

		Initial Cost to Company			Amount at Which Carried at December 31, 2017
Description and Location	Encumbrances	Land	Buildings & Improvements	Increase (Decrease) in Net Investments	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared

Core Portfolio:
Crescent Plaza Brockton, MA	—	1,147	7,425	3,194	1,147	10,619	11,766	7,749	1993	(a)	40 years
New Loudon Center Latham, NY	—	505	4,161	14,118	505	18,279	18,784	14,486	1993	(a)	40 years
Mark Plaza Edwardsville, PA	—	—	3,396	—	—	3,396	3,396	2,934	1993	(c)	40 years
Plaza 422 Lebanon, PA	—	190	3,004	2,765	190	5,769	5,959	5,192	1993	(c)	40 years
Route 6 Mall Honesdale, PA	—	1,664	—	12,446	1,664	12,446	14,110	9,234	1994	(c)	40 years
Abington Towne Center Abington, PA	—	799	3,197	2,870	799	6,067	6,866	3,890	1998	(a)	40 years
Bloomfield Town Square Bloomfield Hills, MI	—	3,207	13,774	23,557	3,207	37,331	40,538	21,396	1998	(a)	40 years
Elmwood Park Shopping Center Elmwood Park, NJ	—	3,248	12,992	15,857	3,798	28,299	32,097	19,237	1998	(a)	40 years
Merrillville Plaza Hobart, IN	—	4,288	17,152	5,661	4,288	22,813	27,101	12,260	1998	(a)	40 years
Marketplace of Absecon Absecon, NJ	—	2,573	10,294	4,900	2,577	15,190	17,767	8,107	1998	(a)	40 years
239 Greenwich Avenue Greenwich, CT	27,000	1,817	15,846	1,032	1,817	16,878	18,695	7,830	1998	(a)	40 years
Hobson West Plaza Naperville, IL	—	1,793	7,172	1,983	1,793	9,155	10,948	5,095	1998	(a)	40 years
Village Commons Shopping Center Smithtown, NY	—	3,229	12,917	4,265	3,229	17,182	20,411	9,389	1998	(a)	40 years
Town Line Plaza Rocky Hill, CT	—	878	3,510	7,736	907	11,217	12,124	9,062	1998	(a)	40 years
Branch Shopping Center Smithtown, NY	—	3,156	12,545	15,935	3,401	28,235	31,636	11,247	1998	(a)	40 years
Methuen Shopping Center Methuen, MA	—	956	3,826	1,260	961	5,081	6,042	2,518	1998	(a)	40 years
The Gateway Shopping Center South Burlington, VT	—	1,273	5,091	12,262	1,273	17,353	18,626	9,521	1999	(a)	40 years
Mad River Station Dayton, OH	—	2,350	9,404	2,102	2,350	11,506	13,856	5,597	1999	(a)	40 years
Pacesetter Park Shopping Center Ramapo, NY	—	1,475	5,899	3,602	1,475	9,501	10,976	4,976	1999	(a)	40 years
Brandywine Holdings Wilmington, DE	26,250	5,063	15,252	2,495	5,201	17,609	22,810	6,796	2003	(a)	40 years
Bartow Avenue Bronx, NY	—	1,691	5,803	1,184	1,691	6,987	8,678	2,958	2005	(c)	40 years
Amboy Road Staten Island, NY	—	—	11,909	2,483	—	14,392	14,392	6,564	2005	(a)	40 years
Chestnut Hill Philadelphia, PA	—	8,289	5,691	4,509	8,289	10,200	18,489	3,877	2006	(a)	40 years
2914 Third Avenue Bronx, NY	—	11,108	8,038	4,768	11,855	12,059	23,914	2,757	2006	(a)	40 years
West Shore Expressway Staten Island, NY	—	3,380	13,499	—	3,380	13,499	16,879	4,114	2007	(a)	40 years
West 54th Street Manhattan, NY	—	16,699	18,704	1,236	16,699	19,940	36,639	5,480	2007	(a)	40 years
5-7 East 17th Street Manhattan, NY	—	3,048	7,281	5,183	3,048	12,464	15,512	2,426	2008	(a)	40 years
651-671 W Diversey Chicago, IL	—	8,576	17,256	8	8,576	17,264	25,840	2,841	2011	(a)	40 years
15 Mercer Street New York, NY	—	1,887	2,483	—	1,887	2,483	4,370	404	2011	(a)	40 years
4401 White Plains Bronx, NY	—	1,581	5,054	—	1,581	5,054	6,635	800	2011	(a)	40 years
Chicago Street Retail Portfolio	—	17,527	49,501	5,544	17,565	55,007	72,572	11,383	2012	(a)	40 years



		Initial Cost to Company			Amount at Which Carried at December 31, 2017
Description and Location	Encumbrances	Land	Buildings & Improvements	Increase (Decrease) in Net Investments	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	2	2,110	1,308	3,418	193	2012	(a)	40 years
330-340 River St Cambridge, MA	11,644	8,404	14,235	—	8,404	14,235	22,639	2,179	2012	(a)	40 years
Rhode Island Place Shopping Center Washington, D.C.	—	7,458	15,968	1,708	7,458	17,676	25,134	2,709	2012	(a)	40 years
930 Rush Street Chicago, IL	—	4,933	14,587	—	4,933	14,587	19,520	2,097	2012	(a)	40 years
28 Jericho Turnpike Westbury, NY	14,402	6,220	24,416	—	6,220	24,416	30,636	3,575	2012	(a)	40 years
181 Main Street Westport, CT	—	1,908	12,158	333	1,908	12,491	14,399	1,612	2012	(a)	40 years
83 Spring Street Manhattan, NY	—	1,754	9,200	—	1,754	9,200	10,954	1,265	2012	(a)	40 years
60 Orange Street Bloomfield, NJ	7,522	3,609	10,790	—	3,609	10,790	14,399	1,562	2012	(a)	40 years
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	802	11,690	10,937	22,627	1,522	2012	(a)	40 years
639 West Diversey Chicago, IL	—	4,429	6,102	779	4,429	6,881	11,310	1,069	2012	(a)	40 years
664 North Michigan Chicago, IL	40,584	15,240	65,331	—	15,240	65,331	80,571	7,973	2013	(a)	40 years
8-12 E. Walton Chicago, IL	—	5,398	15,601	939	5,398	16,540	21,938	1,879	2013	(a)	40 years
3200-3204 M Street Washington, DC	—	6,899	4,249	168	6,899	4,417	11,316	547	2013	(a)	40 years
868 Broadway Manhattan, NY	—	3,519	9,247	5	3,519	9,252	12,771	942	2013	(a)	40 years
313-315 Bowery Manhattan, NY	—	—	5,516	—	—	5,516	5,516	893	2013	(a)	40 years
120 West Broadway Manhattan, NY	—	—	32,819	1,116	—	33,935	33,935	2,192	2013	(a)	40 years
11 E. Walton Chicago, IL	—	16,744	28,346	192	16,744	28,538	45,282	2,923	2014	(a)	40 years
61 Main St. Westport, CT	—	4,578	2,645	182	4,578	2,827	7,405	307	2014	(a)	40 years
865 W. North Avenue Chicago, IL	—	1,893	11,594	23	1,893	11,617	13,510	1,105	2014	(a)	40 years
152-154 Spring St. Manhattan, NY	—	8,544	27,001	—	8,544	27,001	35,545	2,509	2014	(a)	40 years
2520 Flatbush Ave Brooklyn, NY	—	6,613	10,419	193	6,613	10,612	17,225	1,026	2014	(a)	40 years
252-256 Greenwich Avenue Greenwich, CT	—	10,175	12,641	119	10,175	12,760	22,935	1,300	2014	(a)	40 years
Bedford Green Bedford Hills, NY	—	12,425	32,730	1,929	12,425	34,659	47,084	3,228	2014	(a)	40 years
131-135 Prince Street Manhattan, NY	—	—	57,536	135	—	57,671	57,671	8,969	2014	(a)	40 years
Shops at Grand Ave Queens, NY	—	20,264	33,131	312	20,264	33,443	53,707	2,746	2014	(a)	40 years
201 Needham St. Newton, MA	—	4,550	4,459	105	4,550	4,564	9,114	419	2014	(a)	40 years
City Center San Francisco, CA	—	36,063	109,098	2,604	36,063	111,702	147,765	7,731	2015	(a)	40 years
163 Highland Avenue Needham, MA	9,112	12,679	11,213	—	12,679	11,213	23,892	911	2015	(a)	40 years
Roosevelt Galleria Chicago, IL	—	4,838	14,574	—	4,838	14,574	19,412	856	2015	(a)	40 years
Route 202 Shopping Center Wilmington, DE	—	—	6,346	13	—	6,359	6,359	467	2015	(a)	40 years
991 Madison Avenue New York, NY	—	—	76,965	175	—	77,140	77,140	2,749	2016	(a)	40 years
165 Newbury Street Boston, MA	—	1,918	3,980	—	1,918	3,980	5,898	166	2016	(a)	40 years
Concord & Milwaukee Chicago, IL	2,802	2,739	2,746	—	2,739	2,746	5,485	103	2016	(a)	40 years
State & Washington Chicago, IL	24,974	3,907	70,943	—	3,907	70,943	74,850	2,365	2016	(a)	40 years



		Initial Cost to Company			Amount at Which Carried at December 31, 2017
Description and Location	Encumbrances	Land	Buildings & Improvements	Increase (Decrease) in Net Investments	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
151 N. State Street Chicago, IL	14,179	1,941	25,529	—	1,941	25,529	27,470	904	2016	(a)	40 years
North & Kingsbury Chicago, IL	12,931	18,731	16,292	—	18,731	16,292	35,023	564	2016	(a)	40 years
Sullivan Center Chicago, IL	—	13,443	137,327	54	13,443	137,381	150,824	4,578	2016	(a)	40 years
California & Armitage Chicago, IL	2,622	6,770	2,292	2	6,770	2,294	9,064	84	2016	(a)	40 years
555 9th Street San Francisco, CA	60,000	75,591	73,268	—	75,591	73,268	148,859	2,154	2016	(a)	40 years
Market Square Wilmington, DE	—	8,100	31,221	157	8,100	31,379	39,479	75	2017	(a)	40 years
Undeveloped Land	—	100	—	—	100	—	100	—
Fund II:
City Point Brooklyn, NY	224,820	—	100,316	455,125	—	555,441	555,441	13,628	2007	(c)	40 years
Fund III:
654 Broadway Manhattan, NY	—	9,040	3,654	2,883	9,040	6,537	15,577	921	2011	(a)	40 years
640 Broadway Manhattan, NY	49,470	12,503	19,960	12,921	12,503	32,881	45,384	4,694	2012	(a)	40 years
3104 M St. Washington, DC	4,419	750	2,115	5,139	750	7,254	8,004	283	2013	(c)	40 years
3780-3858 Nostrand Avenue Brooklyn, NY	10,617	6,229	11,216	6,139	6,229	17,355	23,584	2,157	2013	(a)	40 years
Fund IV:				—			—
210 Bowery Manhattan, NY	10,919	1,875	5,625	17,104	1,875	22,729	24,604	142	2012	(c)	40 years
Paramus Plaza Paramus, NJ	18,454	11,052	7,037	11,560	11,052	18,597	29,649	1,739	2013	(a)	40 years
Lake Montclair Center Dumfries, VA	14,098	7,077	12,028	702	7,077	12,730	19,807	1,482	2013	(a)	40 years
938 W. North Avenue Chicago, IL	14,100	2,314	17,067	2,044	2,314	19,111	21,425	1,733	2013	(a)	40 years
27 E. 61st Street Manhattan, NY	—	4,813	14,438	6,693	4,813	21,131	25,944	131	2014	(c)	40 years
17 E. 71st Street Manhattan, NY	19,000	7,391	20,176	266	7,391	20,442	27,833	1,680	2014	(a)	40 years
Broughton St. Portfolio Savannah, GA	24,699	—	—	—	—	—	—	—	2014	(c)	40 years
1035 Third Ave Manhattan, NY	41,387	12,759	37,431	4,648	14,099	40,739	54,838	2,992	2015	(a)	40 years
801 Madison Avenue Manhattan, NY	—	4,178	28,470	4,474	4,178	32,945	37,123	206	2015	(c)	40 years
2208-2216 Fillmore Street San Francisco, CA	5,606	3,027	6,376	26	3,027	6,402	9,429	348	2015	(a)	40 years
146 Geary Street San Francisco, CA	27,700	9,500	28,500	7	9,500	28,507	38,007	1,544	2015	(a)	40 years
2207 Fillmore Street San Francisco, CA	1,120	1,498	1,735	119	1,498	1,854	3,352	93	2015	(a)	40 years
1861 Union St. San Francisco, CA	2,315	2,188	1,293	8	2,188	1,301	3,489	67	2015	(a)	40 years
1964 Union Street San Francisco, CA	1,463	563	1,688	2,577	563	4,265	4,828	44	2016	(c)	40 years
Restaurants at Fort Point Boston, MA	6,425	1,041	10,905	—	1,041	10,905	11,946	545	2016	(a)	40 years
Wakeforest Crossing Wake Forest, NC	24,000	7,570	24,829	196	7,570	25,025	32,595	989	2016	(a)	40 years
Airport Mall Bangor, ME	5,613	2,294	7,067	74	2,294	7,141	9,435	278	2016	(a)	40 years
Colonie Plaza Albany, NY	11,890	2,852	9,619	4	2,852	9,623	12,475	338	2016	(a)	40 years
Dauphin Plaza Harrisburg, PA	10,270	5,290	9,464	317	5,290	9,781	15,071	351	2016	(a)	40 years
JFK Plaza Waterville, ME	4,490	751	5,991	7	751	5,998	6,749	222	2016	(a)	40 years
Mayfair Shopping Center Philadelphia, PA	—	6,178	9,266	32	6,178	9,298	15,476	294	2016	(a)	40 years
Shaw's Plaza Waterville, ME	8,035	828	11,814	—	828	11,814	12,642	388	2016	(a)	40 years



				Initial Cost to Company						Amount at Which Carried at December 31, 2017
Description and Location	Encumbrances			Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
Wells Plaza Wells, ME	3,368			1,892		2,585		—		1,892		2,585		4,477		124		2016	(a)	40 years
717 N. Michigan Chicago, IL	18,199			20,674		10,093		—		20,674		10,093		30,767		270		2016	(c)	40 years
Shaw's Plaza North Windham, ME	5,988			1,876		6,696		—		1,876		6,696		8,572		94		2017	(a)	40 years
Lincoln Place Fairview Heights, IL	23,100			7,149		22,201		55		7,149		22,256		29,405		545		2017	(a)	40 years
Fund V:
Plaza Santa Fe Santa Fe, NM	—			—		28,214		—		—		28,214		28,214		452		2017	(a)	40 years
Hickory Ridge Hickory, NC	28,613			7,852		29,998		—		7,852		29,998		37,850		312		2017	(a)	40 years
New Towne Plaza Canton, MI	—			5,040		17,391		1		5,040		17,392		22,432		208		2017	(a)	40 years
Fairlane Green Allen Park, MI	—			18,121		37,626		—		18,121		37,626		55,747		—		2017	(a)	40 years

Real Estate Under Development	47,061			88,108		31,473		54,122		88,108		85,594		173,702		—
Debt of Assets Held for Sale	—			—		—		—		—		—		—		—
Unamortized Loan Costs	(12,943		)	—		—		—		—		—		—		—
Unamortized Premium	856			—		—		—		—		—		—		—
Total	$	909,174		$	743,847	$	1,960,389	$	762,245	$	746,943	$	2,719,539	$	3,466,482	$	339,862

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 at 40 years and improvements at the shorter of lease term or useful life.


2.	The aggregate gross cost of property included above for Federal income tax purposes was approximately $3.4 billion as of December 31, 2017.

The following table reconciles the activity for real estate properties from January 1, 2015 to December 31, 2017 (in thousands):



	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	3,382,000		$	2,736,283		$	2,208,595
Other improvements	55,763			152,129			162,760
Property acquisitions	179,292			761,400			418,396
Property dispositions or held for sale assets	(189,895		)	(134,332		)	(66,359		)
Prior year purchase price allocation adjustments	—			(9,844		)	—
Deconsolidation of previously consolidated investments	—			(123,636		)	—
Consolidation of previously unconsolidated investments	39,322			—			12,891
Balance at end of year	$	3,466,482		$	3,382,000		$	2,736,283

The following table reconciles accumulated depreciation from January 1, 2015 to December 31, 2017 (in thousands):



	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	287,066		$	298,703		$	256,015
Depreciation related to real estate	73,268			49,269			49,775
Property dispositions	(20,472		)	(27,829		)	(7,087		)
Deconsolidation of previously consolidated investments	—			(33,077		)	—
Balance at end of year	$	339,862		$	287,066		$	298,703