SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2013



			Initial Cost to Company							Amount at which Carried at December 31, 2013
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Core Portfolio:
Crescent Plaza Brockton, MA	$	16,747	$	1,147	$	7,425	$	1,390		$	1,147	$	8,815	$	9,962	$	6,629	1993	(a)
New Loudon Center Latham, NY	13,369		505		4,161		12,927			505		17,088		17,593		12,687		1993	(a)
Mark Plaza Edwardsville, PA	—		—		4,268		(872		)	—		3,396		3,396		2,725		1993	(c)
Plaza 422 Lebanon, PA	—		190		3,004		2,309			190		5,313		5,503		4,647		1993	(c)
Route 6 Mall Honesdale, PA	—		1,664		—		12,171			1,664		12,171		13,835		7,161		1994	(c)
Bartow Avenue Bronx, NY	—		1,691		5,803		627			1,691		6,430		8,121		2,109		2005	(c)
Amboy Road Staten Island, NY	—		—		11,909		2,330			—		14,239		14,239		3,558		2005	(a)
Abington Towne Center Abington, PA	—		799		3,197		2,216			799		5,413		6,212		2,934		1998	(a)
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		20,828			3,207		34,602		37,809		13,625		1998	(a)
Walnut Hill Plaza Woonsocket, RI	22,910		3,122		12,488		441			3,122		12,929		16,051		6,188		1998	(a)
Elmwood Park Shopping Center Elmwood Park, NJ	32,744		3,248		12,992		15,715			3,798		28,157		31,955		14,426		1998	(a)
Merrillville Plaza Hobart, IN	25,837		4,288		17,152		4,993			4,288		22,145		26,433		8,482		1998	(a)
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		4,897			2,577		15,187		17,764		6,064		1998	(a)
Clark Diversey Chicago, IL	4,192		10,061		2,773		246			10,061		3,019		13,080		657		2006	(a)
Chestnut Hill Philadelphia, PA	—		8,289		5,691		4,234			8,289		9,925		18,214		1,652		2006	(a)
Third Avenue Bronx, NY	—		11,108		8,038		4,380			11,855		11,671		23,526		1,545		2006	(a)
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,833			1,793		9,005		10,798		3,978		1998	(a)
Village Commons Shopping Center Smithtown, NY	—		3,229		12,917		4,048			3,229		16,965		20,194		7,237		1998	(a)
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,508			907		10,989		11,896		8,479		1998	(a)
Branch Shopping Center Smithtown, NY	—		3,156		12,545		8,665			3,401		20,965		24,366		6,150		1998	(a)
Methuen Shopping Center Methuen, MA	—		956		3,826		594			961		4,415		5,376		1,940		1998	(a)
The Gateway Shopping Center South Burlington, VT	19,746		1,273		5,091		12,253			1,273		17,344		18,617		6,932		1999	(a)
330 River Street Cambridge, MA	4,088		3,510		2,886		—			3,510		2,886		6,396		157		2012	(a)
Rhode Island Place Shopping Center Washington, D.C.	17,086		7,458		15,968		9			7,458		15,977		23,435		684		2012	(a)
Mad River Station Dayton, OH	—		2,350		9,404		1,049			2,350		10,453		12,803		4,252		1999	(a)



		Initial Cost to Company				Amount at which Carried at December 31, 2013
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition		Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
Pacesetter Park Shopping Center Ramapo, NY	11,530	1,475	5,899	2,199		1,475	8,098	9,573	3,384	1999	(a)
239 Greenwich Avenue Greenwich, CT	26,000	1,817	15,846	549		1,817	16,395	18,212	6,125	1998	(a)
West Shore Expressway Staten Island, NY	—	3,380	13,554	(55	)	3,380	13,499	16,879	2,587	2007	(a)
West 54th Street Manhattan, NY	—	16,699	18,704	677		16,699	19,381	36,080	3,180	2007	(a)
Acadia 5-7 East 17th Street Manhattan, NY	—	3,048	7,281	77		3,048	7,358	10,406	1,135	2008	(a)
West Diversey 651-671 W Diversey Chicago, IL	—	8,576	17,256	8		8,576	17,264	25,840	1,115	2011	(a)
Mercer Street 15 Mercer Street New York, NY	—	1,887	2,483	7		1,887	2,490	4,377	155	2011	(a)
4401 White Plains Bronx, NY	6,263	1,581	5,054	—		1,581	5,054	6,635	295	2011	(a)
Chicago Street Retail Portfolio	15,984	18,521	55,627	1,335		18,559	56,924	75,483	2,225	2011	(a)
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—		2,110	1,306	3,416	82	2012	(a)
Cambridge LLC Cambridge, MA	7,036	4,894	11,349	—		4,894	11,349	16,243	551	2012	(a)
930 Rush Street Chicago, IL	—	4,933	14,587	—		4,933	14,587	19,520	638	2012	(a)
28 Jericho Turnpike Westbury, NY	16,164	6,220	24,416	—		6,220	24,416	30,636	1,014	2012	(a)
181 Main Street Westport, CT	—	1,908	12,158	—		1,908	12,158	14,066	334	2012	(a)
83 Spring Street Manhattan, NY	—	1,754	9,200	—		1,754	9,200	10,954	345	2012	(a)
60 Orange Street Bloomfield, NJ	8,457	3,609	10,790	—		3,609	10,790	14,399	372	2012	(a)
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	463		11,689	10,599	22,288	307	2012	(a)
639 West Diversey Chicago, IL	4,685	4,429	6,102	279		4,429	6,381	10,810	158	2012	(a)
664 North Michigan Chicago, IL	—	17,320	69,280	—		17,320	69,280	86,600	1,443	2013	(a)
8-12 E. Walton Chicago, IL	—	5,625	16,875	2		5,625	16,877	22,502	211	2013	(a)
3200-3204 M Street Washington, DC	—	2,950	8,850	—		2,950	8,850	11,800	111	2013	(a)
868 Broadway Manhattan, NY	—	3,375	10,125	—		3,375	10,125	13,500	—	2013	(a)
313-315 Bowery Manhattan, NY	—	—	5,516	—		—	5,516	5,516	—	2013	(a)
120 West Broadway Manhattan, NY	—	—	37,000	—		—	37,000	37,000	—	2013	(a)
Brandywine Town Center Wilmington, DE	141,825	21,993	87,988	16,019		24,214	101,786	126,000	25,911	2003
Brandywine Market Square Wilmington, DE	24,375	4,308	17,239	957		4,262	18,242	22,504	5,412	2003
Undeveloped Land	—	250	—	—		250	—	250	—
ARLP	50,000	—	—	—		—	—	—	—
Fund I:
Kroger/Safeway Various	—	—	4,215	—		—	4,215	4,215	4,022	2003	(a)
Fund II:
Liberty Ave Ozone Park, NY	9,090	—	12,627	1,192		—	13,819	13,819	2,229	2004	(a)



			Initial Cost to Company						Amount at which Carried at December 31, 2013
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
216th Street New York, NY	25,500		7,261		—		19,198		7,261		19,198		26,459		3,537		2005	(a)
161st Street Bronx, NY	29,500		16,679		28,410		18,219		16,679		46,629		63,308		7,777		2005	(a)
Fund III:
Cortlandt Towne Center Mohegan Lake, NY	84,745		7,293		61,395		5,688		7,293		67,083		74,376		14,777		2009	(a)
Heritage Shops Chicago, IL	20,871		13,131		15,409		382		13,131		15,791		28,922		1,469		2011	(a)
654 Broadway Manhattan, NY	—		9,040		3,654		956		9,040		4,610		13,650		205		2011	(a)
New Hyde Park Shopping Center New Hyde Park, NY	6,294		3,016		7,733		3,991		3,016		11,724		14,740		541		2011	(a)
640 Broadway Manhattan, NY	22,750		12,503		19,960		3,219		12,503		23,179		35,682		1,023		2012	(a)
Lincoln Park Centre Chicago, IL	23,000		5,090		25,353		125		5,090		25,478		30,568		1,123		2012	(a)
3104 M Street Washington, D.C.	—		750		2,251		95		750		2,346		3,096		80		2012	(a)
3780-3858 Nostrand Ave Farmingdale, NY	12,567		5,058		14,585		510		5,058		15,095		20,153		334		2013	(a)
Fund IV:
210 Bowery LLC New York, NY	4,600		1,875		5,625		38		1,875		5,663		7,538		140		2012	(a)
Paramus Plaza Paramus, NJ	—		4,703		14,148		—		4,703		14,148		18,851		118		2013	(a)
1151 Third Ave Manhattan, NY	—		5,400		12,600		—		5,400		12,600		18,000		53		2013	(a)
Lake Montclair Prince William County, VA	—		4,813		14,438		9		4,813		14,447		19,260		60		2013	(a)
938 W. North Avenue Chicago, IL	—		5,000		15,000		—		5,000		15,000		20,000		62		2013	(a)
Acadia Strategic Opportunity Fund IV	68,750		—		—		—		—		—		—		—		2012	(a)
Real Estate Under Development	262,912		45,658		2,564		289,131		45,658		291,695		337,353		—		2012	(a)
Total	$	1,039,617	$	378,117	$	950,875	$	490,061	$	381,909	$	1,437,144	$	1,819,053	$	229,538

Notes:

(1) Depreciation on buildings and improvements reflected in the consolidated statements of income is calculated over the estimated useful life of the assets as follows:

Buildings: 30 to 40 years

Improvements: Shorter of lease term or useful life

(2) The aggregate gross cost of property included above for Federal income tax purposes was $1,491.0 million as of December 31, 2013

(3) (a) Reconciliation of Real Estate Properties:

The following table reconciles the activity for real estate properties from January 1, 2011 to December 31, 2013:



	For the years ended December 31,
(dollars in thousands)	2013		2012		2011
Balance at beginning of year	$	1,287,198	$	897,370	$	753,989
Other improvements	112,622		65,480		37,497
Property Acquired	272,661		324,348		105,884
Consolidation of Previously Unconsolidated Investments	146,572		—		—
Balance at end of year	$	1,819,053	$	1,287,198	$	897,370

(3) (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2011 to December 31, 2013:



	For the years ended December 31,
(dollars in thousands)	2013		2012		2011
Balance at beginning of year	$	169,718	$	147,626	$	134,530
Depreciation related to real estate	31,732		22,092		13,096
Consolidation of Previously Unconsolidated Investments	28,088		—		—
Balance at end of year	$	229,538	$	169,718	$	147,626