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Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

 
 
 
 
Initial Cost (1)
 
 
 
 
 
Gross Amounts at Which Carried at Close of Period
 
 
Description /Location
 
Encumbrances (2)
 
Land
 
Buildings and Improvements
 
Costs
 Capitalized Subsequent to Acquisition
 
Sales of Outparcel
  Land
 
Land
 
Buildings and Improvements
 
Total (3)
 
Accumulated Depreciation (4)
 
 Date of Construction
 / Acquisition
 MALLS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Acadiana Mall, Lafayette, LA
 
$
125,829

 
$
22,511

 
$
145,769

 
$
11,174

 
$
—

 
$
19,919

 
$
159,535

 
$
179,454

 
$
(70,172
)
 
2005
 Alamance Crossing, Burlington, NC
 
47,160

 
20,853

 
63,105

 
40,214

 
(2,803
)
 
18,050

 
103,319

 
121,369

 
(30,642
)
 
2007
 Arbor Place, Atlanta (Douglasville), GA
 
113,574

 
7,862

 
95,330

 
27,305

 
—

 
7,862

 
122,635

 
130,497

 
(61,490
)
 
1998-1999
 Asheville Mall, Asheville, NC
 
69,722

 
7,139

 
58,747

 
56,912

 
(805
)
 
6,334

 
115,659

 
121,993

 
(51,150
)
 
1998
 Brookfield Square, Brookfield, WI
 
—

 
8,996

 
84,250

 
55,700

 
(18
)
 
9,170

 
139,758

 
148,928

 
(62,415
)
 
2001
 Burnsville Center, Burnsville, MN
 
71,785

 
12,804

 
71,355

 
59,475

 
(1,157
)
 
16,102

 
126,375

 
142,477

 
(56,832
)
 
1998
 Cary Towne Center, Cary, NC
 
46,716

 
23,688

 
74,432

 
32,675

 
—

 
24,949

 
105,846

 
130,795

 
(40,748
)
 
2001
 CherryVale Mall, Rockford, IL
 
—

 
11,892

 
63,973

 
57,704

 
(1,667
)
 
11,608

 
120,294

 
131,902

 
(47,789
)
 
2001
 Chesterfield Mall, Chesterfield, MO
 
140,000

 
11,083

 
282,140

 
(173,528
)
 
—

 
11,083

 
108,612

 
119,695

 
(5,246
)
 
2007
 College Square, Morristown, TN
 
—

 
2,954

 
17,787

 
33,393

 
(88
)
 
2,866

 
51,180

 
54,046

 
(23,212
)
 
1987-1988
 Cross Creek Mall, Fayetteville, NC
 
123,398

 
19,155

 
104,353

 
36,094

 
—

 
20,169

 
139,433

 
159,602

 
(48,554
)
 
2003
 Dakota Square Mall, Minot, ND
 
—

 
4,552

 
87,625

 
25,253

 

 
4,552

 
112,878

 
117,430

 
(15,305
)
 
2012
 Eastland Mall, Bloomington, IL
 
—

 
5,746

 
75,893

 
6,875

 
(753
)
 
5,304

 
82,457

 
87,761

 
(31,211
)
 
2005
 East Towne Mall, Madison, WI
 
—

 
4,496

 
63,867

 
50,590

 
(715
)
 
3,781

 
114,457

 
118,238

 
(45,830
)
 
2002
 EastGate Mall, Cincinnati, OH
 
37,123

 
13,046

 
44,949

 
28,553

 
(1,017
)
 
12,029

 
73,502

 
85,531

 
(28,211
)
 
2001
 Fayette Mall, Lexington, KY
 
162,240

 
25,205

 
84,256

 
106,369

 
—

 
25,205

 
190,625

 
215,830

 
(56,800
)
 
2001
 Frontier Mall, Cheyenne, WY
 
—

 
2,681

 
15,858

 
21,925

 
(80
)
 
2,601

 
37,783

 
40,384

 
(23,211
)
 
1984-1985
 Foothills Mall, Maryville, TN
 
—

 
6,376

 
27,376

 
11,773

 
—

 
6,392

 
39,133

 
45,525

 
(26,604
)
 
1996
 Greenbrier Mall, Chesapeake, VA
 
70,801

 
3,181

 
107,355

 
14,121

 
(626
)
 
2,555

 
121,476

 
124,031

 
(40,768
)
 
2004
 Hamilton Place, Chattanooga, TN
 
106,138

 
3,532

 
42,623

 
45,422

 
(441
)
 
4,034

 
87,102

 
91,136

 
(50,871
)
 
1986-1987
 Hanes Mall, Winston-Salem, NC
 
146,268

 
17,176

 
133,376

 
53,563

 
(948
)
 
18,629

 
184,538

 
203,167

 
(73,315
)
 
2001
 Harford Mall, Bel Air, MD
 
—

 
8,699

 
45,704

 
23,104

 
—

 
8,699

 
68,808

 
77,507

 
(25,954
)
 
2003
 Hickory Point Mall, Forsyth, IL
 
27,446

 
10,731

 
31,728

 
17,036

 
(293
)
 
10,021

 
48,763

 
58,784

 
(18,837
)
 
2005
 Honey Creek Mall, Terre Haute, IN
 
26,700

 
3,108

 
83,358

 
18,968

 
—

 
3,108

 
102,326

 
105,434

 
(34,643
)
 
2004
 Imperial Valley Mall, El Centro, CA
 
—

 
35,378

 
70,549

 
3,778

 
—

 
35,378

 
74,327

 
109,705

 
(10,135
)
 
2012
 Janesville Mall, Janesville, WI
 
—

 
8,074

 
26,009

 
21,659

 
—

 
8,074

 
47,668

 
55,742

 
(18,249
)
 
1998
 Jefferson Mall, Louisville, KY
 
66,051

 
13,125

 
40,234

 
28,898

 
(521
)
 
12,604

 
69,132

 
81,736

 
(27,268
)
 
2001
 Kirkwood Mall, Bismarck, ND
 
37,984

 
3,368

 
118,945

 
20,767

 

 
3,368

 
139,712

 
143,080

 
(16,009
)
 
2012
 Laurel Park Place, Livonia, MI
 
—

 
13,289

 
92,579

 
19,562

 
—

 
13,289

 
112,141

 
125,430

 
(43,350
)
 
2005
 Layton Hills Mall, Layton, UT
 
89,921

 
20,464

 
99,836

 
10,683

 
(340
)
 
20,124

 
110,519

 
130,643

 
(37,440
)
 
2005
 Mall del Norte, Laredo, TX
 
—

 
21,734

 
142,049

 
53,239

 
—

 
21,734

 
195,288

 
217,022

 
(78,157
)
 
2004

 
 
 
 
Initial Cost (1)
 
 
 
 
 
Gross Amounts at Which Carried at Close of Period
 
 
Description /Location
 
Encumbrances (2)
 
Land
 
Buildings and Improvements
 
Costs
 Capitalized Subsequent to Acquisition
 
Sales of Outparcel
  Land
 
Land
 
Buildings and Improvements
 
Total (3)
 
Accumulated Depreciation (4)
 
 Date of Construction
 / Acquisition
 Mayfaire Town Center, Wilmington, NC
 
—

 
26,333

 
101,087

 
628

 
—

 
26,333

 
101,715

 
128,048

 
(4,952
)
 
2015
 Meridian Mall, Lansing, MI
 
—

 
529

 
103,678

 
80,810

 
—

 
2,232

 
182,785

 
185,017

 
(83,060
)
 
1998
 Midland Mall, Midland, MI
 
31,953

 
10,321

 
29,429

 
(10,545
)
 

 
8,898

 
20,308

 
29,206

 
(935
)
 
2001
 Mid Rivers Mall, St. Peters, MO
 
—

 
16,384

 
170,582

 
19,431

 
(626
)
 
15,758

 
190,013

 
205,771

 
(55,095
)
 
2007
 Monroeville Mall, Pittsburgh, PA
 
—

 
22,911

 
177,214

 
78,215

 
—

 
25,432

 
252,908

 
278,340

 
(79,067
)
 
2004
 Northgate Mall, Chattanooga, TN
 
—

 
2,330

 
8,960

 
23,441

 
(74
)
 
2,256

 
32,401

 
34,657

 
(7,181
)
 
2011
 Northpark Mall, Joplin, MO
 
—

 
9,977

 
65,481

 
45,400

 
—

 
10,962

 
109,896

 
120,858

 
(42,028
)
 
2004
 Northwoods Mall, North Charleston, SC
 
67,827

 
14,867

 
49,647

 
24,502

 
(2,339
)
 
12,528

 
74,149

 
86,677

 
(28,792
)
 
2001
 Old Hickory Mall, Jackson, TN
 
—

 
15,527

 
29,413

 
7,915

 
—

 
15,527

 
37,328

 
52,855

 
(15,662
)
 
2001
The Outlet Shoppes at Atlanta, Woodstock, GA
 
83,432

 
8,598

 
100,613

 
(29,169
)
 
(740
)
 
16,427

 
62,875

 
79,302

 
(12,222
)
 
2013
The Outlet Shoppes at El Paso, El Paso, TX
 
69,100

 
7,345

 
98,602

 
12,219

 

 
7,569

 
110,597

 
118,166

 
(17,945
)
 
2012
The Outlet Shoppes at Gettysburg, Gettysburg, PA
 
38,450

 
20,779

 
22,180

 
1,328

 

 
20,778

 
23,508

 
44,286

 
(4,831
)
 
2012
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK
 
62,207

 
7,402

 
50,268

 
13,361

 
—

 
6,833

 
64,198

 
71,031

 
(21,867
)
 
2011
The Outlet Shoppes of the Bluegrass, Simpsonville, KY
 
84,837

 
3,193

 
72,962

 
4,096

 

 
3,193

 
77,058

 
80,251

 
(9,705
)
 
2014
 Parkdale Mall, Beaumont, TX
 
83,527

 
23,850

 
47,390

 
59,072

 
(307
)
 
23,544

 
106,461

 
130,005

 
(43,060
)
 
2001
 Park Plaza Mall, Little Rock, AR
 
86,737

 
6,297

 
81,638

 
35,456

 
—

 
6,304

 
117,087

 
123,391

 
(49,628
)
 
2004
 Parkway Place, Huntsville, AL
 
36,659

 
6,364

 
67,067

 
5,701

 

 
6,364

 
72,768

 
79,132

 
(16,027
)
 
2010
 Pearland Town Center, Pearland, TX
 
—

 
16,300

 
108,615

 
15,340

 
(857
)
 
15,443

 
123,955

 
139,398

 
(39,504
)
 
2008
 Post Oak Mall, College Station, TX
 
—

 
3,936

 
48,948

 
15,857

 
(327
)
 
3,608

 
64,806

 
68,414

 
(33,951
)
 
1984-1985
 Richland Mall, Waco, TX
 
—

 
9,874

 
34,793

 
19,760

 
—

 
9,887

 
54,540

 
64,427

 
(20,444
)
 
2002
 South County Center, St. Louis, MO
 
—

 
15,754

 
159,249

 
14,403

 

 
15,754

 
173,652

 
189,406

 
(48,721
)
 
2007
 Southaven Towne Center, Southaven, MS
 
—

 
8,255

 
29,380

 
13,462

 
—

 
8,896

 
42,619

 
51,515

 
(18,188
)
 
2005
 Southpark Mall, Colonial Heights, VA
 
62,246

 
9,501

 
73,262

 
38,132

 
—

 
11,282

 
109,613

 
120,895

 
(39,776
)
 
2003
 Stroud Mall, Stroudsburg, PA
 
—

 
14,711

 
23,936

 
20,932

 
—

 
14,711

 
44,868

 
59,579

 
(18,598
)
 
1998
 St. Clair Square, Fairview Heights, IL
 
—

 
11,027

 
75,620

 
35,095

 
—

 
11,027

 
110,715

 
121,742

 
(52,531
)
 
1996
 Sunrise Mall, Brownsville, TX
 
—

 
11,156

 
59,047

 
15,417

 
—

 
11,156

 
74,464

 
85,620

 
(22,966
)
 
2003
 Turtle Creek Mall, Hattiesburg, MS
 
—

 
2,345

 
26,418

 
17,838

 
—

 
3,535

 
43,066

 
46,601

 
(23,349
)
 
1993-1995
 Valley View Mall, Roanoke, VA
 
56,734

 
15,985

 
77,771

 
21,867

 
—

 
15,999

 
99,624

 
115,623

 
(35,147
)
 
2003
 Volusia Mall, Daytona Beach, FL
 
45,929

 
2,526

 
120,242

 
28,693

 
—

 
6,431

 
145,030

 
151,461

 
(45,827
)
 
2004
 Wausau Center, Wausau, WI
 
17,689

 
5,231

 
24,705

 
(13,707
)
 
(5,231
)
 
—

 
10,998

 
10,998

 
(387
)
 
2001
 West Towne Mall, Madison, WI
 
—

 
9,545

 
83,084

 
51,879

 
—

 
9,545

 
134,963

 
144,508

 
(52,750
)
 
2002
 WestGate Mall, Spartanburg, SC
 
36,021

 
2,149

 
23,257

 
47,192

 
(432
)
 
1,742

 
70,424

 
72,166

 
(37,706
)
 
1995
 Westmoreland Mall, Greensburg, PA
 
—

 
4,621

 
84,215

 
26,897

 
(316
)
 
4,305

 
111,112

 
115,417

 
(40,716
)
 
2002

 
 
 
 
Initial Cost (1)
 
 
 
 
 
Gross Amounts at Which Carried at Close of Period
 
 
Description /Location
 
Encumbrances (2)
 
Land
 
Buildings and Improvements
 
Costs
 Capitalized Subsequent to Acquisition
 
Sales of Outparcel
  Land
 
Land
 
Buildings and Improvements
 
Total (3)
 
Accumulated Depreciation (4)
 
 Date of Construction
 / Acquisition
 York Galleria, York, PA
 
—

 
5,757

 
63,316

 
12,356

 
—

 
5,757

 
75,672

 
81,429

 
(32,799
)
 
1995
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 ASSOCIATED CENTERS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Annex at Monroeville, Pittsburgh, PA
 
—

 
—

 
29,496

 
(444
)
 
—

 
—

 
29,052

 
29,052

 
(9,159
)
 
2004
 CoolSprings Crossing, Nashville, TN
 
—

 
2,803

 
14,985

 
5,750

 
—

 
3,554

 
19,984

 
23,538

 
(12,400
)
 
1991-1993
 Courtyard at Hickory Hollow, Nashville, TN
—

 
3,314

 
2,771

 
(1,618
)
 
(231
)
 
1,500

 
2,736

 
4,236

 
(753
)
 
1998
 Frontier Square, Cheyenne, WY
 
—

 
346

 
684

 
434

 
(86
)
 
260

 
1,118

 
1,378

 
(673
)
 
1985
 Gunbarrel Pointe, Chattanooga, TN
 
—

 
4,170

 
10,874

 
3,491

 
—

 
4,170

 
14,365

 
18,535

 
(5,881
)
 
2000
 Hamilton Corner, Chattanooga, TN
 
14,258

 
630

 
5,532

 
8,568

 

 
734

 
13,996

 
14,730

 
(7,201
)
 
1986-1987
 Hamilton Crossing, Chattanooga, TN
 
9,368

 
4,014

 
5,906

 
6,851

 
(1,370
)
 
2,644

 
12,757

 
15,401

 
(6,896
)
 
1987
 Harford Annex, Bel Air, MD
 
—

 
2,854

 
9,718

 
1,355

 
—

 
2,854

 
11,073

 
13,927

 
(3,618
)
 
2003
 The Landing at Arbor Place, Atlanta (Douglasville), GA
—

 
4,993

 
14,330

 
1,555

 
(1,886
)
 
3,107

 
15,885

 
18,992

 
(9,015
)
 
1998-1999
 Layton Hills Convenience Center, Layton, UT
—

 
—

 
8

 
2,619

 
—

 
—

 
2,627

 
2,627

 
(674
)
 
2005
 Layton Hills Plaza, Layton, UT
 
—

 
—

 
2

 
299

 
—

 
—

 
301

 
301

 
(212
)
 
2005
 The Plaza at Fayette, Lexington, KY
 
37,146

 
9,531

 
27,646

 
4,169

 
—

 
9,531

 
31,815

 
41,346

 
(10,882
)
 
2006
 Parkdale Crossing, Beaumont, TX
 
—

 
2,994

 
7,408

 
2,282

 
(355
)
 
2,639

 
9,690

 
12,329

 
(3,471
)
 
2002
 The Shoppes At Hamilton Place, Chattanooga, TN
—

 
4,894

 
11,700

 
1,614

 
—

 
4,894

 
13,314

 
18,208

 
(4,526
)
 
2003
 Sunrise Commons, Brownsville, TX
 
—

 
1,013

 
7,525

 
2,520

 
—

 
1,013

 
10,045

 
11,058

 
(3,318
)
 
2003
 The Shoppes at St. Clair Square, Fairview Heights, IL
 
18,827

 
8,250

 
23,623

 
513

 
(5,044
)
 
3,206

 
24,136

 
27,342

 
(8,973
)
 
2007
 The Terrace, Chattanooga, TN
 
13,057

 
4,166

 
9,929

 
8,117

 
—

 
6,536

 
15,676

 
22,212

 
(6,006
)
 
1997
 West Towne Crossing, Madison, WI
 
—

 
1,151

 
2,955

 
7,940

 
—

 
2,126

 
9,920

 
12,046

 
(2,647
)
 
1998
 WestGate Crossing, Spartanburg, SC
 
—

 
1,082

 
3,422

 
8,211

 
—

 
1,082

 
11,633

 
12,715

 
(4,631
)
 
1997
 Westmoreland Crossing, Greensburg, PA
 
—

 
2,898

 
21,167

 
9,234

 
—

 
2,898

 
30,401

 
33,299

 
(10,820
)
 
2002
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 COMMUNITY CENTERS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 The Forum at Grandview, Madison, MS
 
—

 
9,234

 
17,285

 
20,561

 
(684
)
 
8,652

 
37,744

 
46,396

 
(4,808
)
 
2010
  Parkway Plaza, Fort Oglethorpe, GA
 
—

 
2,675

 
13,435

 
6

 
—

 
2,675

 
13,441

 
16,116

 
(850
)
 
2015
 The Promenade, D'Iberville, MS
 
—

 
16,278

 
48,806

 
24,886

 
(706
)
 
17,953

 
71,311

 
89,264

 
(16,041
)
 
2009
 Statesboro Crossing, Statesboro, GA
 
10,962

 
2,855

 
17,805

 
2,235

 
(235
)
 
2,840

 
19,820

 
22,660

 
(4,865
)
 
2008
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 OFFICE BUILDINGS AND OTHER:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 840 Greenbrier Circle, Chesapeake, VA
 
—

 
2,096

 
3,091

 
179

 
—

 
2,096

 
3,270

 
5,366

 
(1,189
)
 
2007
 850 Greenbrier Circle, Chesapeake, VA
 
—

 
3,154

 
6,881

 
(289
)
 
—

 
3,154

 
6,592

 
9,746

 
(1,805
)
 
2007
 CBL Center, Chattanooga, TN
 
19,170

 
140

 
24,675

 
181

 
—

 
140

 
24,856

 
24,996

 
(14,042
)
 
2001
 CBL Center II, Chattanooga, TN
 
—

 
—

 
13,648

 
1,137

 
—

 
—

 
14,785

 
14,785

 
(4,579
)
 
2008

 
 
 
 
Initial Cost (1)
 
 
 
 
 
Gross Amounts at Which Carried at Close of Period
 
 
Description /Location
 
Encumbrances (2)
 
Land
 
Buildings and Improvements
 
Costs
 Capitalized Subsequent to Acquisition
 
Sales of Outparcel
  Land
 
Land
 
Buildings and Improvements
 
Total (3)
 
Accumulated Depreciation (4)
 
 Date of Construction
 / Acquisition
 One Oyster Point, Newport News, VA
 
—

 
1,822

 
3,623

 
(2,128
)
 
—

 
—

 
3,317

 
3,317

 
—

 
2007
 Pearland Hotel, Pearland, TX
 
—

 
—

 
16,149

 
652

 
—

 
—

 
16,801

 
16,801

 
(4,472
)
 
2008
 Pearland Office, Pearland, TX
 
—

 
—

 
7,849

 
2,844

 
—

 
—

 
10,693

 
10,693

 
(2,964
)
 
2009
 Pearland Residential Mgmt, Pearland, TX
 
—

 
—

 
9,666

 
9

 
—

 
—

 
9,675

 
9,675

 
(2,262
)
 
2008
 Two Oyster Point, Newport News, VA
 
—

 
1,543

 
3,974

 
(2,974
)
 
—

 
—

 
2,543

 
2,543

 
—

 
2007
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 DISPOSITIONS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Bonita Lakes Crossing, Meridian, MS
 
—

 
794

 
4,786

 
(5,580
)
 
—

 
—

 
—

 
—

 
—

 
1997
 Bonita Lakes Mall, Meridian, MS
 
—

 
4,924

 
31,933

 
(35,872
)
 
(985
)
 
—

 
—

 
—

 
—

 
1997
 Cobblestone Village at Palm Coast, Palm Coast, FL
 
—

 
6,082

 
12,070

 
(17,932
)
 
(220
)
 
—

 
—

 
—

 
—

 
2007
 The Crossings at Marshall Creek, Marshalls Creek, PA
 
—

 
6,456

 
15,351

 
(21,807
)
 
—

 
—

 
—

 
—

 
—

 
2013
 Fashion Square, Saginaw, MI
 
—

 
15,218

 
64,970

 
(80,188
)
 
—

 
—

 
—

 
—

 
—

 
2001
 The Lakes Mall, Muskegon, MI
 
—

 
3,328

 
42,366

 
(45,694
)
 
—

 
—

 
—

 
—

 
—

 
2000-2001
 Oak Branch Business Center, Greensboro, NC
 
—

 
535

 
2,192

 
(2,727
)
 
—

 
—

 
—

 
—

 
—

 
2007
 Randolph Mall, Asheboro, NC
 
—

 
4,547

 
13,927

 
(18,474
)
 
—

 
—

 
—

 
—

 
—

 
2001
 Regency Mall, Racine, WI
 
—

 
3,539

 
36,839

 
(40,090
)
 
(288
)
 
—

 
—

 
—

 
—

 
2001
 River Ridge Mall, Lynchburg, VA
 
—

 
4,824

 
59,052

 
(63,624
)
 
(252
)
 
—

 
—

 
—

 
—

 
2003
 Walnut Square, Dalton, GA
 
—

 
50

 
15,138

 
(15,186
)
 
(2
)
 
—

 
—

 
—

 
—

 
1984-1985
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Other
 
39,263

 
1,332

 
2,272

 
(684
)
 
(324
)
 
908

 
1,688

 
2,596

 
(1,640
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Developments in progress consisting of construction
and Development Properties
 
—

 
—

 
—

 
178,355

 
—

 
—

 
178,355

 
178,355

 
—

 
 
 TOTALS
 
$
2,534,255

 
$
875,107

 
$
5,584,943

 
$
1,523,786

 
$
(36,189
)
 
$
820,775

 
$
7,126,872

 
$
7,947,647

 
$
(2,427,108
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the Property opened or was acquired.
(2)
Encumbrances represent the face amount of the mortgage and other indebtedness balance at December 31, 2016, excluding debt premium or discount.
(3)
The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.843 billion.
(4)
Depreciation for all Properties is computed over the useful life which is generally 40 years for buildings, 10-20 years for certain improvements and 7-10 years for equipment and fixtures.

 
The changes in real estate assets and accumulated depreciation for the years ending December 31, 2016, 2015, and 2014 are set forth below (in thousands):

 
Year Ended December 31,
 
2016
 
2015
 
2014
REAL ESTATE ASSETS:
 
 
 
 
 
Balance at beginning of period
$
8,240,521

 
$
8,187,183

 
$
8,123,514

Additions during the period:
 

 
 

 
 

Additions and improvements
263,265

 
230,990

 
282,282

Acquisitions of real estate assets
—

 
182,747

 
—

Deductions during the period:
 

 
 

 
 

Disposals, deconsolidations and accumulated depreciation on impairments
(435,331
)
 
(249,716
)
 
(189,372
)
Transfers from real estate assets
(3,986
)
 
(4,738
)
 
(11,383
)
Impairment of real estate assets
(116,822
)
 
(105,945
)
 
(17,858
)
Balance at end of period
$
7,947,647

 
$
8,240,521

 
$
8,187,183

 
 
 
 
 
 
ACCUMULATED DEPRECIATION:
 

 
 

 
 

Balance at beginning of period
$
2,382,568

 
$
2,240,007

 
$
2,056,357

Depreciation expense
272,697

 
274,544

 
269,602

Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired
(228,157
)
 
(131,983
)
 
(85,952
)
Balance at end of period
$
2,427,108

 
$
2,382,568

 
$
2,240,007