888,970	76,397,253	172,744	76,224,509	-	2016(C)
CENTRE COURT-RETAIL/BANK	MD	1,035,359	7,785,830	135,322		1,035,359	7,921,152	8,956,511	1,390,511	7,566,000	1,489,591	2011(A)
CENTRE COURT-GIANT	MD	3,854,099	12,769,628	23,770		3,854,099	12,793,398	16,647,497	2,748,067	13,899,430	5,421,228	2011(A)
CENTRE COURT-OLD COURT/COURTYD	MD	2,279,177	5,284,577	3,744		2,279,177	5,288,321	7,567,498	1,129,051	6,438,447	-	2011(A)
RADCLIFFE CENTER	MD	12,042,713	21,187,946	7,512		12,042,713	21,195,458	33,238,171	3,392,854	29,845,317	-	2014(A)
TIMONIUM CROSSING	MD	2,525,377	14,862,817	592,001		2,525,377	15,454,818	17,980,195	2,478,564	15,501,631	-	2014(A)
TIMONIUM SQUARE	MD	6,000,000	24,282,998	14,639,146		7,331,195	37,590,949	44,922,144	17,036,129	27,886,015	-	2003(A)
TOWSON PLACE	MD	43,886,876	101,764,931	3,541,225		43,270,792	105,922,240	149,193,032	21,939,395	127,253,637	-	2012(A)

CENTURY PLAZA	MI	178,785	925,818	46,257		95,905	1,054,955	1,150,860	815,012	335,848	-	1968(C)
GREEN ORCHARD SHOPPING CENTER	MI	3,682,478	14,730,060	5,933,982		3,547,007	20,799,513	24,346,520	11,245,423	13,101,097	-	1993(A)
THE FOUNTAINS AT ARBOR LAKES	MN	28,585,296	66,699,024	14,145,986		29,485,296	79,945,010	109,430,306	29,728,628	79,701,678	-	2006(A)
CENTER POINT S.C.	MO	-	550,204	-		-	550,204	550,204	489,708	60,496	-	1998(A)
CAVE SPRINGS S.C.	MO	1,182,194	7,423,459	7,112,186		1,563,694	14,154,145	15,717,839	10,569,319	5,148,520	-	1997(A)
WOODLAWN MARKETPLACE	NC	919,251	3,570,981	2,740,450		919,251	6,311,431	7,230,682	3,767,403	3,463,279	-	2008(A)
TYVOLA SQUARE	NC	-	4,736,345	8,011,824		-	12,748,169	12,748,169	9,522,876	3,225,293	-	1986(A)
CROSSROADS PLAZA	NC	767,864	3,098,881	1,233,350		767,864	4,332,231	5,100,095	1,914,296	3,185,799	-	2000(A)
JETTON VILLAGE SHOPPES	NC	3,875,224	10,292,231	492,962		2,143,695	12,516,722	14,660,417	2,455,738	12,204,679	-	2011(A)
MOUNTAIN ISLAND MARKETPLACE	NC	3,318,587	7,331,413	696,680		3,818,587	7,528,093	11,346,680	1,554,286	9,792,394	-	2012(A)
WOODLAWN SHOPPING CENTER	NC	2,010,725	5,833,626	1,975,503		2,010,725	7,809,129	9,819,854	1,471,440	8,348,414	-	2012(A)
CROSSROADS PLAZA	NC	13,405,529	86,455,763	(1,357,983	)	13,405,529	85,097,780	98,503,309	14,908,507	83,594,802	-	2014(A)
QUAIL CORNERS	NC	7,318,321	26,675,644	1,459,529		7,318,321	28,135,173	35,453,494	3,920,660	31,532,834	15,783,077	2014(A)
DAVIDSON COMMONS	NC	2,978,533	12,859,867	526,025		2,978,533	13,385,892	16,364,425	2,460,912	13,903,513	-	2012(A)
PARK PLACE SC	NC	5,461,478	16,163,494	2,452,621		5,469,809	18,607,784	24,077,593	6,862,892	17,214,701	-	2008(A)
MOORESVILLE CROSSING	NC	12,013,727	30,604,173	101,982		11,625,801	31,094,081	42,719,882	11,980,366	30,739,516	-	2007(A)
PLEASANT VALLEY PROMENADE	NC	5,208,885	20,885,792	14,232,550		5,208,885	35,118,342	40,327,227	20,582,021	19,745,206	-	1993(A)
BRENNAN STATION	NC	7,749,751	20,556,891	(389,669	)	6,321,923	21,595,050	27,916,973	5,690,496	22,226,477	-	2011(A)
BRENNAN STATION OUTPARCEL	NC	627,906	1,665,576	(120,456	)	450,232	1,722,794	2,173,026	395,687	1,777,339	-	2011(A)
CLOVERDALE PLAZA	NC	540,667	719,655	7,293,478		540,667	8,013,133	8,553,800	3,720,029	4,833,771	-	1969(C)
WEBSTER SQUARE	NH	11,683,145	41,708,383	7,123,817		11,683,145	48,832,200	60,515,345	7,923,372	52,591,973	-	2014(A)
WEBSTER SQUARE - DSW	NH	1,346,391	3,638,397	131,388		1,346,391	3,769,785	5,116,176	247,958	4,868,218	-	2017(A)
WEBSTER SQUARE NORTH	NH	2,163,138	6,511,424	23,348		2,163,138	6,534,772	8,697,910	968,735	7,729,175	-	2016(A)
ROCKINGHAM PLAZA	NH	2,660,915	10,643,660	18,667,768		3,148,715	28,823,628	31,972,343	12,660,297	19,312,046	-	2008(A)
SHOP RITE PLAZA	NJ	2,417,583	6,364,094	1,593,987		2,417,583	7,958,081	10,375,664	7,264,250	3,111,414	-	1985(C)
MARLTON PLAZA	NJ	-	4,318,534	153,375		-	4,471,909	4,471,909	2,492,551	1,979,358	-	1996(A)
HILLVIEW SHOPPING CENTER	NJ	16,007,647	32,607,423	(617,102	)	16,007,647	31,990,321	47,997,968	4,938,386	43,059,582	-	2014(A)
GARDEN STATE PAVILIONS	NJ	7,530,709	10,801,949	20,263,576		12,203,841	26,392,393	38,596,234	7,264,990	31,331,244	-	2011(A)
CLARK SHOPRITE 70 CENTRAL AVE	NJ	3,496,673	11,693,769	994,829		13,959,593	2,225,678	16,185,271	841,415	15,343,856	-	2013(A)
COMMERCE CENTER WEST	NJ	385,760	1,290,080	160,534		793,595	1,042,779	1,836,374	254,498	1,581,876	-	2013(A)
COMMERCE CENTER EAST	NJ	1,518,930	5,079,690	1,753,865		7,235,196	1,117,289	8,352,485	441,223	7,911,262	-	2013(A)
CENTRAL PLAZA	NJ	3,170,465	10,602,845	32,536		5,145,167	8,660,679	13,805,846	2,289,780	11,516,066	-	2013(A)
EAST WINDSOR VILLAGE	NJ	9,335,011	23,777,978	216,781		9,335,011	23,994,759	33,329,770	6,834,515	26,495,255	-	2008(A)
HOLMDEL TOWNE CENTER	NJ	10,824,624	43,301,494	10,420,854		10,824,624	53,722,348	64,546,972	21,686,796	42,860,176	-	2002(A)
COMMONS AT HOLMDEL	NJ	16,537,556	38,759,952	4,102,243		16,537,556	42,862,195	59,399,751	17,731,112	41,668,639	-	2004(A)
PLAZA AT HILLSDALE	NJ	7,601,596	6,994,196	1,507,019		7,601,596	8,501,215	16,102,811	1,405,423	14,697,388	5,646,076	2014(A)
MAPLE SHADE	NJ	-	9,957,611	(766,074	)	-	9,191,537	9,191,537	1,253,309	7,938,228	-	2009(A)
PLAZA AT SHORT HILLS	NJ	20,155,471	11,061,984	703,566		20,155,471	11,765,550	31,921,021	2,361,189	29,559,832	8,989,640	2014(A)
NORTH BRUNSWICK PLAZA	NJ	3,204,978	12,819,912	26,577,782		3,204,978	39,397,694	42,602,672	20,263,413	22,339,259	-	1994(A)
PISCATAWAY TOWN CENTER	NJ	3,851,839	15,410,851	1,402,250		3,851,839	16,813,101	20,664,940	8,935,421	11,729,519	-	1998(A)
RIDGEWOOD S.C.	NJ	450,000	2,106,566	1,241,414		450,000	3,347,980	3,797,980	1,826,481	1,971,499	-	1993(A)
UNION CRESCENT III	NJ	7,895,483	3,010,640	28,965,399		8,696,579	31,174,943	39,871,522	16,041,646	23,829,876	-	2007(A)
WESTMONT PLAZA	NJ	601,655	2,404,604	13,726,802		601,655	16,131,406	16,733,061	6,994,243	9,738,818	-	1994(A)
WILLOWBROOK PLAZA	NJ	15,320,436	40,996,874	10,429,255		15,320,436	51,426,129	66,746,565	7,072,200	59,674,365	-	2009(A)
DEL MONTE PLAZA	NV	2,489,429	5,590,415	608,807		2,210,000	6,478,651	8,688,651	3,688,769	4,999,882	1,989,588	2006(A)
DEL MONTE PLAZA ANCHOR PARCEL	NV	6,512,745	17,599,602	108,249		6,520,017	17,700,579	24,220,596	921,154	23,299,442	-	2017(A)
REDFIELD PROMENADE	NV	4,415,339	32,035,192	595,394		4,415,339	32,630,586	37,045,925	6,310,310	30,735,615	-	2015(A)
MCQUEEN CROSSINGS	NV	5,017,431	20,779,024	232,165		5,017,431	21,011,189	26,028,620	4,035,179	21,993,441	-	2015(A)
GALENA JUNCTION	NV	8,931,027	17,503,387	154,819		8,931,027	17,658,206	26,589,233	3,028,659	23,560,574	-	2015(A)
D'ANDREA MARKETPLACE	NV	11,556,067	29,435,364	470,444		11,556,067	29,905,808	41,461,875	8,855,921	32,605,954	-	2007(A)
SPARKS MERCANTILE	NV	6,221,614	17,069,172	(62,106	)	6,221,614	17,007,066	23,228,680	2,859,783	20,368,897	-	2015(A)
BRIDGEHAMPTON COMMONS-W&E SIDE	NY	1,811,752	3,107,232	31,744,409		1,858,188	34,805,205	36,663,393	21,384,048	15,279,345	-	1972(C)
OCEAN PLAZA	NY	564,097	2,268,768	19,003		564,097	2,287,771	2,851,868	919,501	1,932,367	-	2003(A)
KINGS HIGHWAY	NY	2,743,820	6,811,268	2,235,709		2,743,820	9,046,977	11,790,797	3,662,544	8,128,253	-	2004(A)
RALPH AVENUE PLAZA	NY	4,414,466	11,339,857	3,912,149		4,414,467	15,252,005	19,666,472	5,523,187	14,143,285	-	2004(A)
BELLMORE S.C.	NY	1,272,269	3,183,547	1,590,605		1,272,269	4,774,152	6,046,421	1,914,907	4,131,514	-	2004(A)
MARKET AT BAY SHORE	NY	12,359,621	30,707,802	6,003,366		12,359,621	36,711,168	49,070,789	13,772,828	35,297,961	11,931,409	2006(A)
KEY FOOD - ATLANTIC AVE	NY	2,272,500	5,624,589	509,260		4,808,822	3,597,527	8,406,349	707,528	7,698,821	-	2012(A)
VETERANS MEMORIAL PLAZA	NY	5,968,082	23,243,404	12,008,996		5,980,130	35,240,352	41,220,482	14,944,317	26,276,165	-	1998(A)
BIRCHWOOD PLAZA COMMACK	NY	3,630,000	4,774,791	1,145,649		3,630,000	5,920,440	9,550,440	2,017,817	7,532,623	-	2007(A)
ELMONT S.C.	NY	3,011,658	7,606,066	6,171,045		3,011,658	13,777,111	16,788,769	3,854,085	12,934,684	-	2004(A)
ELMSFORD CENTER 1	NY	4,134,273	1,193,084	-		4,134,273	1,193,084	5,327,357	189,472	5,137,885	-	2013(A)
ELMSFORD CENTER 2	NY	4,076,403	15,598,504	949,902		4,076,403	16,548,406	20,624,809	3,036,778	17,588,031	-	2013(A)
FRANKLIN SQUARE S.C.	NY	1,078,541	2,516,581	4,070,828		1,078,541	6,587,409	7,665,950	2,694,563	4,971,387	-	2004(A)
AIRPORT PLAZA	NY	22,711,189	107,011,500	3,743,635		22,711,189	110,755,135	133,466,324	18,340,798	115,125,526	-	2015(A)

KISSENA BOULEVARD SHOPPING CTR	NY	11,610,000	2,933,487	818,491		11,610,000	3,751,978	15,361,978	1,118,521	14,243,457	-	2007(A)
HAMPTON BAYS PLAZA	NY	1,495,105	5,979,320	3,319,769		1,495,105	9,299,089	10,794,194	7,539,633	3,254,561	-	1989(A)
HICKSVILLE PLAZA	NY	3,542,739	8,266,375	2,505,434		3,542,739	10,771,809	14,314,548	3,639,106	10,675,442	-	2004(A)
WOODBURY CENTRE	NY	4,314,991	32,585,508	(1,950,621	)	3,805,271	31,144,607	34,949,878	5,026,007	29,923,871	-	2015(A)
TURNPIKE PLAZA	NY	2,471,832	5,839,416	708,010		2,471,832	6,547,426	9,019,258	1,965,026	7,054,232	-	2011(A)
JERICHO COMMONS SOUTH	NY	12,368,330	33,071,495	3,375,243		12,368,330	36,446,738	48,815,068	11,698,563	37,116,505	7,066,859	2007(A)
501 NORTH BROADWAY	NY	-	1,175,543	228,522		-	1,404,065	1,404,065	722,937	681,128	-	2007(A)
MILLERIDGE INN	NY	7,500,330	481,316	(48,741	)	7,500,000	432,905	7,932,905	31,746	7,901,159	-	2015(A)
FAMILY DOLLAR UNION TURNPIKE	NY	909,000	2,249,775	258,033		1,056,709	2,360,099	3,416,808	509,228	2,907,580	-	2012(A)
LITTLE NECK PLAZA	NY	3,277,254	13,161,218	5,996,052		3,277,253	19,157,271	22,434,524	7,525,806	14,908,718	-	2003(A)
KEY FOOD - 21ST STREET	NY	1,090,800	2,699,730	(159,449	)	1,669,153	1,961,928	3,631,081	315,311	3,315,770	-	2012(A)
MANHASSET CENTER	NY	4,567,003	19,165,808	30,995,487		3,471,939	51,256,359	54,728,298	25,230,504	29,497,794	-	1999(A)
MANHASSET CENTER(residential)	NY	950,000	-	-		950,000	-	950,000	-	950,000	-	2012(A)
MASPETH QUEENS-DUANE READE	NY	1,872,013	4,827,940	1,036,886		1,872,013	5,864,826	7,736,839	2,164,089	5,572,750	1,717,674	2004(A)
NORTH MASSAPEQUA S.C.	NY	1,880,816	4,388,549	(1,066,203	)	-	5,203,162	5,203,162	3,225,039	1,978,123	-	2004(A)
MINEOLA CROSSINGS	NY	4,150,000	7,520,692	249,645		4,150,000	7,770,337	11,920,337	2,354,155	9,566,182	-	2007(A)
SMITHTOWN PLAZA	NY	3,528,000	7,364,098	508,838		3,528,000	7,872,936	11,400,936	2,961,173	8,439,763	-	2009(A)
MANETTO HILL PLAZA	NY	263,693	584,031	10,882,601		263,693	11,466,632	11,730,325	6,730,779	4,999,546	-	1969(C)
SYOSSET S.C.	NY	106,655	76,197	2,082,162		106,655	2,158,359	2,265,014	1,152,013	1,113,001	-	1990(C)
RICHMOND S.C.	NY	2,280,000	9,027,951	21,068,693		2,280,000	30,096,644	32,376,644	13,973,052	18,403,592	-	1989(A)
GREENRIDGE PLAZA	NY	2,940,000	11,811,964	7,095,348		3,148,424	18,698,888	21,847,312	8,293,717	13,553,595	-	1997(A)
THE BOULEVARD	NY	28,723,536	38,232,267	49,602,960		28,723,536	87,835,227	116,558,763	14,231,135	102,327,628	-	2006(A)
FOREST AVENUE PLAZA	NY	4,558,592	10,441,408	157,648		4,558,592	10,599,056	15,157,648	4,071,200	11,086,448	-	2005(A)
INDEPENDENCE PLAZA	NY	12,279,093	34,813,852	(2,276,549	)	16,131,632	28,684,764	44,816,396	6,530,467	38,285,929	-	2014(A)
KEY FOOD - CENTRAL AVE.	NY	2,787,600	6,899,310	(394,910	)	2,603,321	6,688,679	9,292,000	1,124,011	8,167,989	-	2012(A)
WHITE PLAINS S.C.	NY	1,777,775	4,453,894	2,469,097		1,777,775	6,922,991	8,700,766	2,559,882	6,140,884	-	2004(A)
CHAMPION FOOD SUPERMARKET	NY	757,500	1,874,813	(24,388	)	2,241,118	366,807	2,607,925	161,713	2,446,212	-	2012(A)
SHOPRITE S.C.	NY	871,977	3,487,909	-		871,977	3,487,909	4,359,886	2,329,607	2,030,279	-	1998(A)
ROMAINE PLAZA	NY	782,459	1,825,737	588,133		782,459	2,413,870	3,196,329	785,714	2,410,615	-	2005(A)
OREGON TRAIL CENTER	OR	5,802,422	12,622,879	327,401		5,802,422	12,950,280	18,752,702	4,947,651	13,805,051	-	2009(A)
POWELL VALLEY JUNCTION	OR	5,062,500	3,152,982	(2,459,449	)	2,035,125	3,720,908	5,756,033	1,594,974	4,161,059	-	2009(A)
JANTZEN BEACH CENTER	OR	57,575,244	102,844,429	(696,182	)	57,588,287	102,135,204	159,723,491	6,798,963	152,924,528	-	2017(A)
SUBURBAN SQUARE	PA	70,679,871	166,351,381	54,820,988		71,279,871	220,572,369	291,852,240	52,131,369	239,720,871	-	2007(A)
CARNEGIE PLAZA	PA	-	3,298,908	17,747		-	3,316,655	3,316,655	3,316,655	-	-	1999(A)
CENTER SQUARE SHOPPING CENTER	PA	731,888	2,927,551	1,196,209		691,297	4,164,351	4,855,648	2,818,569	2,037,079	-	1996(A)
WAYNE PLAZA	PA	6,127,623	15,605,012	657,984		6,135,670	16,254,949	22,390,619	4,936,901	17,453,718	-	2008(A)
DEVON VILLAGE	PA	4,856,379	25,846,910	4,176,408		4,856,379	30,023,318	34,879,697	7,359,210	27,520,487	-	2012(A)
POCONO PLAZA	PA	1,050,000	2,372,628	1,001,241		1,050,000	3,373,869	4,423,869	3,266,395	1,157,474	-	1973(C)
RIDGE PIKE PLAZA	PA	1,525,337	4,251,732	(3,445,413	)	325,972	2,005,684	2,331,656	1,067,589	1,264,067	-	2008(A)
WHITELAND - HOBBY LOBBY	PA	176,666	4,895,360	1,447,703		176,666	6,343,063	6,519,729	2,735,654	3,784,075	-	1999(A)
WHITELAND TOWN CENTER	PA	731,888	2,927,551	59,067		731,888	2,986,618	3,718,506	1,688,275	2,030,231	-	1996(A)
HARRISBURG EAST SHOPPING CTR.	PA	452,888	6,665,238	10,823,352		3,002,888	14,938,590	17,941,478	7,505,883	10,435,595	-	2002(A)
TOWNSHIP LINE S.C.	PA	731,888	2,927,551	-		731,888	2,927,551	3,659,439	1,676,461	1,982,978	-	1996(A)
HORSHAM POINT	PA	3,813,247	18,189,450	207,022		3,813,247	18,396,472	22,209,719	2,197,127	20,012,592	-	2015(A)
HOLIDAY CENTER	PA	7,726,844	20,014,243	(4,342,789	)	6,098,316	17,299,982	23,398,298	3,736,413	19,661,885	-	2015(A)
NORRITON SQUARE	PA	686,134	2,664,535	4,014,541		774,084	6,591,126	7,365,210	4,955,112	2,410,098	-	1984(A)
SEARS HARDWARE	PA	10,000	-	-		10,000	-	10,000	-	10,000	-	2015(C)
FRANKFORD AVENUE S.C.	PA	731,888	2,927,551	-		731,888	2,927,551	3,659,439	1,676,461	1,982,978	-	1996(A)
WEXFORD PLAZA	PA	6,413,635	9,774,600	9,811,076		6,299,299	19,700,012	25,999,311	4,672,156	21,327,155	-	2010(A)
LINCOLN SQUARE	PA	90,478,522	-	72,389,626		10,532,804	152,335,344	162,868,148	-	162,868,148	-	2017(C)
CRANBERRY TOWNSHIP-PARCEL 1&2	PA	10,270,846	30,769,592	1,152,285		6,070,254	36,122,469	42,192,723	3,147,693	39,045,030	-	2016(A)
CROSSROADS PLAZA	PA	788,761	3,155,044	13,276,456		976,439	16,243,822	17,220,261	10,236,230	6,984,031	-	1986(A)
SPRINGFIELD S.C.	PA	919,998	4,981,589	12,946,369		920,000	17,927,956	18,847,956	10,251,442	8,596,514	-	1983(A)
SHREWSBURY SQUARE S.C.	PA	8,066,107	16,997,997	(2,176,277	)	6,171,638	16,716,189	22,887,827	2,540,597	20,347,230	-	2014(A)
WHITEHALL MALL	PA	-	5,195,577	-		-	5,195,577	5,195,577	2,975,246	2,220,331	-	1996(A)
WHOLE FOODS AT WYNNEWOOD	PA	15,042,165	-	11,782,090		13,772,394	13,051,861	26,824,255	587,371	26,236,884	-	2014(C)
SHOPPES AT WYNNEWOOD	PA	7,478,907	-	3,627,947		7,478,907	3,627,947	11,106,854	241,939	10,864,915	-	2015(C)
WEST MARKET ST. PLAZA	PA	188,562	1,158,307	41,712		188,562	1,200,019	1,388,581	1,177,425	211,156	-	1986(A)

REXVILLE TOWN CENTER	PR	24,872,982	48,688,161	7,708,424		25,678,064	55,591,503	81,269,567	33,332,955	47,936,612	-	2006(A)
PLAZA CENTRO - COSTCO	PR	3,627,973	10,752,213	1,573,414		3,866,206	12,087,394	15,953,600	6,861,281	9,092,319	-	2006(A)
PLAZA CENTRO - MALL	PR	19,873,263	58,719,179	11,279,620		19,408,112	70,463,950	89,872,062	35,363,672	54,508,390	-	2006(A)
PLAZA CENTRO - RETAIL	PR	5,935,566	16,509,748	2,193,596		6,026,070	18,612,840	24,638,910	9,803,465	14,835,445	-	2006(A)
PLAZA CENTRO - SAM'S CLUB	PR	6,643,224	20,224,758	2,766,593		6,520,090	23,114,485	29,634,575	21,639,814	7,994,761	-	2006(A)
LOS COLOBOS - BUILDERS SQUARE	PR	4,404,593	9,627,903	1,283,497		4,461,145	10,854,848	15,315,993	9,763,092	5,552,901	-	2006(A)
LOS COLOBOS - KMART	PR	4,594,944	10,120,147	789,782		4,402,338	11,102,535	15,504,873	9,889,185	5,615,688	-	2006(A)
LOS COLOBOS I	PR	12,890,882	26,046,669	4,948,282		13,613,375	30,272,458	43,885,833	16,576,693	27,309,140	-	2006(A)
LOS COLOBOS II	PR	14,893,698	30,680,556	5,698,650		15,142,300	36,130,604	51,272,904	20,072,967	31,199,937	-	2006(A)
WESTERN PLAZA - MAYAGUEZ ONE	PR	10,857,773	12,252,522	1,507,075		11,241,993	13,375,377	24,617,370	9,740,358	14,877,012	-	2006(A)
WESTERN PLAZA - MAYAGUEZ TWO	PR	16,874,345	19,911,045	3,718,253		16,872,647	23,630,996	40,503,643	16,343,909	24,159,734	-	2006(A)
MANATI VILLA MARIA SC	PR	2,781,447	5,673,119	1,465,441		2,606,588	7,313,419	9,920,007	4,318,633	5,601,374	-	2006(A)
PONCE TOWNE CENTER	PR	14,432,778	28,448,754	5,677,663		14,903,024	33,656,171	48,559,195	18,444,036	30,115,159	-	2006(A)
TRUJILLO ALTO PLAZA	PR	12,053,673	24,445,858	3,431,113		12,289,288	27,641,356	39,930,644	15,848,062	24,082,582	-	2006(A)
ST. ANDREWS CENTER	SC	730,164	3,132,092	19,158,955		730,164	22,291,047	23,021,211	11,215,826	11,805,385	-	1978(C)
WESTWOOD PLAZA	SC	1,744,430	6,986,094	14,195,199		1,726,833	21,198,890	22,925,723	4,480,724	18,444,999	-	1995(A)
WOODRUFF SHOPPING CENTER	SC	3,110,439	15,501,117	1,302,159		3,465,199	16,448,516	19,913,715	3,822,036	16,091,679	-	2010(A)
FOREST PARK	SC	1,920,241	9,544,875	46,791		1,920,241	9,591,666	11,511,907	1,713,102	9,798,805	-	2012(A)
OLD TOWNE VILLAGE	TN	-	4,133,904	4,214,858		-	8,348,762	8,348,762	6,169,272	2,179,490	-	1978(C)
CENTER OF THE HILLS	TX	2,923,585	11,706,145	2,785,660		2,923,585	14,491,805	17,415,390	5,988,829	11,426,561	-	2008(A)
GATEWAY STATION	TX	1,373,692	28,145,158	2,980,906		1,374,880	31,124,876	32,499,756	4,766,669	27,733,087	-	2011(A)
GATEWAY STATION PHASE II	TX	4,140,176	12,020,460	391,376		4,143,385	12,408,627	16,552,012	514,956	16,037,056	-	2017(A)
LAS TIENDAS PLAZA	TX	8,678,107	-	27,150,696		7,943,925	27,884,878	35,828,803	6,647,340	29,181,463	-	2005(C)
CONROE MARKETPLACE	TX	18,869,087	50,756,554	(3,206,438	)	10,841,611	55,577,592	66,419,203	7,625,213	58,793,990	-	2015(A)
MONTGOMERY PLAZA	TX	10,739,067	63,065,333	(427,375	)	10,738,796	62,638,229	73,377,025	10,292,303	63,084,722	27,364,178	2015(A)
PRESTON LEBANON CROSSING	TX	13,552,180	-	28,399,531		12,163,694	29,788,017	41,951,711	7,912,103	34,039,608	-	2006(C)
LAKE PRAIRIE TOWN CROSSING	TX	7,897,491	-	28,749,984		6,783,464	29,864,011	36,647,475	6,316,735	30,330,740	-	2006(C)
CENTER AT BAYBROOK	TX	6,941,017	27,727,491	12,232,730		6,928,120	39,973,118	46,901,238	17,822,217	29,079,021	-	1998(A)
CYPRESS TOWNE CENTER	TX	6,033,932	-	1,692,407		2,251,666	5,474,673	7,726,339	1,229,147	6,497,192	-	2003(C)
CYPRESS TOWNE CENTER	TX	12,329,195	36,836,381	1,284,624		8,644,145	41,806,055	50,450,200	3,847,926	46,602,274	-	2016(A)
CYPRESS TOWNE CENTER PHASE II	TX	2,061,477	6,157,862	(1,361,233	)	270,374	6,587,732	6,858,106	754,993	6,103,113	-	2016(A)
THE CENTRE AT COPPERFIELD	TX	6,723,267	22,524,551	535,094		6,723,357	23,059,555	29,782,912	3,590,931	26,191,981	-	2015(A)
COPPERWOOD VILLAGE	TX	13,848,109	84,183,731	1,787,815		13,848,109	85,971,546	99,819,655	13,710,949	86,108,706	-	2015(A)
ATASCOCITA COMMONS SHOP.CTR.	TX	16,322,636	54,587,066	334,921		16,099,004	55,145,619	71,244,623	9,476,125	61,768,498	27,993,991	2013(A)
TOMBALL CROSSINGS	TX	8,517,427	28,484,450	668,500		7,964,894	29,705,483	37,670,377	5,016,941	32,653,436	-	2013(A)
COPPERFIELD VILLAGE SHOP.CTR.	TX	7,827,639	34,864,441	500,342		7,827,639	35,364,783	43,192,422	5,243,651	37,948,771	-	2015(A)
KROGER PLAZA	TX	520,340	2,081,356	1,509,185		520,340	3,590,541	4,110,881	2,012,011	2,098,870	-	1995(A)
ACCENT PLAZA	TX	500,414	2,830,835	-		500,414	2,830,835	3,331,249	1,609,778	1,721,471	-	1996(A)
WOODBRIDGE SHOPPING CENTER	TX	2,568,705	6,813,716	107,746		2,568,705	6,921,462	9,490,167	1,614,612	7,875,555	-	2012(A)
GRAND PARKWAY MARKETPLACE	TX	25,363,548	-	65,637,884		21,937,009	69,064,423	91,001,432	1,888,163	89,113,269	-	2014(C)
GRAND PARKWAY MARKETPLACE II	TX	13,436,447	-	37,823,988		13,218,908	38,041,527	51,260,435	227,580	51,032,855	-	2015(C)
BURKE TOWN PLAZA	VA	-	43,240,068	148,028		-	43,388,096	43,388,096	7,389,107	35,998,989	-	2014(A)
OLD TOWN PLAZA	VA	4,500,000	41,569,735	(15,361,974	)	3,052,800	27,654,961	30,707,761	6,141,281	24,566,480	-	2007(A)
SUDLEY TOWNE PLAZA	VA	4,114,293	15,988,465	(8,878,436	)	2,169,742	9,054,580	11,224,322	1,681,675	9,542,647	-	2015(A)
TOWNE SQUARE	VA	8,499,373	24,302,141	2,276,918		8,858,432	26,220,000	35,078,432	4,163,565	30,914,867	-	2014(A)
POTOMAC RUN PLAZA	VA	27,369,515	48,451,209	577,607		27,369,515	49,028,816	76,398,331	13,702,556	62,695,775	-	2008(A)
DULLES TOWN CROSSING	VA	53,285,116	104,175,738	(7,386	)	53,285,116	104,168,352	157,453,468	17,943,630	139,509,838	-	2015(A)
DOCSTONE COMMONS	VA	3,839,249	11,468,264	473,394		3,903,963	11,876,944	15,780,907	913,189	14,867,718	-	2016(A)
DOCSTONE O/P - STAPLES	VA	1,425,307	4,317,552	(883,709	)	1,167,588	3,691,562	4,859,150	374,065	4,485,085	-	2016(A)
STAFFORD MARKETPLACE	VA	26,893,429	86,449,614	347,103		26,893,429	86,796,717	113,690,146	12,171,070	101,519,076	-	2015(A)
GORDON PLAZA	VA	-	3,330,621	25,700		-	3,356,321	3,356,321	218,464	3,137,857	-	2017(A)
AUBURN NORTH	WA	7,785,841	18,157,625	8,267,985		7,785,841	26,425,610	34,211,451	7,766,935	26,444,516	-	2007(A)
THE MARKETPLACE AT FACTORIA	WA	60,502,358	92,696,231	4,477,043		60,502,358	97,173,274	157,675,632	20,942,726	136,732,906	55,049,645	2013(A)
FRONTIER VILLAGE SHOPPING CTR.	WA	10,750,863	36,387,020	96,299		10,750,863	36,483,319	47,234,182	6,987,088	40,247,094	-	2012(A)
GATEWAY SHOPPING CENTER	WA	6,937,929	11,270,322	6,023,649		6,937,929	17,293,971	24,231,900	1,101,984	23,129,916	-	2016(A)
OLYMPIA WEST OUTPARCEL	WA	360,000	799,640	100,360		360,000	900,000	1,260,000	148,269	1,111,731	-	2012(A)
FRANKLIN PARK COMMONS	WA	5,418,825	11,988,657	1,542,755		5,418,825	13,531,412	18,950,237	2,084,443	16,865,794	-	2015(A)
SILVERDALE PLAZA	WA	3,875,013	33,020,027	86,050		3,755,613	33,225,477	36,981,090	6,250,724	30,730,366	-	2012(A)

OTHER PROPERTY INTERESTS
EL MIRAGE	AZ		6,786,441		503,987		(1,256,377	)		5,400,000		634,051			6,034,051		634,051		5,400,000		-	2008(C)
ASANTE RETAIL CENTER	AZ		8,702,635		3,405,683		2,866,808			11,039,472		3,935,654			14,975,126		3,564,804		11,410,322		-	2004(C)
SURPRISE SPECTRUM	AZ		4,138,760		94,572		(94,572	)		4,138,760		-			4,138,760		-		4,138,760		-	2008(C)
LAKE WALES S.C.	FL		601,052		-		-			601,052		-			601,052		-		601,052		-	2009(A)
PLANTATION CROSSING	FL		7,524,800		-		(6,721,763	)		803,037		-			803,037		-		803,037		-	2005(C)
LOWES S.C.	FL		1,620,203		-		(1,399,538	)		220,665		-			220,665		-		220,665		-	2007(A)
TREASURE VALLEY	ID		6,501,240		-		(5,520,565	)		519,811		460,864			980,675		460,864		519,811		-	2005(C)
22ND STREET PLAZA OUTPARCEL	IL		-		99,640		1,071,530			-		1,171,170			1,171,170		120,286		1,050,884		-	2001(A)
MARKETPLACE OF OAKLAWN	IL		-		678,668		108,483			-		787,151			787,151		784,200		2,951		-	1998(A)
LINWOOD-INDIANAPOLIS	IN		31,045		-		-			31,045		-			31,045		-		31,045		-	1991(A)
FLINT - VACANT LAND	MI		101,424		-		(10,000	)		91,424		-			91,424		-		91,424		-	2012(A)
CHARLOTTE SPORTS & FITNESS CTR	NC		500,754		1,858,643		479,046			500,754		2,337,689			2,838,443		1,846,094		992,349		-	1986(A)
SENATE/HILLSBOROUGH CROSSING	NC		519,395		-		(169,395	)		350,000		-			350,000		-		350,000		-	2003(A)
WAKEFIELD COMMONS III	NC		6,506,450		-		(5,397,400	)		1,475,214		(366,164	)		1,109,050		218,191		890,859		-	2001(C)
WAKEFIELD CROSSINGS	NC		3,413,932		-		(3,276,783	)		137,149		-			137,149		-		137,149		-	2001(C)
HILLSBOROUGH PROMENADE	NJ		11,886,809		-		(6,632,045	)		5,006,054		248,710			5,254,764		47,376		5,207,388		-	2001(C)
KEY BANK BUILDING	NY		1,500,000		40,486,755		(11,005,343	)		668,637		30,312,775			30,981,412		19,859,365		11,122,047		-	2006(A)
NORTHPORT LAND PARCEL	NY		-		14,460		81,983			-		96,443			96,443		1,072		95,371		-	2012(A)
MERRY LANE (PARKING LOT)	NY		1,485,531		1,749		517,081			1,485,531		518,830			2,004,361		-		2,004,361		-	2007(A)
JERICHO ATRIUM	NY		10,624,099		20,065,496		807,434			10,624,099		20,872,930			31,497,029		3,737,113		27,759,916		-	2016(A)
BIRCHWOOD PARK	NY		3,507,162		4,126		(1,511,288	)		2,000,000		-			2,000,000		-		2,000,000		-	2007(A)
STATEN ISLAND PLAZA	NY		5,600,744		6,788,460		(2,981,672	)		9,407,532		-			9,407,532		-		9,407,532		-	2005(A)
HIGH PARK CTR RETAIL	OH		3,783,875		-		(3,298,325	)		485,550		-			485,550		-		485,550		-	2001(C)
MCMINNVILLE PLAZA	OR		4,062,327		-		-			4,062,327		-			4,062,327		-		4,062,327		-	2006(C)
COULTER AVE. PARCEL	PA		577,630		1,348,019		15,283,061			16,795,296		413,414			17,208,710		28,529		17,180,181		-	2015(A)
MORRISVILLE S.C.	PA		340,000		1,360,000		(1,669,238	)		30,762		-			30,762		-		30,762		-	1996(A)
BLUE RIDGE	Various		12,346,900		71,529,796		(36,024,104	)		6,069,109		41,783,483			47,852,592		22,030,647		25,821,945		6,299,863	2005(A)
MICROPROPERTIES	TX		528,534		1,090,980		(1,266,986	)		220,492		132,036			352,528		61,956		290,572		-	2012(A)
BALANCE OF PORTFOLIO (4)	Various		1,907,180		65,127,207		(12,574,380	)		110		54,459,897			54,460,007		25,335,442		29,124,565		-
TOTALS		$	2,953,511,558	$	7,110,034,072	$	1,813,644,865		$	3,063,703,962	$	8,813,486,533		$	11,877,190,495	$	2,385,287,743	$	9,491,902,752	$	492,416,135

SEC Schedule III, Depreciation and Amortization [Table Text Block]

Buildings and building improvements (in years)	5 to 50
Fixtures, building and leasehold improvements (including certain identified intangible assets)	Terms of leases or useful lives, whichever is shorter

SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Table Text Block]

	2018			2017			2016
Balance, beginning of period	$	12,653,444,998		$	12,008,075,148		$	11,568,809,126
Additions during period:
Acquisitions		3,420,020			438,125,265			181,719,189
Improvements		554,408,568			414,955,609			217,668,292
Transfers from unconsolidated joint ventures		-			329,194,717			615,511,560
Change in exchange rate		-			1,035,816			598,744
Deductions during period:
Sales		(767,246,512	)		(315,954,464	)		(391,758,149	)
Transfers to unconsolidated joint ventures		(315,728,832	)		-			-
Assets held for sale		(69,741,938	)		(56,187,719	)		(12,608,829	)
Adjustment for fully depreciated assets		(72,992,791	)		(107,660,366	)		(80,660,536	)
Adjustment of property carrying values		(108,373,018	)		(58,139,008	)		(91,204,249	)
Balance, end of period	$	11,877,190,495		$	12,653,444,998		$	12,008,075,148

SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Table Text Block]

	2018			2017			2016
Balance, beginning of period	$	2,433,052,747		$	2,278,291,645		$	2,115,319,888
Additions during period:
Depreciation for year		293,667,298			368,919,387			344,179,201
Deductions during period:
Sales		(239,277,690	)		(86,798,173	)		(97,063,934	)
Transfers to unconsolidated joint ventures		(11,634,554	)		-			-
Assets held for sale		(17,527,267	)		(19,699,746	)		(3,482,974	)
Adjustment for fully depreciated assets		(72,992,791	)		(107,660,366	)		(80,660,536	)
Balance, end of period	$	2,385,287,743		$	2,433,052,747		$	2,278,291,645

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Schedule IV - Mortgage Loans on Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Participating Mortgage Loans [Table Text Block]

KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
As of December 31, 2018
(in thousands)
Description	Interest Rate		Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Original Face Amount of Mortgages		Carrying Amount of Mortgages (b)		Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail
Westport, CT		6.50%	Mar-33	I	$	-	$	5,014	$	5,014	$	-
Las Vegas, NV		12.00%	May-33	I		-		3,075		3,075		-
Miami, FL		7.57%	Jun-19	P& I		-		4,201		1,646		-
Miami, FL		7.57%	Jun-19	P& I		-		3,678		1,613		-
Nonretail
Oakbrook Terrace, IL		6.00%	Dec-24	I		-		1,950		1,950		-
Individually < 3% (c)		(d)	(e)	P&I		-		2,474		695		-
						-		20,392		13,993		-
Other Financing Loans:
Nonretail
Individually < 3% (f)		(g)	(h)	P&I		-		775		455		-
					$	-	$	21,167	$	14,448	$	-

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Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands		3 Months Ended									12 Months Ended
		Dec. 31, 2018 USD ($) shares	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)		Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)		Dec. 31, 2016 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2018 USD ($)
Real Estate Under Development Period After Completion Cessation of Cost Capitalization												1 year
Financing Receivable Past Due Term												90 days
Number of Portfolio Segments		1										1
Capitalized Computer Software, Net, Ending Balance		$ 4,300				$ 6,200						$ 4,300	$ 6,200
Capitalized Computer Software, Amortization												5,300	4,600		$ 8,000
Revenues, Total		$ 284,201	$ 283,080	$ 293,403	$ 304,078	315,225		$ 294,845	$ 297,176	$ 293,588		$ 1,164,762	1,200,834		1,170,792
Disposal Group, Deferred Gain on Disposal						8,100							8,100
Number of Equity Participation Plans		2										2
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period												10 years
Restricted Stock [Member] | Share-based Compensation Award, Vesting on Fourth or Fifth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage												100.00%
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period												4 years
Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period												5 years
Restricted Stock [Member] | Share-based Compensation Award, Vesting After the Fifth Anniversary [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%
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period												3 years
Prior Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares		47,000,000										47,000,000
The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares		10,000,000										10,000,000
Billed Accounts Receivable [Member]
Allowance for Doubtful Accounts Receivable, Ending Balance		$ 10,300				9,200						$ 10,300	9,200
Straight-line Rent Receivable [Member]
Allowance for Doubtful Accounts Receivable, Ending Balance		10,200				7,900						10,200	7,900
Other Rental Property Income [Member]
Revenues, Total												$ 20,877	23,552		$ 20,021
After Issuance [Member]
Redeemable Noncontrolling Units Redemption Period												1 year
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption						(1,136)	[1]						(1,136)	[1]			$ (1,100)
Accounting Standards Update 2017-05 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	[1]					8,098							8,098
Accounting Standards Update 2017-05 [Member] | Gain on Sale of Operating Properties/ Change in Controls of Interests [Member]
Deconsolidation, Gain (Loss), Amount												$ 6,800
Accounting Standards Update 2017-05 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption						8,098	[1]						8,098	[1]			$ 8,100
AOCI Attributable to Parent [Member]
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total		$ 1,100										$ 1,100
Investments in and Advances to Real Estate Joint Ventures [Member]
Disposal Group, Deferred Gain on Disposal						6,900							6,900
Other Liabilities [Member]
Disposal Group, Deferred Gain on Disposal						$ 1,200							$ 1,200
Minimum [Member] | Employee Stock Option [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] | Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member]
Operating Lease, Indirect Cost											$ 11,000
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member]
Operating Lease, Right-of-Use Asset																$ 80,000
Operating Lease, Liability, Total																80,000
Maximum [Member] | Employee Stock Option [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] | Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member]
Operating Lease, Indirect Cost											$ 14,000
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member]
Operating Lease, Right-of-Use Asset																110,000
Operating Lease, Liability, Total																$ 110,000
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life												5 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life												50 years
Reclassification of Reimbursement Income From Revenues From Rental Properties [Member] | Year Ended December 31, 2017 [Member]
Prior Period Reclassification Adjustment												$ 247,600
Reclassification of Reimbursement Income From Revenues From Rental Properties [Member] | Year Ended December 31, 2016 [Member]
Prior Period Reclassification Adjustment												239,000
Reclassification of Other Rental Property Income From Revenues From Properties [Member] | Year Ended December 31, 2017 [Member]
Prior Period Reclassification Adjustment												23,600
Reclassification of Other Rental Property Income From Revenues From Properties [Member] | Year Ended December 31, 2016 [Member]
Prior Period Reclassification Adjustment												20,000
Reclassification of Personnel Costs Related to Property Management and Services From General Administrative to Operating and Maintenance [Member] | Year Ended December 31, 2017 [Member]
Prior Period Reclassification Adjustment												26,800
Reclassification of Personnel Costs Related to Property Management and Services From General Administrative to Operating and Maintenance [Member] | Year Ended December 31, 2016 [Member]
Prior Period Reclassification Adjustment												30,500
Reclassification of Gain on Sale of Operating Properties/Change in Control of Interests to (Provision)/Benefit for Income Taxes, Net [Member] | Year Ended December 31, 2016 [Member]
Prior Period Reclassification Adjustment												$ 6,000

[1] Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 1 of the Notes to Consolidated Financial Statements for additional disclosure.

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Note 2 - Real Estate (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Off-market Lease, Unfavorable	$ 288,400	$ 329,300
Below Market Rents [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	196,400	184,500
Above and Below Market Leases [Member]
Amortization of above and below Market Leases	14,900	15,500	$ 21,400
Leases in Place and Tenant Relationships [Member]
Amortization of above and below Market Leases	47,400	62,700	$ 66,600
Other Rental Property [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 466,576	$ 459,211

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Note 2 - Real Estate - Components of Rental Property (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
land		$ 2,822,691	$ 3,019,284
Buildings and improvements:
Buildings and improvements		8,813,115	9,231,644
Real estate		11,635,806	12,250,928
Accumulated depreciation and amortization (1)	[1]	(2,385,287)	(2,433,053)
Real Estate Investment Property, Net, Total		9,250,519	9,817,875
Land [Member]
land		2,783,959	2,971,020
Undeveloped Land [Member]
land		38,732	48,264
Building [Member]
Buildings and improvements:
Buildings and improvements		5,697,269	6,047,413
Building Improvements [Member]
Buildings and improvements:
Buildings and improvements		1,696,440	1,653,581
Tenant Improvements [Member]
Buildings and improvements:
Buildings and improvements		730,623	753,501
Fixtures And Leasehold Improvements [Member]
Buildings and improvements:
Buildings and improvements		42,635	45,795
Above Market Leases [Member]
Buildings and improvements:
Buildings and improvements		133,913	153,484
In-place Leases and Tenant Relationships [Member]
Buildings and improvements:
Buildings and improvements		$ 512,235	$ 577,870

[1] At December 31, 2018 and 2017, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $466,576 and $459,211, respectively.

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Note 2 - Real Estate - Estimated Net Amortization Income (Expense) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Above-market and below-market leases amortization, net, 2019	$ 13.4
Above-market and below-market leases amortization, net, 2020	13.5
Above-market and below-market leases amortization, net, 2021	13.8
Above-market and below-market leases amortization, net, 2022	12.8
Above-market and below-market leases amortization, net, 2023	12.5
In-place Lease and Tenant Relationships [Member]
In-place leases and tenant relationships amortization, 2019	(32.4)
In-place leases and tenant relationships amortization, 2020	(24.7)
In-place leases and tenant relationships amortization, 2021	(19.1)
In-place leases and tenant relationships amortization, 2022	(14.6)
In-place leases and tenant relationships amortization, 2023	$ (10.9)

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Note 3 - Property Acquisitions, Developments and Other Investments (Details Textual) ft² in Millions		12 Months Ended
	Sep. 20, 2017 USD ($) ft²	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Payments to Acquire Real Estate, Total		$ 5,407,000	$ 153,854,000	$ 203,190,000
Proceeds from Delayed Tax Exempt Exchange			$ 162,400,000
Business Acquisition, Percentage of Voting Interests Acquired			54.27%
Real Estate Revenue From Acquisitions During Period		0	$ 31,000,000	23,800,000
Proceeds from Insurance Settlement, Investing Activities		$ 16,222,000
PUERTO RICO
Number of Real Estate Properties	7	7
Area of Real Estate Property | ft²	2.2
Property Insurance, Coverage	$ 62,000,000
Business Interruption Insurance, Coverage	39,300,000
Insurance, Deductible	$ 1,200,000
PUERTO RICO | Hurricane [Member]
Estimated Insurance Recoveries		$ 30,300,000
Proceeds from Insurance Settlement, Investing Activities		20,200,000	4,200,000
Real Estate Investment Properties, Write-offs			16,000,000
Proceeds from Insurance Settlement, Operating Activities		$ 2,800,000	$ 1,600,000
Land Parcels Adjacent to Shopping Center Located in Ardmore, PA and Elmont, NY [Member]
Number of Land Parcels Acquired		2
Payments to Acquire Real Estate, Total		$ 5,400,000

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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, 2017 USD ($) ft²
Purchase Price Cash	$ 325,228	[1]
Purchase Price Debt Acquired	249,000
Purchase Price Other	114,098	[2]
Purchase Price Total	$ 688,326
Purchase Price GLA (Square Foot) (Square Foot) | ft²	2,875	[3]
Plantation Commons [Member]
Purchase Price Cash		[1],[4],[5]
Purchase Price Debt Acquired		[4],[5]
Purchase Price Other	12,300	[2],[4],[5]
Purchase Price Total	$ 12,300	[4],[5]
Purchase Price GLA (Square Foot) (Square Foot) | ft²	60	[3],[4],[5]
Gordon Plaza [Member]
Purchase Price Cash		[1],[4],[5]
Purchase Price Debt Acquired		[4],[5]
Purchase Price Other	3,100	[2],[4],[5]
Purchase Price Total	$ 3,100	[4],[5]
Purchase Price GLA (Square Foot) (Square Foot) | ft²	184	[3],[4],[5]
Plaza Del Prado [Member]
Purchase Price Cash	$ 39,063	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 39,063
Purchase Price GLA (Square Foot) (Square Foot) | ft²	142	[3]
Columbia Crossing Parcel [Member]
Purchase Price Cash	$ 5,100	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 5,100
Purchase Price GLA (Square Foot) (Square Foot) | ft²	25	[3]
The District at Tustin Legacy [Member]
Purchase Price Cash		[1],[5],[6]
Purchase Price Debt Acquired	206,000	[5],[6]
Purchase Price Other	98,698	[2],[5],[6]
Purchase Price Total	$ 304,698	[5],[6]
Purchase Price GLA (Square Foot) (Square Foot) | ft²	688	[3],[5],[6]
Jantzen Beach Center [Member]
Purchase Price Cash	$ 131,927	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 131,927
Purchase Price GLA (Square Foot) (Square Foot) | ft²	722	[3]
Del Monte Plaza Parcel [Member]
Purchase Price Cash	$ 24,152	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 24,152
Purchase Price GLA (Square Foot) (Square Foot) | ft²	83	[3]
Gateway Station Phase II [Member]
Purchase Price Cash	$ 15,355	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 15,355
Purchase Price GLA (Square Foot) (Square Foot) | ft²	79	[3]
Jantzen Beach Center Parcel [Member]
Purchase Price Cash	$ 6,279	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 6,279
Purchase Price GLA (Square Foot) (Square Foot) | ft²	25	[3]
Webster Square Outparcel [Member]
Purchase Price Cash	$ 4,985	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 4,985
Purchase Price GLA (Square Foot) (Square Foot) | ft²	22	[3]
Whittwood Town Center [Member]
Purchase Price Cash	$ 80,397	[1]
Purchase Price Debt Acquired	43,000
Purchase Price Other		[2]
Purchase Price Total	$ 123,397
Purchase Price GLA (Square Foot) (Square Foot) | ft²	783	[3]
123 Coulter Avenue Parcel [Member]
Purchase Price Cash	$ 4,808	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 4,808
Purchase Price GLA (Square Foot) (Square Foot) | ft²	1	[3]
Fulton Marketplace Parcel [Member]
Purchase Price Cash	$ 13,162	[1]
Purchase Price Debt Acquired
Purchase Price Other		[2]
Purchase Price Total	$ 13,162
Purchase Price GLA (Square Foot) (Square Foot) | ft²	61	[3]

[1] The Company utilized an aggregate $162.4 million associated with Internal Revenue Code 1031 sales proceeds.

[2] Includes the Company's previously held equity interest investment.

[3] Gross leasable area ("GLA")

[4] 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 has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and consolidates these assets.

[5] 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 Consideration. The Company's current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

[6] Effective April 1, 2017, the Company and its partner amended its joint venture agreement relating to the Company's investment in this property. As a result of this amendment, the Company controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary.

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Note 3 - Property Acquisitions, Developments and Other Investments - Previous Ownership Interest and Gain on Change of Interest (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Gain on change in control of interests, net	$ 71,160
Plantation Commons [Member]
Previous ownership interest	76.25%
Gain on change in control of interests, net	$ 9,793
Gordon Plaza [Member]
Previous ownership interest	40.62%
Gain on change in control of interests, net	$ 395
The District at Tustin Legacy [Member]
Previous ownership interest		[1]
Gain on change in control of interests, net	$ 60,972

[1] The Company's share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (54.27% as of date of consolidation).

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Note 3 - Property Acquisitions, Developments and Other Investments - Purchase Price Allocation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Allocation	$ (8,521)
Weighted-average amortization period (Year)	1 year 109 days
Allocation	$ 8,342
Weighted-average amortization period (Year)	19 years
Allocation	$ 5,090
Allocation	(3,951)
Allocation	688,326
Tenant Improvements [Member]
Allocation	$ 14,520
Weighted-average amortization period (Year)	7 years 73 days
Leases, Acquired-in-Place [Member]
Allocation	$ 56,200
Weighted-average amortization period (Year)	7 years 73 days
Above Market Leases [Member]
Allocation	$ 12,197
Weighted-average amortization period (Year)	7 years 292 days
Below Market Leases [Member]
Allocation	$ (77,027)
Weighted-average amortization period (Year)	29 years 182 days
Land [Member]
Allocation	$ 255,715
Building [Member]
Allocation	$ 379,148
Weighted-average amortization period (Year)	50 years
Building Improvements [Member]
Allocation	$ 46,613
Weighted-average amortization period (Year)	41 years 182 days

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Note 4 - Real Estate Under Development (Details Textual)	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2018 USD ($)
Real Estate Under Development, Capitalized Costs of Interest, Real Estate Taxes, Insurance, Legal Costs and Payroll	$ 24,900,000	$ 27,700,000
Payments to Acquire Real Estate, Total	5,407,000	153,854,000	$ 203,190,000
Real Estate Investment Property, Net, Total	9,250,519,000	9,817,875,000
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold	767,246,512	315,954,464	$ 391,758,149
Impairment of Real Estate	79,200,000	67,300,000
Real Estate Inventory, Capitalized Interest Costs Incurred	13,900,000	11,000,000
Real Estate Development Projects, Real Estate Taxes and Insurance Capitalized	2,600,000	5,700,000
Real Estate Development Projects, Payroll Costs Capitalized	1,900,000	$ 3,300,000
KIM Lincoln, LLC [Member]
Ownership Interest in Joint Venture, Percentage		90.00%
Lincoln Square Property, LP [Member]
Ownership Interest in Joint Venture, Percentage		10.00%
Grand Parkway Marketplace [Member]
Real Estate Investment Property, Net, Total				$ 47,400,000
Real Estate Investment, Capitazlized Costs				$ 5,200,000
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Cost of Investment in Real Estate Sold		$ 2,900,000
Lincoln Square [Member]
Real Estate Investment Property, Net, Total	161,500,000
Real Estate Investment, Capitazlized Costs	7,100,000
Avenues Walk [Member]
Impairment of Real Estate	$ 37,800,000
Real Estate Under Development [Member]
Number of Real Estate Properties	2
Payments to Acquire Real Estate, Total		$ 10,000,000
Real Estate Properties, Future Development [Member]
Number of Real Estate Properties	1
Parcel Adjacent to Development Project [Member]
Payments to Acquire Real Estate, Total	$ 4,600,000
Development Project Placed in Service [Member]
Real Estate Investment Property, Net, Total	129,700,000
Real Estate Investment, Capitazlized Costs	$ 8,900,000

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Note 4 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Property Under Development	[1]	$ 241,384	$ 402,518
Dania Pointe [Member]
Property Under Development	[2]	152,111	152,841
Mill Station [Member]
Property Under Development		55,771	34,347
Promenade at Christiana [Member]
Property Under Development	[3]	33,502	32,875
Grand Parkway Marketplace II [Member]
Property Under Development	[4]		43,403
Lincoln Square [Member]
Property Under Development	[5]		90,479
Avenues Walk [Member]
Property Under Development	[6]		$ 48,573

[1] Includes capitalized costs of interest, real estate taxes, insurance, legal costs and payroll of $24.9 million and $27.7 million, as of December 31, 2018 and 2017, respectively.

[2] During 2018, the Company acquired a parcel adjacent to this development project for a purchase price of $4.6 million. Effective December 31, 2018, certain phases of this development project, aggregating $129.7 million (including capitalized costs of $8.9 million), were placed in service and reclassified into Land and Building and improvements on the Company's Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use development project.

[3] Project to be developed in the future.

[4] During 2017, the Company sold a land parcel at this development project for a sales price of $2.9 million. In addition, effective September 30, 2018, this development project, aggregating $47.4 million (including capitalized costs of $5.2 million), was placed in service and reclassified into Land and Building and improvements on the Company's Consolidated Balance Sheets.

[5] During 2017, KIM Lincoln, LLC ("KIM Lincoln"), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP ("Lincoln Member") entered into 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 Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote 9). Effective December 31, 2018, this development project, aggregating $161.5 million (including capitalized costs of $7.1 million), was placed in service and reclassified into Land and Building and improvements on the Company's Consolidated Balance Sheets.

[6] During 2018, the Company reclassified this project to Land on the Company's Consolidated Balance Sheets, as it is no longer anticipated to be developed and will be marketed for sale as-is. This as-is value, estimated fair value, was below the carrying value and as such, the Company recorded an impairment charge of $37.8 million during the year ended December 31, 2018.

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Note 5 - Dispositions of Real Estate and Assets Held-for-sale (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Equity Method Investments	$ 570,922			$ 483,861
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Proceeds from Sale of Real Estate, Total	9,700	$ 3,900
Gains (Losses) on Sales of Investment Real Estate	$ 6,300	$ 1,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Consolidated Operating Properties [Member]
Number of Properties Disposed of	10	6
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Number of Properties Held-for-Sale	2			3
Real Estate Held-for-sale	$ 17,200			$ 22,400
Real Estate Owned, Accumulated Depreciation	5,500			$ 16,800
Investment in Unconsolidated Property, Unconsolidated 2017 [Member]
Equity Method Investments	$ 62,400		$ 62,400
Equity Method Investment, Ownership Percentage	54.80%
Gain on Sale of Operating Properties/ Change in Controls of Interests [Member] | Accounting Standards Update 2017-05 [Member]
Deconsolidation, Gain (Loss), Amount	$ 6,800
Non-recouse Mortgage Debt Related to Property Deconsolidated [Member]
Debt Instrument, Increase (Decrease), Net, Total	206,000
Sold Portion of Investment in Consolidated Operating Property [Member]
Disposal Group, Including Discontinued Operation, Consideration	320,000
Noncontrolling Interest, Decrease from Deconsolidation	$ 43,800

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Note 5 - Dispositions of Real Estate and Assets Held-for-sale - Disposition Activity (Details) - Disposition Activity Relating to Consolidated Operating Properties and Parcels [Member] $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Aggregate sales price/gross fair value	$ 1,164.3	$ 352.2	$ 378.7
Gain on sale of operating properties/change in control of interests	229.8	93.5	92.8
Impairment charges	$ 19.7	$ 17.1	$ 37.2
Number of operating properties sold/deconsolidated	54	25	30
Number of out-parcels sold	7	9	2

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Note 6 - Impairments (Details Textual) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Asset Impairment Charges, Total	[1],[2]		$ 79,207	$ 67,331	$ 93,266
Assets Impairment Charges, Income Tax Benefit					21,100
Asset Impairment Charges, Attributable to Noncontrolling Interest					400
Impairment of Real Estate			79,200	67,300
Property Carrying Values [Member]
Asset Impairment Charges, Total					93,300
Assets Impairment Charges, Income Tax Benefit					21,100
Asset Impairment Charges, Attributable to Noncontrolling Interest					400
Equity Method Investments [Member]
Impairment of Real Estate			$ 6,900	4,800	$ 15,000
Properties Marketed for Sale [Member]
Asset Impairment Charges, Total		$ 41,000
Impaired Due to Unfavorable Local Market Conditions [Member]
Asset Impairment Charges, Total				$ 16,200

[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 and certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 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] See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

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Note 6 - Impairments - Asset Impairment Charges (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Asset Impairment Charges, Total	[1],[2]	$ 79,207	$ 67,331	$ 93,266
Noncontrolling interests				(400)
Benefit for income taxes				(21,100)
Total net impairment charges		79,200	67,300	71,800
Properties Marketed for Sale [Member]
Asset Impairment Charges, Total	[3],[4]	59,500	34,000	28,600
Disposed Operating Properties [Member]
Asset Impairment Charges, Total		19,700	17,100	37,200
Properties Held and Used [Member]
Asset Impairment Charges, Total	[5]		$ 16,200	$ 27,500

[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 and certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 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] See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

[3] During December 2018, the Company recognized an impairment charge of $41.0 million related to a development project, located in Jacksonville FL, for which the Company no longer intends to develop. The Company's intent is to now market the property as-is for sale during 2019. The Company's decision to discontinue this development project was primarily based upon the expectation of increases in estimated costs to complete the project and unfavorable market conditions which would have a negative impact on the Company's return on its investment. In addition, the Company believes its capital allocation to other projects within in its portfolio, which are located within major metro markets, offer a better opportunity for growth and would provide greater value to the Company.

[4] These impairment charges relate to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties.

[5] During 2017, the Company recognized impairment charge of $16.2 million related to a property for which the Company had re-evaluated its long-term plan for the property due to unfavorable local market conditions.

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Note 7 - Investment In and Advances to Real Estate Joint Ventures (Details Textual) ft² in Thousands, $ in Thousands, a in Millions		12 Months Ended
		Dec. 31, 2018 USD ($) a	Dec. 31, 2017 USD ($) ft²	Dec. 31, 2016 USD ($)	Mar. 31, 2018 USD ($)	Jan. 01, 2018 USD ($)
Gross Leasable Area | ft²	[1]		2,875
Deferred Gain on Sale of Property			$ 6,900
Equity Method Investments		$ 570,922	483,861
Proceeds from Equity Method Investment, Distribution		104,626	58,189	$ 90,589
Business Combination, Consideration Transferred, Total			688,326
Other Liabilities, Total		$ 385,328	431,915
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | CANADA
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total			(4,800)
Accounting Standards Update 2017-05 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	[2]		$ 8,098
All Equity Method Investments [Member]
Number of Real Estate Properties		109	118
Gross Leasable Area		23.2	23,500
Kim Pru and Kim Pru II [Member]
Number of Joint Ventures		4
Number Of Accounts		4
Kim Pru [Member]
Number of Joint Ventures		3
Kim Pru II [Member]
Deferred Gain on Sale of Property			$ 5,100
Other Joint Venture Programs [Member]
Deferred Gain on Sale of Property			1,800
Proceeds from Equity Method Investment, Distribution		$ 3,600
Impairment of Long-Lived Assets to be Disposed of		5,200	3,400
Other Liabilities, Total		2,500	$ 2,100
Other Joint Venture Programs [Member] | Accounting Standards Update 2017-05 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption						$ 6,900
Investment in Unconsolidated Property, Unconsolidated 2017 [Member]
Equity Method Investments		$ 62,400			$ 62,400
Real Estate Joint Ventures [Member] | Operating Properties [Member]
Number of Real Estate Properties, Interest Disposed of or Transferred		11	13	45
Equity Method Investment, Sales Price		$ 213,500	$ 180,800	$ 1,100,000
Equity Method Investment, Realized Gain (Loss) on Disposal, Total		$ 18,500	$ 7,500	$ 151,200
Number of Real Estate Properties, Remaining Interest Acquired			3	9
Business Combination, Consideration Transferred, Total			$ 320,100	$ 590,100
Real Estate Joint Ventures [Member] | Land Parcels [Member]
Number of Real Estate Properties, Interest Disposed of or Transferred				1
Real Estate Joint Ventures [Member] | Development Properties [Member]
Number of Real Estate Properties, Remaining Interest Acquired				1

[1] Gross leasable area ("GLA")

[2] Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 1 of the Notes to Consolidated Financial Statements for additional disclosure.

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Note 7 - Investment in and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($)		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
The company's investment		$ 11,877,190,495	$ 12,653,444,998	$ 12,008,075,148	$ 11,568,809,126
Kim Pru and Kim Pru II [Member]
Average ownership interest	[1],[2]	15.00%
The company's investment	[1],[2]	$ 175,200,000	179,500,000
Kimco Income Fund [Member]
Average ownership interest	[2]	48.60%
The company's investment	[2]	$ 167,200,000	154,100,000
CPP [Member]
Average ownership interest	[2]	55.00%
The company's investment	[2]	$ 135,000,000	105,000,000
Other Joint Venture Programs [Member]
The company's investment	[3],[4]	93,500,000	45,300,000
All Equity Method Investments [Member]
The company's investment	[5]	$ 570,900,000	$ 483,900,000

[1] Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, 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] As of December 31, 2017, the Company had aggregate net deferred gains of $6.9 million relating to the disposal of operating properties prior to the adoption of ASU 2017-05. These deferred gains were included in the Company's investment above, of which $5.1 million related to KimPru II and $1.8 million related to Other Joint Venture Programs. Upon adoption, the Company recorded a cumulative-effect adjustment of $6.9 million to its beginning retained earnings as of January 1, 2018 on the Company's Consolidated Statements of Changes in Equity. See Footnote 1 to the Notes to the Company's Consolidated Financial Statements for further detail and discussion.

[4] During March 2018, the Company sold a portion of its investment in an operating property to its partner and amended the partnership agreement to provide for joint control of the entity. As a result of the amendment, the Company no longer consolidates the entity. As of the date of deconsolidation, the Company had an investment in this unconsolidated property of $62.4 million. See Footnotes 5 to the Notes to the Company's Consolidated Financial Statements for further detail and discussion.

[5] Representing 109 property interests and 23.2 million square feet of GLA, as of December 31, 2018, and 118 property interests and 23.5 million square feet of GLA, as of December 31, 2017.

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Note 7 - Investment in and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income of joint ventures, net		$ 71,617	$ 60,763	$ 218,714
Kim Pru and Kim Pru II [Member]
Income of joint ventures, net		15,200	13,000	16,400
KIR [Member]
Income of joint ventures, net		38,700	36,700	44,000
CPP [Member]
Income of joint ventures, net		5,100	7,200	7,700
Other Joint Venture Programs [Member]
Income of joint ventures, net	[1],[2],[3],[4]	$ 12,600	$ 3,900	$ 150,600

[1] During the year ended December 31, 2017, a joint venture recognized an impairment charge related to the pending sale of a property, of which the Company's share was $3.4 million.

[2] During the year ended December 31, 2017, the Company recognized a cumulative foreign currency translation loss of $4.8 million due to the substantial liquidation of the Company's investments in Canada during 2017.

[3] During the year ended December 31, 2018, a joint venture investment distributed cash proceeds resulting from the refinancing of an existing loan of which the Company's share was $3.6 million. This distribution was in excess of the Company's carrying basis in this joint venture investment and to that extent was recognized as income.

[4] During the year ended December 31, 2018, a joint venture recognized an impairment charge related to the pending foreclosure of a property, of which the Company's shares was $5.2 million.

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Note 7 - Investment in and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Mortgage and notes payable		$ 1,782.6	$ 1,700.2
Kim Pru and Kim Pru II [Member]
Mortgage and notes payable		$ 572.6	$ 625.7
Weighted average interest rate		4.29%	3.59%
Weighted average remaining term (Month)	[1]	4 years 30 days	4 years 354 days
KIR [Member]
Mortgage and notes payable		$ 651.4	$ 702.0
Weighted average interest rate		4.43%	4.60%
Weighted average remaining term (Month)	[1]	3 years 132 days	3 years 345 days
CPP [Member]
Mortgage and notes payable		$ 84.4	$ 84.9
Weighted average interest rate		3.85%	2.91%
Weighted average remaining term (Month)	[1]	4 years 180 days	120 days
Other Joint Venture Programs [Member]
Mortgage and notes payable		$ 474.2	$ 287.6
Weighted average interest rate		4.26%	4.41%
Weighted average remaining term (Month)	[1]	6 years 198 days	2 years 96 days

[1] Average remaining term includes extensions

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Note 7 - 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, 2018	Dec. 31, 2017
Assets	$ 3,801.1	$ 3,611.0
Noncontrolling interests	16.8	15.5
Partners’/Members’ capital	1,939.3	1,842.8
	3,801.1	3,611.0
Real Estate [Member]
Assets	3,574.1	3,402.1
Other Assets [Member]
Assets	227.0	208.9
Notes Payable [Member]
Liabilities	272.7	233.1
Mortgages Payable [Member]
Liabilities	1,509.9	1,467.1
Other Liabilities [Member]
Liabilities	$ 62.4	$ 52.5

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Note 7 - 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, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues	$ 506.3	$ 516.0	$ 597.5
Operating expenses	(146.1)	(150.7)	(178.1)
Impairment charges	(20.7)	(12.9)	(38.6)
Depreciation and amortization	(122.5)	(116.1)	(138.1)
Gain on sale of operating properties	60.3	26.0	296.2
Interest expense	(80.1)	(81.9)	(117.3)
Other (expense)/income, net	(4.4)	(3.0)	20.1
Net income	$ 192.8	$ 177.4	$ 441.7

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Note 8 - Other Real Estate Investments and Other Assets (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments		$ 570,922	$ 483,861
Income (Loss) from Equity Method Investments, Total		71,617	60,763	$ 218,714
Secured Debt, Total		492,416	882,787
Proceeds from Equity Method Investment, Distribution, Return of Capital				191,902
Noncontrolling Interest, Period Increase (Decrease), Total			$ 64,948
Preferred Equity Investments [Member]
Number of Real Estate Properties		285
Preferred Equity Investments [Member] | Leased Properties [Member]
Number of Real Estate Properties		273
Preferred Equity Investments [Member] | Maximum Exposure [Member]
Equity Method Investments		$ 176,300
Preferred Equity Investment [Member]
Number of Real Estate Properties			357
Income (Loss) from Equity Method Investments, Total		28,800	$ 32,200
Equity Method Investment, Realized Gain (Loss) on Disposal, Total		10,600	$ 14,800
Secured Debt, Total		298,900
Long-term Debt, Fair Value		$ 15,100
Preferred Equity Investment [Member] | Minimum [Member]
Debt Instrument, Term		180 days
Debt Instrument, Interest Rate, Stated Percentage		4.19%
Preferred Equity Investment [Member] | Maximum [Member]
Debt Instrument, Term		6 years
Debt Instrument, Interest Rate, Stated Percentage		10.47%
Preferred Equity Investment [Member] | Leased Properties [Member]
Number of Real Estate Properties			344
Preferred Equity Investment [Member] | Maximum Exposure [Member]
Equity Method Investments			$ 201,900
AB Acquisition [Member] | ABS Venture [Member] | Kimsouth [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			14.35%
AB Acquisition [Member] | Kimco [Member] | Kimsouth [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			9.80%
AB Acquisition [Member] | Colony [Member] | Kimsouth [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			4.30%
Albertsons [Member]
Proceeds from Equity Method Investment, Distribution, Return of Capital	$ 23,700
Albertsons [Member] | ABS Venture [Member]
Proceeds from Equity Method Investment, Distribution, Return of Capital	34,600
Albertsons [Member] | Noncontrolling Interest Members in ABS Venture [Member]
Proceeds from Equity Method Investment, Distribution, Return of Capital	$ 10,900
Albertstons Companies, Inc. [Member]
Percentage of Ownership			9.74%
Albertstons Companies, Inc. [Member] | Other Assets [Member]
Other Investments, Total			$ 140,200
ABS Venture [Member]
Noncontrolling Interest, Period Increase (Decrease), Total			$ (64,900)

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Note 8 - Other Real Estate Investments and Other Assets - Preferred Equity Investments - Balance Sheet Disclosures (Details) - Preferred Equity Investments [Member] - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Assets:
Real estate, net	$ 110.4	$ 142.3
Other assets	578.8	581.2
Assets	689.2	723.5
Liabilities and Partners’/Members’ Capital:
Mortgages payable, net	314.0	381.9
Other liabilities	3.0	6.0
Partners’/Members’ capital	372.2	335.6
	$ 689.2	$ 723.5

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Note 8 - Other Real Estate Investments and Other Assets - Preferred Equity Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues	$ 284,201	$ 283,080	$ 293,403	$ 304,078	$ 315,225	$ 294,845	$ 297,176	$ 293,588	$ 1,164,762	$ 1,200,834	$ 1,170,792
Operating expenses									(812,196)	(863,355)	(869,969)
Depreciation and amortization									(310,380)	(360,811)	(355,320)
Interest expense									(183,339)	(191,956)	(192,549)
Other expense, net									13,041	2,559	5,425
Net income									498,463	439,671	386,138
Preferred Equity Investments [Member]
Revenues									77,000	75,400	102,600
Operating expenses									(15,500)	(14,700)	(27,400)
Depreciation and amortization									(4,300)	(4,600)	(6,700)
Gain on sale of operating properties									1,900	4,300	5,300
Interest expense									(16,900)	(20,400)	(26,700)
Other expense, net									(8,200)	(5,900)	(11,500)
Net income									$ 34,000	$ 34,100	$ 35,600

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Note 9 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Variable Interest Entity, Number of Entities	24	27
Consolidated Operating Properties [Member]
Variable Interest Entity, Number of Entities	23	24
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total	$ 1,100.0	$ 1,200.0
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total	$ 75.2	$ 383.5
Real Estate Under Development [Member]
Variable Interest Entity, Number of Entities	1	3
Variable Interest Entity, Consolidated, Carrying Amount, Assets, Total	$ 275.6	$ 307.9
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Total	68.0	$ 34.2
Variable Interest Entity, Financial or Other Support, Amount	$ 122.5

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Note 9 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Number of consolidated VIEs	24	27
Restricted Assets:
Real estate, net	$ 229,200	$ 627,500
Cash and cash equivalents	4,400	9,800
Accounts and notes receivable, net	2,100	3,200
Other assets	3,300	4,500
Total Restricted Assets	239,012	644,990
VIE Liabilities:
Mortgages and construction loan payable, net	83,800	340,900
Other liabilities	59,400	76,800
Total VIE Liabilities	$ 143,186	$ 417,688
Variable Interest Entity, Unencumbered [Member]
Number of consolidated VIEs	20	22
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member]
Number of consolidated VIEs	4	5

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Note 10 - Mortgages and Other Financing Receivables (Details Textual)	12 Months Ended
	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans	10

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Note 10 - Mortgages and Other Financing Receivables - Mortgage Loans and Other Financing Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Balance	$ 21,838	$ 23,197	$ 23,824
New mortgage loans	14,825
Balance	14,448	21,838	23,197
Foreign Currency Translation [Member]
Other additions	116	385	397
Amortization of Loan Discounts [Member]
Other additions	125	112	112
Loan Repayments [Member]
Collections of principal	(21,012)
Charge Off/Foreign Currency Translation [Member]
Other deductions	(155)	(449)	(213)
Collections of Principal [Member]
Collections of principal	(1,287)	(1,405)	(921)
Amortization of Loan Costs [Member]
Other deductions	$ (2)	$ (2)	$ (2)

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Note 11 - Marketable Securities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016	Jan. 01, 2018
Payments to Acquire Marketable Securities, Total	$ 63	$ 9,822		$ 2,466
Maximum [Member]
Held-to-maturity Securities, Debt Maturities, Period	5 years
Accounting Standards Update 2016-01 [Member] | Other Income, Net [Member]
Marketable Securities, Gain (Loss), Total	$ 3,500
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ (1,136)	[1]		$ (1,100)

[1] Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 1 of the Notes to Consolidated Financial Statements for additional disclosure.

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Note 11 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Estimated Fair Value - Equity securities	$ 9,045	$ 11,936
Estimated Fair Value - Debt securities	1,257	1,329
Estimated Fair Value - Total marketable securities	$ 10,302	$ 13,265

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Note 12 - Notes Payable (Details Textual) - USD ($) $ in Thousands			1 Months Ended		12 Months Ended
	Nov. 01, 2017	Aug. 10, 2017	Jan. 31, 2017	Nov. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 09, 2017
Gain (Loss) on Extinguishment of Debt, Total					$ (12,762)	$ (1,753)	$ (45,674)
Notes Payable, Total					4,381,456	$ 4,596,140
Repayments of Medium-term Notes	$ 89,000	$ 211,000
Medium-term Notes, Total								$ 300,000
Debt Covenants Dividend Payment Restriction Maximum Payment					26,000
Long-term Line of Credit, Total					100,000
Senior Unsecured Note [Member]
Gain (Loss) on Extinguishment of Debt, Total					(12,800)
Notes Payable, Total					484,900
Medium-term Notes [Member]
Debt Instrument, Tender Offer, Partial Repayment Premium		$ 1,800
Unsecured Debt [Member]
Debt Issuance Costs, Net, Total					53,400
Term Loan [Member]
Unsecured Debt, Total					$ 650,000
Repayments of Long-term Debt, Total			$ 250,000	$ 400,000
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member]
Debt Instrument, Basis Spread on Variable Rate					0.95%
Revolving Credit Facility [Member]
Debt Instrument, Interest Rate, Effective Percentage					3.31%	2.28%
Line of Credit Facility, Current Borrowing Capacity					$ 2,250,000
Line of Credit Facility Sub-limit					500,000
Revolving Credit Facility [Member] | Credit Facility Accordion Feature [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 2,750,000
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					0.875%
Letter of Credit [Member]
Long-term Line of Credit, Total					$ 300

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Note 12 - Notes Payable - Notes Payable (Details) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Balance, Net		$ 4,381.5	$ 4,596.1
Weighted Average [Member]
Interest Rate	[1]	3.48%	3.70%
Notes Payable [Member]
Deferred financing costs, net		$ (53.4)	$ (61.9)
Unsecured Debt [Member]
Total		4,434.9
Unsecured Debt [Member] | Notes Payable [Member]
Total		$ 4,334.9	$ 4,650.0
Unsecured Debt [Member] | Notes Payable [Member] | Minimum [Member]
Interest Rate		2.70%	2.70%
Unsecured Debt [Member] | Notes Payable [Member] | Maximum [Member]
Interest Rate		4.45%	6.88%
Line of Credit [Member] | Notes Payable [Member]
Total		$ 100.0	$ 8.0

[1] Weighted-average interest rate

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Note 12 - Notes Payable - Senior Unsecured Notes Issuance (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Senior Unsecured Notes 1 [Member]
Maturity Date	Feb. 28, 2025
Amount Issued	$ 500
Interest Rate	3.30%
Senior Unsecured Notes 2 [Member]
Maturity Date	Sep. 30, 2047
Amount Issued	$ 350
Interest Rate	4.45%
Senior Unsecured Notes 3 [Member]
Maturity Date	Apr. 30, 2027
Amount Issued	$ 400
Interest Rate	3.80%

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Note 12 - Notes Payable - Repaid Notes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Senior Note 1 [Member]
Amount Repaid	$ 300.0	[1]
Interest Rate	6.875%	[1]
Maturity Date	Oct. 31, 2019	[1]
Senior Note 2 [Member]
Amount Repaid	$ 15.1	[2]
Interest Rate	3.20%	[2]
Maturity Date	May 31, 2021	[2]
Medium-term Notes [Member]
Amount Repaid	$ 300.0	[3]
Interest Rate	4.30%	[3]
Maturity Date	Feb. 28, 2018	[3]
Term Loan [Member]
Amount Repaid	$ 250.0
Maturity Date	Jan. 31, 2017
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Basis Spread on Variable Rate	0.95%

[1] The Company recorded an early extinguishment of debt charge of $12.8 million resulting from the early repayment of these notes.

[2] Represents partial repayments. As of December 31, 2018, these notes had an outstanding balance of $484.9 million.

[3] On August 1, 2017, the Company made a tender offer to purchase any and all of these MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of the MTN notes. In addition, in November 2017, the Company redeemed the remaining $89.0 million outstanding MTN notes.

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Note 12 - Notes Payable - Maturities of All Unsecured Notes Payable (Details) - Unsecured Debt [Member] $ in Millions	Dec. 31, 2018 USD ($)
2019
2020
2021	584.9
2022	500.0
2023	350.0
Thereafter	3,000.0
Total	$ 4,434.9

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Note 13 - Mortgages and Construction Loan Payable (Details Textual) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Long-term Debt, Total		$ 4,381.5	$ 4,596.1
Gain (Loss) on Forgiveness of Debt		4.3
Accrued Interest Extinguished		$ 3.4
Construction Loans [Member]
Debt Instrument, Commitment	$ 67.0
Debt Instrument, Interest Rate, Effective Percentage		4.23%
Long-term Debt, Total		$ 51.0
Construction Loans [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.80%
Mortgages [Member]
Long-term Debt, Total		492.4	882.8
Deconsolidation of Mortgage Loans		206.0
Long-term Debt, Fair Value		13.1	19.3
Real Estate Disposed of Through Foreclosure		12.4
Mortgages [Member] | Encumbered Operating Properties [Member]
Repayments of Long-term Debt, Total		205.6	692.9
Long-term Debt, Fair Value		$ 0.9	$ 5.8
Number of Real Estate Properties		6	27
Mortgages [Member] | Operating Properties [Member]
Long-term Debt, Fair Value			$ 8.5
Number of Real Estate Properties			2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			$ 257.5
Mortgages [Member] | Operating Properties [Member] | Acquired [Member]
Number of Real Estate Properties			1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt			$ 206.0

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Note 13 - Mortgages and Construction Loan Payable - Mortgages Payable (Details) - USD ($) $ in Millions		Dec. 31, 2018	Dec. 31, 2017
Balance, Net		$ 4,381.5	$ 4,596.1
Weighted Average [Member]
Interest Rate	[1]	3.48%	3.70%
Mortgages [Member]
Total		$ 481.8	$ 867.1
Interest Rate	[2]	4.89%
Fair value debt adjustments, net		$ 13.1	19.3
Deferred financing costs, net		(2.5)	(3.6)
Balance, Net		$ 492.4	$ 882.8
Mortgages [Member] | Minimum [Member]
Interest Rate		3.23%	2.60%
Mortgages [Member] | Maximum [Member]
Interest Rate		9.75%	9.75%
Mortgages [Member] | Weighted Average [Member]
Interest Rate	[2]		4.57%
Construction Loans [Member]
Total		$ 51.0
Interest Rate		4.23%
Balance, Net		$ 51.0

[1] Weighted-average interest rate

[2] Weighted-average interest rate

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Note 13 - Mortgages and Construction Loan Payable - Maturities of All Mortgages Payable (Details) - Mortgages [Member] - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
2019	$ 12.7
2020	160.3
2021	144.9
2022	140.1
2023	15.5
Thereafter	8.3
Total	$ 481.8	$ 867.1

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Note 14 - Noncontrolling Interests (Details Textual) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) $ / shares shares		Dec. 31, 2016 USD ($)	Dec. 31, 2007 USD ($) shares	Dec. 31, 2006 USD ($) $ / shares shares	Sep. 20, 2017
Noncontrolling Interest, Change in Redemption Value		$ 7,521		[1]
Non-controlling Interest, Annual Return	[2]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		$ 109	48,877		16,667
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total		$ 23,682	16,143		$ 86,953
PUERTO RICO
Number of Real Estate Properties		7						7
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		$ 233,000
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total		5,200	$ 5,200
PUERTO RICO | Fair Market Value Adjustments [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		15,100
Preferred A Units [Member]
Non-controlling Interest, Units Redeemed | shares			79,642,697
Payments for Repurchase of Redeemable Noncontrolling Interest			$ 79,900
Payments for Repurchase of Redeemable Noncontrolling Interest, Accrued Preferred Return			$ 400
Non-controlling Interest, Par Value | $ / shares			$ 1
Non-controlling Interest, Annual Return			5.00%
Non-convertible Units [Member] | PUERTO RICO
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		158,600
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]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							$ 300
Convertible Units [Member] | PUERTO RICO
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		45,800
Premiums [Member] | PUERTO RICO
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		$ 13,500
Capital Units, Class B [Member]
Non-controlling Interest, Units Redeemed | shares		25,970	25,000			30,000
Non-controlling Interest, Par Value | $ / shares							$ 37.24
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total		$ 24,300	$ 25,400
Non-controlling Interest, Units Issued | shares							647,758
Redeemable Units to Company Common Stock, Ratio							1
Non-controlling Interest, Cumulative Par Value		$ 1,100	$ 900			$ 1,100
Measurement Input, Cap Rate [Member]
Noncontrolling Interest, Fair Value, Measurement Input		0.05
Measurement Input, Discount Rate [Member]
Noncontrolling Interest, Fair Value, Measurement Input		0.06
KIM Lincoln, LLC [Member]
Ownership Interest in Joint Venture, Percentage			90.00%
Lincoln Square Property, LP [Member]
Ownership Interest in Joint Venture, Percentage			10.00%

[1] During 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (See Footnote 4 of the Notes to Consolidated Financial Statements). During the year ended December 31, 2018, the Company recorded an adjustment of $7.5 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 - Accounting for Redeemable Equity Instruments. The Company's estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.00% and discount rate of 6.00% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

[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 14 - Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Balance		$ 16,143	$ 86,953
Issuance of redeemable partnership interests (1)	[1]		10,000
Income		373	1,297
Distributions		(355)	(2,538)
Redemption/conversion of redeemable units (2)	[2]		(79,569)
Adjustment to estimated redemption value (1)		7,521		[1]
Balance		$ 23,682	$ 16,143		$ 86,953

[1] During 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (See Footnote 4 of the Notes to Consolidated Financial Statements). During the year ended December 31, 2018, the Company recorded an adjustment of $7.5 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 - Accounting for Redeemable Equity Instruments. The Company's estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.00% and discount rate of 6.00% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

[2] During 2017, the Company redeemed the remaining 79,642,697 Preferred A Units for a total redemption price of $79.9 million, including an accrued preferred return of $0.4 million. These units, which had a par value of $1.00 and return per annum of 5.0%, were issued in connection with the Puerto Rico shopping center acquisitions discussed below.

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Note 14 - Noncontrolling Interests - Convertible Non-convertible Units (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Return Per Annum		[1]
Class B-1 Preferred Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 10,000	[1]
Number of Units Remaining (in shares) | shares	189	[1]
Return Per Annum	7.00%	[1]
Class B-2 Preferred Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 10,000	[2]
Number of Units Remaining (in shares) | shares	42	[2]
Return Per Annum	7.00%	[2]
Class C DownReit Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 30.52	[1]
Number of Units Remaining (in shares) | shares	52,797	[1]

[1] 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.

[2] 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.

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Note 15 - Fair Value Disclosure of Financial Instruments (Details Textual) $ in Thousands		12 Months Ended
		Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Impairment of Real Estate		$ 79,200	$ 67,300
Measurement Input, Cap Rate [Member] | Minimum [Member]
Real Estate, Measurement Input		0.085	0.085
Measurement Input, Cap Rate [Member] | Maximum [Member]
Real Estate, Measurement Input		0.0975	0.095
Measurement Input, Discount Rate [Member] | Minimum [Member]
Real Estate, Measurement Input		0.0925	0.09
Measurement Input, Discount Rate [Member] | Maximum [Member]
Real Estate, Measurement Input		0.1125	0.105
Estimate of Fair Value Measurement [Member]
Notes Payable, Fair Value Disclosure	[1]	$ 4,126,450	$ 4,601,479
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Notes Payable, Fair Value Disclosure		4,000,000	4,600,000
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member]
Notes Payable, Fair Value Disclosure		$ 97,600	$ 1,900

[1] The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and Credit Facility were classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of December 31, 2018 and 2017, were $4.0 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of December 31, 2018 and 2017, were $97.6 million and $1.9 million, respectively.

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Note 15 - Fair Value Disclosure of Financial Instruments - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Mortgages [Member]
Mortgages and construction loan payable, net (2)		$ 13,100	$ 19,300
Reported Value Measurement [Member]
Notes payable, net (1)	[1]	4,381,456	4,596,140
Reported Value Measurement [Member] | Mortgages [Member]
Mortgages and construction loan payable, net (2)	[2]	492,416	882,787
Estimate of Fair Value Measurement [Member]
Notes payable, net (1)	[1]	4,126,450	4,601,479
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Mortgages and construction loan payable, net (2)	[2]	$ 486,341	$ 881,427

[1] The Company determined that the valuation of its Senior Unsecured Notes were classified within Level 2 of the fair value hierarchy and Credit Facility were classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of December 31, 2018 and 2017, were $4.0 billion and $4.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of December 31, 2018 and 2017, were $97.6 million and $1.9 million, respectively.

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

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Note 15 - 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, 2018	Dec. 31, 2017
Marketable equity securities		$ 9,045	$ 11,936
Fair Value, Measurements, Nonrecurring [Member]
Real estate		99,693	108,313
Investments in real estate joint ventures	[1]	62,429
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Real estate
Investments in real estate joint ventures	[1]
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Real estate
Investments in real estate joint ventures	[1]
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Real estate		99,693	108,313
Investments in real estate joint ventures	[1]	62,429
Fair Value, Measurements, Recurring [Member]
Marketable equity securities		9,045	11,936
Interest rate swaps			344
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable equity securities		9,045	11,936
Interest rate swaps
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable equity securities
Interest rate swaps			344
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable equity securities
Interest rate swaps

[1] Fair value measurement as of date of deconsolidation. See Footnotes 5 and 7 to the Notes to the Consolidated Financial Statements.

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details Textual) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Sep. 06, 2017 shares	Jan. 31, 2018 USD ($) $ / shares shares	Feb. 28, 2015 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares		Dec. 31, 2016 USD ($) shares	Feb. 22, 2018 USD ($) $ / shares
Preferred Stock, Dividend Rate, Percentage
Preferred Stock, Par or Stated Value Per Share				$ 1	$ 1
Common Stock, Par or Stated Value Per Share				$ 0.01	$ 0.01
Stock Repurchased During Period, Shares | shares				278,566	232,304		257,477
Stock Repurchased During Period, Value | $				$ 75,126
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $				$ 77,249	$ 127,903
Partners' Capital Account, Units, Converted | shares				900,000
ATM Program [Member]
Stock Issued During Period, Shares, New Issues | shares				0	0		9,806,377
Common Stock, Par or Stated Value Per Share			$ 0.01
Maximum Aggregate Sales Price | $			$ 500,000
Proceeds from Issuance of Common Stock | $							$ 285,200
Payments of Stock Issuance Costs | $							$ 2,900
Share Repurchase Program [Member]
Common Stock, Par or Stated Value Per Share								$ 0.01
Stock Repurchase Program, Authorized Amount | $								$ 300,000
Stock Repurchased During Period, Shares | shares				5,100,000
Stock Repurchased During Period, Value | $				$ 75,100
Stock Repurchased During Period, Weighted Average Price				$ 14.72
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $				$ 224,900
Series M Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues | shares		1,380,000			9,200,000	[1]
Preferred stock, Fractional Interest in Share of Stock		0.001%
Preferred Stock, Dividend Rate, Percentage				5.25%	5.25%
Preferred Stock, Par or Stated Value Per Share		$ 1		$ 1	$ 1
Proceeds from Issuance of Preferred Stock and Preference Stock | $		$ 33,400
Preferred Stock, Liquidation Preference Per Share				$ 25,000
Series M Cumulative Redeemable Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage		5.25%
Series I Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage				6.00%	6.00%
Preferred Stock, Par or Stated Value Per Share				$ 1	$ 1
Stock Redeemed or Called During Period, Shares | shares	9,000,000				9,000,000	[2],[3]
Percentage of Preferred Stock Redeemed	56.25%
Preferred Stock, Liquidation Preference Per Share				$ 25,000
Series I, J, K, L or M Preferred Stock [Member]
Number of Votes				1,000
Number of Proxies				1,000
Number of Votes, Depositary				1
Series J Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage				5.50%	5.50%
Preferred Stock, Par or Stated Value Per Share				$ 1	$ 1
Preferred Stock, Liquidation Preference Per Share				$ 25,000
Series K Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage				5.625%	5.625%
Preferred Stock, Par or Stated Value Per Share				$ 1	$ 1
Preferred Stock, Liquidation Preference Per Share				$ 25,000
Series L Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues | shares					9,000,000
Preferred Stock, Dividend Rate, Percentage				5.125%	5.125%
Preferred Stock, Par or Stated Value Per Share				$ 1	$ 1
Preferred Stock, Liquidation Preference Per Share				25,000
Depositary Share [Member]
Preferred Stock, Liquidation Preference Per Share				$ 25
Convertible Units [Member]
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $				$ 14,600

[1] Additionally, during January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this offering.

[2] Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company' Consolidated Balance Sheets are accounted for in accordance with the FASB's guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income attributable to the Company to arrive at net income available to the Company's common shareholders and used in the calculation of earnings per share.

[3] The Company partially redeemed 9,000,000 depositary shares of its issued and outstanding Class I Preferred Stock, representing 56.25% of the issued and outstanding Class I Preferred Stock.

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions - Outstanding Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 31, 2018
Shares authorized (in shares)	5,996,240	5,996,240
Liquidation preference	$ 1,064,500	$ 1,030,000
Preferred Stock, Dividend Rate, Percentage
Annual dividend per depository share (in dollars per share)
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred stock, shares authorized (in shares)	5,996,240	5,996,240
Preferred stock, liquidation preference	$ 1,064,500	$ 1,030,000
Dividend rate
Annual dividend per depository share (in dollars per share)
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Series I Preferred Stock [Member]
Shares authorized (in shares)	18,400	18,400
Shares issued and outstanding (in shares)	7,000	7,000
Liquidation preference	$ 175,000	$ 175,000
Preferred Stock, Dividend Rate, Percentage	6.00%	6.00%
Annual dividend per depository share (in dollars per share)	$ 1.50	$ 1.50
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred stock, shares authorized (in shares)	18,400	18,400
Shares issued and outstanding (in shares)	7,000	7,000
Preferred stock, liquidation preference	$ 175,000	$ 175,000
Dividend rate	6.00%	6.00%
Annual dividend per depository share (in dollars per share)	$ 1.50	$ 1.50
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Series J Preferred Stock [Member]
Shares authorized (in shares)	9,000	9,000
Shares issued and outstanding (in shares)	9,000	9,000
Liquidation preference	$ 225,000	$ 225,000
Preferred Stock, Dividend Rate, Percentage	5.50%	5.50%
Annual dividend per depository share (in dollars per share)	$ 1.375	$ 1.375
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred stock, shares authorized (in shares)	9,000	9,000
Shares issued and outstanding (in shares)	9,000	9,000
Preferred stock, liquidation preference	$ 225,000	$ 225,000
Dividend rate	5.50%	5.50%
Annual dividend per depository share (in dollars per share)	$ 1.375	$ 1.375
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Series K Preferred Stock [Member]
Shares authorized (in shares)	8,050	8,050
Shares issued and outstanding (in shares)	7,000	7,000
Liquidation preference	$ 175,000	$ 175,000
Preferred Stock, Dividend Rate, Percentage	5.625%	5.625%
Annual dividend per depository share (in dollars per share)	$ 1.40625	$ 1.40625
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred stock, shares authorized (in shares)	8,050	8,050
Shares issued and outstanding (in shares)	7,000	7,000
Preferred stock, liquidation preference	$ 175,000	$ 175,000
Dividend rate	5.625%	5.625%
Annual dividend per depository share (in dollars per share)	$ 1.40625	$ 1.40625
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Series L Preferred Stock [Member]
Shares authorized (in shares)	10,350	10,350
Shares issued and outstanding (in shares)	9,000	9,000
Liquidation preference	$ 225,000	$ 225,000
Preferred Stock, Dividend Rate, Percentage	5.125%	5.125%
Annual dividend per depository share (in dollars per share)	$ 1.28125	$ 1.28125
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,350	10,350
Shares issued and outstanding (in shares)	9,000	9,000
Preferred stock, liquidation preference	$ 225,000	$ 225,000
Dividend rate	5.125%	5.125%
Annual dividend per depository share (in dollars per share)	$ 1.28125	$ 1.28125
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Series M Preferred Stock [Member]
Shares authorized (in shares)	10,580	10,580
Shares issued and outstanding (in shares)	10,580	9,200
Liquidation preference	$ 264,500	$ 230,000
Preferred Stock, Dividend Rate, Percentage	5.25%	5.25%
Annual dividend per depository share (in dollars per share)	$ 1.3125	$ 1.3125
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,580	10,580
Shares issued and outstanding (in shares)	10,580	9,200
Preferred stock, liquidation preference	$ 264,500	$ 230,000
Dividend rate	5.25%	5.25%
Annual dividend per depository share (in dollars per share)	$ 1.3125	$ 1.3125
Preferred stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Total [Member]
Shares authorized (in shares)
Shares issued and outstanding (in shares)	42,580	41,200
Liquidation preference	$ 1,064,500	$ 1,030,000
Preferred stock, shares authorized (in shares)
Shares issued and outstanding (in shares)	42,580	41,200
Preferred stock, liquidation preference	$ 1,064,500	$ 1,030,000

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions - Preferred Stock Issued (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
		Jan. 31, 2018	Dec. 31, 2017
Series L Preferred Stock [Member]
Depositary Shares Issued (in shares)			9,000,000
Net Proceeds, After Expenses			$ 218.1
Offering/ Redemption Price (in dollars per share)			$ 25
Series M Preferred Stock [Member]
Depositary Shares Issued (in shares)		1,380,000	9,200,000	[1]
Net Proceeds, After Expenses	[1]		$ 222.8
Offering/ Redemption Price (in dollars per share)	[1]		$ 25

[1] Additionally, during January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this offering.

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions - Preferred Stock Redeemed (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
		Sep. 06, 2017	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Redemption Charges				$ 7,014
Series I Preferred Stock [Member]
Depositary Shares Redeemed (in shares)		9,000,000		9,000,000	[1],[2]
Offering/ Redemption Price (in dollars per share)	[2]			$ 25
Redemption Amount	[2]			$ 225,000
Redemption Charges	[1],[2]			$ 7,000

[1] Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company' Consolidated Balance Sheets are accounted for in accordance with the FASB's guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income attributable to the Company to arrive at net income available to the Company's common shareholders and used in the calculation of earnings per share.

[2] The Company partially redeemed 9,000,000 depositary shares of its issued and outstanding Class I Preferred Stock, representing 56.25% of the issued and outstanding Class I Preferred Stock.

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions - Dividends Declared (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock (in dollars per share)	$ 1.12	$ 1.09	$ 1.035
Series I Preferred Stock [Member]
Preferred Shares (in dollars per share)	1.50	1.50	1.50
Series I Preferred Stock Redeemed [Member]
Preferred Shares (in dollars per share)		0.9625
Series J Preferred Stock [Member]
Preferred Shares (in dollars per share)	1.375	1.375	1.375
Series K Preferred Stock [Member]
Preferred Shares (in dollars per share)	1.40625	1.40625	1.40625
Series L Preferred Stock [Member]
Preferred Shares (in dollars per share)	1.28125	0.48047
Series M Preferred Stock [Member]
Preferred Shares (in dollars per share)	$ 1.3125	$ 0.0401

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Note 17 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Acquisition of real estate interests by assumption of mortgage debt		$ 45,299		$ 33,174
Acquisition of real estate interests through proceeds held in escrow		162,396		66,044
Proceeds deposited in escrow through sale of real estate interests	41,949	162,396		66,044
Disposition of real estate interests through the issuance of mortgage receivable	14,700
Disposition of real estate interests by foreclosure of debt	7,444			22,080
Forgiveness of debt due to foreclosure	12,415			26,000
Capital expenditures accrual	60,611	74,123		38,044
Issuance of common stock				85
Surrender of restricted common stock	4,360	5,699		7,008
Dividends payable	130,262	128,892		124,517
Change in noncontrolling interest due to liquidation of partnership		64,948
Adjustment to estimated redemption value (1)	7,521		[1]
Deemed contribution from noncontrolling interest		10,000
Increase in real estate and other assets		325,981		407,813
Increase in mortgages payable, other liabilities and noncontrolling interests		258,626		268,194
Decrease in real estate and other assets	300,299
Increase in investments in and advances to real estate joint ventures	(62,429)
Decrease in mortgages and construction loan payable, other liabilities and noncontrolling interests	$ 248,274

[1] During 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (See Footnote 4 of the Notes to Consolidated Financial Statements). During the year ended December 31, 2018, the Company recorded an adjustment of $7.5 million to the estimated redemption fair market value of this noncontrolling interest in accordance with the provisions of the joint venture agreement and ASC 480 - Accounting for Redeemable Equity Instruments. The Company's estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.00% and discount rate of 6.00% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

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Note 18 - Transactions With Related Parties (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Ripco [Member]
Related Party Transaction, Amounts of Transaction	$ 0.2	$ 0.4	$ 0.2
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	$ 0.4	$ 0.4	$ 0.4
Officer [Member] | Ripco [Member]
Ownership Perecnatge	50.00%

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Note 19 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Straight Line Rent	$ 13.6	$ 15.7	$ 16.5
Letters of Credit Outstanding, Amount	41.8
Performance and Surety Bonds	$ 20.6
Revenues from Rental Property [Member] | Product Concentration Risk [Member]
Concentration Risk, Percentage	98.00%	98.00%	98.00%
Minimum [Member]
Lessor, Operating Lease, Term of Contract	5 years
Maximum [Member]
Lessor, Operating Lease, Term of Contract	25 years

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Note 19 - Commitments and Contingencies - Minimum Lease Revenue and Payments (Details) $ in Millions	Dec. 31, 2018 USD ($)
2019	$ 816.4
2020	769.1
2021	690.7
2022	594.6
2023	492.6
Thereafter	2,540.2
Minimum contractual payments	12.2
Minimum contractual payments	9.9
Minimum contractual payments	9.8
Minimum contractual payments	9.2
Minimum contractual payments	9.0
Minimum contractual payments	$ 115.7

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Note 20 - Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Allocated Share-based Compensation Expense, Total		$ 18.2	$ 21.6	$ 19.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total		$ 29.4
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 292 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		8,926,449	10,410,343	10,015,040
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		$ 24.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		2 years 292 days
Proceeds from Stock Options Exercised		$ 0.6	$ 1.5	$ 21.1
Common Stock, Shares, Issued, Total		421,388,879	425,646,380
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		5.00%
Defined Contribution Plan, Cost		$ 2.2	$ 2.1	2.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		2 years 292 days
Employee [Member]
Severance Costs		$ 3.8	$ 5.5	$ 1.7
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 14.72	$ 25.04	$ 26.15
Dividends, Share-based Compensation, Stock		$ 2.8	$ 2.4	$ 2.2
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		$ 15.40	$ 23.35	$ 28.60
Common Stock, Shares, Issued, Total		0	0	130,080
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 20 - Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Options outstanding (in shares)	3,464,946	6,013,729	9,012,441
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 18.78	$ 27.81	$ 32.09	$ 31.09
Options outstanding, aggregate intrinsic value	$ 0.4		$ 12.1	$ 27.4
Options exercised, shares (in shares)	(42,259)	(83,863)	(1,167,819)
Options exercised, weighted average exercise price per share (in dollars per share)	$ 14	$ 18.20	$ 18.03
Options exercised, aggregate intrinsic value	$ 0.1	$ 3.4	$ 12.4
Options forfeited, shares (in shares)	(1,781,321)	(2,464,920)	(1,830,893)
Options forfeited, weighted average exercise price per share (in dollars per share)	$ 36.53	$ 35.91	$ 39.69
Options outstanding (in shares)	1,641,366	3,464,946	6,013,729
Options exercisable (fully vested) -
Options Exercisable, Shares (in shares)	1,641,366	3,464,946	5,144,416
Options exercisable, weighted average exercise price per share (in dollars per share)	$ 18.78	$ 27.81	$ 32.56
Options exercisable, aggregate intrinsic value	$ 0.4	$ 4.0	$ 11.3

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Note 20 - Incentive Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - shares		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted stock outstanding as of January 1, (in shares)		1,777,429	1,930,732	1,712,534
Granted (1) (in shares)	[1]	1,100,590	646,142	756,530
Vested (in shares)		(751,201)	(783,872)	(520,539)
Forfeited (in shares)		(21,904)	(15,573)	(17,793)
Restricted stock outstanding as of December 31, (in shares)		2,104,914	1,777,429	1,930,732

[1] The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2018, 2017 and 2016 were $14.73, $25.04 and $26.15, respectively.

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Note 20 - Incentive Plans - Performance Shares Activity (Details) - Performance Shares [Member] - shares		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted stock outstanding as of January 1, (in shares)		235,950	197,249	202,754
Granted (1) (in shares)	[1]	297,450	135,780	100,170
Vested (in shares)	[2]	(100,170)	(97,079)	(105,675)
Restricted stock outstanding as of December 31, (in shares)		433,230	235,950	197,249

[1] The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2018, 2017 and 2016 were $15.40, $23.35, and $28.60, respectively.

[2] For the years ended December 31, 2018, 2017 and 2016, the corresponding common stock equivalent of these vested awards were 0, 0 and 130,080, respectively.

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Note 20 - Incentive Plans - Performance Shares Significant Fair Value Assumptions (Details) - Performance Shares [Member] - $ / shares		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock price (in dollars per share)		$ 14.99	$ 24.91	$ 26.29
Dividend yield (1)	[1]	0.00%	0.00%	0.00%
Risk-free rate		2.39%	1.45%	0.87%
Volatility (2)	[2]	22.90%	18.93%	18.80%
Term of the award (Year)		2 years 310 days	2 years 321 days	2 years 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.

[2] Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

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Note 21 - Income Taxes (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Required Dividend Payout		90.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%	35.00%	35.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			$ 1,100
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		$ 1,600		$ 55,600
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax		$ 3,500
Open Tax Year		2010 2011 2012 2013 2014 2015 2016 2017
State and Local Jurisdiction [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		$ 300		7,900
Canada Revenue Agency [Member]
Current Foreign Tax Expense (Benefit)				$ 24,900
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, Total	$ 0

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Note 21 - Income Taxes - GAAP Net Income/(Loss) to Taxable Income Reconciliation (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
GAAP net income (loss)		$ 88,161	$ 100,158	$ 165,386	$ 144,090	$ 84,896	$ 121,030	$ 143,416	$ 76,733	$ 497,795	$ 426,075	$ 378,850
Net book depreciation in excess of tax depreciation										61,363	122,043	65,194
Capitalized leasing/legal commissions										(15,268)	(7,102)	(11,984)
Deferred/prepaid/above-market and below-market rents, net										(23,437)	(29,364)	(34,097)
Fair market value debt amortization										(5,268)	(8,495)	(15,901)
Book/tax differences from executive compensation (2)	[1]									5,460	2,396
Book/tax differences from investments in and advances to real estate joint ventures										7,921	(23,802)	(20,739)
Book/tax differences from sale of properties										(2,889)	(86,629)	(93,704)
Book adjustment to property carrying values and marketable equity securities										69,804	51,309	11,161
Taxable currency exchange gains/(losses), net										1,260	(780)	(8,962)
Tangible property regulation deduction										(49,209)	(52,809)	(28,954)
GAAP gain on change in control of joint venture interests										(6,800)	(71,160)	(57,385)
Valuation allowance against net deferred tax assets												51,939
Other book/tax differences, net										(10,351)	3,282	28
Adjusted REIT taxable income										526,912	311,195	236,853
Employee Stock Option [Member]
Sharebased Compensation										(112)	(172)	(11,301)
GAAP Net Loss/(Income) of Taxable REIT Subsidiaries [Member]
GAAP net income (loss)										(3,357)	(13,597)	12,708
GAAP Net Income From REIT Operations [Member]
GAAP net income (loss)	[2]									$ 494,438	$ 412,478	$ 391,558

[1] In accordance with the Tax Cuts and Jobs Act, effective for tax years beginning on January 1, 2018, under Section 162(m) of the Code placed a $1.0 million limit on the amount a company can deduct for executive compensation for their CEO, CFO and other three most highly paid executives.

[2] All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interests and TRSs.

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Note 21 - Income Taxes - Taxable Characteristics of Distributions Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Dividends distributed, amount	$ 526,912	$ 503,793	$ 471,850
Dividends distributed, percent
Series I Preferred Stock [Member]
Ordinary income, amount	$ 5,565	$ 21,636	$ 16,320
Ordinary income, percent	53.00%	96.00%	68.00%
Capital gain, amount	$ 4,935	$ 902	$ 7,680
Capital gain, percent	47.00%	4.00%	32.00%
Dividends distributed, amount	$ 10,500	$ 22,538	$ 24,000
Dividends distributed, percent	100.00%	100.00%	100.00%
Series J Preferred Stock [Member]
Ordinary income, amount	$ 6,559	$ 11,880	$ 8,415
Ordinary income, percent	53.00%	96.00%	68.00%
Capital gain, amount	$ 5,816	$ 495	$ 3,960
Capital gain, percent	47.00%	4.00%	32.00%
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	$ 5,217	$ 9,450	$ 6,694
Ordinary income, percent	53.00%	96.00%	68.00%
Capital gain, amount	$ 4,627	$ 394	$ 3,150
Capital gain, percent	47.00%	4.00%	32.00%
Dividends distributed, amount	$ 9,844	$ 9,844	$ 9,844
Dividends distributed, percent	100.00%	100.00%	100.00%
Series L Preferred Stock [Member]
Ordinary income, amount	$ 6,111	$ 1,814
Ordinary income, percent	53.00%	96.00%
Capital gain, amount	$ 5,420	$ 76
Capital gain, percent	47.00%	4.00%
Dividends distributed, amount	$ 11,531	$ 1,890
Dividends distributed, percent	100.00%	100.00%
Series M Preferred Stock [Member]
Ordinary income, amount	$ 6,031
Ordinary income, percent	53.00%
Capital gain, amount	$ 5,348
Capital gain, percent	47.00%
Dividends distributed, amount	$ 11,379
Dividends distributed, percent	100.00%
Common Stock 1 [Member]
Ordinary income, amount	$ 235,642	$ 260,573	$ 263,892
Ordinary income, percent	50.00%	57.00%	62.00%
Capital gain, amount	$ 212,077	$ 9,143	$ 127,689
Capital gain, percent	45.00%	2.00%	30.00%
Dividends distributed, amount	$ 471,283	$ 457,146	$ 425,631
Dividends distributed, percent	100.00%	100.00%	100.00%
Return of capital, amount	$ 23,564	$ 187,430	$ 34,050
Return of capital, percent	5.00%	41.00%	8.00%

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Note 21 - Income Taxes - Taxable Income and Provisions for Income Taxes (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income/(loss) before income taxes – U.S.		$ 4,331	$ 1,487	$ (23,810)
(Provision)/benefit for income taxes, net:
Federal tax provision		(2,876)	(1,592)	(50,653)
Total tax provision – U.S.		1,600	(880)	78,583
Net income		498,463	439,671	386,138
Taxable REIT Subsidiaries [Member]
(Provision)/benefit for income taxes, net:
Current		(1,221)	(704)	2,199
Deferred		(1,198)	(632)	(45,097)
Federal tax provision		(2,419)	(1,336)	(42,898)
Current		(43)	(66)	1,057
Deferred		(414)	(190)	(8,812)
State tax provision		(457)	(256)	(7,755)
Total tax provision – U.S.		(2,876)	(1,592)	(50,653)
Net income		1,455	(105)	(74,463)
Income/(loss) before taxes – Non-U.S.		2,384	(11,483)	138,253
Current (1)	[1]	(1,634)	(2,425)	24,393
Deferred		358	(47)	3,537
Non-U.S. tax benefit/(provision)		$ 1,276	$ 2,472	$ (27,930)

[1] The year ended December 31, 2016 includes $24.9 million in expense related to the sale of interests in properties located in Canada.

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Note 21 - Income Taxes - Statutory Income Tax to Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Federal provision at statutory tax rate* (1)	[1],[2]	$ (2,490)	$ (520)	$ (47,155)
State and local provision, net of federal benefit (2)	[3]	(386)	(1,072)	(3,498)
Total tax provision – U.S.		$ (2,876)	$ (1,592)	$ (50,653)

[1] Federal statutory tax rate of 21% for the year ended December 31, 2018 and federal statutory tax rate of 35% for the years ended December 31, 2017 and 2016.

[2] The year ended December 31, 2016, includes a $55.6 million charge related to the recording of a deferred tax valuation allowance.

[3] 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 21 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating losses (1)	[1]	$ 20,947	$ 22,137
Tax credit carryforwards (2)	[2]	6,064	6,064
Capital loss carryforwards		2,270	4,648
Related party deferred losses		619	619
Charitable contribution carryforwards		23	23
Valuation allowance		(45,413)	(54,155)
Total deferred tax assets		13,375	15,175
Deferred tax liabilities		(12,768)	(12,739)
Net deferred tax assets		607	2,436
Domestic Tax Authority [Member]
Deferred tax assets:
Tax/GAAP basis differences		$ 28,865	$ 35,839

[1] Expiration dates ranging from 2021 to 2032.

[2] Expiration dates ranging from 2027 to 2035 and includes alternative minimum tax credit carryovers of $3.5 million that do not expire.

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Note 21 - Income Taxes - Uncertain Tax Benefits Liability (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Balance at January 1,		$ 3,991	$ 4,962
Changes in tax positions related to current year (1)	[1]	(250)	339
Reductions due to lapsed statute of limitations		(935)	(1,310)
Balance at December 31,		$ 2,806	$ 3,991

[1] Amounts relate to increases/(decreases) from foreign currency translation adjustments.

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Note 22 - Accumulated Other Comprehensive Income ("AOCI") (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Jan. 01, 2018
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (1,136)	[1]	$ (1,100)
Accumulated Foreign Currency Adjustment Attributable to Preferred Equity Investments [Member]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total	14,800
Accumulated Foreign Currency Adjustment Attributable to Preferred Equity Investments [Member] | CANADA
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Total	$ (4,800)

[1] Represents the impact of change in accounting principles for its respective Accounting Standard Updates ("ASU"). See Footnote 1 of the Notes to Consolidated Financial Statements for additional disclosure.

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Note 22 - Accumulated Other Comprehensive Income ("AOCI") - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016
Balance		$ 5,522,147		$ 5,402,874		$ 5,181,951
Net current-period other comprehensive income		344		(7,246)		178
Balance		5,411,053		5,522,147		5,402,874
Balance		5,530,245
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance				6,335
Other comprehensive income before reclassifications				3,711
Amounts reclassified from AOCI			[1]	(10,046)	[2]
Net current-period other comprehensive income				(6,335)
Balance						6,335
Balance	[3]
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Balance		(1,136)		406
Other comprehensive income before reclassifications				(1,542)
Amounts reclassified from AOCI			[1]		[2]
Net current-period other comprehensive income				(1,542)
Balance				(1,136)		406
Balance	[3]
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance		(344)		(975)
Other comprehensive income before reclassifications		437		631
Amounts reclassified from AOCI		(93)	[1]		[2]
Net current-period other comprehensive income		344		631
Balance				(344)		(975)
Balance	[3]	(344)
AOCI Attributable to Parent [Member]
Balance		(1,480)		5,766		5,588
Other comprehensive income before reclassifications		437		2,800
Amounts reclassified from AOCI		(93)	[1]	(10,046)	[2]
Net current-period other comprehensive income		344		(7,246)
Balance				$ (1,480)		$ 5,766
Balance	[3]	$ (344)

[1] Amounts reclassified to Other income, net on the Company's Consolidated Statements of Income.

[2] During the year ended December 31, 2017, the Company was deemed to have substantially liquidated its investment in Canada and as a result, recognized a net cumulative foreign currency translation gain. Amounts were reclassified to the Company's Consolidated Statements of Income as follows (i) $14.8 million of gain was reclassified to Equity in income of other real estate investments, net, and (ii) $4.8 million of loss was reclassified to Equity in income of joint ventures, net.

[3] Represents the balance as adjusted for the impact of change in accounting principles for ASU 2016-01. See Footnote 1 of the Notes to the Consolidated Financial Statements for additional disclosure.

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Note 23 - Earnings Per Share (Details Textual) - shares shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1.3	3.1	3.5

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Note 23 - Earnings Per Share - 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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income available to the Company's common shareholders										$ 439,604	$ 372,461	$ 332,630
Change in estimated redemption value of redeemable noncontrolling interests										(7,521)
Earnings attributable to participating securities										(2,375)	(2,132)	(2,018)
Net income available to the Company’s common shareholders for basic earnings per share										429,708	370,329	330,612
Distributions on convertible units										99
Net income available to the Company’s common shareholders for diluted earnings per share										$ 429,807	$ 370,329	$ 330,612
Weighted average common shares outstanding – basic (in shares)										420,641	423,614	418,402
Effect of dilutive securities (1):
Equity awards (in shares)	[1]									628	405	1,307
Assumed conversion of convertible units (in shares)	[1]									110
Weighted average common shares outstanding – diluted (in shares)	[1]									421,379	424,019	419,709
Basic earnings per share (in dollars per share)		$ 0.17	$ 0.19	$ 0.36	$ 0.30	$ 0.17	$ 0.24	$ 0.31	$ 0.15	$ 1.02	$ 0.87	$ 0.79
Diluted earnings per share (in dollars per share)		$ 0.17	$ 0.19	$ 0.36	$ 0.30	$ 0.17	$ 0.24	$ 0.31	$ 0.15	$ 1.02	$ 0.87	$ 0.79

[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 1.3 million, 3.1 million and 3.5 million stock options that were not dilutive as of December 31, 2018, 2017 and 2016, respectively.

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Note 24 - Supplemental Financial Information (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues	$ 284,201	$ 283,080	$ 293,403	$ 304,078	$ 315,225	$ 294,845	$ 297,176	$ 293,588	$ 1,164,762	$ 1,200,834	$ 1,170,792
Net income attributable to the Company	$ 88,161	$ 100,158	$ 165,386	$ 144,090	$ 84,896	$ 121,030	$ 143,416	$ 76,733	$ 497,795	$ 426,075	$ 378,850
Basic (in dollars per share)	$ 0.17	$ 0.19	$ 0.36	$ 0.30	$ 0.17	$ 0.24	$ 0.31	$ 0.15	$ 1.02	$ 0.87	$ 0.79
Diluted (in dollars per share)	$ 0.17	$ 0.19	$ 0.36	$ 0.30	$ 0.17	$ 0.24	$ 0.31	$ 0.15	$ 1.02	$ 0.87	$ 0.79

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Note 25 - Captive Insurance Company (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Letters of Credit Outstanding, Amount	$ 41,800,000
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
Increase (Decrease) in Incurred Insurance Losses and Loss Adjustment Expenses	(2,700,000)	$ 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	8.00%
Kimco Insurance Company [Member] | Maximum [Member]
Captive Insurance, Annual Aggregates Per Policy	$ 11,100,000
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, 2018	Dec. 31, 2017
Balance at the beginning of the year	$ 18,965	$ 19,515
Incurred related to current year	5,236	5,915
Incurred related to prior years	(2,653)	(727)
Total incurred	2,583	5,188
Paid related to current year	(683)	(742)
Paid related to prior years	(4,735)	(4,996)
Total paid	(5,418)	(5,738)
Balance at the end of the year	$ 16,130	$ 18,965

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Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
Balance at beginning of period	[1]	$ 17,066	$ 24,175	$ 31,820
Charged to expenses	[1]	9,254	6,641	7,982
Adjustments to valuation accounts	[1]
Deductions	[1]	(5,882)	(13,750)	(15,627)
Balance at end of period	[1]	20,438	17,066	24,175
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Balance at beginning of period		54,155	95,126	27,905
Charged to expenses
Adjustments to valuation accounts		(8,742)	(40,971)	67,221
Deductions
Balance at end of period		$ 45,413	$ 54,155	$ 95,126

[1] Includes allowances on accounts receivable and straight-line rents.

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Schedule III - Real Estate and Accumulated Depreciation (Details Textual) $ in Billions	Dec. 31, 2018 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis	$ 9.7

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Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INITIAL COST LAND		$ 2,953,511,558
INITIAL COST BUILDING AND IMPROVEMENTS		7,110,034,072
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,813,644,865
LAND		3,063,703,962
BUILDING AND IMPROVEMENTS		8,813,486,533
The company's investment		11,877,190,495	$ 12,653,444,998	$ 12,008,075,148	$ 11,568,809,126
ACCUMULATED DEPRECIATION		2,385,287,743	$ 2,433,052,747	$ 2,278,291,645	$ 2,115,319,888
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,491,902,752
ENCUMBRANCES	[2]	492,416,135
Bridgehampton Commons - W&E Side [Member]
INITIAL COST LAND		564,097
INITIAL COST BUILDING AND IMPROVEMENTS		2,268,768
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	19,003
LAND		564,097
BUILDING AND IMPROVEMENTS		2,287,771
The company's investment		2,851,868
ACCUMULATED DEPRECIATION		919,501
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,932,367
ENCUMBRANCES
Shopping Center [Member]
INITIAL COST LAND		1,811,752
INITIAL COST BUILDING AND IMPROVEMENTS		3,107,232
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	31,744,409
LAND		1,858,188
BUILDING AND IMPROVEMENTS		34,805,205
The company's investment		36,663,393
ACCUMULATED DEPRECIATION		21,384,048
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		15,279,345
ENCUMBRANCES
Shopping Center [Member] | Mission Bell Shopping Center [Member]
INITIAL COST BUILDING AND IMPROVEMENTS		11,843,119
Shopping Center [Member] | Market at Southpark [Member]
INITIAL COST LAND		9,782,769
INITIAL COST BUILDING AND IMPROVEMENTS		20,779,522
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	793,717
LAND		9,782,769
BUILDING AND IMPROVEMENTS		21,573,239
The company's investment		31,356,008
ACCUMULATED DEPRECIATION		4,809,584
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,546,424
ENCUMBRANCES
Shopping Center [Member] | Mission Bell Shopping Center [Member]
INITIAL COST LAND		5,056,426
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	8,691,774
LAND		5,067,033
BUILDING AND IMPROVEMENTS		20,524,286
The company's investment		25,591,319
ACCUMULATED DEPRECIATION		7,317,804
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		18,273,515
ENCUMBRANCES
Shopping Center [Member] | Century Plaza [Member]
INITIAL COST LAND		178,785
INITIAL COST BUILDING AND IMPROVEMENTS		925,818
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	46,257
LAND		95,905
BUILDING AND IMPROVEMENTS		1,054,955
The company's investment		1,150,860
ACCUMULATED DEPRECIATION		815,012
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		335,848
ENCUMBRANCES
Shopping Center [Member] | Kissena Boulevard Shopping Ctr. [Member]
INITIAL COST LAND		11,610,000
INITIAL COST BUILDING AND IMPROVEMENTS		2,933,487
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	818,491
LAND		11,610,000
BUILDING AND IMPROVEMENTS		3,751,978
The company's investment		15,361,978
ACCUMULATED DEPRECIATION		1,118,521
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,243,457
ENCUMBRANCES
Shopping Center [Member] | Rexville Town Center [Member]
INITIAL COST LAND		24,872,982
INITIAL COST BUILDING AND IMPROVEMENTS		48,688,161
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	7,708,424
LAND		25,678,064
BUILDING AND IMPROVEMENTS		55,591,503
The company's investment		81,269,567
ACCUMULATED DEPRECIATION		33,332,955
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		47,936,612
ENCUMBRANCES
Shopping Center [Member] | Mesa Pavilions North [Member]
INITIAL COST LAND		6,060,018
INITIAL COST BUILDING AND IMPROVEMENTS		35,955,005
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,034,161
LAND		6,060,018
BUILDING AND IMPROVEMENTS		37,989,166
The company's investment		44,049,184
ACCUMULATED DEPRECIATION		8,503,717
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		35,545,467
ENCUMBRANCES
Shopping Center [Member] | Newtown S.C. [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		15,635,442
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	48,859
LAND
BUILDING AND IMPROVEMENTS		15,684,301
The company's investment		15,684,301
ACCUMULATED DEPRECIATION		2,091,111
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		13,593,190
ENCUMBRANCES	[2]	7,634,085
Shopping Center [Member] | Village Commons S.C. [Member]
INITIAL COST LAND		2,026,423
INITIAL COST BUILDING AND IMPROVEMENTS		5,106,476
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,031,564
LAND		2,026,423
BUILDING AND IMPROVEMENTS		7,138,040
The company's investment		9,164,463
ACCUMULATED DEPRECIATION		1,585,055
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,579,408
ENCUMBRANCES
Shopping Center [Member] | Green Orchard Shopping Center [Member]
INITIAL COST LAND		3,682,478
INITIAL COST BUILDING AND IMPROVEMENTS		14,730,060
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,933,982
LAND		3,547,007
BUILDING AND IMPROVEMENTS		20,799,513
The company's investment		24,346,520
ACCUMULATED DEPRECIATION		11,245,423
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		13,101,097
ENCUMBRANCES
Shopping Center [Member] | Hampton Bays Plaza [Member]
INITIAL COST LAND		1,495,105
INITIAL COST BUILDING AND IMPROVEMENTS		5,979,320
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,319,769
LAND		1,495,105
BUILDING AND IMPROVEMENTS		9,299,089
The company's investment		10,794,194
ACCUMULATED DEPRECIATION		7,539,633
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,254,561
ENCUMBRANCES
Shopping Center [Member] | Plaza Centro - Costco [Member]
INITIAL COST LAND		3,627,973
INITIAL COST BUILDING AND IMPROVEMENTS		10,752,213
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,573,414
LAND		3,866,206
BUILDING AND IMPROVEMENTS		12,087,394
The company's investment		15,953,600
ACCUMULATED DEPRECIATION		6,861,281
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,092,319
ENCUMBRANCES
Shopping Center [Member] | Mesa Riverview [Member]
INITIAL COST LAND		15,000,000
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	142,414,824
LAND		307,992
BUILDING AND IMPROVEMENTS		157,106,832
The company's investment		157,414,824
ACCUMULATED DEPRECIATION		58,970,517
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		98,444,307
ENCUMBRANCES
Shopping Center [Member] | West Farm Shopping Center [Member]
INITIAL COST LAND		5,805,969
INITIAL COST BUILDING AND IMPROVEMENTS		23,348,024
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	17,897,993
LAND		7,585,116
BUILDING AND IMPROVEMENTS		39,466,870
The company's investment		47,051,986
ACCUMULATED DEPRECIATION		15,794,743
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		31,257,243
ENCUMBRANCES
Shopping Center [Member] | Belmart Plaza [Member]
INITIAL COST LAND		1,656,097
INITIAL COST BUILDING AND IMPROVEMENTS		3,394,420
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,722,156
LAND		1,656,097
BUILDING AND IMPROVEMENTS		9,116,576
The company's investment		10,772,673
ACCUMULATED DEPRECIATION		927,224
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,845,449
ENCUMBRANCES
Shopping Center [Member] | The Fountains at Arbor Lakes [Member]
INITIAL COST LAND		28,585,296
INITIAL COST BUILDING AND IMPROVEMENTS		66,699,024
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	14,145,986
LAND		29,485,296
BUILDING AND IMPROVEMENTS		79,945,010
The company's investment		109,430,306
ACCUMULATED DEPRECIATION		29,728,628
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		79,701,678
ENCUMBRANCES
Shopping Center [Member] | Hicksville Plaza [Member]
INITIAL COST LAND		3,542,739
INITIAL COST BUILDING AND IMPROVEMENTS		8,266,375
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,505,434
LAND		3,542,739
BUILDING AND IMPROVEMENTS		10,771,809
The company's investment		14,314,548
ACCUMULATED DEPRECIATION		3,639,106
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,675,442
ENCUMBRANCES
Shopping Center [Member] | Plaza Centro - Mall [Member]
INITIAL COST LAND		19,873,263
INITIAL COST BUILDING AND IMPROVEMENTS		58,719,179
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	11,279,620
LAND		19,408,112
BUILDING AND IMPROVEMENTS		70,463,950
The company's investment		89,872,062
ACCUMULATED DEPRECIATION		35,363,672
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		54,508,390
ENCUMBRANCES
Shopping Center [Member] | Mesa Pavilions South [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		148,508
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	342,420
LAND
BUILDING AND IMPROVEMENTS		490,928
The company's investment		490,928
ACCUMULATED DEPRECIATION		142,926
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		348,002
ENCUMBRANCES
Shopping Center [Member] | Hamden Mart [Member]
INITIAL COST LAND		13,668,167
INITIAL COST BUILDING AND IMPROVEMENTS		40,890,166
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,105,443
LAND		14,225,573
BUILDING AND IMPROVEMENTS		45,438,203
The company's investment		59,663,776
ACCUMULATED DEPRECIATION		5,389,032
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		54,274,744
ENCUMBRANCES	[2]	20,597,668
Shopping Center [Member] | Market at Haynes Bridge [Member]
INITIAL COST LAND		4,880,659
INITIAL COST BUILDING AND IMPROVEMENTS		21,549,424
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	979,391
LAND		4,889,863
BUILDING AND IMPROVEMENTS		22,519,611
The company's investment		27,409,474
ACCUMULATED DEPRECIATION		7,551,081
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		19,858,393
ENCUMBRANCES
Shopping Center [Member] | Center Point S.C. [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		550,204
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND
BUILDING AND IMPROVEMENTS		550,204
The company's investment		550,204
ACCUMULATED DEPRECIATION		489,708
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		60,496
ENCUMBRANCES
Shopping Center [Member] | Woodbury Centre [Member]
INITIAL COST LAND		4,314,991
INITIAL COST BUILDING AND IMPROVEMENTS		32,585,508
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,950,621)
LAND		3,805,271
BUILDING AND IMPROVEMENTS		31,144,607
The company's investment		34,949,878
ACCUMULATED DEPRECIATION		5,026,007
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,923,871
ENCUMBRANCES
Shopping Center [Member] | Plaza Centro - Retail [Member]
INITIAL COST LAND		5,935,566
INITIAL COST BUILDING AND IMPROVEMENTS		16,509,748
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,193,596
LAND		6,026,070
BUILDING AND IMPROVEMENTS		18,612,840
The company's investment		24,638,910
ACCUMULATED DEPRECIATION		9,803,465
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,835,445
ENCUMBRANCES
Shopping Center [Member] | Metro Square [Member]
INITIAL COST LAND		4,101,017
INITIAL COST BUILDING AND IMPROVEMENTS		16,410,632
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,776,707
LAND		4,101,017
BUILDING AND IMPROVEMENTS		18,187,339
The company's investment		22,288,356
ACCUMULATED DEPRECIATION		9,330,379
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,957,977
ENCUMBRANCES
Shopping Center [Member] | Home Depot Plaza [Member]
INITIAL COST LAND		7,704,968
INITIAL COST BUILDING AND IMPROVEMENTS		30,797,640
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,406,887
LAND		7,704,968
BUILDING AND IMPROVEMENTS		34,204,527
The company's investment		41,909,495
ACCUMULATED DEPRECIATION		15,906,581
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,002,914
ENCUMBRANCES
Shopping Center [Member] | Embry Village [Member]
INITIAL COST LAND		18,147,054
INITIAL COST BUILDING AND IMPROVEMENTS		33,009,514
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,332,206
LAND		18,160,525
BUILDING AND IMPROVEMENTS		34,328,249
The company's investment		52,488,774
ACCUMULATED DEPRECIATION		23,117,994
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,370,780
ENCUMBRANCES
Shopping Center [Member] | Cave Springs S.C. [Member]
INITIAL COST LAND		1,182,194
INITIAL COST BUILDING AND IMPROVEMENTS		7,423,459
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	7,112,186
LAND		1,563,694
BUILDING AND IMPROVEMENTS		14,154,145
The company's investment		15,717,839
ACCUMULATED DEPRECIATION		10,569,319
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,148,520
ENCUMBRANCES
Shopping Center [Member] | Turnpike Plaza [Member]
INITIAL COST LAND		2,471,832
INITIAL COST BUILDING AND IMPROVEMENTS		5,839,416
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	708,010
LAND		2,471,832
BUILDING AND IMPROVEMENTS		6,547,426
The company's investment		9,019,258
ACCUMULATED DEPRECIATION		1,965,026
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,054,232
ENCUMBRANCES
Shopping Center [Member] | Plaza Centro - Sam's Club [Member]
INITIAL COST LAND		6,643,224
INITIAL COST BUILDING AND IMPROVEMENTS		20,224,758
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,766,593
LAND		6,520,090
BUILDING AND IMPROVEMENTS		23,114,485
The company's investment		29,634,575
ACCUMULATED DEPRECIATION		21,639,814
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,994,761
ENCUMBRANCES
Shopping Center [Member] | Plaza Del Sol [Member]
INITIAL COST LAND		5,324,501
INITIAL COST BUILDING AND IMPROVEMENTS		21,269,943
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,593,060
LAND		4,577,869
BUILDING AND IMPROVEMENTS		23,609,635
The company's investment		28,187,504
ACCUMULATED DEPRECIATION		9,183,161
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		19,004,343
ENCUMBRANCES
Shopping Center [Member] | Plantation Crossing [Member]
INITIAL COST LAND		2,782,030
INITIAL COST BUILDING AND IMPROVEMENTS		8,077,260
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,653,308
LAND		2,782,030
BUILDING AND IMPROVEMENTS		11,730,568
The company's investment		14,512,598
ACCUMULATED DEPRECIATION		738,324
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		13,774,274
ENCUMBRANCES
Shopping Center [Member] | Wilton River Park Shopping Ctr [Member]
INITIAL COST LAND		7,154,585
INITIAL COST BUILDING AND IMPROVEMENTS		27,509,279
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(90,084)
LAND		7,154,584
BUILDING AND IMPROVEMENTS		27,419,196
The company's investment		34,573,780
ACCUMULATED DEPRECIATION		4,912,432
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,661,348
ENCUMBRANCES
Shopping Center [Member] | Perimeter Expo Property [Member]
INITIAL COST LAND		14,770,275
INITIAL COST BUILDING AND IMPROVEMENTS		44,295,457
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,362,639
LAND		16,142,152
BUILDING AND IMPROVEMENTS		45,286,219
The company's investment		61,428,371
ACCUMULATED DEPRECIATION		4,220,999
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		57,207,372
ENCUMBRANCES
Shopping Center [Member] | Woodlawn Marketplace [Member]
INITIAL COST LAND		919,251
INITIAL COST BUILDING AND IMPROVEMENTS		3,570,981
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,740,450
LAND		919,251
BUILDING AND IMPROVEMENTS		6,311,431
The company's investment		7,230,682
ACCUMULATED DEPRECIATION		3,767,403
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,463,279
ENCUMBRANCES
Shopping Center [Member] | Jericho Commons South [Member]
INITIAL COST LAND		12,368,330
INITIAL COST BUILDING AND IMPROVEMENTS		33,071,495
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,375,243
LAND		12,368,330
BUILDING AND IMPROVEMENTS		36,446,738
The company's investment		48,815,068
ACCUMULATED DEPRECIATION		11,698,563
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		37,116,505
ENCUMBRANCES	[2]	7,066,859
Shopping Center [Member] | Los Colobos - Builders Square [Member]
INITIAL COST LAND		4,404,593
INITIAL COST BUILDING AND IMPROVEMENTS		9,627,903
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,283,497
LAND		4,461,145
BUILDING AND IMPROVEMENTS		10,854,848
The company's investment		15,315,993
ACCUMULATED DEPRECIATION		9,763,092
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,552,901
ENCUMBRANCES
Shopping Center [Member] | Plaza at Mountainside [Member]
INITIAL COST LAND		2,450,341
INITIAL COST BUILDING AND IMPROVEMENTS		9,802,046
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,383,629
LAND		2,450,341
BUILDING AND IMPROVEMENTS		12,185,675
The company's investment		14,636,016
ACCUMULATED DEPRECIATION		6,535,004
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		8,101,012
ENCUMBRANCES
Shopping Center [Member] | Bright Horizons [Member]
INITIAL COST LAND		1,211,748
INITIAL COST BUILDING AND IMPROVEMENTS		4,610,610
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	36,235
LAND		1,211,748
BUILDING AND IMPROVEMENTS		4,646,845
The company's investment		5,858,593
ACCUMULATED DEPRECIATION		995,442
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,863,151
ENCUMBRANCES
Shopping Center [Member] | Riverwalk Marketplace [Member]
INITIAL COST LAND		3,512,202
INITIAL COST BUILDING AND IMPROVEMENTS		18,862,571
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	50,327
LAND		3,512,202
BUILDING AND IMPROVEMENTS		18,912,898
The company's investment		22,425,100
ACCUMULATED DEPRECIATION		1,900,860
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,524,240
ENCUMBRANCES
Shopping Center [Member] | Tyvola Mall [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		4,736,345
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	8,011,824
LAND
BUILDING AND IMPROVEMENTS		12,748,169
The company's investment		12,748,169
ACCUMULATED DEPRECIATION		9,522,876
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,225,293
ENCUMBRANCES
Shopping Center [Member] | 501 North Broadway [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		1,175,543
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	228,522
LAND
BUILDING AND IMPROVEMENTS		1,404,065
The company's investment		1,404,065
ACCUMULATED DEPRECIATION		722,937
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		681,128
ENCUMBRANCES
Shopping Center [Member] | Los Colobos - Kmart [Member]
INITIAL COST LAND		4,594,944
INITIAL COST BUILDING AND IMPROVEMENTS		10,120,147
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	789,782
LAND		4,402,338
BUILDING AND IMPROVEMENTS		11,102,535
The company's investment		15,504,873
ACCUMULATED DEPRECIATION		9,889,185
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,615,688
ENCUMBRANCES
Shopping Center [Member] | Village Crossroads [Member]
INITIAL COST LAND		5,662,554
INITIAL COST BUILDING AND IMPROVEMENTS		24,981,223
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,088,476
LAND		5,662,554
BUILDING AND IMPROVEMENTS		26,069,699
The company's investment		31,732,253
ACCUMULATED DEPRECIATION		5,570,159
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,162,094
ENCUMBRANCES
Shopping Center [Member] | Wilton Campus [Member]
INITIAL COST LAND		10,168,872
INITIAL COST BUILDING AND IMPROVEMENTS		31,893,016
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	809,865
LAND		10,168,872
BUILDING AND IMPROVEMENTS		32,702,881
The company's investment		42,871,753
ACCUMULATED DEPRECIATION		8,029,800
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		34,841,953
ENCUMBRANCES
Shopping Center [Member] | Lawrenceville Market [Member]
INITIAL COST LAND		8,878,266
INITIAL COST BUILDING AND IMPROVEMENTS		29,691,191
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	276,376
LAND		9,060,436
BUILDING AND IMPROVEMENTS		29,785,397
The company's investment		38,845,833
ACCUMULATED DEPRECIATION		6,031,890
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		32,813,943
ENCUMBRANCES
Shopping Center [Member] | Crossroads Plaza [Member]
INITIAL COST LAND		767,864
INITIAL COST BUILDING AND IMPROVEMENTS		3,098,881
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,233,350
LAND		767,864
BUILDING AND IMPROVEMENTS		4,332,231
The company's investment		5,100,095
ACCUMULATED DEPRECIATION		1,914,296
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,185,799
ENCUMBRANCES
Shopping Center [Member] | Milleridge Inn [Member]
INITIAL COST LAND		7,500,330
INITIAL COST BUILDING AND IMPROVEMENTS		481,316
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(48,741)
LAND		7,500,000
BUILDING AND IMPROVEMENTS		432,905
The company's investment		7,932,905
ACCUMULATED DEPRECIATION		31,746
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,901,159
ENCUMBRANCES
Shopping Center [Member] | Los Colobos I [Member]
INITIAL COST LAND		12,890,882
INITIAL COST BUILDING AND IMPROVEMENTS		26,046,669
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,948,282
LAND		13,613,375
BUILDING AND IMPROVEMENTS		30,272,458
The company's investment		43,885,833
ACCUMULATED DEPRECIATION		16,576,693
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		27,309,140
ENCUMBRANCES
Shopping Center [Member] | North Valley [Member]
INITIAL COST LAND		6,861,564
INITIAL COST BUILDING AND IMPROVEMENTS		18,200,901
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	6,107,253
LAND		3,861,272
BUILDING AND IMPROVEMENTS		27,308,446
The company's investment		31,169,718
ACCUMULATED DEPRECIATION		5,398,848
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		25,770,870
ENCUMBRANCES
Shopping Center [Member] | Camden Square [Member]
INITIAL COST LAND		122,741
INITIAL COST BUILDING AND IMPROVEMENTS		66,738
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,664,447
LAND		3,024,375
BUILDING AND IMPROVEMENTS		1,829,551
The company's investment		4,853,926
ACCUMULATED DEPRECIATION		206,876
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,647,050
ENCUMBRANCES
Shopping Center [Member] | Braelinn Village [Member]
INITIAL COST LAND		7,314,719
INITIAL COST BUILDING AND IMPROVEMENTS		20,738,792
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,824,744
LAND		6,342,926
BUILDING AND IMPROVEMENTS		23,535,329
The company's investment		29,878,255
ACCUMULATED DEPRECIATION		3,676,866
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,201,389
ENCUMBRANCES
Shopping Center [Member] | Jetton Village Shoppes [Member]
INITIAL COST LAND		3,875,224
INITIAL COST BUILDING AND IMPROVEMENTS		10,292,231
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	492,962
LAND		2,143,695
BUILDING AND IMPROVEMENTS		12,516,722
The company's investment		14,660,417
ACCUMULATED DEPRECIATION		2,455,738
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,204,679
ENCUMBRANCES
Shopping Center [Member] | Family Dollar Union Turnpike [Member]
INITIAL COST LAND		909,000
INITIAL COST BUILDING AND IMPROVEMENTS		2,249,775
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	258,033
LAND		1,056,709
BUILDING AND IMPROVEMENTS		2,360,099
The company's investment		3,416,808
ACCUMULATED DEPRECIATION		509,228
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,907,580
ENCUMBRANCES
Shopping Center [Member] | Los Colobos II [Member]
INITIAL COST LAND		14,893,698
INITIAL COST BUILDING AND IMPROVEMENTS		30,680,556
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,698,650
LAND		15,142,300
BUILDING AND IMPROVEMENTS		36,130,604
The company's investment		51,272,904
ACCUMULATED DEPRECIATION		20,072,967
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		31,199,937
ENCUMBRANCES
Shopping Center [Member] | Christown Spectrum Mall [Member]
INITIAL COST LAND		33,831,348
INITIAL COST BUILDING AND IMPROVEMENTS		91,004,070
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	16,574,655
LAND		76,638,511
BUILDING AND IMPROVEMENTS		64,771,562
The company's investment		141,410,073
ACCUMULATED DEPRECIATION		12,450,821
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		128,959,252
ENCUMBRANCES
Shopping Center [Member] | Promenade at Christiana [Member]
INITIAL COST LAND	[3]	14,371,686
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1],[3]	19,130,790
LAND	[3]	33,502,476
BUILDING AND IMPROVEMENTS
The company's investment	[3]	33,502,476
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION	[3]	33,502,476
ENCUMBRANCES
Shopping Center [Member] | Savannah Center [Member]
INITIAL COST LAND		2,052,270
INITIAL COST BUILDING AND IMPROVEMENTS		8,232,978
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,131,922
LAND		2,052,270
BUILDING AND IMPROVEMENTS		12,364,900
The company's investment		14,417,170
ACCUMULATED DEPRECIATION		7,386,687
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,030,483
ENCUMBRANCES
Shopping Center [Member] | Mountain Island Marketplace [Member]
INITIAL COST LAND		3,318,587
INITIAL COST BUILDING AND IMPROVEMENTS		7,331,413
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	696,680
LAND		3,818,587
BUILDING AND IMPROVEMENTS		7,528,093
The company's investment		11,346,680
ACCUMULATED DEPRECIATION		1,554,286
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,792,394
ENCUMBRANCES
Shopping Center [Member] | Little Neck Plaza [Member]
INITIAL COST LAND		3,277,254
INITIAL COST BUILDING AND IMPROVEMENTS		13,161,218
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,996,052
LAND		3,277,253
BUILDING AND IMPROVEMENTS		19,157,271
The company's investment		22,434,524
ACCUMULATED DEPRECIATION		7,525,806
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,908,718
ENCUMBRANCES
Shopping Center [Member] | Western Plaza - Mayaquez One [Member]
INITIAL COST LAND		10,857,773
INITIAL COST BUILDING AND IMPROVEMENTS		12,252,522
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,507,075
LAND		11,241,993
BUILDING AND IMPROVEMENTS		13,375,377
The company's investment		24,617,370
ACCUMULATED DEPRECIATION		9,740,358
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,877,012
ENCUMBRANCES
Shopping Center [Member] | Bell Camino Center [Member]
INITIAL COST LAND		2,427,465
INITIAL COST BUILDING AND IMPROVEMENTS		6,439,065
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	576,138
LAND		2,427,465
BUILDING AND IMPROVEMENTS		7,015,203
The company's investment		9,442,668
ACCUMULATED DEPRECIATION		2,011,511
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,431,157
ENCUMBRANCES
Shopping Center [Member] | Brandywine Commons [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		36,057,487
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,906,024
LAND
BUILDING AND IMPROVEMENTS		37,963,511
The company's investment		37,963,511
ACCUMULATED DEPRECIATION		5,903,513
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		32,059,998
ENCUMBRANCES
Shopping Center [Member] | Chatham Plaza [Member]
INITIAL COST LAND		13,390,238
INITIAL COST BUILDING AND IMPROVEMENTS		35,115,882
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	980,126
LAND		13,403,262
BUILDING AND IMPROVEMENTS		36,082,984
The company's investment		49,486,246
ACCUMULATED DEPRECIATION		13,169,012
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		36,317,234
ENCUMBRANCES
Shopping Center [Member] | Woodlawn Shopping Center [Member]
INITIAL COST LAND		2,010,725
INITIAL COST BUILDING AND IMPROVEMENTS		5,833,626
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,975,503
LAND		2,010,725
BUILDING AND IMPROVEMENTS		7,809,129
The company's investment		9,819,854
ACCUMULATED DEPRECIATION		1,471,440
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		8,348,414
ENCUMBRANCES
Shopping Center [Member] | Key Food - 21st Street [Member]
INITIAL COST LAND		1,090,800
INITIAL COST BUILDING AND IMPROVEMENTS		2,699,730
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(159,449)
LAND		1,669,153
BUILDING AND IMPROVEMENTS		1,961,928
The company's investment		3,631,081
ACCUMULATED DEPRECIATION		315,311
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,315,770
ENCUMBRANCES
Shopping Center [Member] | Western Plaza - Mayaguez Two [Member]
INITIAL COST LAND		16,874,345
INITIAL COST BUILDING AND IMPROVEMENTS		19,911,045
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,718,253
LAND		16,872,647
BUILDING AND IMPROVEMENTS		23,630,996
The company's investment		40,503,643
ACCUMULATED DEPRECIATION		16,343,909
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		24,159,734
ENCUMBRANCES
Shopping Center [Member] | College Park Shopping Center [Member]
INITIAL COST LAND		3,276,951
INITIAL COST BUILDING AND IMPROVEMENTS		7,741,323
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,135,661
LAND		3,276,951
BUILDING AND IMPROVEMENTS		8,876,984
The company's investment		12,153,935
ACCUMULATED DEPRECIATION		2,586,989
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,566,946
ENCUMBRANCES
Shopping Center [Member] | Camino Square [Member]
INITIAL COST LAND		573,875
INITIAL COST BUILDING AND IMPROVEMENTS		2,295,501
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,110,802
LAND		733,875
BUILDING AND IMPROVEMENTS		5,246,303
The company's investment		5,980,178
ACCUMULATED DEPRECIATION		3,872,616
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,107,562
ENCUMBRANCES
Shopping Center [Member] | Clive Plaza [Member]
INITIAL COST LAND		500,525
INITIAL COST BUILDING AND IMPROVEMENTS		2,002,101
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		500,525
BUILDING AND IMPROVEMENTS		2,002,101
The company's investment		2,502,626
ACCUMULATED DEPRECIATION		1,176,448
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,326,178
ENCUMBRANCES
Shopping Center [Member] | Crossroads Plaza 2 [Member]
INITIAL COST LAND		13,405,529
INITIAL COST BUILDING AND IMPROVEMENTS		86,455,763
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,357,983)
LAND		13,405,529
BUILDING AND IMPROVEMENTS		85,097,780
The company's investment		98,503,309
ACCUMULATED DEPRECIATION		14,908,507
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		83,594,802
ENCUMBRANCES
Shopping Center [Member] | Manhasset Center [Member]
INITIAL COST LAND		4,567,003
INITIAL COST BUILDING AND IMPROVEMENTS		19,165,808
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	30,995,487
LAND		3,471,939
BUILDING AND IMPROVEMENTS		51,256,359
The company's investment		54,728,298
ACCUMULATED DEPRECIATION		25,230,504
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,497,794
ENCUMBRANCES
Shopping Center [Member] | Manati Villa Maria SC [Member]
INITIAL COST LAND		2,781,447
INITIAL COST BUILDING AND IMPROVEMENTS		5,673,119
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,465,441
LAND		2,606,588
BUILDING AND IMPROVEMENTS		7,313,419
The company's investment		9,920,007
ACCUMULATED DEPRECIATION		4,318,633
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,601,374
ENCUMBRANCES
Shopping Center [Member] | Costco Plaza - 541 [Member]
INITIAL COST LAND		4,995,639
INITIAL COST BUILDING AND IMPROVEMENTS		19,982,557
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	527,389
LAND		4,995,639
BUILDING AND IMPROVEMENTS		20,509,946
The company's investment		25,505,585
ACCUMULATED DEPRECIATION		11,002,286
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,503,299
ENCUMBRANCES
Shopping Center [Member] | Coral Square Promenade [Member]
INITIAL COST LAND		710,000
INITIAL COST BUILDING AND IMPROVEMENTS		2,842,907
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,080,612
LAND		710,000
BUILDING AND IMPROVEMENTS		6,923,519
The company's investment		7,633,519
ACCUMULATED DEPRECIATION		4,010,239
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,623,280
ENCUMBRANCES
Shopping Center [Member] | Dubuque Center [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		2,152,476
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	239,217
LAND
BUILDING AND IMPROVEMENTS		2,391,693
The company's investment		2,391,693
ACCUMULATED DEPRECIATION		2,039,585
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		352,108
ENCUMBRANCES
Shopping Center [Member] | Quail Corners [Member]
INITIAL COST LAND		7,318,321
INITIAL COST BUILDING AND IMPROVEMENTS		26,675,644
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,459,529
LAND		7,318,321
BUILDING AND IMPROVEMENTS		28,135,173
The company's investment		35,453,494
ACCUMULATED DEPRECIATION		3,920,660
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		31,532,834
ENCUMBRANCES	[2]	15,783,077
Shopping Center [Member] | Manhasset Center (Residential) [Member]
INITIAL COST LAND		950,000
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		950,000
BUILDING AND IMPROVEMENTS
The company's investment		950,000
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		950,000
ENCUMBRANCES
Shopping Center [Member] | Ponce Town Center [Member]
INITIAL COST LAND		14,432,778
INITIAL COST BUILDING AND IMPROVEMENTS		28,448,754
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,677,663
LAND		14,903,024
BUILDING AND IMPROVEMENTS		33,656,171
The company's investment		48,559,195
ACCUMULATED DEPRECIATION		18,444,036
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,115,159
ENCUMBRANCES
Shopping Center [Member] | Brookhurst Center [Member]
INITIAL COST LAND		10,492,714
INITIAL COST BUILDING AND IMPROVEMENTS		31,357,512
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,037,064
LAND		22,299,852
BUILDING AND IMPROVEMENTS		22,587,438
The company's investment		44,887,290
ACCUMULATED DEPRECIATION		2,870,443
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		42,016,847
ENCUMBRANCES
Shopping Center [Member] | Maplewood Plaza [Member]
INITIAL COST LAND		1,649,000
INITIAL COST BUILDING AND IMPROVEMENTS		6,626,301
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,600,071
LAND		1,649,000
BUILDING AND IMPROVEMENTS		8,226,372
The company's investment		9,875,372
ACCUMULATED DEPRECIATION		4,064,261
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,811,111
ENCUMBRANCES
Shopping Center [Member] | The 87th Street Center [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		2,687,046
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	9,899,028
LAND		6,992,648
BUILDING AND IMPROVEMENTS		5,593,426
The company's investment		12,586,074
ACCUMULATED DEPRECIATION		3,003,871
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,582,203
ENCUMBRANCES
Shopping Center [Member] | Davidson Commons [Member]
INITIAL COST LAND		2,978,533
INITIAL COST BUILDING AND IMPROVEMENTS		12,859,867
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	526,025
LAND		2,978,533
BUILDING AND IMPROVEMENTS		13,385,892
The company's investment		16,364,425
ACCUMULATED DEPRECIATION		2,460,912
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		13,903,513
ENCUMBRANCES
Shopping Center [Member] | Maspeth Queens-Duane Reade [Member]
INITIAL COST LAND		1,872,013
INITIAL COST BUILDING AND IMPROVEMENTS		4,827,940
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,036,886
LAND		1,872,013
BUILDING AND IMPROVEMENTS		5,864,826
The company's investment		7,736,839
ACCUMULATED DEPRECIATION		2,164,089
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,572,750
ENCUMBRANCES	[2]	1,717,674
Shopping Center [Member] | Trujillo Alto Plaza [Member]
INITIAL COST LAND		12,053,673
INITIAL COST BUILDING AND IMPROVEMENTS		24,445,858
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,431,113
LAND		12,289,288
BUILDING AND IMPROVEMENTS		27,641,356
The company's investment		39,930,644
ACCUMULATED DEPRECIATION		15,848,062
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		24,082,582
ENCUMBRANCES
Shopping Center [Member] | Lakewood Plaza [Member]
INITIAL COST LAND		1,294,176
INITIAL COST BUILDING AND IMPROVEMENTS		3,669,266
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(597,216)
LAND
BUILDING AND IMPROVEMENTS		4,366,226
The company's investment		4,366,226
ACCUMULATED DEPRECIATION		1,336,096
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,030,130
ENCUMBRANCES
Shopping Center [Member] | Curlew Crossing Shopping Ctr [Member]
INITIAL COST LAND		5,315,955
INITIAL COST BUILDING AND IMPROVEMENTS		12,529,467
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,524,246
LAND		5,315,955
BUILDING AND IMPROVEMENTS		15,053,713
The company's investment		20,369,668
ACCUMULATED DEPRECIATION		6,301,435
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,068,233
ENCUMBRANCES
Shopping Center [Member] | Downers Park Plaza [Member]
INITIAL COST LAND		2,510,455
INITIAL COST BUILDING AND IMPROVEMENTS		10,164,494
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(12,485,854)
LAND		189,095
BUILDING AND IMPROVEMENTS
The company's investment		189,095
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		189,095
ENCUMBRANCES
Shopping Center [Member] | Park Place SC [Member]
INITIAL COST LAND		5,461,478
INITIAL COST BUILDING AND IMPROVEMENTS		16,163,494
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,452,621
LAND		5,469,809
BUILDING AND IMPROVEMENTS		18,607,784
The company's investment		24,077,593
ACCUMULATED DEPRECIATION		6,862,892
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		17,214,701
ENCUMBRANCES
Shopping Center [Member] | North Massapequa S.C. [Member]
INITIAL COST LAND		1,880,816
INITIAL COST BUILDING AND IMPROVEMENTS		4,388,549
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,066,203)
LAND
BUILDING AND IMPROVEMENTS		5,203,162
The company's investment		5,203,162
ACCUMULATED DEPRECIATION		3,225,039
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,978,123
ENCUMBRANCES
Shopping Center [Member] | St. Andrews Center [Member]
INITIAL COST LAND		730,164
INITIAL COST BUILDING AND IMPROVEMENTS		3,132,092
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	19,158,955
LAND		730,164
BUILDING AND IMPROVEMENTS		22,291,047
The company's investment		23,021,211
ACCUMULATED DEPRECIATION		11,215,826
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,805,385
ENCUMBRANCES
Shopping Center [Member] | Madison Plaza [Member]
INITIAL COST LAND		5,874,396
INITIAL COST BUILDING AND IMPROVEMENTS		23,476,190
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,923,344
LAND		5,874,396
BUILDING AND IMPROVEMENTS		25,399,534
The company's investment		31,273,930
ACCUMULATED DEPRECIATION		13,949,717
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		17,324,213
ENCUMBRANCES
Shopping Center [Member] | Shops at Santa Barbara Phase 1 [Member]
INITIAL COST LAND		743,463
INITIAL COST BUILDING AND IMPROVEMENTS		5,373,994
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	148,505
LAND		743,463
BUILDING AND IMPROVEMENTS		5,522,499
The company's investment		6,265,962
ACCUMULATED DEPRECIATION		813,190
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,452,772
ENCUMBRANCES
Shopping Center [Member] | Plaza Del Prado [Member]
INITIAL COST LAND		10,203,960
INITIAL COST BUILDING AND IMPROVEMENTS		28,409,786
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,557,625
LAND		10,203,960
BUILDING AND IMPROVEMENTS		29,967,411
The company's investment		40,171,371
ACCUMULATED DEPRECIATION		3,583,364
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		36,588,007
ENCUMBRANCES
Shopping Center [Member] | Mooresville Crossing [Member]
INITIAL COST LAND		12,013,727
INITIAL COST BUILDING AND IMPROVEMENTS		30,604,173
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	101,982
LAND		11,625,801
BUILDING AND IMPROVEMENTS		31,094,081
The company's investment		42,719,882
ACCUMULATED DEPRECIATION		11,980,366
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,739,516
ENCUMBRANCES
Shopping Center [Member] | Mineola Crossings [Member]
INITIAL COST LAND		4,150,000
INITIAL COST BUILDING AND IMPROVEMENTS		7,520,692
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	249,645
LAND		4,150,000
BUILDING AND IMPROVEMENTS		7,770,337
The company's investment		11,920,337
ACCUMULATED DEPRECIATION		2,354,155
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,566,182
ENCUMBRANCES
Shopping Center [Member] | Westwood Plaza [Member]
INITIAL COST LAND		1,744,430
INITIAL COST BUILDING AND IMPROVEMENTS		6,986,094
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	14,195,199
LAND		1,726,833
BUILDING AND IMPROVEMENTS		21,198,890
The company's investment		22,925,723
ACCUMULATED DEPRECIATION		4,480,724
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		18,444,999
ENCUMBRANCES
Shopping Center [Member] | Corona Hills Plaza [Member]
INITIAL COST LAND		13,360,965
INITIAL COST BUILDING AND IMPROVEMENTS		53,373,453
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	8,317,004
LAND		13,360,965
BUILDING AND IMPROVEMENTS		61,690,457
The company's investment		75,051,422
ACCUMULATED DEPRECIATION		34,289,289
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		40,762,133
ENCUMBRANCES
Shopping Center [Member] | Shops at Santa Barbara Phase 2 [Member]
INITIAL COST LAND		331,692
INITIAL COST BUILDING AND IMPROVEMENTS		2,488,832
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		331,692
BUILDING AND IMPROVEMENTS		2,488,832
The company's investment		2,820,524
ACCUMULATED DEPRECIATION		390,095
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,430,429
ENCUMBRANCES
Shopping Center [Member] | Mount Prospect Center [Member]
INITIAL COST LAND		1,017,345
INITIAL COST BUILDING AND IMPROVEMENTS		6,572,176
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,105,133
LAND		1,017,345
BUILDING AND IMPROVEMENTS		10,677,309
The company's investment		11,694,654
ACCUMULATED DEPRECIATION		6,434,800
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,259,854
ENCUMBRANCES
Shopping Center [Member] | Pleasant Valley Promenade [Member]
INITIAL COST LAND		5,208,885
INITIAL COST BUILDING AND IMPROVEMENTS		20,885,792
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	14,232,550
LAND		5,208,885
BUILDING AND IMPROVEMENTS		35,118,342
The company's investment		40,327,227
ACCUMULATED DEPRECIATION		20,582,021
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		19,745,206
ENCUMBRANCES
Shopping Center [Member] | Smithtown Plaza [Member]
INITIAL COST LAND		3,528,000
INITIAL COST BUILDING AND IMPROVEMENTS		7,364,098
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	508,838
LAND		3,528,000
BUILDING AND IMPROVEMENTS		7,872,936
The company's investment		11,400,936
ACCUMULATED DEPRECIATION		2,961,173
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		8,439,763
ENCUMBRANCES
Shopping Center [Member] | Woodruff Shopping Center [Member]
INITIAL COST LAND		3,110,439
INITIAL COST BUILDING AND IMPROVEMENTS		15,501,117
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,302,159
LAND		3,465,199
BUILDING AND IMPROVEMENTS		16,448,516
The company's investment		19,913,715
ACCUMULATED DEPRECIATION		3,822,036
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		16,091,679
ENCUMBRANCES
Shopping Center [Member] | The 280 Metro Center [Member]
INITIAL COST LAND		38,734,566
INITIAL COST BUILDING AND IMPROVEMENTS		94,903,403
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,297,522
LAND		38,734,566
BUILDING AND IMPROVEMENTS		97,200,925
The company's investment		135,935,491
ACCUMULATED DEPRECIATION		12,547,006
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		123,388,485
ENCUMBRANCES
Shopping Center [Member] | Shops at Santa Barbara Phase 3 [Member]
INITIAL COST LAND		329,726
INITIAL COST BUILDING AND IMPROVEMENTS		2,358,700
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	61,618
LAND		329,726
BUILDING AND IMPROVEMENTS		2,420,318
The company's investment		2,750,044
ACCUMULATED DEPRECIATION		341,468
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,408,576
ENCUMBRANCES
Shopping Center [Member] | The 22nd Street Plaza [Member]
INITIAL COST LAND		1,527,188
INITIAL COST BUILDING AND IMPROVEMENTS		8,679,108
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,880,654
LAND		1,527,188
BUILDING AND IMPROVEMENTS		13,559,762
The company's investment		15,086,950
ACCUMULATED DEPRECIATION		6,393,561
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		8,693,389
ENCUMBRANCES
Shopping Center [Member] | Brennan Station [Member]
INITIAL COST LAND		7,749,751
INITIAL COST BUILDING AND IMPROVEMENTS		20,556,891
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(389,669)
LAND		6,321,923
BUILDING AND IMPROVEMENTS		21,595,050
The company's investment		27,916,973
ACCUMULATED DEPRECIATION		5,690,496
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		22,226,477
ENCUMBRANCES
Shopping Center [Member] | Manetto Hill Plaza [Member]
INITIAL COST LAND		263,693
INITIAL COST BUILDING AND IMPROVEMENTS		584,031
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	10,882,601
LAND		263,693
BUILDING AND IMPROVEMENTS		11,466,632
The company's investment		11,730,325
ACCUMULATED DEPRECIATION		6,730,779
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,999,546
ENCUMBRANCES
Shopping Center [Member] | Forest Park [Member]
INITIAL COST LAND		1,920,241
INITIAL COST BUILDING AND IMPROVEMENTS		9,544,875
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	46,791
LAND		1,920,241
BUILDING AND IMPROVEMENTS		9,591,666
The company's investment		11,511,907
ACCUMULATED DEPRECIATION		1,713,102
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,798,805
ENCUMBRANCES
Shopping Center [Member] | Laband Village Shopping Center [Member]
INITIAL COST LAND		5,600,000
INITIAL COST BUILDING AND IMPROVEMENTS		13,289,347
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(881,719)
LAND		5,607,237
BUILDING AND IMPROVEMENTS		12,400,391
The company's investment		18,007,628
ACCUMULATED DEPRECIATION		6,142,126
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,865,502
ENCUMBRANCES
Shopping Center [Member] | Coral Pointe S.C. [Member]
INITIAL COST LAND		2,411,608
INITIAL COST BUILDING AND IMPROVEMENTS		20,507,735
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	361,446
LAND		2,411,608
BUILDING AND IMPROVEMENTS		20,869,181
The company's investment		23,280,789
ACCUMULATED DEPRECIATION		2,954,149
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,326,640
ENCUMBRANCES
Shopping Center [Member] | Skokie Pointe [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		2,276,360
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	9,564,305
LAND		2,628,440
BUILDING AND IMPROVEMENTS		9,212,225
The company's investment		11,840,665
ACCUMULATED DEPRECIATION		4,170,823
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,669,842
ENCUMBRANCES
Shopping Center [Member] | Brennan Station Outparcel [Member]
INITIAL COST LAND		627,906
INITIAL COST BUILDING AND IMPROVEMENTS		1,665,576
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(120,456)
LAND		450,232
BUILDING AND IMPROVEMENTS		1,722,794
The company's investment		2,173,026
ACCUMULATED DEPRECIATION		395,687
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,777,339
ENCUMBRANCES
Shopping Center [Member] | Syosset S.C. [Member]
INITIAL COST LAND		106,655
INITIAL COST BUILDING AND IMPROVEMENTS		76,197
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,082,162
LAND		106,655
BUILDING AND IMPROVEMENTS		2,158,359
The company's investment		2,265,014
ACCUMULATED DEPRECIATION		1,152,013
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,113,001
ENCUMBRANCES
Shopping Center [Member] | Old Towne Village [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		4,133,904
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,214,858
LAND
BUILDING AND IMPROVEMENTS		8,348,762
The company's investment		8,348,762
ACCUMULATED DEPRECIATION		6,169,272
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,179,490
ENCUMBRANCES
Shopping Center [Member] | Cupertino Village [Member]
INITIAL COST LAND		19,886,099
INITIAL COST BUILDING AND IMPROVEMENTS		46,534,919
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	25,970,678
LAND		19,886,099
BUILDING AND IMPROVEMENTS		72,505,597
The company's investment		92,391,696
ACCUMULATED DEPRECIATION		20,827,069
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		71,564,627
ENCUMBRANCES
Shopping Center [Member] | Dania Pointe [Member]
INITIAL COST LAND		105,113,024
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	35,286,919
LAND		35,481,702
BUILDING AND IMPROVEMENTS		104,918,241
The company's investment		140,399,943
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		140,399,943
ENCUMBRANCES	[2]	49,969,297
Shopping Center [Member] | Hawthorn Hills Square [Member]
INITIAL COST LAND		6,783,928
INITIAL COST BUILDING AND IMPROVEMENTS		33,033,624
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,699,882
LAND		6,783,928
BUILDING AND IMPROVEMENTS		35,733,506
The company's investment		42,517,434
ACCUMULATED DEPRECIATION		8,237,719
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		34,279,715
ENCUMBRANCES
Shopping Center [Member] | Cloverdale Plaza [Member]
INITIAL COST LAND		540,667
INITIAL COST BUILDING AND IMPROVEMENTS		719,655
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	7,293,478
LAND		540,667
BUILDING AND IMPROVEMENTS		8,013,133
The company's investment		8,553,800
ACCUMULATED DEPRECIATION		3,720,029
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,833,771
ENCUMBRANCES
Shopping Center [Member] | Richmond S.C. [Member]
INITIAL COST LAND		2,280,000
INITIAL COST BUILDING AND IMPROVEMENTS		9,027,951
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	21,068,693
LAND		2,280,000
BUILDING AND IMPROVEMENTS		30,096,644
The company's investment		32,376,644
ACCUMULATED DEPRECIATION		13,973,052
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		18,403,592
ENCUMBRANCES
Shopping Center [Member] | Center of the Hills [Member]
INITIAL COST LAND		2,923,585
INITIAL COST BUILDING AND IMPROVEMENTS		11,706,145
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,785,660
LAND		2,923,585
BUILDING AND IMPROVEMENTS		14,491,805
The company's investment		17,415,390
ACCUMULATED DEPRECIATION		5,988,829
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,426,561
ENCUMBRANCES
Shopping Center [Member] | North County Plaza [Member]
INITIAL COST LAND		10,205,305
INITIAL COST BUILDING AND IMPROVEMENTS		28,934,219
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,204,777)
LAND		20,894,811
BUILDING AND IMPROVEMENTS		17,039,936
The company's investment		37,934,747
ACCUMULATED DEPRECIATION		3,517,213
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		34,417,534
ENCUMBRANCES
Shopping Center [Member] | Dania Pointe Phase II [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	142,723,016
LAND		142,723,016
BUILDING AND IMPROVEMENTS
The company's investment		142,723,016
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		142,723,016
ENCUMBRANCES
Shopping Center [Member] | Greenwood S.C. [Member]
INITIAL COST LAND		423,371
INITIAL COST BUILDING AND IMPROVEMENTS		1,883,421
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	18,814,874
LAND		1,640,748
BUILDING AND IMPROVEMENTS		19,480,918
The company's investment		21,121,666
ACCUMULATED DEPRECIATION		3,160,755
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		17,960,911
ENCUMBRANCES
Shopping Center [Member] | Webster Square [Member]
INITIAL COST LAND		11,683,145
INITIAL COST BUILDING AND IMPROVEMENTS		41,708,383
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	7,123,817
LAND		11,683,145
BUILDING AND IMPROVEMENTS		48,832,200
The company's investment		60,515,345
ACCUMULATED DEPRECIATION		7,923,372
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		52,591,973
ENCUMBRANCES
Shopping Center [Member] | Greenridge Plaza [Member]
INITIAL COST LAND		2,940,000
INITIAL COST BUILDING AND IMPROVEMENTS		11,811,964
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	7,095,348
LAND		3,148,424
BUILDING AND IMPROVEMENTS		18,698,888
The company's investment		21,847,312
ACCUMULATED DEPRECIATION		8,293,717
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		13,553,595
ENCUMBRANCES
Shopping Center [Member] | Gateway Station [Member]
INITIAL COST LAND		1,373,692
INITIAL COST BUILDING AND IMPROVEMENTS		28,145,158
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,980,906
LAND		1,374,880
BUILDING AND IMPROVEMENTS		31,124,876
The company's investment		32,499,756
ACCUMULATED DEPRECIATION		4,766,669
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		27,733,087
ENCUMBRANCES
Shopping Center [Member] | Chico Crossroads [Member]
INITIAL COST LAND		9,975,810
INITIAL COST BUILDING AND IMPROVEMENTS		30,534,524
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(5,469,532)
LAND		8,000,154
BUILDING AND IMPROVEMENTS		27,040,648
The company's investment		35,040,802
ACCUMULATED DEPRECIATION		9,719,887
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		25,320,915
ENCUMBRANCES
Shopping Center [Member] | Ft. Lauderdale/Cypress Creek [Member]
INITIAL COST LAND	[3]	14,258,760
INITIAL COST BUILDING AND IMPROVEMENTS	[3]	28,042,390
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1],[3]	1,986,704
LAND	[3]	14,258,760
BUILDING AND IMPROVEMENTS	[3]	30,029,094
The company's investment	[3]	44,287,854
ACCUMULATED DEPRECIATION	[3]	9,947,785
TOTAL COST, NET OF ACCUMULATED DEPRECIATION	[3]	34,340,069
ENCUMBRANCES
Shopping Center [Member] | Abington Plaza [Member]
INITIAL COST LAND		10,457,183
INITIAL COST BUILDING AND IMPROVEMENTS		494,652
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		10,457,183
BUILDING AND IMPROVEMENTS		494,652
The company's investment		10,951,835
ACCUMULATED DEPRECIATION		156,500
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,795,335
ENCUMBRANCES	[2]	3,920,234
Shopping Center [Member] | Webster Square - DSW [Member]
INITIAL COST LAND		1,346,391
INITIAL COST BUILDING AND IMPROVEMENTS		3,638,397
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	131,388
LAND		1,346,391
BUILDING AND IMPROVEMENTS		3,769,785
The company's investment		5,116,176
ACCUMULATED DEPRECIATION		247,958
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,868,218
ENCUMBRANCES
Shopping Center [Member] | The Boulevarde [Member]
INITIAL COST LAND		28,723,536
INITIAL COST BUILDING AND IMPROVEMENTS		38,232,267
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	49,602,960
LAND		28,723,536
BUILDING AND IMPROVEMENTS		87,835,227
The company's investment		116,558,763
ACCUMULATED DEPRECIATION		14,231,135
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		102,327,628
ENCUMBRANCES
Shopping Center [Member] | Gateway Station Phase II [Member]
INITIAL COST LAND		4,140,176
INITIAL COST BUILDING AND IMPROVEMENTS		12,020,460
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	391,376
LAND		4,143,385
BUILDING AND IMPROVEMENTS		12,408,627
The company's investment		16,552,012
ACCUMULATED DEPRECIATION		514,956
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		16,037,056
ENCUMBRANCES
Shopping Center [Member] | Corona Hills Marketplace [Member]
INITIAL COST LAND		9,727,446
INITIAL COST BUILDING AND IMPROVEMENTS		24,778,390
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,744,876
LAND		9,727,446
BUILDING AND IMPROVEMENTS		26,523,266
The company's investment		36,250,712
ACCUMULATED DEPRECIATION		9,262,259
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,988,453
ENCUMBRANCES
Shopping Center [Member] | Homestead-Wachtel Land Lease [Member]
INITIAL COST LAND		150,000
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		150,000
BUILDING AND IMPROVEMENTS
The company's investment		150,000
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		150,000
ENCUMBRANCES
Shopping Center [Member] | Washington St. Plaza [Member]
INITIAL COST LAND		11,007,593
INITIAL COST BUILDING AND IMPROVEMENTS		5,652,368
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	9,428,287
LAND		12,957,593
BUILDING AND IMPROVEMENTS		13,130,655
The company's investment		26,088,248
ACCUMULATED DEPRECIATION		2,086,506
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		24,001,742
ENCUMBRANCES	[2]	5,546,021
Shopping Center [Member] | Webster Square North [Member]
INITIAL COST LAND		2,163,138
INITIAL COST BUILDING AND IMPROVEMENTS		6,511,424
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	23,348
LAND		2,163,138
BUILDING AND IMPROVEMENTS		6,534,772
The company's investment		8,697,910
ACCUMULATED DEPRECIATION		968,735
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,729,175
ENCUMBRANCES
Shopping Center [Member] | Forest Avenue Plaza [Member]
INITIAL COST LAND		4,558,592
INITIAL COST BUILDING AND IMPROVEMENTS		10,441,408
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	157,648
LAND		4,558,592
BUILDING AND IMPROVEMENTS		10,599,056
The company's investment		15,157,648
ACCUMULATED DEPRECIATION		4,071,200
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,086,448
ENCUMBRANCES
Shopping Center [Member] | Las Tiendas Plaza [Member]
INITIAL COST LAND		8,678,107
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	27,150,696
LAND		7,943,925
BUILDING AND IMPROVEMENTS		27,884,878
The company's investment		35,828,803
ACCUMULATED DEPRECIATION		6,647,340
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,181,463
ENCUMBRANCES
Shopping Center [Member] | Creekside Center [Member]
INITIAL COST LAND		3,870,823
INITIAL COST BUILDING AND IMPROVEMENTS		11,562,580
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(265,986)
LAND		5,154,061
BUILDING AND IMPROVEMENTS		10,013,356
The company's investment		15,167,417
ACCUMULATED DEPRECIATION		1,036,480
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,130,937
ENCUMBRANCES
Shopping Center [Member] | Oakwood Plaza North [Member]
INITIAL COST LAND		35,300,961
INITIAL COST BUILDING AND IMPROVEMENTS		141,731,019
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,078,739
LAND		35,300,961
BUILDING AND IMPROVEMENTS		142,809,758
The company's investment		178,110,719
ACCUMULATED DEPRECIATION		14,067,418
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		164,043,301
ENCUMBRANCES
Shopping Center [Member] | Memorial Plaza [Member]
INITIAL COST LAND		16,411,388
INITIAL COST BUILDING AND IMPROVEMENTS		27,553,908
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	958,835
LAND		16,411,388
BUILDING AND IMPROVEMENTS		28,512,743
The company's investment		44,924,131
ACCUMULATED DEPRECIATION		3,755,548
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		41,168,583
ENCUMBRANCES	[2]	15,293,404
Shopping Center [Member] | Rockingham Plaza [Member]
INITIAL COST LAND		2,660,915
INITIAL COST BUILDING AND IMPROVEMENTS		10,643,660
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	18,667,768
LAND		3,148,715
BUILDING AND IMPROVEMENTS		28,823,628
The company's investment		31,972,343
ACCUMULATED DEPRECIATION		12,660,297
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		19,312,046
ENCUMBRANCES
Shopping Center [Member] | Independence Plaza [Member]
INITIAL COST LAND		12,279,093
INITIAL COST BUILDING AND IMPROVEMENTS		34,813,852
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(2,276,549)
LAND		16,131,632
BUILDING AND IMPROVEMENTS		28,684,764
The company's investment		44,816,396
ACCUMULATED DEPRECIATION		6,530,467
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		38,285,929
ENCUMBRANCES
Shopping Center [Member] | Conroe Marketplace [Member]
INITIAL COST LAND		18,869,087
INITIAL COST BUILDING AND IMPROVEMENTS		50,756,554
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(3,206,438)
LAND		10,841,611
BUILDING AND IMPROVEMENTS		55,577,592
The company's investment		66,419,203
ACCUMULATED DEPRECIATION		7,625,213
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		58,793,990
ENCUMBRANCES
Shopping Center [Member] | La Mirada Theatre Center [Member]
INITIAL COST LAND		8,816,741
INITIAL COST BUILDING AND IMPROVEMENTS		35,259,965
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,882,905)
LAND		6,888,680
BUILDING AND IMPROVEMENTS		35,305,121
The company's investment		42,193,801
ACCUMULATED DEPRECIATION		17,165,704
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		25,028,097
ENCUMBRANCES
Shopping Center [Member] | Oakwood Plaza South [Member]
INITIAL COST LAND		11,126,609
INITIAL COST BUILDING AND IMPROVEMENTS		40,592,103
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(78,501)
LAND		11,126,609
BUILDING AND IMPROVEMENTS		40,513,602
The company's investment		51,640,211
ACCUMULATED DEPRECIATION		4,228,647
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		47,411,564
ENCUMBRANCES
Shopping Center [Member] | Main St. Plaza [Member]
INITIAL COST LAND		555,898
INITIAL COST BUILDING AND IMPROVEMENTS		2,139,494
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		555,898
BUILDING AND IMPROVEMENTS		2,139,494
The company's investment		2,695,392
ACCUMULATED DEPRECIATION		376,910
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,318,482
ENCUMBRANCES	[2]	1,271,526
Shopping Center [Member] | Shop Rite Plaza [Member]
INITIAL COST LAND		2,417,583
INITIAL COST BUILDING AND IMPROVEMENTS		6,364,094
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,593,987
LAND		2,417,583
BUILDING AND IMPROVEMENTS		7,958,081
The company's investment		10,375,664
ACCUMULATED DEPRECIATION		7,264,250
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,111,414
ENCUMBRANCES
Shopping Center [Member] | Key Food - Central Ave. [Member]
INITIAL COST LAND		2,787,600
INITIAL COST BUILDING AND IMPROVEMENTS		6,899,310
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(394,910)
LAND		2,603,321
BUILDING AND IMPROVEMENTS		6,688,679
The company's investment		9,292,000
ACCUMULATED DEPRECIATION		1,124,011
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		8,167,989
ENCUMBRANCES
Shopping Center [Member] | Montgomery Plaza [Member]
INITIAL COST LAND		10,739,067
INITIAL COST BUILDING AND IMPROVEMENTS		63,065,333
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(427,375)
LAND		10,738,796
BUILDING AND IMPROVEMENTS		62,638,229
The company's investment		73,377,025
ACCUMULATED DEPRECIATION		10,292,303
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		63,084,722
ENCUMBRANCES	[2]	27,364,178
Shopping Center [Member] | Kenneth Kahn Plaza [Member]
INITIAL COST LAND		4,114,863
INITIAL COST BUILDING AND IMPROVEMENTS		7,660,855
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,094,578
LAND		3,796,031
BUILDING AND IMPROVEMENTS		9,074,265
The company's investment		12,870,296
ACCUMULATED DEPRECIATION		3,290,311
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,579,985
ENCUMBRANCES
Shopping Center [Member] | Oakwood Business Ctr BDLG 1 [Member]
INITIAL COST LAND		6,792,500
INITIAL COST BUILDING AND IMPROVEMENTS		18,662,565
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,515,189
LAND		6,792,500
BUILDING AND IMPROVEMENTS		22,177,754
The company's investment		28,970,254
ACCUMULATED DEPRECIATION		6,661,972
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		22,308,282
ENCUMBRANCES
Shopping Center [Member] | Morrissey Plaza [Member]
INITIAL COST LAND		4,097,251
INITIAL COST BUILDING AND IMPROVEMENTS		3,751,068
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(890,144)
LAND		4,097,251
BUILDING AND IMPROVEMENTS		2,860,924
The company's investment		6,958,175
ACCUMULATED DEPRECIATION		269,139
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,689,036
ENCUMBRANCES	[2]	2,913,275
Shopping Center [Member] | Marlton Plaza [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		4,318,534
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	153,375
LAND
BUILDING AND IMPROVEMENTS		4,471,909
The company's investment		4,471,909
ACCUMULATED DEPRECIATION		2,492,551
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,979,358
ENCUMBRANCES
Shopping Center [Member] | White Plains S.C. [Member]
INITIAL COST LAND		1,777,775
INITIAL COST BUILDING AND IMPROVEMENTS		4,453,894
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,469,097
LAND		1,777,775
BUILDING AND IMPROVEMENTS		6,922,991
The company's investment		8,700,766
ACCUMULATED DEPRECIATION		2,559,882
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,140,884
ENCUMBRANCES
Shopping Center [Member] | Preston Lebanon Crossing [Member]
INITIAL COST LAND		13,552,180
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	28,399,531
LAND		12,163,694
BUILDING AND IMPROVEMENTS		29,788,017
The company's investment		41,951,711
ACCUMULATED DEPRECIATION		7,912,103
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		34,039,608
ENCUMBRANCES
Shopping Center [Member] | La Verne Town Center [Member]
INITIAL COST LAND		8,414,328
INITIAL COST BUILDING AND IMPROVEMENTS		23,856,418
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	11,727,683
LAND		16,362,169
BUILDING AND IMPROVEMENTS		27,636,260
The company's investment		43,998,429
ACCUMULATED DEPRECIATION		4,252,345
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		39,746,084
ENCUMBRANCES
Shopping Center [Member] | Kimco Avenues Walk, LLC [Member]
INITIAL COST LAND		26,984,546
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(16,224,546)
LAND		10,760,000
BUILDING AND IMPROVEMENTS
The company's investment		10,760,000
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,760,000
ENCUMBRANCES
Shopping Center [Member] | Glendale Square [Member]
INITIAL COST LAND		4,698,891
INITIAL COST BUILDING AND IMPROVEMENTS		7,141,090
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	276,270
LAND		4,698,891
BUILDING AND IMPROVEMENTS		7,417,360
The company's investment		12,116,251
ACCUMULATED DEPRECIATION		1,350,906
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,765,345
ENCUMBRANCES	[2]	5,295,416
Shopping Center [Member] | Hillview Shopping Center [Member]
INITIAL COST LAND		16,007,647
INITIAL COST BUILDING AND IMPROVEMENTS		32,607,423
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(617,102)
LAND		16,007,647
BUILDING AND IMPROVEMENTS		31,990,321
The company's investment		47,997,968
ACCUMULATED DEPRECIATION		4,938,386
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		43,059,582
ENCUMBRANCES
Shopping Center [Member] | Champion Food Supermarket [Member[
INITIAL COST LAND		757,500
INITIAL COST BUILDING AND IMPROVEMENTS		1,874,813
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(24,388)
LAND		2,241,118
BUILDING AND IMPROVEMENTS		366,807
The company's investment		2,607,925
ACCUMULATED DEPRECIATION		161,713
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,446,212
ENCUMBRANCES
Shopping Center [Member] | Lake Prairie Town Crossing [Member]
INITIAL COST LAND		7,897,491
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	28,749,984
LAND		6,783,464
BUILDING AND IMPROVEMENTS		29,864,011
The company's investment		36,647,475
ACCUMULATED DEPRECIATION		6,316,735
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,330,740
ENCUMBRANCES
Shopping Center [Member] | Lincoln Hills Town Center [Member]
INITIAL COST LAND		8,228,587
INITIAL COST BUILDING AND IMPROVEMENTS		26,127,322
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	145,447
LAND		8,228,587
BUILDING AND IMPROVEMENTS		26,272,769
The company's investment		34,501,356
ACCUMULATED DEPRECIATION		4,010,611
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,490,745
ENCUMBRANCES
Shopping Center [Member] | Avenues Walk [Member]
INITIAL COST LAND		8,169,933
INITIAL COST BUILDING AND IMPROVEMENTS		20,173,468
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(22,080,393)
LAND		1,724,923
BUILDING AND IMPROVEMENTS		4,538,085
The company's investment		6,263,008
ACCUMULATED DEPRECIATION		569,586
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,693,422
ENCUMBRANCES
Shopping Center [Member] | Falmouth Plaza [Member]
INITIAL COST LAND		2,361,071
INITIAL COST BUILDING AND IMPROVEMENTS		13,065,817
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,270,653
LAND		2,361,071
BUILDING AND IMPROVEMENTS		14,336,470
The company's investment		16,697,541
ACCUMULATED DEPRECIATION		2,141,488
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,556,053
ENCUMBRANCES	[2]	7,451,735
Shopping Center [Member] | Garden State Pavilions [Member]
INITIAL COST LAND		7,530,709
INITIAL COST BUILDING AND IMPROVEMENTS		10,801,949
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	20,263,576
LAND		12,203,841
BUILDING AND IMPROVEMENTS		26,392,393
The company's investment		38,596,234
ACCUMULATED DEPRECIATION		7,264,990
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		31,331,244
ENCUMBRANCES
Shopping Center [Member] | Shoprite S.C. [Member]
INITIAL COST LAND		871,977
INITIAL COST BUILDING AND IMPROVEMENTS		3,487,909
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		871,977
BUILDING AND IMPROVEMENTS		3,487,909
The company's investment		4,359,886
ACCUMULATED DEPRECIATION		2,329,607
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,030,279
ENCUMBRANCES
Shopping Center [Member] | Center at Baybrook [Member]
INITIAL COST LAND		6,941,017
INITIAL COST BUILDING AND IMPROVEMENTS		27,727,491
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	12,232,730
LAND		6,928,120
BUILDING AND IMPROVEMENTS		39,973,118
The company's investment		46,901,238
ACCUMULATED DEPRECIATION		17,822,217
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,079,021
ENCUMBRANCES
Shopping Center [Member] | Novato Fair S.C. [Member]
INITIAL COST LAND		9,259,778
INITIAL COST BUILDING AND IMPROVEMENTS		15,599,790
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	937,963
LAND		9,259,778
BUILDING AND IMPROVEMENTS		16,537,753
The company's investment		25,797,531
ACCUMULATED DEPRECIATION		6,407,051
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		19,390,480
ENCUMBRANCES
Shopping Center [Member] | Riverplace Shopping Ctr. [Member]
INITIAL COST LAND		7,503,282
INITIAL COST BUILDING AND IMPROVEMENTS		31,011,027
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,529,107
LAND		7,200,050
BUILDING AND IMPROVEMENTS		32,843,366
The company's investment		40,043,416
ACCUMULATED DEPRECIATION		10,051,460
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,991,956
ENCUMBRANCES
Shopping Center [Member] | Waverly Plaza [Member]
INITIAL COST LAND		1,215,005
INITIAL COST BUILDING AND IMPROVEMENTS		3,622,911
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	281,295
LAND		1,203,205
BUILDING AND IMPROVEMENTS		3,916,006
The company's investment		5,119,211
ACCUMULATED DEPRECIATION		754,489
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,364,722
ENCUMBRANCES	[2]	2,143,170
Shopping Center [Member] | Clark Shoprite 70 Central Ave [Member]
INITIAL COST LAND		3,496,673
INITIAL COST BUILDING AND IMPROVEMENTS		11,693,769
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	994,829
LAND		13,959,593
BUILDING AND IMPROVEMENTS		2,225,678
The company's investment		16,185,271
ACCUMULATED DEPRECIATION		841,415
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		15,343,856
ENCUMBRANCES
Shopping Center [Member] | Romaine Plaza [Member]
INITIAL COST LAND		782,459
INITIAL COST BUILDING AND IMPROVEMENTS		1,825,737
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	588,133
LAND		782,459
BUILDING AND IMPROVEMENTS		2,413,870
The company's investment		3,196,329
ACCUMULATED DEPRECIATION		785,714
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,410,615
ENCUMBRANCES
Shopping Center [Member] | Cypress Towne Center [Member]
INITIAL COST LAND		6,033,932
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,692,407
LAND		2,251,666
BUILDING AND IMPROVEMENTS		5,474,673
The company's investment		7,726,339
ACCUMULATED DEPRECIATION		1,229,147
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,497,192
ENCUMBRANCES
Shopping Center [Member] | South Napa Market Place [Member]
INITIAL COST LAND		1,100,000
INITIAL COST BUILDING AND IMPROVEMENTS		22,159,086
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	20,632,519
LAND		23,119,071
BUILDING AND IMPROVEMENTS		20,772,534
The company's investment		43,891,605
ACCUMULATED DEPRECIATION		11,818,601
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		32,073,004
ENCUMBRANCES
Shopping Center [Member] | Merchants Walk [Member]
INITIAL COST LAND		2,580,816
INITIAL COST BUILDING AND IMPROVEMENTS		10,366,090
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	6,961,870
LAND		2,580,816
BUILDING AND IMPROVEMENTS		17,327,960
The company's investment		19,908,776
ACCUMULATED DEPRECIATION		9,032,151
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,876,625
ENCUMBRANCES
Shopping Center [Member] | Festival of Hyannis S.C. [Member]
INITIAL COST LAND		15,038,197
INITIAL COST BUILDING AND IMPROVEMENTS		40,682,853
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,118,867
LAND		15,038,197
BUILDING AND IMPROVEMENTS		41,801,720
The company's investment		56,839,917
ACCUMULATED DEPRECIATION		7,971,776
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		48,868,141
ENCUMBRANCES
Shopping Center [Member] | Commerce Center West [Member]
INITIAL COST LAND		385,760
INITIAL COST BUILDING AND IMPROVEMENTS		1,290,080
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	160,534
LAND		793,595
BUILDING AND IMPROVEMENTS		1,042,779
The company's investment		1,836,374
ACCUMULATED DEPRECIATION		254,498
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,581,876
ENCUMBRANCES
Shopping Center [Member] | Oregon Trail Center [Member]
INITIAL COST LAND		5,802,422
INITIAL COST BUILDING AND IMPROVEMENTS		12,622,879
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	327,401
LAND		5,802,422
BUILDING AND IMPROVEMENTS		12,950,280
The company's investment		18,752,702
ACCUMULATED DEPRECIATION		4,947,651
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		13,805,051
ENCUMBRANCES
Shopping Center [Member] | Cypress Towne Center 2 [Member]
INITIAL COST LAND		12,329,195
INITIAL COST BUILDING AND IMPROVEMENTS		36,836,381
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,284,624
LAND		8,644,145
BUILDING AND IMPROVEMENTS		41,806,055
The company's investment		50,450,200
ACCUMULATED DEPRECIATION		3,847,926
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		46,602,274
ENCUMBRANCES
Shopping Center [Member] | Plaza Di Northridge [Member]
INITIAL COST LAND		12,900,000
INITIAL COST BUILDING AND IMPROVEMENTS		40,574,842
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	945,914
LAND		12,900,000
BUILDING AND IMPROVEMENTS		41,520,756
The company's investment		54,420,756
ACCUMULATED DEPRECIATION		14,391,127
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		40,029,629
ENCUMBRANCES
Shopping Center [Member] | Center at Missouri Avenue [Member]
INITIAL COST LAND		293,686
INITIAL COST BUILDING AND IMPROVEMENTS		792,119
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	7,076,359
LAND		293,686
BUILDING AND IMPROVEMENTS		7,868,478
The company's investment		8,162,164
ACCUMULATED DEPRECIATION		1,849,332
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,312,832
ENCUMBRANCES
Shopping Center [Member] | Fellsway Plaza [Member]
INITIAL COST LAND		5,300,388
INITIAL COST BUILDING AND IMPROVEMENTS		11,013,543
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(99,939)
LAND		5,300,388
BUILDING AND IMPROVEMENTS		10,913,604
The company's investment		16,213,992
ACCUMULATED DEPRECIATION		1,429,820
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,784,172
ENCUMBRANCES		6,322,144
Shopping Center [Member] | Commerce Center East [Member]
INITIAL COST LAND		1,518,930
INITIAL COST BUILDING AND IMPROVEMENTS		5,079,690
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,753,865
LAND		7,235,196
BUILDING AND IMPROVEMENTS		1,117,289
The company's investment		8,352,485
ACCUMULATED DEPRECIATION		441,223
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,911,262
ENCUMBRANCES
Shopping Center [Member] | Powell Valley Junction [Member]
INITIAL COST LAND		5,062,500
INITIAL COST BUILDING AND IMPROVEMENTS		3,152,982
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(2,459,449)
LAND		2,035,125
BUILDING AND IMPROVEMENTS		3,720,908
The company's investment		5,756,033
ACCUMULATED DEPRECIATION		1,594,974
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,161,059
ENCUMBRANCES
Shopping Center [Member] | Cypress Towne Center Phase II 2 [Member]
INITIAL COST LAND		2,061,477
INITIAL COST BUILDING AND IMPROVEMENTS		6,157,862
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,361,233)
LAND		270,374
BUILDING AND IMPROVEMENTS		6,587,732
The company's investment		6,858,106
ACCUMULATED DEPRECIATION		754,993
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,103,113
ENCUMBRANCES
Shopping Center [Member] | Linda Mar Shipping Center [Member]
INITIAL COST LAND		16,548,592
INITIAL COST BUILDING AND IMPROVEMENTS		37,521,194
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,715,559
LAND		16,548,592
BUILDING AND IMPROVEMENTS		40,236,753
The company's investment		56,785,345
ACCUMULATED DEPRECIATION		7,787,456
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		48,997,889
ENCUMBRANCES
Shopping Center [Member] | Tri-City Plaza [Member]
INITIAL COST LAND		2,832,296
INITIAL COST BUILDING AND IMPROVEMENTS		11,329,185
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	20,905,810
LAND		2,832,296
BUILDING AND IMPROVEMENTS		32,234,995
The company's investment		35,067,291
ACCUMULATED DEPRECIATION		4,528,142
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,539,149
ENCUMBRANCES
Shopping Center [Member] | Del Alba Plaza [Member]
INITIAL COST LAND		3,163,033
INITIAL COST BUILDING AND IMPROVEMENTS		8,967,874
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	19,995
LAND		3,163,033
BUILDING AND IMPROVEMENTS		8,987,869
The company's investment		12,150,902
ACCUMULATED DEPRECIATION		1,151,070
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,999,832
ENCUMBRANCES	[2]	7,305,045
Shopping Center [Member] | Central Plaza [Member]
INITIAL COST LAND		3,170,465
INITIAL COST BUILDING AND IMPROVEMENTS		10,602,845
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	32,536
LAND		5,145,167
BUILDING AND IMPROVEMENTS		8,660,679
The company's investment		13,805,846
ACCUMULATED DEPRECIATION		2,289,780
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,516,066
ENCUMBRANCES
Shopping Center [Member] | Jantzen Beach Center [Member]
INITIAL COST LAND		57,575,244
INITIAL COST BUILDING AND IMPROVEMENTS		102,844,429
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(696,182)
LAND		57,588,287
BUILDING AND IMPROVEMENTS		102,135,204
The company's investment		159,723,491
ACCUMULATED DEPRECIATION		6,798,963
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		152,924,528
ENCUMBRANCES
Shopping Center [Member] | The Centre at Copperfield [Member]
INITIAL COST LAND		6,723,267
INITIAL COST BUILDING AND IMPROVEMENTS		22,524,551
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	535,094
LAND		6,723,357
BUILDING AND IMPROVEMENTS		23,059,555
The company's investment		29,782,912
ACCUMULATED DEPRECIATION		3,590,931
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,191,981
ENCUMBRANCES
Shopping Center [Member] | Poway City Centre [Member]
INITIAL COST LAND		5,854,585
INITIAL COST BUILDING AND IMPROVEMENTS		13,792,470
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	8,926,444
LAND		7,247,814
BUILDING AND IMPROVEMENTS		21,325,685
The company's investment		28,573,499
ACCUMULATED DEPRECIATION		8,900,702
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		19,672,797
ENCUMBRANCES
Shopping Center [Member] | Ft. Lauderdale #1, FL [Member]
INITIAL COST LAND		1,002,733
INITIAL COST BUILDING AND IMPROVEMENTS		2,602,415
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	13,112,633
LAND		1,774,443
BUILDING AND IMPROVEMENTS		14,943,338
The company's investment		16,717,781
ACCUMULATED DEPRECIATION		10,251,260
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,466,521
ENCUMBRANCES
Shopping Center [Member] | North Quincy Plaza [Member]
INITIAL COST LAND		6,332,542
INITIAL COST BUILDING AND IMPROVEMENTS		17,954,110
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(991,929)
LAND		3,894,436
BUILDING AND IMPROVEMENTS		19,400,287
The company's investment		23,294,723
ACCUMULATED DEPRECIATION		2,627,485
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,667,238
ENCUMBRANCES
Shopping Center [Member] | East Windsor Village [Member]
INITIAL COST LAND		9,335,011
INITIAL COST BUILDING AND IMPROVEMENTS		23,777,978
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	216,781
LAND		9,335,011
BUILDING AND IMPROVEMENTS		23,994,759
The company's investment		33,329,770
ACCUMULATED DEPRECIATION		6,834,515
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,495,255
ENCUMBRANCES
Shopping Center [Member] | Suburban Square [Member]
INITIAL COST LAND		70,679,871
INITIAL COST BUILDING AND IMPROVEMENTS		166,351,381
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	54,820,988
LAND		71,279,871
BUILDING AND IMPROVEMENTS		220,572,369
The company's investment		291,852,240
ACCUMULATED DEPRECIATION		52,131,369
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		239,720,871
ENCUMBRANCES
Shopping Center [Member] | Copperwood Village [Member]
INITIAL COST LAND		13,848,109
INITIAL COST BUILDING AND IMPROVEMENTS		84,183,731
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,787,815
LAND		13,848,109
BUILDING AND IMPROVEMENTS		85,971,546
The company's investment		99,819,655
ACCUMULATED DEPRECIATION		13,710,949
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		86,108,706
ENCUMBRANCES
Shopping Center [Member] | Redwood City Plaza [Member]
INITIAL COST LAND		2,552,000
INITIAL COST BUILDING AND IMPROVEMENTS		6,215,168
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,942,129
LAND		2,552,000
BUILDING AND IMPROVEMENTS		12,157,297
The company's investment		14,709,297
ACCUMULATED DEPRECIATION		1,843,845
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,865,452
ENCUMBRANCES
Shopping Center [Member] | NASA Plaza [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		1,754,000
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,338,821
LAND
BUILDING AND IMPROVEMENTS		5,092,821
The company's investment		5,092,821
ACCUMULATED DEPRECIATION		4,017,435
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,075,386
ENCUMBRANCES
Shopping Center [Member] | Adams Plaza [Member]
INITIAL COST LAND		2,089,363
INITIAL COST BUILDING AND IMPROVEMENTS		3,226,648
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	8,857
LAND		2,089,363
BUILDING AND IMPROVEMENTS		3,235,505
The company's investment		5,324,868
ACCUMULATED DEPRECIATION		513,604
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,811,264
ENCUMBRANCES	[2]	1,754,230
Shopping Center [Member] | Holmdel Towne Center [Member]
INITIAL COST LAND		10,824,624
INITIAL COST BUILDING AND IMPROVEMENTS		43,301,494
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	10,420,854
LAND		10,824,624
BUILDING AND IMPROVEMENTS		53,722,348
The company's investment		64,546,972
ACCUMULATED DEPRECIATION		21,686,796
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		42,860,176
ENCUMBRANCES
Shopping Center [Member] | Carnegie Plaza [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		3,298,908
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	17,747
LAND
BUILDING AND IMPROVEMENTS		3,316,655
The company's investment		3,316,655
ACCUMULATED DEPRECIATION		3,316,655
TOTAL COST, NET OF ACCUMULATED DEPRECIATION
ENCUMBRANCES
Shopping Center [Member] | Atascocita Commons Shop CTR [Member]
INITIAL COST LAND		16,322,636
INITIAL COST BUILDING AND IMPROVEMENTS		54,587,066
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	334,921
LAND		16,099,004
BUILDING AND IMPROVEMENTS		55,145,619
The company's investment		71,244,623
ACCUMULATED DEPRECIATION		9,476,125
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		61,768,498
ENCUMBRANCES	[2]	27,993,991
Shopping Center [Member] | Stanford Ranch [Member]
INITIAL COST LAND		10,583,764
INITIAL COST BUILDING AND IMPROVEMENTS		30,007,231
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,875,764
LAND		9,982,626
BUILDING AND IMPROVEMENTS		33,484,133
The company's investment		43,466,759
ACCUMULATED DEPRECIATION		4,389,919
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		39,076,840
ENCUMBRANCES	[2]	13,614,631
Shopping Center [Member] | Grove Gates S.C. [Member]
INITIAL COST LAND		365,893
INITIAL COST BUILDING AND IMPROVEMENTS		1,049,172
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	792,700
LAND		365,893
BUILDING AND IMPROVEMENTS		1,841,872
The company's investment		2,207,765
ACCUMULATED DEPRECIATION		1,590,221
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		617,544
ENCUMBRANCES
Shopping Center [Member] | Broadway Plaza 2 [Member]
INITIAL COST LAND		6,485,065
INITIAL COST BUILDING AND IMPROVEMENTS		343,422
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		6,485,065
BUILDING AND IMPROVEMENTS		343,422
The company's investment		6,828,487
ACCUMULATED DEPRECIATION		117,986
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,710,501
ENCUMBRANCES	[2]	2,692,126
Shopping Center [Member] | Commons at Holmdel [Member]
INITIAL COST LAND		16,537,556
INITIAL COST BUILDING AND IMPROVEMENTS		38,759,952
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,102,243
LAND		16,537,556
BUILDING AND IMPROVEMENTS		42,862,195
The company's investment		59,399,751
ACCUMULATED DEPRECIATION		17,731,112
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		41,668,639
ENCUMBRANCES
Shopping Center [Member] | Center Square Shopping Center [Member]
INITIAL COST LAND		731,888
INITIAL COST BUILDING AND IMPROVEMENTS		2,927,551
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,196,209
LAND		691,297
BUILDING AND IMPROVEMENTS		4,164,351
The company's investment		4,855,648
ACCUMULATED DEPRECIATION		2,818,569
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,037,079
ENCUMBRANCES
Shopping Center [Member] | Tomball Crossings [Member]
INITIAL COST LAND		8,517,427
INITIAL COST BUILDING AND IMPROVEMENTS		28,484,450
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	668,500
LAND		7,964,894
BUILDING AND IMPROVEMENTS		29,705,483
The company's investment		37,670,377
ACCUMULATED DEPRECIATION		5,016,941
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		32,653,436
ENCUMBRANCES
Shopping Center [Member] | Crocker Ranch [Member]
INITIAL COST LAND		7,526,146
INITIAL COST BUILDING AND IMPROVEMENTS		24,877,611
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	104,542
LAND		7,526,146
BUILDING AND IMPROVEMENTS		24,982,153
The company's investment		32,508,299
ACCUMULATED DEPRECIATION		3,172,079
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,336,220
ENCUMBRANCES	[2]	9,622,160
Shopping Center [Member] | Chevron Outparcel [Member]
INITIAL COST LAND		530,570
INITIAL COST BUILDING AND IMPROVEMENTS		1,253,410
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		530,570
BUILDING AND IMPROVEMENTS		1,253,410
The company's investment		1,783,980
ACCUMULATED DEPRECIATION		378,236
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,405,744
ENCUMBRANCES
Shopping Center [Member] | Vinnin Square Plaza [Member]
INITIAL COST LAND		5,545,425
INITIAL COST BUILDING AND IMPROVEMENTS		16,324,060
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(28,816)
LAND		5,545,425
BUILDING AND IMPROVEMENTS		16,295,244
The company's investment		21,840,669
ACCUMULATED DEPRECIATION		3,386,960
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		18,453,709
ENCUMBRANCES	[2]	8,482,824
Shopping Center [Member] | Plaza at Hillsdale [Member]
INITIAL COST LAND		7,601,596
INITIAL COST BUILDING AND IMPROVEMENTS		6,994,196
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,507,019
LAND		7,601,596
BUILDING AND IMPROVEMENTS		8,501,215
The company's investment		16,102,811
ACCUMULATED DEPRECIATION		1,405,423
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,697,388
ENCUMBRANCES	[2]	5,646,076
Shopping Center [Member] | Wayne Plaza [Member]
INITIAL COST LAND		6,127,623
INITIAL COST BUILDING AND IMPROVEMENTS		15,605,012
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	657,984
LAND		6,135,670
BUILDING AND IMPROVEMENTS		16,254,949
The company's investment		22,390,619
ACCUMULATED DEPRECIATION		4,936,901
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		17,453,718
ENCUMBRANCES
Shopping Center [Member] | Copperfield Village Shop CTR [Member]
INITIAL COST LAND		7,827,639
INITIAL COST BUILDING AND IMPROVEMENTS		34,864,441
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	500,342
LAND		7,827,639
BUILDING AND IMPROVEMENTS		35,364,783
The company's investment		43,192,422
ACCUMULATED DEPRECIATION		5,243,651
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		37,948,771
ENCUMBRANCES
Shopping Center [Member] | Home Depot Center [Member]
INITIAL COST LAND		4,592,364
INITIAL COST BUILDING AND IMPROVEMENTS		18,345,257
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		4,592,364
BUILDING AND IMPROVEMENTS		18,345,257
The company's investment		22,937,621
ACCUMULATED DEPRECIATION		9,838,272
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		13,099,349
ENCUMBRANCES
Shopping Center [Member] | Ives Dairy Crossing [Member]
INITIAL COST LAND		732,914
INITIAL COST BUILDING AND IMPROVEMENTS		4,080,460
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	11,428,885
LAND		720,852
BUILDING AND IMPROVEMENTS		15,521,407
The company's investment		16,242,259
ACCUMULATED DEPRECIATION		9,758,177
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,484,082
ENCUMBRANCES
Shopping Center [Member] | Paradise Plaza [Member]
INITIAL COST LAND		4,183,038
INITIAL COST BUILDING AND IMPROVEMENTS		12,194,885
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,558,032
LAND		4,183,038
BUILDING AND IMPROVEMENTS		13,752,917
The company's investment		17,935,955
ACCUMULATED DEPRECIATION		2,579,883
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		15,356,072
ENCUMBRANCES	[2]	8,197,970
Shopping Center [Member] | Maple Shade [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		9,957,611
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(766,074)
LAND
BUILDING AND IMPROVEMENTS		9,191,537
The company's investment		9,191,537
ACCUMULATED DEPRECIATION		1,253,309
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,938,228
ENCUMBRANCES
Shopping Center [Member] | Devon Village [Member]
INITIAL COST LAND		4,856,379
INITIAL COST BUILDING AND IMPROVEMENTS		25,846,910
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,176,408
LAND		4,856,379
BUILDING AND IMPROVEMENTS		30,023,318
The company's investment		34,879,697
ACCUMULATED DEPRECIATION		7,359,210
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		27,520,487
ENCUMBRANCES
Shopping Center [Member] | Kroger Plaza [Member]
INITIAL COST LAND		520,340
INITIAL COST BUILDING AND IMPROVEMENTS		2,081,356
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,509,185
LAND		520,340
BUILDING AND IMPROVEMENTS		3,590,541
The company's investment		4,110,881
ACCUMULATED DEPRECIATION		2,012,011
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,098,870
ENCUMBRANCES
Shopping Center [Member] | Santee Trolley Square [Member]
INITIAL COST LAND		40,208,683
INITIAL COST BUILDING AND IMPROVEMENTS		62,963,757
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,418
LAND		40,208,683
BUILDING AND IMPROVEMENTS		62,967,175
The company's investment		103,175,858
ACCUMULATED DEPRECIATION		16,499,567
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		86,676,291
ENCUMBRANCES
Shopping Center [Member] | Miller Road S.C. [Member]
INITIAL COST LAND		1,138,082
INITIAL COST BUILDING AND IMPROVEMENTS		4,552,327
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,653,437
LAND		1,138,082
BUILDING AND IMPROVEMENTS		9,205,764
The company's investment		10,343,846
ACCUMULATED DEPRECIATION		6,004,334
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,339,512
ENCUMBRANCES
Shopping Center [Member] | Belmont Plaza [Member]
INITIAL COST LAND		11,104,983
INITIAL COST BUILDING AND IMPROVEMENTS		848,844
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		11,104,983
BUILDING AND IMPROVEMENTS		848,844
The company's investment		11,953,827
ACCUMULATED DEPRECIATION		196,427
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,757,400
ENCUMBRANCES	[2]	4,843,479
Shopping Center [Member] | Plaza at Short Hills [Member]
INITIAL COST LAND		20,155,471
INITIAL COST BUILDING AND IMPROVEMENTS		11,061,984
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	703,566
LAND		20,155,471
BUILDING AND IMPROVEMENTS		11,765,550
The company's investment		31,921,021
ACCUMULATED DEPRECIATION		2,361,189
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,559,832
ENCUMBRANCES	[2]	8,989,640
Shopping Center [Member] | Pocono Plaza [Member]
INITIAL COST LAND		1,050,000
INITIAL COST BUILDING AND IMPROVEMENTS		2,372,628
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,001,241
LAND		1,050,000
BUILDING AND IMPROVEMENTS		3,373,869
The company's investment		4,423,869
ACCUMULATED DEPRECIATION		3,266,395
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,157,474
ENCUMBRANCES
Shopping Center [Member] | Accent Plaza [Member]
INITIAL COST LAND		500,414
INITIAL COST BUILDING AND IMPROVEMENTS		2,830,835
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		500,414
BUILDING AND IMPROVEMENTS		2,830,835
The company's investment		3,331,249
ACCUMULATED DEPRECIATION		1,609,778
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,721,471
ENCUMBRANCES
Shopping Center [Member] | San Diego Carmel Mountain [Member]
INITIAL COST LAND		5,322,600
INITIAL COST BUILDING AND IMPROVEMENTS		8,873,991
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	140,982
LAND		5,322,600
BUILDING AND IMPROVEMENTS		9,014,973
The company's investment		14,337,573
ACCUMULATED DEPRECIATION		2,492,439
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,845,134
ENCUMBRANCES
Shopping Center [Member] | Kendale Lakes Plaza [Member]
INITIAL COST LAND		18,491,461
INITIAL COST BUILDING AND IMPROVEMENTS		28,496,001
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,799,109)
LAND		15,362,227
BUILDING AND IMPROVEMENTS		29,826,126
The company's investment		45,188,353
ACCUMULATED DEPRECIATION		7,887,133
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		37,301,220
ENCUMBRANCES
Shopping Center [Member] | Vinnin Square In-line [Member]
INITIAL COST LAND		582,228
INITIAL COST BUILDING AND IMPROVEMENTS		2,094,560
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(38,716)
LAND		582,228
BUILDING AND IMPROVEMENTS		2,055,844
The company's investment		2,638,072
ACCUMULATED DEPRECIATION		279,681
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,358,391
ENCUMBRANCES
Shopping Center [Member] | North Brunswick Plaza [Member]
INITIAL COST LAND		3,204,978
INITIAL COST BUILDING AND IMPROVEMENTS		12,819,912
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	26,577,782
LAND		3,204,978
BUILDING AND IMPROVEMENTS		39,397,694
The company's investment		42,602,672
ACCUMULATED DEPRECIATION		20,263,413
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		22,339,259
ENCUMBRANCES
Shopping Center [Member] | Ridge Pike Plaza [Member]
INITIAL COST LAND		1,525,337
INITIAL COST BUILDING AND IMPROVEMENTS		4,251,732
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(3,445,413)
LAND		325,972
BUILDING AND IMPROVEMENTS		2,005,684
The company's investment		2,331,656
ACCUMULATED DEPRECIATION		1,067,589
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,264,067
ENCUMBRANCES
Shopping Center [Member] | Woodbridge Shopping Center [Member]
INITIAL COST LAND		2,568,705
INITIAL COST BUILDING AND IMPROVEMENTS		6,813,716
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	107,746
LAND		2,568,705
BUILDING AND IMPROVEMENTS		6,921,462
The company's investment		9,490,167
ACCUMULATED DEPRECIATION		1,614,612
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,875,555
ENCUMBRANCES
Shopping Center [Member] | Fulton Market Place [Member]
INITIAL COST LAND		2,966,018
INITIAL COST BUILDING AND IMPROVEMENTS		6,920,710
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	16,395,020
LAND		6,519,424
BUILDING AND IMPROVEMENTS		19,762,324
The company's investment		26,281,748
ACCUMULATED DEPRECIATION		3,804,997
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		22,476,751
ENCUMBRANCES
Shopping Center [Member] | Miller West Plaza [Member]
INITIAL COST LAND		6,725,660
INITIAL COST BUILDING AND IMPROVEMENTS		10,661,419
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	262,552
LAND		6,725,660
BUILDING AND IMPROVEMENTS		10,923,971
The company's investment		17,649,631
ACCUMULATED DEPRECIATION		1,550,602
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		16,099,029
ENCUMBRANCES
Shopping Center [Member] | Linden Plaza [Member]
INITIAL COST LAND		4,628,215
INITIAL COST BUILDING AND IMPROVEMENTS		3,535,431
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	473,357
LAND		4,628,215
BUILDING AND IMPROVEMENTS		4,008,788
The company's investment		8,637,003
ACCUMULATED DEPRECIATION		964,470
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,672,533
ENCUMBRANCES	[2]	3,307,417
Shopping Center [Member] | Piscataway Town Center [Member]
INITIAL COST LAND		3,851,839
INITIAL COST BUILDING AND IMPROVEMENTS		15,410,851
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,402,250
LAND		3,851,839
BUILDING AND IMPROVEMENTS		16,813,101
The company's investment		20,664,940
ACCUMULATED DEPRECIATION		8,935,421
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,729,519
ENCUMBRANCES
Shopping Center [Member] | Whiteland - Hobby Lobby [Member]
INITIAL COST LAND		176,666
INITIAL COST BUILDING AND IMPROVEMENTS		4,895,360
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,447,703
LAND		176,666
BUILDING AND IMPROVEMENTS		6,343,063
The company's investment		6,519,729
ACCUMULATED DEPRECIATION		2,735,654
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,784,075
ENCUMBRANCES
Shopping Center [Member] | Grand Parkway Marketplace [Member]
INITIAL COST LAND		25,363,548
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	65,637,884
LAND		21,937,009
BUILDING AND IMPROVEMENTS		69,064,423
The company's investment		91,001,432
ACCUMULATED DEPRECIATION		1,888,163
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		89,113,269
ENCUMBRANCES
Shopping Center [Member] | Black Mountain Village [Member]
INITIAL COST LAND		4,678,015
INITIAL COST BUILDING AND IMPROVEMENTS		11,913,344
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	825,438
LAND		4,678,015
BUILDING AND IMPROVEMENTS		12,738,782
The company's investment		17,416,797
ACCUMULATED DEPRECIATION		4,763,408
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,653,389
ENCUMBRANCES
Shopping Center [Member] | Corsica Square S.C. [Member]
INITIAL COST LAND		7,225,100
INITIAL COST BUILDING AND IMPROVEMENTS		10,757,386
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	229,242
LAND		7,225,100
BUILDING AND IMPROVEMENTS		10,986,628
The company's investment		18,211,728
ACCUMULATED DEPRECIATION		1,589,821
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		16,621,907
ENCUMBRANCES
Shopping Center [Member] | North Ave. Plaza [Member]
INITIAL COST LAND		1,163,875
INITIAL COST BUILDING AND IMPROVEMENTS		1,194,673
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	23,933
LAND		1,163,875
BUILDING AND IMPROVEMENTS		1,218,606
The company's investment		2,382,481
ACCUMULATED DEPRECIATION		262,045
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,120,436
ENCUMBRANCES	[2]	841,582
Shopping Center [Member] | Ridgewood S.C. [Member]
INITIAL COST LAND		450,000
INITIAL COST BUILDING AND IMPROVEMENTS		2,106,566
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,241,414
LAND		450,000
BUILDING AND IMPROVEMENTS		3,347,980
The company's investment		3,797,980
ACCUMULATED DEPRECIATION		1,826,481
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,971,499
ENCUMBRANCES
Shopping Center [Member] | Whiteland Town Center [Member]
INITIAL COST LAND		731,888
INITIAL COST BUILDING AND IMPROVEMENTS		2,927,551
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	59,067
LAND		731,888
BUILDING AND IMPROVEMENTS		2,986,618
The company's investment		3,718,506
ACCUMULATED DEPRECIATION		1,688,275
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,030,231
ENCUMBRANCES
Shopping Center [Member] | Grand Parkway Marketplace II [Member]
INITIAL COST LAND		13,436,447
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	37,823,988
LAND		13,218,908
BUILDING AND IMPROVEMENTS		38,041,527
The company's investment		51,260,435
ACCUMULATED DEPRECIATION		227,580
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		51,032,855
ENCUMBRANCES
Shopping Center [Member] | Rancho Penasquitos Towne Ctr I [Member]
INITIAL COST LAND		14,851,595
INITIAL COST BUILDING AND IMPROVEMENTS		20,342,165
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	310,166
LAND		14,851,595
BUILDING AND IMPROVEMENTS		20,652,331
The company's investment		35,503,926
ACCUMULATED DEPRECIATION		2,868,669
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		32,635,257
ENCUMBRANCES	[2]	13,370,985
Shopping Center [Member] | Flagler Park [Member]
INITIAL COST LAND		26,162,980
INITIAL COST BUILDING AND IMPROVEMENTS		80,737,041
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,548,949
LAND		26,725,480
BUILDING AND IMPROVEMENTS		84,723,490
The company's investment		111,448,970
ACCUMULATED DEPRECIATION		24,399,812
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		87,049,158
ENCUMBRANCES
Shopping Center [Member] | Washington St. S.C. [Member]
INITIAL COST LAND		7,380,918
INITIAL COST BUILDING AND IMPROVEMENTS		9,987,119
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,965,851
LAND		7,380,918
BUILDING AND IMPROVEMENTS		11,952,970
The company's investment		19,333,888
ACCUMULATED DEPRECIATION		1,618,598
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		17,715,290
ENCUMBRANCES	[2]	5,813,070
Shopping Center [Member] | Union Crescent III - Best Buy [Member]
INITIAL COST LAND		7,895,483
INITIAL COST BUILDING AND IMPROVEMENTS		3,010,640
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	28,965,399
LAND		8,696,579
BUILDING AND IMPROVEMENTS		31,174,943
The company's investment		39,871,522
ACCUMULATED DEPRECIATION		16,041,646
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		23,829,876
ENCUMBRANCES
Shopping Center [Member] | Harrisburg East Shopping Ctr. [Member
INITIAL COST LAND		452,888
INITIAL COST BUILDING AND IMPROVEMENTS		6,665,238
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	10,823,352
LAND		3,002,888
BUILDING AND IMPROVEMENTS		14,938,590
The company's investment		17,941,478
ACCUMULATED DEPRECIATION		7,505,883
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,435,595
ENCUMBRANCES
Shopping Center [Member] | Burke Town Plaza [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		43,240,068
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	148,028
LAND
BUILDING AND IMPROVEMENTS		43,388,096
The company's investment		43,388,096
ACCUMULATED DEPRECIATION		7,389,107
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		35,998,989
ENCUMBRANCES
Shopping Center [Member] | Rancho Penasquitos Towne Ctr II [Member]
INITIAL COST LAND		12,944,972
INITIAL COST BUILDING AND IMPROVEMENTS		20,323,961
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	610,406
LAND		12,944,972
BUILDING AND IMPROVEMENTS		20,934,367
The company's investment		33,879,339
ACCUMULATED DEPRECIATION		2,908,894
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,970,445
ENCUMBRANCES	[2]	10,260,486
Shopping Center [Member] | Parkhill Plaza [Member]
INITIAL COST LAND		10,763,612
INITIAL COST BUILDING AND IMPROVEMENTS		19,264,248
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	391,254
LAND		10,763,612
BUILDING AND IMPROVEMENTS		19,655,502
The company's investment		30,419,114
ACCUMULATED DEPRECIATION		4,659,508
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		25,759,606
ENCUMBRANCES
Shopping Center [Member] | Mill St. Plaza [Member]
INITIAL COST LAND		4,195,024
INITIAL COST BUILDING AND IMPROVEMENTS		6,203,410
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	449,771
LAND		4,195,024
BUILDING AND IMPROVEMENTS		6,653,181
The company's investment		10,848,205
ACCUMULATED DEPRECIATION		1,134,835
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,713,370
ENCUMBRANCES	[2]	3,801,095
Shopping Center [Member] | Westmont Plaza [Member]
INITIAL COST LAND		601,655
INITIAL COST BUILDING AND IMPROVEMENTS		2,404,604
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	13,726,802
LAND		601,655
BUILDING AND IMPROVEMENTS		16,131,406
The company's investment		16,733,061
ACCUMULATED DEPRECIATION		6,994,243
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,738,818
ENCUMBRANCES
Shopping Center [Member] | Township Line S.C. [Member]
INITIAL COST LAND		731,888
INITIAL COST BUILDING AND IMPROVEMENTS		2,927,551
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		731,888
BUILDING AND IMPROVEMENTS		2,927,551
The company's investment		3,659,439
ACCUMULATED DEPRECIATION		1,676,461
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,982,978
ENCUMBRANCES
Shopping Center [Member] | Old Town Plaza [Member]
INITIAL COST LAND		4,500,000
INITIAL COST BUILDING AND IMPROVEMENTS		41,569,735
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(15,361,974)
LAND		3,052,800
BUILDING AND IMPROVEMENTS		27,654,961
The company's investment		30,707,761
ACCUMULATED DEPRECIATION		6,141,281
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		24,566,480
ENCUMBRANCES
Shopping Center [Member] | City Heights [Member]
INITIAL COST LAND		10,687,472
INITIAL COST BUILDING AND IMPROVEMENTS		28,324,896
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(668,399)
LAND		13,908,563
BUILDING AND IMPROVEMENTS		24,435,406
The company's investment		38,343,969
ACCUMULATED DEPRECIATION		3,931,461
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		34,412,508
ENCUMBRANCES
Shopping Center [Member] | Winn Dixie-Miami [Member]
INITIAL COST LAND		2,989,640
INITIAL COST BUILDING AND IMPROVEMENTS		9,410,360
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(51,872)
LAND		3,544,297
BUILDING AND IMPROVEMENTS		8,803,831
The company's investment		12,348,128
ACCUMULATED DEPRECIATION		1,116,394
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,231,734
ENCUMBRANCES
Shopping Center [Member] | Fullerton Plaza [Member]
INITIAL COST LAND		14,237,901
INITIAL COST BUILDING AND IMPROVEMENTS		6,743,980
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	7,361,633
LAND		14,237,901
BUILDING AND IMPROVEMENTS		14,105,613
The company's investment		28,343,514
ACCUMULATED DEPRECIATION		1,232,824
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		27,110,690
ENCUMBRANCES
Shopping Center [Member] | Willowbrook Plaza [Member]
INITIAL COST LAND		15,320,436
INITIAL COST BUILDING AND IMPROVEMENTS		40,996,874
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	10,429,255
LAND		15,320,436
BUILDING AND IMPROVEMENTS		51,426,129
The company's investment		66,746,565
ACCUMULATED DEPRECIATION		7,072,200
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		59,674,365
ENCUMBRANCES
Shopping Center [Member] | Horsham Point [Member]
INITIAL COST LAND		3,813,247
INITIAL COST BUILDING AND IMPROVEMENTS		18,189,450
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	207,022
LAND		3,813,247
BUILDING AND IMPROVEMENTS		18,396,472
The company's investment		22,209,719
ACCUMULATED DEPRECIATION		2,197,127
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,012,592
ENCUMBRANCES
Shopping Center [Member] | Sudley Towne Plaza [Member]
INITIAL COST LAND		4,114,293
INITIAL COST BUILDING AND IMPROVEMENTS		15,988,465
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(8,878,436)
LAND		2,169,742
BUILDING AND IMPROVEMENTS		9,054,580
The company's investment		11,224,322
ACCUMULATED DEPRECIATION		1,681,675
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,542,647
ENCUMBRANCES
Shopping Center [Member] | Truckee Crossroads [Member]
INITIAL COST LAND		2,140,000
INITIAL COST BUILDING AND IMPROVEMENTS		28,324,896
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(18,420,405)
LAND		2,140,000
BUILDING AND IMPROVEMENTS		9,904,491
The company's investment		12,044,491
ACCUMULATED DEPRECIATION		5,740,669
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,303,822
ENCUMBRANCES	[2]	1,791,686
Shopping Center [Member] | Marathon Shopping Center [Member]
INITIAL COST LAND		2,412,929
INITIAL COST BUILDING AND IMPROVEMENTS		8,069,450
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,408,179
LAND		1,514,731
BUILDING AND IMPROVEMENTS		10,375,827
The company's investment		11,890,558
ACCUMULATED DEPRECIATION		1,780,924
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,109,634
ENCUMBRANCES
Shopping Center [Member] | Greenbrier S.C. [Member]
INITIAL COST LAND		8,891,468
INITIAL COST BUILDING AND IMPROVEMENTS		30,304,760
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	74,934
LAND		8,891,468
BUILDING AND IMPROVEMENTS		30,379,694
The company's investment		39,271,162
ACCUMULATED DEPRECIATION		4,405,361
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		34,865,801
ENCUMBRANCES
Shopping Center [Member] | Del Monte Plaza [Member]
INITIAL COST LAND		2,489,429
INITIAL COST BUILDING AND IMPROVEMENTS		5,590,415
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	608,807
LAND		2,210,000
BUILDING AND IMPROVEMENTS		6,478,651
The company's investment		8,688,651
ACCUMULATED DEPRECIATION		3,688,769
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,999,882
ENCUMBRANCES	[2]	1,989,588
Shopping Center [Member] | Holiday Center [Member]
INITIAL COST LAND		7,726,844
INITIAL COST BUILDING AND IMPROVEMENTS		20,014,243
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(4,342,789)
LAND		6,098,316
BUILDING AND IMPROVEMENTS		17,299,982
The company's investment		23,398,298
ACCUMULATED DEPRECIATION		3,736,413
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		19,661,885
ENCUMBRANCES
Shopping Center [Member] | Towne Square [Member]
INITIAL COST LAND		8,499,373
INITIAL COST BUILDING AND IMPROVEMENTS		24,302,141
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,276,918
LAND		8,858,432
BUILDING AND IMPROVEMENTS		26,220,000
The company's investment		35,078,432
ACCUMULATED DEPRECIATION		4,163,565
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,914,867
ENCUMBRANCES
Shopping Center [Member] | Gateway at Donner Pass [Member]
INITIAL COST LAND		4,515,688
INITIAL COST BUILDING AND IMPROVEMENTS		8,318,667
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	439,847
LAND		4,515,688
BUILDING AND IMPROVEMENTS		8,758,514
The company's investment		13,274,202
ACCUMULATED DEPRECIATION		1,422,739
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,851,463
ENCUMBRANCES
Shopping Center [Member] | Sodo S.C. [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		68,139,271
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	8,577,527
LAND		142,195
BUILDING AND IMPROVEMENTS		76,574,603
The company's investment		76,716,798
ACCUMULATED DEPRECIATION		21,243,324
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		55,473,474
ENCUMBRANCES
Shopping Center [Member] | Ingleside S.C. [Member]
INITIAL COST LAND		10,416,726
INITIAL COST BUILDING AND IMPROVEMENTS		17,889,235
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(2,058)
LAND		10,416,726
BUILDING AND IMPROVEMENTS		17,887,177
The company's investment		28,303,903
ACCUMULATED DEPRECIATION		3,174,127
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		25,129,776
ENCUMBRANCES
Shopping Center [Member] | Del Monte Plaza Parcel [Member]
INITIAL COST LAND		6,512,745
INITIAL COST BUILDING AND IMPROVEMENTS		17,599,602
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	108,249
LAND		6,520,017
BUILDING AND IMPROVEMENTS		17,700,579
The company's investment		24,220,596
ACCUMULATED DEPRECIATION		921,154
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		23,299,442
ENCUMBRANCES
Shopping Center [Member] | Norriton Square [Member]
INITIAL COST LAND		686,134
INITIAL COST BUILDING AND IMPROVEMENTS		2,664,535
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,014,541
LAND		774,084
BUILDING AND IMPROVEMENTS		6,591,126
The company's investment		7,365,210
ACCUMULATED DEPRECIATION		4,955,112
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,410,098
ENCUMBRANCES
Shopping Center [Member] | Potomac Run Plaza [Member]
INITIAL COST LAND		27,369,515
INITIAL COST BUILDING AND IMPROVEMENTS		48,451,209
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	577,607
LAND		27,369,515
BUILDING AND IMPROVEMENTS		49,028,816
The company's investment		76,398,331
ACCUMULATED DEPRECIATION		13,702,556
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		62,695,775
ENCUMBRANCES
Shopping Center [Member] | Westlake Shopping Center [Member]
INITIAL COST LAND		16,174,307
INITIAL COST BUILDING AND IMPROVEMENTS		64,818,562
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	101,644,330
LAND		16,174,307
BUILDING AND IMPROVEMENTS		166,462,892
The company's investment		182,637,199
ACCUMULATED DEPRECIATION		56,984,694
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		125,652,505
ENCUMBRANCES
Shopping Center [Member] | Renaissance Center [Member]
INITIAL COST LAND		9,104,379
INITIAL COST BUILDING AND IMPROVEMENTS		36,540,873
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	16,553,220
LAND		9,122,758
BUILDING AND IMPROVEMENTS		53,075,714
The company's investment		62,198,472
ACCUMULATED DEPRECIATION		20,431,499
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		41,766,973
ENCUMBRANCES
Shopping Center [Member] | Wilkens Beltway Plaza [Member]
INITIAL COST LAND		9,948,235
INITIAL COST BUILDING AND IMPROVEMENTS		22,125,942
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	238,016
LAND		9,948,235
BUILDING AND IMPROVEMENTS		22,363,958
The company's investment		32,312,193
ACCUMULATED DEPRECIATION		3,240,175
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,072,018
ENCUMBRANCES
Shopping Center [Member] | Redfield Promenade [Member]
INITIAL COST LAND		4,415,339
INITIAL COST BUILDING AND IMPROVEMENTS		32,035,192
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	595,394
LAND		4,415,339
BUILDING AND IMPROVEMENTS		32,630,586
The company's investment		37,045,925
ACCUMULATED DEPRECIATION		6,310,310
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,735,615
ENCUMBRANCES
Shopping Center [Member] | Sears Hardware [Member]
INITIAL COST LAND		10,000
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		10,000
BUILDING AND IMPROVEMENTS
The company's investment		10,000
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,000
ENCUMBRANCES
Shopping Center [Member] | Dulles Town Crossing [Member]
INITIAL COST LAND		53,285,116
INITIAL COST BUILDING AND IMPROVEMENTS		104,175,738
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(7,386)
LAND		53,285,116
BUILDING AND IMPROVEMENTS		104,168,352
The company's investment		157,453,468
ACCUMULATED DEPRECIATION		17,943,630
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		139,509,838
ENCUMBRANCES
Shopping Center [Member] | Lakewood Village [Member]
INITIAL COST LAND		8,597,100
INITIAL COST BUILDING AND IMPROVEMENTS		24,374,615
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,143,183)
LAND		11,683,364
BUILDING AND IMPROVEMENTS		20,145,168
The company's investment		31,828,532
ACCUMULATED DEPRECIATION		4,170,152
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		27,658,380
ENCUMBRANCES
Shopping Center [Member] | MIllenia Plaza Phase II [Member]
INITIAL COST LAND		7,711,000
INITIAL COST BUILDING AND IMPROVEMENTS		20,702,992
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,801,738
LAND		7,698,200
BUILDING AND IMPROVEMENTS		22,517,530
The company's investment		30,215,730
ACCUMULATED DEPRECIATION		8,761,724
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		21,454,006
ENCUMBRANCES
Shopping Center [Member] | York Road Plaza [Member]
INITIAL COST LAND		4,276,715
INITIAL COST BUILDING AND IMPROVEMENTS		37,205,757
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	170,205
LAND		4,276,715
BUILDING AND IMPROVEMENTS		37,375,962
The company's investment		41,652,677
ACCUMULATED DEPRECIATION		4,971,149
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		36,681,528
ENCUMBRANCES
Shopping Center [Member] | McQueen Crossings [Member]
INITIAL COST LAND		5,017,431
INITIAL COST BUILDING AND IMPROVEMENTS		20,779,024
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	232,165
LAND		5,017,431
BUILDING AND IMPROVEMENTS		21,011,189
The company's investment		26,028,620
ACCUMULATED DEPRECIATION		4,035,179
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		21,993,441
ENCUMBRANCES
Shopping Center [Member] | Frankford Avenue S.C. [Member]
INITIAL COST LAND		731,888
INITIAL COST BUILDING AND IMPROVEMENTS		2,927,551
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		731,888
BUILDING AND IMPROVEMENTS		2,927,551
The company's investment		3,659,439
ACCUMULATED DEPRECIATION		1,676,461
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,982,978
ENCUMBRANCES
Shopping Center [Member] | Docstone Commons [Member]
INITIAL COST LAND		3,839,249
INITIAL COST BUILDING AND IMPROVEMENTS		11,468,264
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	473,394
LAND		3,903,963
BUILDING AND IMPROVEMENTS		11,876,944
The company's investment		15,780,907
ACCUMULATED DEPRECIATION		913,189
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,867,718
ENCUMBRANCES
Shopping Center [Member] | Whittwood Town Center [Member]
INITIAL COST LAND		57,135,695
INITIAL COST BUILDING AND IMPROVEMENTS		105,814,560
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	958,177
LAND		57,138,906
BUILDING AND IMPROVEMENTS		106,769,526
The company's investment		163,908,432
ACCUMULATED DEPRECIATION		6,937,924
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		156,970,508
ENCUMBRANCES	[2]	44,391,414
Shopping Center [Member] | Riverside Landings S.C. [Member]
INITIAL COST LAND		3,512,202
INITIAL COST BUILDING AND IMPROVEMENTS		14,439,668
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	261,172
LAND		3,512,202
BUILDING AND IMPROVEMENTS		14,700,840
The company's investment		18,213,042
ACCUMULATED DEPRECIATION		1,999,649
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		16,213,393
ENCUMBRANCES
Shopping Center [Member] | Putty Hill Plaza [Member]
INITIAL COST LAND		4,192,152
INITIAL COST BUILDING AND IMPROVEMENTS		11,112,111
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	774,676
LAND		4,192,152
BUILDING AND IMPROVEMENTS		11,886,787
The company's investment		16,078,939
ACCUMULATED DEPRECIATION		3,320,369
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,758,570
ENCUMBRANCES
Shopping Center [Member] | Galena Junction [Member]
INITIAL COST LAND		8,931,027
INITIAL COST BUILDING AND IMPROVEMENTS		17,503,387
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	154,819
LAND		8,931,027
BUILDING AND IMPROVEMENTS		17,658,206
The company's investment		26,589,233
ACCUMULATED DEPRECIATION		3,028,659
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		23,560,574
ENCUMBRANCES
Shopping Center [Member] | Wexford Plaza [Member]
INITIAL COST LAND		6,413,635
INITIAL COST BUILDING AND IMPROVEMENTS		9,774,600
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	9,811,076
LAND		6,299,299
BUILDING AND IMPROVEMENTS		19,700,012
The company's investment		25,999,311
ACCUMULATED DEPRECIATION		4,672,156
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		21,327,155
ENCUMBRANCES
Shopping Center [Member] | Docstone O/P - Staples [Member]
INITIAL COST LAND		1,425,307
INITIAL COST BUILDING AND IMPROVEMENTS		4,317,552
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(883,709)
LAND		1,167,588
BUILDING AND IMPROVEMENTS		3,691,562
The company's investment		4,859,150
ACCUMULATED DEPRECIATION		374,065
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,485,085
ENCUMBRANCES
Shopping Center [Member] | Village on the Park [Member]
INITIAL COST LAND		2,194,463
INITIAL COST BUILDING AND IMPROVEMENTS		8,885,987
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	9,747,732
LAND		3,018,391
BUILDING AND IMPROVEMENTS		17,809,791
The company's investment		20,828,182
ACCUMULATED DEPRECIATION		5,738,440
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		15,089,742
ENCUMBRANCES
Shopping Center [Member] | Grand Oaks Village [Member]
INITIAL COST LAND		7,409,319
INITIAL COST BUILDING AND IMPROVEMENTS		19,653,869
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(362,622)
LAND		5,846,339
BUILDING AND IMPROVEMENTS		20,854,227
The company's investment		26,700,566
ACCUMULATED DEPRECIATION		4,386,341
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		22,314,225
ENCUMBRANCES
Shopping Center [Member] | Snowden Square S.C. [Member]
INITIAL COST LAND		1,929,402
INITIAL COST BUILDING AND IMPROVEMENTS		4,557,934
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,155,349
LAND		3,326,422
BUILDING AND IMPROVEMENTS		8,316,263
The company's investment		11,642,685
ACCUMULATED DEPRECIATION		1,830,541
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,812,144
ENCUMBRANCES
Shopping Center [Member] | D'Andrea Marketplace [Member]
INITIAL COST LAND		11,556,067
INITIAL COST BUILDING AND IMPROVEMENTS		29,435,364
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	470,444
LAND		11,556,067
BUILDING AND IMPROVEMENTS		29,905,808
The company's investment		41,461,875
ACCUMULATED DEPRECIATION		8,855,921
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		32,605,954
ENCUMBRANCES
Shopping Center [Member] | Lincoln Square [Member]
INITIAL COST LAND		90,478,522
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	72,389,626
LAND		10,532,804
BUILDING AND IMPROVEMENTS		152,335,344
The company's investment		162,868,148
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		162,868,148
ENCUMBRANCES
Shopping Center [Member] | Stafford Marketplace [Member]
INITIAL COST LAND		26,893,429
INITIAL COST BUILDING AND IMPROVEMENTS		86,449,614
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	347,103
LAND		26,893,429
BUILDING AND IMPROVEMENTS		86,796,717
The company's investment		113,690,146
ACCUMULATED DEPRECIATION		12,171,070
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		101,519,076
ENCUMBRANCES
Shopping Center [Member] | Quincy Place S.C. [Member]
INITIAL COST LAND		1,148,317
INITIAL COST BUILDING AND IMPROVEMENTS		4,608,249
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,032,753
LAND		1,148,317
BUILDING AND IMPROVEMENTS		6,641,002
The company's investment		7,789,319
ACCUMULATED DEPRECIATION		3,381,062
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,408,257
ENCUMBRANCES
Shopping Center [Member] | Columbia Crossing [Member]
INITIAL COST LAND		3,612,550
INITIAL COST BUILDING AND IMPROVEMENTS		34,344,509
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	172,640
LAND		3,612,550
BUILDING AND IMPROVEMENTS		34,517,149
The company's investment		38,129,699
ACCUMULATED DEPRECIATION		4,164,044
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		33,965,655
ENCUMBRANCES
Shopping Center [Member] | Sparks Mercantile [Member]
INITIAL COST LAND		6,221,614
INITIAL COST BUILDING AND IMPROVEMENTS		17,069,172
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(62,106)
LAND		6,221,614
BUILDING AND IMPROVEMENTS		17,007,066
The company's investment		23,228,680
ACCUMULATED DEPRECIATION		2,859,783
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,368,897
ENCUMBRANCES
Shopping Center [Member] | Cranberry Township - Parcel 1 and 2 [Member]
INITIAL COST LAND		10,270,846
INITIAL COST BUILDING AND IMPROVEMENTS		30,769,592
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,152,285
LAND		6,070,254
BUILDING AND IMPROVEMENTS		36,122,469
The company's investment		42,192,723
ACCUMULATED DEPRECIATION		3,147,693
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		39,045,030
ENCUMBRANCES
Shopping Center [Member] | Gordon Plaza [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		3,330,621
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	25,700
LAND
BUILDING AND IMPROVEMENTS		3,356,321
The company's investment		3,356,321
ACCUMULATED DEPRECIATION		218,464
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,137,857
ENCUMBRANCES
Shopping Center [Member] | East Bank S.C. [Member]
INITIAL COST LAND		1,500,568
INITIAL COST BUILDING AND IMPROVEMENTS		6,180,103
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,078,071
LAND		1,500,568
BUILDING AND IMPROVEMENTS		10,258,174
The company's investment		11,758,742
ACCUMULATED DEPRECIATION		3,765,922
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,992,820
ENCUMBRANCES
Shopping Center [Member] | Pompano Pointe S.C. [Member]
INITIAL COST LAND		10,516,500
INITIAL COST BUILDING AND IMPROVEMENTS		14,355,836
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	530,900
LAND		10,516,500
BUILDING AND IMPROVEMENTS		14,886,736
The company's investment		25,403,236
ACCUMULATED DEPRECIATION		1,136,919
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		24,266,317
ENCUMBRANCES
Shopping Center [Member] | Dorsey's Search Village Center [Member]
INITIAL COST LAND		6,321,963
INITIAL COST BUILDING AND IMPROVEMENTS		27,996,087
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	177,268
LAND		6,321,963
BUILDING AND IMPROVEMENTS		28,173,355
The company's investment		34,495,318
ACCUMULATED DEPRECIATION		3,233,759
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		31,261,559
ENCUMBRANCES
Shopping Center [Member] | Crossroads Plaza 3 [Member]
INITIAL COST LAND		788,761
INITIAL COST BUILDING AND IMPROVEMENTS		3,155,044
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	13,276,456
LAND		976,439
BUILDING AND IMPROVEMENTS		16,243,822
The company's investment		17,220,261
ACCUMULATED DEPRECIATION		10,236,230
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,984,031
ENCUMBRANCES
Shopping Center [Member] | Auburn North [Member]
INITIAL COST LAND		7,785,841
INITIAL COST BUILDING AND IMPROVEMENTS		18,157,625
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	8,267,985
LAND		7,785,841
BUILDING AND IMPROVEMENTS		26,425,610
The company's investment		34,211,451
ACCUMULATED DEPRECIATION		7,766,935
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,444,516
ENCUMBRANCES
Shopping Center [Member] | Northridge Shopping Center [Member]
INITIAL COST LAND		4,932,690
INITIAL COST BUILDING AND IMPROVEMENTS		16,496,175
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,856,177
LAND		8,934,385
BUILDING AND IMPROVEMENTS		14,350,657
The company's investment		23,285,042
ACCUMULATED DEPRECIATION		2,577,058
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,707,984
ENCUMBRANCES
Shopping Center [Member] | University Town Center [Member]
INITIAL COST LAND		5,515,265
INITIAL COST BUILDING AND IMPROVEMENTS		13,041,400
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	423,147
LAND		5,515,265
BUILDING AND IMPROVEMENTS		13,464,547
The company's investment		18,979,812
ACCUMULATED DEPRECIATION		3,197,352
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		15,782,460
ENCUMBRANCES
Shopping Center [Member] | Hickory Ridge [Member]
INITIAL COST LAND		7,183,646
INITIAL COST BUILDING AND IMPROVEMENTS		26,947,776
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	526,522
LAND		7,183,646
BUILDING AND IMPROVEMENTS		27,474,298
The company's investment		34,657,944
ACCUMULATED DEPRECIATION		3,561,103
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		31,096,841
ENCUMBRANCES
Shopping Center [Member] | Springfield S.C. [Member]
INITIAL COST LAND		919,998
INITIAL COST BUILDING AND IMPROVEMENTS		4,981,589
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	12,946,369
LAND		920,000
BUILDING AND IMPROVEMENTS		17,927,956
The company's investment		18,847,956
ACCUMULATED DEPRECIATION		10,251,442
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		8,596,514
ENCUMBRANCES
Shopping Center [Member] | The Marketplace at Factoria [Member]
INITIAL COST LAND		60,502,358
INITIAL COST BUILDING AND IMPROVEMENTS		92,696,231
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,477,043
LAND		60,502,358
BUILDING AND IMPROVEMENTS		97,173,274
The company's investment		157,675,632
ACCUMULATED DEPRECIATION		20,942,726
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		136,732,906
ENCUMBRANCES	[2]	55,049,645
Shopping Center [Member] | Denver West 38th Street [Member]
INITIAL COST LAND		161,167
INITIAL COST BUILDING AND IMPROVEMENTS		646,983
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	52,299
LAND		161,167
BUILDING AND IMPROVEMENTS		699,282
The company's investment		860,449
ACCUMULATED DEPRECIATION		346,973
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		513,476
ENCUMBRANCES
Shopping Center [Member] | Palm Beach Gardens [Member]
INITIAL COST LAND		2,764,953
INITIAL COST BUILDING AND IMPROVEMENTS		11,059,812
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	891,072
LAND		2,764,953
BUILDING AND IMPROVEMENTS		11,950,884
The company's investment		14,715,837
ACCUMULATED DEPRECIATION		2,010,305
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,705,532
ENCUMBRANCES
Shopping Center [Member] | Hickory Ridge (Sunoco) [Member]
INITIAL COST LAND		543,197
INITIAL COST BUILDING AND IMPROVEMENTS		2,122,234
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		543,197
BUILDING AND IMPROVEMENTS		2,122,234
The company's investment		2,665,431
ACCUMULATED DEPRECIATION		357,204
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,308,227
ENCUMBRANCES
Shopping Center [Member] | Kings Highway [Member]
INITIAL COST LAND		2,743,820
INITIAL COST BUILDING AND IMPROVEMENTS		6,811,268
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,235,709
LAND		2,743,820
BUILDING AND IMPROVEMENTS		9,046,977
The company's investment		11,790,797
ACCUMULATED DEPRECIATION		3,662,544
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		8,128,253
ENCUMBRANCES
Shopping Center [Member] | Shrewsbury Square S.C. [Member]
INITIAL COST LAND		8,066,107
INITIAL COST BUILDING AND IMPROVEMENTS		16,997,997
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(2,176,277)
LAND		6,171,638
BUILDING AND IMPROVEMENTS		16,716,189
The company's investment		22,887,827
ACCUMULATED DEPRECIATION		2,540,597
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,347,230
ENCUMBRANCES
Shopping Center [Member] | Frontier Village Shopping CTR [Member]
INITIAL COST LAND		10,750,863
INITIAL COST BUILDING AND IMPROVEMENTS		36,387,020
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	96,299
LAND		10,750,863
BUILDING AND IMPROVEMENTS		36,483,319
The company's investment		47,234,182
ACCUMULATED DEPRECIATION		6,987,088
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		40,247,094
ENCUMBRANCES
Shopping Center [Member] | Englewood Plaza [Member]
INITIAL COST LAND		805,837
INITIAL COST BUILDING AND IMPROVEMENTS		3,232,650
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	735,002
LAND		805,837
BUILDING AND IMPROVEMENTS		3,967,652
The company's investment		4,773,489
ACCUMULATED DEPRECIATION		2,068,112
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,705,377
ENCUMBRANCES
Shopping Center [Member] | Oak Tree Plaza [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		917,360
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,562,194
LAND
BUILDING AND IMPROVEMENTS		2,479,554
The company's investment		2,479,554
ACCUMULATED DEPRECIATION		1,427,320
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,052,234
ENCUMBRANCES
Shopping Center [Member] | King's Contrivance [Member]
INITIAL COST LAND		9,308,349
INITIAL COST BUILDING AND IMPROVEMENTS		31,759,940
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	619,016
LAND		9,308,349
BUILDING AND IMPROVEMENTS		32,378,956
The company's investment		41,687,305
ACCUMULATED DEPRECIATION		4,856,962
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		36,830,343
ENCUMBRANCES
Shopping Center [Member] | Ralph Avenue Plaza [Member]
INITIAL COST LAND		4,414,466
INITIAL COST BUILDING AND IMPROVEMENTS		11,339,857
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,912,149
LAND		4,414,467
BUILDING AND IMPROVEMENTS		15,252,005
The company's investment		19,666,472
ACCUMULATED DEPRECIATION		5,523,187
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		14,143,285
ENCUMBRANCES
Shopping Center [Member] | Whitehall Mall [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		5,195,577
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND
BUILDING AND IMPROVEMENTS		5,195,577
The company's investment		5,195,577
ACCUMULATED DEPRECIATION		2,975,246
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,220,331
ENCUMBRANCES
Shopping Center [Member] | Gateway Shopping Center [Member]
INITIAL COST LAND		6,937,929
INITIAL COST BUILDING AND IMPROVEMENTS		11,270,322
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	6,023,649
LAND		6,937,929
BUILDING AND IMPROVEMENTS		17,293,971
The company's investment		24,231,900
ACCUMULATED DEPRECIATION		1,101,984
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		23,129,916
ENCUMBRANCES
Shopping Center [Member] | Fort Collins S.C. [Member]
INITIAL COST LAND		1,253,497
INITIAL COST BUILDING AND IMPROVEMENTS		7,625,278
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,599,608
LAND		1,253,497
BUILDING AND IMPROVEMENTS		9,224,886
The company's investment		10,478,383
ACCUMULATED DEPRECIATION		4,109,707
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,368,676
ENCUMBRANCES
Shopping Center [Member] | Tuttlebee Plaza [Member]
INITIAL COST LAND		254,961
INITIAL COST BUILDING AND IMPROVEMENTS		828,465
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,812,825
LAND		254,961
BUILDING AND IMPROVEMENTS		2,641,290
The company's investment		2,896,251
ACCUMULATED DEPRECIATION		1,871,329
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,024,922
ENCUMBRANCES
Shopping Center [Member] | Harper's Choice [Member]
INITIAL COST LAND		8,429,284
INITIAL COST BUILDING AND IMPROVEMENTS		18,373,994
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	688,796
LAND		8,429,284
BUILDING AND IMPROVEMENTS		19,062,790
The company's investment		27,492,074
ACCUMULATED DEPRECIATION		2,709,642
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		24,782,432
ENCUMBRANCES
Shopping Center [Member] | Bellmore S.C. [Member]
INITIAL COST LAND		1,272,269
INITIAL COST BUILDING AND IMPROVEMENTS		3,183,547
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,590,605
LAND		1,272,269
BUILDING AND IMPROVEMENTS		4,774,152
The company's investment		6,046,421
ACCUMULATED DEPRECIATION		1,914,907
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,131,514
ENCUMBRANCES
Shopping Center [Member] | Whole Foods at Wynnewood [Member]
INITIAL COST LAND		15,042,165
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	11,782,090
LAND		13,772,394
BUILDING AND IMPROVEMENTS		13,051,861
The company's investment		26,824,255
ACCUMULATED DEPRECIATION		587,371
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,236,884
ENCUMBRANCES
Shopping Center [Member] | Olympia West Outparcel [Member]
INITIAL COST LAND		360,000
INITIAL COST BUILDING AND IMPROVEMENTS		799,640
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	100,360
LAND		360,000
BUILDING AND IMPROVEMENTS		900,000
The company's investment		1,260,000
ACCUMULATED DEPRECIATION		148,269
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,111,731
ENCUMBRANCES
Shopping Center [Member] | Greeley Commons [Member]
INITIAL COST LAND		3,313,095
INITIAL COST BUILDING AND IMPROVEMENTS		20,069,559
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,379,533
LAND		3,313,095
BUILDING AND IMPROVEMENTS		21,449,092
The company's investment		24,762,187
ACCUMULATED DEPRECIATION		4,378,430
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,383,757
ENCUMBRANCES
Shopping Center [Member] | South Miami S.C. [Member]
INITIAL COST LAND		1,280,440
INITIAL COST BUILDING AND IMPROVEMENTS		5,133,825
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,605,635
LAND		1,280,440
BUILDING AND IMPROVEMENTS		8,739,460
The company's investment		10,019,900
ACCUMULATED DEPRECIATION		4,753,771
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,266,129
ENCUMBRANCES
Shopping Center [Member] | Wilde Lake [Member]
INITIAL COST LAND		1,468,038
INITIAL COST BUILDING AND IMPROVEMENTS		5,869,862
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	25,978,515
LAND		2,577,073
BUILDING AND IMPROVEMENTS		30,739,342
The company's investment		33,316,415
ACCUMULATED DEPRECIATION		9,681,524
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		23,634,891
ENCUMBRANCES
Shopping Center [Member] | Market at Bay Shore [Member]
INITIAL COST LAND		12,359,621
INITIAL COST BUILDING AND IMPROVEMENTS		30,707,802
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	6,003,366
LAND		12,359,621
BUILDING AND IMPROVEMENTS		36,711,168
The company's investment		49,070,789
ACCUMULATED DEPRECIATION		13,772,828
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		35,297,961
ENCUMBRANCES	[2]	11,931,409
Shopping Center [Member] | Shoppes at Wynnewood [Member]
INITIAL COST LAND		7,478,907
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,627,947
LAND		7,478,907
BUILDING AND IMPROVEMENTS		3,627,947
The company's investment		11,106,854
ACCUMULATED DEPRECIATION		241,939
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		10,864,915
ENCUMBRANCES
Shopping Center [Member] | Franklin Park Commons [Member]
INITIAL COST LAND		5,418,825
INITIAL COST BUILDING AND IMPROVEMENTS		11,988,657
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,542,755
LAND		5,418,825
BUILDING AND IMPROVEMENTS		13,531,412
The company's investment		18,950,237
ACCUMULATED DEPRECIATION		2,084,443
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		16,865,794
ENCUMBRANCES
Shopping Center [Member] | Highlands Ranch Village S.C. [Member]
INITIAL COST LAND		8,135,427
INITIAL COST BUILDING AND IMPROVEMENTS		21,579,936
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(503,844)
LAND		5,337,081
BUILDING AND IMPROVEMENTS		23,874,438
The company's investment		29,211,519
ACCUMULATED DEPRECIATION		4,526,837
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		24,684,682
ENCUMBRANCES
Shopping Center [Member] | Carrollwood Commons [Member]
INITIAL COST LAND		5,220,445
INITIAL COST BUILDING AND IMPROVEMENTS		16,884,228
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,146,743
LAND		5,220,445
BUILDING AND IMPROVEMENTS		20,030,971
The company's investment		25,251,416
ACCUMULATED DEPRECIATION		10,137,448
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		15,113,968
ENCUMBRANCES
Shopping Center [Member] | Riverhill Village Center [Member]
INITIAL COST LAND		16,825,496
INITIAL COST BUILDING AND IMPROVEMENTS		23,282,222
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	395,512
LAND		16,825,496
BUILDING AND IMPROVEMENTS		23,677,734
The company's investment		40,503,230
ACCUMULATED DEPRECIATION		4,708,950
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		35,794,280
ENCUMBRANCES
Shopping Center [Member] | Key Food - Atlantic Ave [Member]
INITIAL COST LAND		2,272,500
INITIAL COST BUILDING AND IMPROVEMENTS		5,624,589
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	509,260
LAND		4,808,822
BUILDING AND IMPROVEMENTS		3,597,527
The company's investment		8,406,349
ACCUMULATED DEPRECIATION		707,528
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,698,821
ENCUMBRANCES
Shopping Center [Member] | West Market St. Plaza [Member]
INITIAL COST LAND		188,562
INITIAL COST BUILDING AND IMPROVEMENTS		1,158,307
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	41,712
LAND		188,562
BUILDING AND IMPROVEMENTS		1,200,019
The company's investment		1,388,581
ACCUMULATED DEPRECIATION		1,177,425
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		211,156
ENCUMBRANCES
Shopping Center [Member] | Silverdale Plaza [Member]
INITIAL COST LAND		3,875,013
INITIAL COST BUILDING AND IMPROVEMENTS		33,020,027
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	86,050
LAND		3,755,613
BUILDING AND IMPROVEMENTS		33,225,477
The company's investment		36,981,090
ACCUMULATED DEPRECIATION		6,250,724
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,730,366
ENCUMBRANCES
Shopping Center [Member] | Highlands Ranch II [Member]
INITIAL COST LAND		3,514,837
INITIAL COST BUILDING AND IMPROVEMENTS		11,755,916
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	701,975
LAND		3,514,837
BUILDING AND IMPROVEMENTS		12,457,891
The company's investment		15,972,728
ACCUMULATED DEPRECIATION		3,003,002
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,969,726
ENCUMBRANCES
Shopping Center [Member] | Village Commons Shopping Center [Member]
INITIAL COST LAND		2,192,331
INITIAL COST BUILDING AND IMPROVEMENTS		8,774,158
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,983,680
LAND		2,192,331
BUILDING AND IMPROVEMENTS		13,757,838
The company's investment		15,950,169
ACCUMULATED DEPRECIATION		6,134,286
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,815,883
ENCUMBRANCES
Shopping Center [Member] | Columbia Crossing Outparcels [Member]
INITIAL COST LAND		1,279,200
INITIAL COST BUILDING AND IMPROVEMENTS		2,870,800
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	20,602,841
LAND		6,147,248
BUILDING AND IMPROVEMENTS		18,605,593
The company's investment		24,752,841
ACCUMULATED DEPRECIATION		3,173,045
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		21,579,796
ENCUMBRANCES
Shopping Center [Member] | Veterans Memorial Plaza [Member]
INITIAL COST LAND		5,968,082
INITIAL COST BUILDING AND IMPROVEMENTS		23,243,404
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	12,008,996
LAND		5,980,130
BUILDING AND IMPROVEMENTS		35,240,352
The company's investment		41,220,482
ACCUMULATED DEPRECIATION		14,944,317
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,276,165
ENCUMBRANCES
Shopping Center [Member] | Village Center West [Member]
INITIAL COST LAND		2,010,519
INITIAL COST BUILDING AND IMPROVEMENTS		8,361,084
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	649,106
LAND		2,010,519
BUILDING AND IMPROVEMENTS		9,010,190
The company's investment		11,020,709
ACCUMULATED DEPRECIATION		1,530,233
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,490,476
ENCUMBRANCES
Shopping Center [Member] | Columbia Crossing II Shop Ctr, [Member]
INITIAL COST LAND		3,137,628
INITIAL COST BUILDING AND IMPROVEMENTS		19,868,075
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,210,438
LAND		3,137,628
BUILDING AND IMPROVEMENTS		21,078,513
The company's investment		24,216,141
ACCUMULATED DEPRECIATION		3,114,562
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		21,101,579
ENCUMBRANCES
Shopping Center [Member] | Birchwood Plaza Commack [Member]
INITIAL COST LAND		3,630,000
INITIAL COST BUILDING AND IMPROVEMENTS		4,774,791
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,145,649
LAND		3,630,000
BUILDING AND IMPROVEMENTS		5,920,440
The company's investment		9,550,440
ACCUMULATED DEPRECIATION		2,017,817
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,532,623
ENCUMBRANCES
Shopping Center [Member] | Village Center - Highland Ranch [Member]
INITIAL COST LAND		1,140,000
INITIAL COST BUILDING AND IMPROVEMENTS		2,660,000
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	283,724
LAND		1,140,000
BUILDING AND IMPROVEMENTS		2,943,724
The company's investment		4,083,724
ACCUMULATED DEPRECIATION		290,375
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		3,793,349
ENCUMBRANCES
Shopping Center [Member] | Shops at District Heights [Member]
INITIAL COST LAND		8,165,638
INITIAL COST BUILDING AND IMPROVEMENTS		21,970,661
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,389,278)
LAND		7,298,215
BUILDING AND IMPROVEMENTS		21,448,806
The company's investment		28,747,021
ACCUMULATED DEPRECIATION		2,018,911
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		26,728,110
ENCUMBRANCES	[2]	13,193,497
Shopping Center [Member] | Elmont S.C. [Member]
INITIAL COST LAND		3,011,658
INITIAL COST BUILDING AND IMPROVEMENTS		7,606,066
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	6,171,045
LAND		3,011,658
BUILDING AND IMPROVEMENTS		13,777,111
The company's investment		16,788,769
ACCUMULATED DEPRECIATION		3,854,085
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,934,684
ENCUMBRANCES
Shopping Center [Member] | Heritage West S.C. [Member]
INITIAL COST LAND		1,526,576
INITIAL COST BUILDING AND IMPROVEMENTS		6,124,074
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,056,247
LAND		1,526,576
BUILDING AND IMPROVEMENTS		8,180,321
The company's investment		9,706,897
ACCUMULATED DEPRECIATION		3,846,369
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,860,528
ENCUMBRANCES
Shopping Center [Member] | Enchanted Forest S.C. [Member]
INITIAL COST LAND		20,123,946
INITIAL COST BUILDING AND IMPROVEMENTS		34,345,102
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	551,331
LAND		20,123,946
BUILDING AND IMPROVEMENTS		34,896,433
The company's investment		55,020,379
ACCUMULATED DEPRECIATION		5,803,460
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		49,216,919
ENCUMBRANCES
Shopping Center [Member] | Elmsford Center 1 [Member]
INITIAL COST LAND		4,134,273
INITIAL COST BUILDING AND IMPROVEMENTS		1,193,084
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		4,134,273
BUILDING AND IMPROVEMENTS		1,193,084
The company's investment		5,327,357
ACCUMULATED DEPRECIATION		189,472
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,137,885
ENCUMBRANCES
Shopping Center [Member] | Shoppes at Easton [Member]
INITIAL COST LAND		6,523,713
INITIAL COST BUILDING AND IMPROVEMENTS		16,402,204
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(2,574,117)
LAND		5,668,532
BUILDING AND IMPROVEMENTS		14,683,268
The company's investment		20,351,800
ACCUMULATED DEPRECIATION		2,546,751
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		17,805,049
ENCUMBRANCES
Shopping Center [Member] | Elmsford Center 2 [Member]
INITIAL COST LAND		4,076,403
INITIAL COST BUILDING AND IMPROVEMENTS		15,598,504
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	949,902
LAND		4,076,403
BUILDING AND IMPROVEMENTS		16,548,406
The company's investment		20,624,809
ACCUMULATED DEPRECIATION		3,036,778
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		17,588,031
ENCUMBRANCES
Shopping Center [Member] | Villages at Urbana [Member]
INITIAL COST LAND		3,190,074
INITIAL COST BUILDING AND IMPROVEMENTS		6,067
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	19,032,291
LAND		4,828,774
BUILDING AND IMPROVEMENTS		17,399,658
The company's investment		22,228,432
ACCUMULATED DEPRECIATION		2,068,527
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		20,159,905
ENCUMBRANCES
Shopping Center [Member] | Franklin Square S.C. [Member]
INITIAL COST LAND		1,078,541
INITIAL COST BUILDING AND IMPROVEMENTS		2,516,581
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,070,828
LAND		1,078,541
BUILDING AND IMPROVEMENTS		6,587,409
The company's investment		7,665,950
ACCUMULATED DEPRECIATION		2,694,563
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,971,387
ENCUMBRANCES
Shopping Center [Member] | Gaithersburg S.C. [Member]
INITIAL COST LAND		244,890
INITIAL COST BUILDING AND IMPROVEMENTS		6,787,534
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,583,659
LAND		244,890
BUILDING AND IMPROVEMENTS		8,371,193
The company's investment		8,616,083
ACCUMULATED DEPRECIATION		3,741,315
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,874,768
ENCUMBRANCES
Shopping Center [Member] | Airport Plaza [Member]
INITIAL COST LAND		22,711,189
INITIAL COST BUILDING AND IMPROVEMENTS		107,011,500
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,743,635
LAND		22,711,189
BUILDING AND IMPROVEMENTS		110,755,135
The company's investment		133,466,324
ACCUMULATED DEPRECIATION		18,340,798
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		115,125,526
ENCUMBRANCES
Shopping Center [Member] | Kentlands Market Square [Member]
INITIAL COST LAND		20,167,048
INITIAL COST BUILDING AND IMPROVEMENTS		84,615,052
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	5,667,730
LAND		20,167,048
BUILDING AND IMPROVEMENTS		90,282,782
The company's investment		110,449,830
ACCUMULATED DEPRECIATION		7,062,305
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		103,387,525
ENCUMBRANCES	[2]	32,414,665
Shopping Center [Member] | Shawan Plaza [Member]
INITIAL COST LAND		4,466,000
INITIAL COST BUILDING AND IMPROVEMENTS		20,222,367
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(457,359)
LAND		4,466,000
BUILDING AND IMPROVEMENTS		19,765,008
The company's investment		24,231,008
ACCUMULATED DEPRECIATION		11,899,815
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		12,331,193
ENCUMBRANCES	[2]	1,616,979
Shopping Center [Member] | Laurel Plaza [Member]
INITIAL COST LAND		349,562
INITIAL COST BUILDING AND IMPROVEMENTS		1,398,250
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	4,661,863
LAND		1,571,288
BUILDING AND IMPROVEMENTS		4,838,387
The company's investment		6,409,675
ACCUMULATED DEPRECIATION		2,104,312
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,305,363
ENCUMBRANCES
Shopping Center [Member] | Laurel Plaza 2 [Member]
INITIAL COST LAND		274,580
INITIAL COST BUILDING AND IMPROVEMENTS		1,100,968
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	173,969
LAND		274,580
BUILDING AND IMPROVEMENTS		1,274,937
The company's investment		1,549,517
ACCUMULATED DEPRECIATION		1,190,640
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		358,877
ENCUMBRANCES
Shopping Center [Member] | Mill Station [Member]
INITIAL COST LAND		23,378,543
INITIAL COST BUILDING AND IMPROVEMENTS		1,089,760
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	51,928,950
LAND		70,508,283
BUILDING AND IMPROVEMENTS		5,888,970
The company's investment		76,397,253
ACCUMULATED DEPRECIATION		172,744
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		76,224,509
ENCUMBRANCES
Shopping Center [Member] | Centre Court - Retail/Bank [Member]
INITIAL COST LAND		1,035,359
INITIAL COST BUILDING AND IMPROVEMENTS		7,785,830
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	135,322
LAND		1,035,359
BUILDING AND IMPROVEMENTS		7,921,152
The company's investment		8,956,511
ACCUMULATED DEPRECIATION		1,390,511
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		7,566,000
ENCUMBRANCES	[2]	1,489,591
Shopping Center [Member] | Centre Court - Giant [Member]
INITIAL COST LAND		3,854,099
INITIAL COST BUILDING AND IMPROVEMENTS		12,769,628
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	23,770
LAND		3,854,099
BUILDING AND IMPROVEMENTS		12,793,398
The company's investment		16,647,497
ACCUMULATED DEPRECIATION		2,748,067
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		13,899,430
ENCUMBRANCES	[2]	5,421,228
Shopping Center [Member] | Centre Court - Old Court/Courtyard [Member]
INITIAL COST LAND		2,279,177
INITIAL COST BUILDING AND IMPROVEMENTS		5,284,577
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,744
LAND		2,279,177
BUILDING AND IMPROVEMENTS		5,288,321
The company's investment		7,567,498
ACCUMULATED DEPRECIATION		1,129,051
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		6,438,447
ENCUMBRANCES
Shopping Center [Member] | Radcliffe Center [Member]
INITIAL COST LAND		12,042,713
INITIAL COST BUILDING AND IMPROVEMENTS		21,187,946
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	7,512
LAND		12,042,713
BUILDING AND IMPROVEMENTS		21,195,458
The company's investment		33,238,171
ACCUMULATED DEPRECIATION		3,392,854
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		29,845,317
ENCUMBRANCES
Shopping Center [Member] | Timonium Crossing [Member]
INITIAL COST LAND		2,525,377
INITIAL COST BUILDING AND IMPROVEMENTS		14,862,817
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	592,001
LAND		2,525,377
BUILDING AND IMPROVEMENTS		15,454,818
The company's investment		17,980,195
ACCUMULATED DEPRECIATION		2,478,564
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		15,501,631
ENCUMBRANCES
Shopping Center [Member] | Timonium Square [Member]
INITIAL COST LAND		6,000,000
INITIAL COST BUILDING AND IMPROVEMENTS		24,282,998
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	14,639,146
LAND		7,331,195
BUILDING AND IMPROVEMENTS		37,590,949
The company's investment		44,922,144
ACCUMULATED DEPRECIATION		17,036,129
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		27,886,015
ENCUMBRANCES
Shopping Center [Member] | Towson Place [Member]
INITIAL COST LAND		43,886,876
INITIAL COST BUILDING AND IMPROVEMENTS		101,764,931
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	3,541,225
LAND		43,270,792
BUILDING AND IMPROVEMENTS		105,922,240
The company's investment		149,193,032
ACCUMULATED DEPRECIATION		21,939,395
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		127,253,637
ENCUMBRANCES
Other Property [Member] | El Mirage [Member]
INITIAL COST LAND		6,786,441
INITIAL COST BUILDING AND IMPROVEMENTS		503,987
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,256,377)
LAND		5,400,000
BUILDING AND IMPROVEMENTS		634,051
The company's investment		6,034,051
ACCUMULATED DEPRECIATION		634,051
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,400,000
ENCUMBRANCES
Other Property [Member] | Asante Retail Center [Member]
INITIAL COST LAND		8,702,635
INITIAL COST BUILDING AND IMPROVEMENTS		3,405,683
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	2,866,808
LAND		11,039,472
BUILDING AND IMPROVEMENTS		3,935,654
The company's investment		14,975,126
ACCUMULATED DEPRECIATION		3,564,804
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,410,322
ENCUMBRANCES
Other Property [Member] | Surprise Spectrum [Member]
INITIAL COST LAND		4,138,760
INITIAL COST BUILDING AND IMPROVEMENTS		94,572
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(94,572)
LAND		4,138,760
BUILDING AND IMPROVEMENTS
The company's investment		4,138,760
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,138,760
ENCUMBRANCES
Other Property [Member] | Lake Wales S.C. [Member]
INITIAL COST LAND		601,052
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		601,052
BUILDING AND IMPROVEMENTS
The company's investment		601,052
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		601,052
ENCUMBRANCES
Other Property [Member] | Plantation Crossing [Member]
INITIAL COST LAND		7,524,800
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(6,721,763)
LAND		803,037
BUILDING AND IMPROVEMENTS
The company's investment		803,037
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		803,037
ENCUMBRANCES
Other Property [Member] | Lowes S.C. [Member]
INITIAL COST LAND		1,620,203
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,399,538)
LAND		220,665
BUILDING AND IMPROVEMENTS
The company's investment		220,665
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		220,665
ENCUMBRANCES
Other Property [Member] | Treasure Valley [Member]
INITIAL COST LAND		6,501,240
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(5,520,565)
LAND		519,811
BUILDING AND IMPROVEMENTS		460,864
The company's investment		980,675
ACCUMULATED DEPRECIATION		460,864
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		519,811
ENCUMBRANCES
Other Property [Member] | The 22nd Street Plaza Outparcel [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		99,640
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	1,071,530
LAND
BUILDING AND IMPROVEMENTS		1,171,170
The company's investment		1,171,170
ACCUMULATED DEPRECIATION		120,286
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		1,050,884
ENCUMBRANCES
Other Property [Member] | Marketplace of Oaklawn [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		678,668
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	108,483
LAND
BUILDING AND IMPROVEMENTS		787,151
The company's investment		787,151
ACCUMULATED DEPRECIATION		784,200
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,951
ENCUMBRANCES
Other Property [Member] | Linwood - Indianapolis [Member].
INITIAL COST LAND		31,045
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		31,045
BUILDING AND IMPROVEMENTS
The company's investment		31,045
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		31,045
ENCUMBRANCES
Other Property [Member] | Flint - Vacant Land [Member]
INITIAL COST LAND		101,424
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(10,000)
LAND		91,424
BUILDING AND IMPROVEMENTS
The company's investment		91,424
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		91,424
ENCUMBRANCES
Other Property [Member] | Charlotte Sports & Fitness CTR [Member]
INITIAL COST LAND		500,754
INITIAL COST BUILDING AND IMPROVEMENTS		1,858,643
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	479,046
LAND		500,754
BUILDING AND IMPROVEMENTS		2,337,689
The company's investment		2,838,443
ACCUMULATED DEPRECIATION		1,846,094
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		992,349
ENCUMBRANCES
Other Property [Member] | Senate/Hillsborough Cross [Member]
INITIAL COST LAND		519,395
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(169,395)
LAND		350,000
BUILDING AND IMPROVEMENTS
The company's investment		350,000
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		350,000
ENCUMBRANCES
Other Property [Member] | Wakefield Commons III [Member]
INITIAL COST LAND		6,506,450
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(5,397,400)
LAND		1,475,214
The company's investment		1,109,050
ACCUMULATED DEPRECIATION		218,191
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		890,859
ENCUMBRANCES
Building and Improvements		(366,164)
Other Property [Member] | Wakefield Crossings [Member]
INITIAL COST LAND		3,413,932
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(3,276,783)
LAND		137,149
BUILDING AND IMPROVEMENTS
The company's investment		137,149
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		137,149
ENCUMBRANCES
Other Property [Member] | Hillsborough Promenade [Member]
INITIAL COST LAND		11,886,809
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(6,632,045)
LAND		5,006,054
BUILDING AND IMPROVEMENTS		248,710
The company's investment		5,254,764
ACCUMULATED DEPRECIATION		47,376
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		5,207,388
ENCUMBRANCES
Other Property [Member] | Key Bank Building [Member]
INITIAL COST LAND		1,500,000
INITIAL COST BUILDING AND IMPROVEMENTS		40,486,755
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(11,005,343)
LAND		668,637
BUILDING AND IMPROVEMENTS		30,312,775
The company's investment		30,981,412
ACCUMULATED DEPRECIATION		19,859,365
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		11,122,047
ENCUMBRANCES
Other Property [Member] | Northport Land Parcel [Member]
INITIAL COST LAND
INITIAL COST BUILDING AND IMPROVEMENTS		14,460
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	81,983
LAND
BUILDING AND IMPROVEMENTS		96,443
The company's investment		96,443
ACCUMULATED DEPRECIATION		1,072
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		95,371
ENCUMBRANCES
Other Property [Member] | Merry Lane (Parking Lot) [Member]
INITIAL COST LAND		1,485,531
INITIAL COST BUILDING AND IMPROVEMENTS		1,749
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	517,081
LAND		1,485,531
BUILDING AND IMPROVEMENTS		518,830
The company's investment		2,004,361
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,004,361
ENCUMBRANCES
Other Property [Member] | Jericho Atrium [Member]
INITIAL COST LAND		10,624,099
INITIAL COST BUILDING AND IMPROVEMENTS		20,065,496
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	807,434
LAND		10,624,099
BUILDING AND IMPROVEMENTS		20,872,930
The company's investment		31,497,029
ACCUMULATED DEPRECIATION		3,737,113
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		27,759,916
ENCUMBRANCES
Other Property [Member] | Birchwood Park [Member]
INITIAL COST LAND		3,507,162
INITIAL COST BUILDING AND IMPROVEMENTS		4,126
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,511,288)
LAND		2,000,000
BUILDING AND IMPROVEMENTS
The company's investment		2,000,000
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		2,000,000
ENCUMBRANCES
Other Property [Member] | Staten Island Plaza [Member]
INITIAL COST LAND		5,600,744
INITIAL COST BUILDING AND IMPROVEMENTS		6,788,460
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(2,981,672)
LAND		9,407,532
BUILDING AND IMPROVEMENTS
The company's investment		9,407,532
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		9,407,532
ENCUMBRANCES
Other Property [Member] | High Park CTR Retail [Member]
INITIAL COST LAND		3,783,875
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(3,298,325)
LAND		485,550
BUILDING AND IMPROVEMENTS
The company's investment		485,550
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		485,550
ENCUMBRANCES
Other Property [Member] | McMinnville Plaza [Member]
INITIAL COST LAND		4,062,327
INITIAL COST BUILDING AND IMPROVEMENTS
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]
LAND		4,062,327
BUILDING AND IMPROVEMENTS
The company's investment		4,062,327
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		4,062,327
ENCUMBRANCES
Other Property [Member] | Coulter Ave. Parcel [Member]
INITIAL COST LAND		577,630
INITIAL COST BUILDING AND IMPROVEMENTS		1,348,019
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	15,283,061
LAND		16,795,296
BUILDING AND IMPROVEMENTS		413,414
The company's investment		17,208,710
ACCUMULATED DEPRECIATION		28,529
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		17,180,181
ENCUMBRANCES
Other Property [Member] | Morrisville S.C. [Member]
INITIAL COST LAND		340,000
INITIAL COST BUILDING AND IMPROVEMENTS		1,360,000
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,669,238)
LAND		30,762
BUILDING AND IMPROVEMENTS
The company's investment		30,762
ACCUMULATED DEPRECIATION
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		30,762
ENCUMBRANCES
Other Property [Member] | Blue Ridge [Member]
INITIAL COST LAND		12,346,900
INITIAL COST BUILDING AND IMPROVEMENTS		71,529,796
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(36,024,104)
LAND		6,069,109
BUILDING AND IMPROVEMENTS		41,783,483
The company's investment		47,852,592
ACCUMULATED DEPRECIATION		22,030,647
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		25,821,945
ENCUMBRANCES	[2]	6,299,863
Other Property [Member] | Micro Properties [Member]
INITIAL COST LAND		528,534
INITIAL COST BUILDING AND IMPROVEMENTS		1,090,980
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1]	(1,266,986)
LAND		220,492
BUILDING AND IMPROVEMENTS		132,036
The company's investment		352,528
ACCUMULATED DEPRECIATION		61,956
TOTAL COST, NET OF ACCUMULATED DEPRECIATION		290,572
ENCUMBRANCES
Other Property [Member] | Balance of Portfolio [Member]
INITIAL COST LAND	[4]	1,907,180
INITIAL COST BUILDING AND IMPROVEMENTS	[4]	65,127,207
COST CAPTIALIZED SUBSEQUENT TO ACQUISITION	[1],[4]	(12,574,380)
BUILDING AND IMPROVEMENTS	[4]	54,459,897
The company's investment	[4]	54,460,007
ACCUMULATED DEPRECIATION	[4]	25,335,442
TOTAL COST, NET OF ACCUMULATED DEPRECIATION	[4]	29,124,565
ENCUMBRANCES
Land	[4]	$ 110

[1] The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment.

[2] Includes fair market value of debt adjustments, net and deferred financing costs, net.

[3] Shopping center includes active real estate under development project or land held for development.

[4] Includes fixtures, leasehold improvements and other costs capitalized.

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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, 2018
Minimum [Member]
Buildings and building improvements (Year)	550 years
Maximum [Member]
Buildings and building improvements (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, 2018	Dec. 31, 2017	Dec. 31, 2016
Balance, beginning of period	$ 12,653,444,998	$ 12,008,075,148	$ 11,568,809,126
Acquisitions	3,420,020	438,125,265	181,719,189
Improvements	554,408,568	414,955,609	217,668,292
Transfers from unconsolidated joint ventures		329,194,717	615,511,560
Change in exchange rate		1,035,816	598,744
Sales	(767,246,512)	(315,954,464)	(391,758,149)
Transfers to unconsolidated joint ventures	(315,728,832)
Assets held for sale	(69,741,938)	(56,187,719)	(12,608,829)
Adjustment for fully depreciated assets	(72,992,791)	(107,660,366)	(80,660,536)
Adjustment of property carrying values	(108,373,018)	(58,139,008)	(91,204,249)
Balance, end of period	$ 11,877,190,495	$ 12,653,444,998	$ 12,008,075,148

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Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Balance, beginning of period	$ 2,433,052,747	$ 2,278,291,645	$ 2,115,319,888
Depreciation for year	293,667,298	368,919,387	344,179,201
Sales	(239,277,690)	(86,798,173)	(97,063,934)
Transfers to unconsolidated joint ventures	(11,634,554)
Assets held for sale	(17,527,267)	(19,699,746)	(3,482,974)
Adjustment for fully depreciated assets	(72,992,791)	(107,660,366)	(80,660,536)
Balance, end of period	$ 2,385,287,743	$ 2,433,052,747	$ 2,278,291,645

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Schedule IV - Mortgage Loans on Real Estate (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Federal Income Tax Basis	$ 14.4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans	10
Nonretail [Member] | Individually Less Than 3% [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans	3
Nonretail [Member] | Individually Less Than 3% [Member] | Minimum [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 0.5
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	6.88%
Nonretail [Member] | Individually Less Than 3% [Member] | Maximum [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 1.4
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	7.41%
Other Financing Loans [Member] | Individually Less Than 3% [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Number of Loans	2
Other Financing Loans [Member] | Individually Less Than 3% [Member] | Minimum [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 0.2
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	2.28%
Other Financing Loans [Member] | Individually Less Than 3% [Member] | Maximum [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 0.6
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	6.85%

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Schedule IV - Mortgage Loans on Real Estate - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Carrying amount		$ 14,448	$ 21,838	$ 23,197	$ 23,824
Mortgage Loans [Member]
Face amount		20,392
Carrying amount	[1]	13,993
Other Financing Loans [Member]
Face amount		21,167
Carrying amount	[1]	$ 14,448
Retail Site [Member] | Westport, CT [Member] | Borrower A [Member] | Mortgage Loans [Member]
Interest rate		6.50%
Face amount		$ 5,014
Carrying amount	[1]	$ 5,014
Retail Site [Member] | Las Vegas, NV [Member] | Borrower B [Member] | Mortgage Loans [Member]
Interest rate		12.00%
Face amount		$ 3,075
Carrying amount	[1]	$ 3,075
Retail Site [Member] | Miami, FL [Member] | Borrower C [Member] | Mortgage Loans [Member]
Interest rate		7.57%
Face amount		$ 4,201
Carrying amount	[1]	$ 1,646
Retail Site [Member] | Miami, FL [Member] | Borrower D [Member] | Mortgage Loans [Member]
Interest rate		7.57%
Face amount		$ 3,678
Carrying amount	[1]	$ 1,613
Nonretail [Member] | Mortgage Loans [Member] | Individually Less Than 3% [Member]
Interest rate	[2],[3]
Face amount	[2]	$ 2,474
Carrying amount	[1],[2]	$ 695
Nonretail [Member] | Other Financing Loans [Member] | Individually Less Than 3% [Member]
Interest rate	[4],[5]
Face amount	[4]	$ 775
Carrying amount	[1],[4]	$ 455
Nonretail [Member] | Oakbrook Terrace, IL [Member] | Borrower E [Member] | Mortgage Loans [Member]
Interest rate		6.00%
Face amount		$ 1,950
Carrying amount	[1]	$ 1,950

[1] The aggregate cost for Federal income tax purposes was approximately $14.4 million as of December 31, 2018.

[2] Comprised of four separate loans with original loan amounts ranging from $0.5 million to $1.4 million.

[3] Interest rates range from 6.88% to 7.41%.

[4] Comprised of two separate loans with original loan amounts ranging from $0.2 million to $0.6 million.

[5] Interest rates range from 2.28% to 6.85%.