SCHEDULE III INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2019

Real Estate And Accumulated Depreciation Disclosure [Abstract]

(in thousands of dollars)	Initial Cost of Land		Initial Cost of Building & Improvements		Cost of Improvements Net of Retirements and Impairment Charges			Balance of Land and Land Held for Develop- ment		Balance of Building & Improvements and Construction in Progress		Accumulated Depreciation Balance		Current Encumbrance⁽¹⁾		Date of Acquisition/ Construction	Life of Depre- ciation
Capital City Mall	$	11,380	$	65,575	$	59,801		$	11,321	$	125,435	$	51,408	$	—	2003		40
Cherry Hill Mall		29,938		185,611		265,297			48,608		432,238		261,070		268,753	2003		40
Cumberland Mall		8,711		43,889		31,394			9,842		74,152		31,239		42,247	2005		40
Dartmouth Mall		7,015		28,328		52,872			7,021		81,194		44,318		58,288	1998		40
Exton Square Mall		19,976		103,955		(74,961	)		23,714		25,256		11,470		—	2003		40
Francis Scott Key Mall		9,786		47,526		40,644			9,440		88,516		43,141		68,469	2003		40
Jacksonville Mall		9,913		47,139		36,515			9,913		83,654		40,110		—	2003		40
Magnolia Mall		8,149		42,302		56,657			14,511		92,597		49,356		—	1998		40
Monroe Land		1,177		—		—			1,177		—		—		—	2006		10
Moorestown Mall		10,934		62,995		112,615			23,060		163,484		72,684		—	2003		40
Patrick Henry Mall		16,075		86,643		53,740			16,397		140,061		73,125		88,910	2003		40
Plymouth Meeting Mall		29,265		58,388		153,745			31,738		209,660		99,496		—	2003		40
The Mall at Prince Georges		13,065		57,686		74,504			13,066		132,189		63,944		—	1998		40
Springfield Town Center		119,912		353,551		22,736			119,912		376,287		67,344		—	2015		40
Sunrise Plaza land		395		—		(29	)		366		—		—		—	2005	N/A
Swedes Square land		189		—		36			225		—		—		—	2004	N/A
Valley Mall		11,956		57,931		75,356			23,761		121,482		48,093		—	2003		40
Valley View Mall		9,402		45,351		(18,564	)		4,204		31,986		12,600		27,429	2003		40
Viewmont Mall		12,505		61,519		47,962			12,606		109,380		49,593		67,185	2003		40
Willow Grove Park		26,748		131,189		102,878			36,412		224,403		105,214		156,444	2003		40
Woodland Mall		31,835		121,965		127,859			40,593		241,065		78,517		123,840	2005		40
Investment In Real Estate	$	388,326	$	1,601,543	$	1,221,057		$	457,887	$	2,753,039	$	1,202,722	$	901,565

⁽¹⁾	Represents mortgage principal balances outstanding as of December 31, 2019 and does not include unamortized debt costs with an aggregate balance of $1.8 million.

The aggregate cost basis and depreciated basis for federal income tax purposes of our investment in real estate was $3,132.2 million and $2,225.4 million at December 31, 2019, respectively, and $3,302.7 million and $2,353.4 million at December 31, 2018, respectively. The changes in total real estate and accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 are as follows:

(in thousands of dollars)	For the Year Ended December 31,
Total Real Estate Assets:	2019			2018			2017
Balance, beginning of year	$	3,184,594		$	3,299,702		$	3,300,014
Improvements and development		137,593			125,616			502,077
Acquisitions		—			21,250			2,613
Impairment of assets		(3,989	)		(201,818	)		(89,101	)
Dispositions		(81,118	)		(4,856	)		(402,783	)
Write-off of fully depreciated assets		(12,031	)		(32,993	)		(13,118	)
Reclassification to held for sale		(14,123	)		(22,307	)		—
Balance, end of year	$	3,210,926		$	3,184,594		$	3,299,702
Balance, end of year – held for sale	$	15,653		$	22,307		$	—

S-1

(in thousands of dollars)	For the Year Ended December 31,
Accumulated Depreciation:	2019			2018			2017
Balance, beginning of year	$	1,118,582		$	1,111,007		$	1,060,845
Depreciation expense		125,495			120,718			118,485
Impairment of assets		(484	)		(75,586	)		(39,264	)
Dispositions		(25,693	)		(4,564	)		(15,941	)
Write-off of fully depreciated assets		(12,031	)		(32,993	)		(13,118	)
Reclassification to held for sale		(3,147	)		—			—
Balance, end of year	$	1,202,722		$	1,118,582		$	1,111,007
Balance, end of year – held for sale	$	3,147		$	—		$	—