SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2014



			Initial Cost to Company							Amount at which Carried at December 31, 2014
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	$	16,455	$	1,147	$	7,425	$	1,376		$	1,147	$	8,801	$	9,948	$	6,913	1993	(a)
New Loudon Center Latham, NY	—		505		4,161		13,052			505		17,213		17,718		13,112		1993	(a)
Mark Plaza Edwardsville, PA	—		—		4,268		(872		)	—		3,396		3,396		2,783		1993	(c)
Plaza 422 Lebanon, PA	—		190		3,004		2,309			190		5,313		5,503		4,963		1993	(c)
Route 6 Mall Honesdale, PA	—		1,664		—		12,276			1,664		12,276		13,940		7,624		1994	(c)
Abington Towne Center Abington, PA	—		799		3,197		2,357			799		5,554		6,353		3,307		1998	(a)
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		21,579			3,207		35,353		38,560		15,511		1998	(a)
Elmwood Park Shopping Center Elmwood Park, NJ	32,201		3,248		12,992		15,855			3,798		28,297		32,095		15,647		1998	(a)
Merrillville Plaza Hobart, IN	25,503		4,288		17,152		5,553			4,288		22,705		26,993		9,400		1998	(a)
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		4,900			2,577		15,190		17,767		6,616		1998	(a)
239 Greenwich Avenue Greenwich, CT	26,000		1,817		15,846		597			1,817		16,443		18,260		6,545		1998	(a)
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,842			1,793		9,014		10,807		4,308		1998	(a)
Village Commons Shopping Center Smithtown, NY	—		3,229		12,917		4,048			3,229		16,965		20,194		7,799		1998	(a)
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,609			907		11,090		11,997		8,615		1998	(a)
Branch Shopping Center Smithtown, NY	—		3,156		12,545		11,457			3,401		23,757		27,158		7,045		1998	(a)
Methuen Shopping Center Methuen, MA	—		956		3,826		594			961		4,415		5,376		2,070		1998	(a)
Gateway Shopping Center South Burlington, VT	19,440		1,273		5,091		12,258			1,273		17,349		18,622		7,608		1999	(a)
Mad River Station Dayton, OH	—		2,350		9,404		1,149			2,350		10,553		12,903		4,590		1999	(a)
Pacesetter Park Shopping Center Ramapo, NY	11,307		1,475		5,899		2,235			1,475		8,134		9,609		3,757		1999	(a)
Brandywine Town Center Wilmington, DE	141,825		21,993		87,988		16,329			24,213		102,097		126,310		28,808		2003
Brandywine Market Square Wilmington, DE	24,375		4,308		17,239		970			4,262		18,255		22,517		5,916		2003
Bartow Avenue Bronx, NY	—		1,691		5,803		638			1,691		6,441		8,132		2,310		2005	(c)
Amboy Road Staten Island, NY	—		—		11,909		2,514			—		14,423		14,423		4,306		2005	(a)
613-623 W. Diversey Chicago, IL	—		10,061		2,773		355			10,061		3,128		13,189		793		2006	(a)
Chestnut Hill Philadelphia, PA	—		8,289		5,691		4,242			8,289		9,933		18,222		2,143		2006	(a)
2914 Third Avenue Bronx, NY	—		11,108		8,038		4,397			11,855		11,688		23,543		1,851		2006	(a)



		Initial Cost to Company				Amount at which Carried at December 31, 2014
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition		Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
West Shore Expressway Staten Island, NY	—	3,380	13,554	(55	)	3,380	13,499	16,879	2,969	2007	(a)
West 54th Street Manhattan, NY	—	16,699	18,704	949		16,699	19,653	36,352	3,692	2007	(a)
5-7 East 17th Street Manhattan, NY	—	3,048	7,281	376		3,048	7,657	10,705	1,321	2008	(a)
651-671 W Diversey Chicago, IL	—	8,576	17,256	8		8,576	17,264	25,840	1,546	2011	(a)
15 Mercer Street New York, NY	—	1,887	2,483	7		1,887	2,490	4,377	217	2011	(a)
4401 White Plains Bronx, NY	6,141	1,581	5,054	—		1,581	5,054	6,635	421	2011	(a)
Chicago Street Retail Portfolio Chicago, IL	15,485	18,521	55,627	1,576		18,559	57,165	75,724	3,692	2012	(a)
330 River Street Cambridge, MA	3,974	3,510	2,886	—		3,510	2,886	6,396	237	2012	(a)
Rhode Island Place Shopping Center Washington, D.C.	16,560	7,458	15,968	158		7,458	16,126	23,584	1,141	2012	(a)
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—		2,110	1,306	3,416	155	2012	(a)
340 River Street Cambridge, MA	6,820	4,894	11,349	—		4,894	11,349	16,243	840	2012	(a)
930 Rush Street Chicago, IL	—	4,933	14,587	11		4,933	14,598	19,531	1,003	2012	(a)
28 Jericho Turnpike Westbury, NY	15,747	6,220	24,416	—		6,220	24,416	30,636	1,654	2012	(a)
181 Main Street Westport, CT	—	1,908	12,158	—		1,908	12,158	14,066	644	2012	(a)
83 Spring Street Manhattan, NY	—	1,754	9,200	—		1,754	9,200	10,954	575	2012	(a)
60 Orange Street Bloomfield, NJ	8,236	3,609	10,790	—		3,609	10,790	14,399	669	2012	(a)
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	318		11,689	10,454	22,143	579	2012	(a)
639 West Diversey Chicago, IL	4,480	4,429	6,102	313		4,429	6,415	10,844	332	2012	(a)
664 North Michigan Chicago, IL	44,369	15,240	65,331	—		15,240	65,331	80,571	3,089	2013	(a)
8-12 E. Walton Chicago, IL	—	5,398	15,601	22		5,398	15,623	21,021	626	2013	(a)
3200-3204 M Street Washington, DC	—	6,899	4,249	—		6,899	4,249	11,148	133	2013	(a)
868 Broadway Manhattan, NY	—	3,519	9,247	5		3,519	9,252	12,771	248	2013	(a)
313-315 Bowery Manhattan, NY	—	—	5,516	—		—	5,516	5,516	223	2013	(a)
120 West Broadway Manhattan, NY	—	—	32,819	20		—	32,839	32,839	497	2013	(a)
11 E. Walton Chicago, IL	—	11,000	33,000	—		11,000	33,000	44,000	756	2014	(a)
61 Main Street Westport, CT	—	1,825	5,505	—		1,825	5,505	7,330	114	2014	(a)
865 W. North Avenue Chicago, IL	—	3,688	11,063	—		3,688	11,063	14,751	230	2014	(a)
152-154 Spring Street Manhattan, NY	—	9,500	28,500	—		9,500	28,500	38,000	475	2014	(a)
2520 Flatbush Avenue Brooklyn, NY	—	4,275	12,825	—		4,275	12,825	17,100	187	2014	(a)
252-256 Greenwich Avenue Greenwich, CT	—	6,113	18,378	—		6,113	18,378	24,491	344	2014	(a)
Bedford Green Bedford Hill, NY	31,363	13,788	35,153	—		13,788	35,153	48,941	450	2014	(a)



			Initial Cost to Company						Amount at which Carried at December 31, 2014
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
131-135 Prince Street Manhattan, NY	—		19,274		38,519		—		19,274		38,519		57,793		321		2014	(a)
Shops at Grand Ave Queens, NY	—		14,000		42,000		—		14,000		42,000		56,000		263		2014	(a)
201 Needham Street Newton, MA	—		2,531		7,594		—		2,531		7,594		10,125		16		2014	(a)
Undeveloped Land	—		100		—		—		100		—		100		—
ARLP	50,000		—		—		—		—		—		—		—
Fund I:
Kroger/Safeway Various	—		—		4,215		—		—		4,215		4,215		4,027		2003	(a)
Fund II:
Liberty Ave Ozone Park, NY	8,973		—		12,627		647		—		13,274		13,274		3,060		2004	(a)
CityPoint Brooklyn, NY	—		—		—		7,473		—		7,473		7,473		186		2010	(c)
161st Street Bronx, NY	29,500		16,679		28,410		18,231		16,679		46,641		63,320		9,494		2005	(a)
Fund III:
Cortlandt Towne Center Mohegan Lake, NY	83,936		7,293		61,395		9,213		7,293		70,608		77,901		17,637		2009	(a)
Heritage Shops Chicago, IL	24,500		13,131		15,409		386		13,131		15,795		28,926		2,012		2011	(a)
654 Broadway Manhattan, NY	9,000		9,040		3,654		1,435		9,040		5,089		14,129		352		2011	(a)
New Hyde Park Shopping Center New Hyde Park, NY	11,720		3,016		7,733		4,019		3,016		11,752		14,768		1,050		2011	(a)
640 Broadway Manhattan, NY	22,564		12,503		19,960		6,430		12,503		26,390		38,893		1,814		2012	(a)
Lincoln Park Centre Chicago, IL	28,000		—		—		—		—		—		—		—		2012	(a)
3780-3858 Nostrand Avenue Brooklyn, NY	12,047		6,229		11,216		3,128		6,229		14,344		20,573		594		2013	(a)
Fund IV:
210 Bowery LLC Manhattan, NY	4,600		1,875		5,625		22		1,875		5,647		7,522		281		2012	(a)
Paramus Plaza Paramus, NJ	12,600		11,052		7,037		1,852		11,052		8,889		19,941		272		2013	(a)
1151 Third Ave Manhattan, NY	12,481		8,306		9,685		978		8,306		10,663		18,969		321		2013	(a)
Lake Montclair Center Prince William County, VA	15,284		7,077		12,028		25		7,077		12,053		19,130		381		2013	(a)
938 W. North Avenue Chicago, IL	12,500		2,314		17,067		34		2,314		17,101		19,415		449		2013	(a)
17 E. 71st Street Manhattan, NY	—		7,000		21,000		—		7,000		21,000		28,000		86		2014	(a)
Fund IV	77,100		—		—		—		—		—		—		—
Real Estate Under Development	265,015		30,830		19,253		397,307		54,215		393,175		447,390		—

Total	$	1,130,101	$	451,700	$	1,152,388	$	604,507	$	478,876	$	1,729,719	$	2,208,595	$	256,015

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 $1,811.2 million as of December 31, 2014

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

The following table reconciles the activity for real estate properties from January 1, 2012 to December 31, 2014:



	For the years ended December 31,
(dollars in thousands)	2014			2013		2012
Balance at beginning of year	$	1,819,053		$	1,287,198	$	897,370
Other improvements	162,827			112,622		65,480
Property acquisitions	299,793			272,661		324,348
Property dispositions	(73,078		)	—		—
Consolidation of previously unconsolidated investments	—			146,572		—
Balance at end of year	$	2,208,595		$	1,819,053	$	1,287,198

(3) (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2012 to December 31, 2014:



	For the years ended December 31,
(dollars in thousands)	2014		2013		2012
Balance at beginning of year	$	229,538	$	169,718	$	147,626
Depreciation related to real estate	26,477		31,732		22,092
Consolidation of Previously Unconsolidated Investments	—		28,088		—
Balance at end of year	$	256,015	$	229,538	$	169,718