10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 1-10899

Kimco Realty Corporation

(Exact name of registrant as specified in its charter)

Maryland	13-2744380
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3333 New Hyde Park Road, New Hyde Park, NY 11042-0020

(Address of principal executive offices)     (Zip Code)

(516) 869-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

	Name of each exchange on
Title of each class	which registered
Common Stock, par value $.01 per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 6.000% Class I Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.500% Class J Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.625% Class K Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.125% Class L Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share.	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act:      None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes ☑ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☑

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company, and “emerging growth company”” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐
(Do not check if a smaller reporting company.)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐     No ☑

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $7.6 billion based upon the closing price on the New York Stock Exchange for such equity on June 30, 2017.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

As of February 20, 2018, the registrant had 425,455,523 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates certain information by reference to the Registrant's definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on April 24, 2018.

Index to Exhibits begins on page 43.

Page 1 of 98

TABLE OF CONTENTS

Item No.	Form 10-K Report Page
PART I
Item 1. Business	3
Item 1A. Risk Factors	6
Item 1B. Unresolved Staff Comments	13
Item 2. Properties	13
Item 3. Legal Proceedings	15
Item 4. Mine Safety Disclosures	15
PART II
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	16
Item 6. Selected Financial Data	19
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	39
Item 8. Financial Statements and Supplementary Data	40
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	40
Item 9A. Controls and Procedures	40
Item 9B. Other Information	40
PART III
Item 10. Directors, Executive Officers and Corporate Governance	40
Item 11. Executive Compensation	40
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	41
Item 13. Certain Relationships and Related Transactions, and Director Independence	41
Item 14. Principal Accounting Fees and Services	41
PART IV
Item 15. Exhibits, Financial Statement Schedules	42
Item 16. Form 10-K Summary	42

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FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K (“Form 10-K”), together with other statements and information publicly disseminated by Kimco Realty Corporation (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “target,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (iv) the Company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates and managements’ ability to estimate the impact thereof, (vii) risks related to the Company’s international operations, (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the Company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the Company’s common stock, (xiii) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges, (xv) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity and (xvi) the risks and uncertainties identified under Item 1A, “Risk Factors” and elsewhere in this Form 10-K and in the Company’s other filings with the Securities and Exchange Commission (“SEC”). Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K that the Company files with the SEC.

PART I

Item 1. Business

Overview

Kimco Realty Corporation, a Maryland corporation, is one of North America’s largest publicly traded owners and operators of open-air shopping centers.   The terms “Kimco,” the “Company,” “we,” “our” and “us” each refer to Kimco Realty Corporation and our subsidiaries, unless the context indicates otherwise.  The Company’s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders.

The Company is a self-administered real estate investment trust (“REIT”) and has owned and operated open-air shopping centers for 60 years.  The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of December 31, 2017, the Company had interests in 493 shopping center properties (the “Combined Shopping Center Portfolio”), aggregating 83.2 million square feet of gross leasable area (“GLA”), located in 29 states, Puerto Rico and Canada. In addition, the Company had 372 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 5.8 million square feet of GLA. The Company’s ownership interests in real estate consist of its consolidated portfolio and portfolios where the Company owns an economic interest, such as properties in the Company’s investment real estate management programs, where the Company partners with institutional investors and also retains management.  

The Company's executive offices are located at 3333 New Hyde Park Road, New Hyde Park, New York 11042-0020 and its telephone number is (516) 869-9000. Nearly all operating functions, including leasing, legal, construction, data processing, maintenance, finance and accounting are administered by the Company from its executive offices in New Hyde Park, New York and supported by the Company’s regional offices. As of December 31, 2017, a total of 546 persons were employed by the Company.

The Company’s website is located at http://www.kimcorealty.com. The information contained on our website does not constitute part of this Form 10-K. On the Company’s website you can obtain, free of charge, a copy of this Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended, as soon as reasonably practicable, after we file such material electronically with, or furnish it to, the SEC. The public may read and copy any materials we file with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

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The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the contribution of several shopping center properties owned by its principal stockholders. In 1973, these principals formed the Company as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. The Company completed its initial public stock offering (the “IPO”) in November 1991, and, commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under the Code, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income, as defined under the Code. The Company maintains certain subsidiaries which made joint elections with the Company to be treated as taxable REIT subsidiaries (“TRS”), which permit the Company to engage in certain business activities which the REIT may not conduct directly. A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements.  In 1994, the Company reorganized as a Maryland corporation. In March 2006, the Company was added to the S & P 500 Index, an index containing the stock of 500 Large Cap companies, most of which are U.S. corporations. The Company's common stock, Class I Depositary Shares, Class J Depositary Shares, Class K Depositary Shares, Class L Depositary Shares and Class M Depositary Shares are traded on the New York Stock Exchange (“NYSE”) under the trading symbols “KIM”, “KIMprI”, “KIMprJ”, “KIMprK”, “KIMprL”, and “KIMprM”, respectively.

The Company’s initial growth resulted primarily from real estate under development and the construction of shopping centers. Subsequently, the Company revised its growth strategy to focus on the acquisition of existing shopping centers and continued its expansion across the nation and internationally within Canada, Mexico and South America (Chile, Brazil and Peru). The Company implemented its investment real estate management format through the establishment of various institutional joint venture programs, in which the Company has noncontrolling interests. The Company earns management fees, acquisition fees, disposition fees as well as promoted interests based on achieving certain performance metrics.

During 2013, the Company began its efforts to exit its foreign investments due to perceived changes in market conditions. As of December 31, 2017, the Company has substantially liquidated its investments in Mexico and Canada and has completely exited South America.

In addition, the Company has capitalized on its established expertise in retail real estate by establishing other ventures in which the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The Company has also provided preferred equity capital in the past to real estate entrepreneurs and, from time to time, provides real estate capital and management services to both healthy and distressed retailers. The Company has also made selective investments in secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying assets, however these investments are subject to volatility within the equity and debt markets. For the years ended December 31, 2017, 2016 and 2015, the Company’s consolidated revenues were $1.2 billion, $1.2 billion and $1.1 billion, respectively, which includes $0.3 million, $0.6 million and $8.6 million, respectively, from the Company’s consolidated foreign investments.  For the years ended December 31, 2017, 2016 and 2015, the Company’s equity in income from unconsolidated joint ventures and preferred equity investments were $60.8 million, $218.7 million and $480.4 million, respectively, which includes equity loss of $1.6 million, equity income of $149.0 million and equity income of $408.4 million, respectively, from the Company’s unconsolidated foreign investments.  See Item 7A Quantitative and Qualitative Disclosures About Market Risk for further details regarding the Company’s foreign investments.

Business Objective and Strategies

Business Objective

The Company’s primary business objective is to be the premier owner and operator of open-air shopping centers in the U.S. The Company believes it can achieve this objective by:

● increasing value of its existing portfolio of properties and generating higher levels of portfolio growth;

● increasing cash flows for reinvestment and/or for distribution to shareholders;

● continuing growth in desirable demographic areas with successful retailers; and

● increasing capital appreciation.

Operating Strategies

The Company’s operating strategies are to (i) own and operate its shopping center properties at their highest potential through maximizing and maintaining rental income and occupancy levels, (ii) attract local area customers to its shopping centers, which offer day-to-day necessities rather than high-priced luxury items, and (iii) maintain a strong balance sheet.

To effectively execute these strategies the Company seeks to:

● increase rental rates through the leasing of space to new tenants;

● attract a diverse and robust tenant base across a variety of retailers at its properties, which include grocery store, national or regional discount department store or drugstore tenants;

● renew leases with existing tenants;

● decrease vacancy levels and duration of vacancy;

● monitor operating costs and overhead;

● redevelop existing shopping centers to obtain the highest and best use to maximize the real estate value;

● provide unmatched tenant services deriving from decades of experience managing retail properties; and

● provide communities with a destination for everyday living goods and services.

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The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2017, no single open-air shopping center accounted for more than 1.8% of the Company's annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest, or more than 1.6% of the Company’s total shopping center GLA. Furthermore, at December 31, 2017, the Company’s single largest tenant represented only 3.6% and the Company’s five largest tenants aggregated less than 12.0% of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and operators of open-air shopping centers, the Company has established close relationships with major national and regional retailers and maintains a broad network of industry contacts. Management is associated with and/or actively participates in many shopping center and REIT industry organizations. Notwithstanding these relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space in the Company’s properties.

Investment Strategies

The Company’s investment strategy is to invest capital into high quality assets which are concentrated in major metro markets that provide opportunity for growth while disposing of lesser quality assets in more undesirable locations. Through this strategy, the Company has steadily progressed in its transformation of its portfolio and will continue these efforts as deemed necessary to maximize the quality and growth of its portfolio. The properties acquired are primarily located in major metro areas allowing tenants to generate higher foot traffic resulting in higher sales volume. The Company believes that this will enable it to maintain higher occupancy levels, rental rates and rental growth.

The Company’s investment strategy also includes the retail re-tenanting, renovation and expansion of its existing centers and acquired centers. The Company may selectively acquire established income-producing real estate properties and properties requiring significant re-tenanting and redevelopment, primarily in geographic regions in which the Company presently operates. Additionally, the Company may selectively acquire land parcels in its key markets for real estate development projects for long-term investment. The Company may consider investments in other real estate sectors and in geographic markets where it does not presently operate should suitable opportunities arise. The Company also continues to simplify its business by reducing the number of joint venture investments and pursuing redevelopment opportunities to increase overall value within its portfolio.

As part of the Company’s investment strategy each property is evaluated for its highest and best use, which may include residential and mixed-use components. In addition, the Company may consider other opportunistic investments related to retailer controlled real estate such as, repositioning underperforming retail locations, retail real estate financing and bankruptcy transaction support. The Company has an active capital recycling program which provides for the disposition of certain properties. If the Company accepts sales prices for any of these assets that are less than their net carrying values, the Company would be required to take impairment charges and such amounts could be material.

In order to execute the Company’s strategy, the Company intends to continue to strengthen its balance sheet by pursuing deleveraging efforts over time, providing it the necessary flexibility to invest opportunistically and selectively, primarily focusing on U.S. open-air shopping centers.

The Company may either purchase or lease income-producing properties in the future and may also participate with other entities in property ownership through partnerships, joint ventures or similar types of co-ownership. Equity investments may be subject to existing mortgage financing and/or other indebtedness. Financing or other indebtedness may be incurred simultaneously or subsequently in connection with such investments. Any such financing or indebtedness would have priority over the Company’s equity interest in such property.

Corporate Responsibility and Sustainability

The Company is focused on building a thriving and sustainable business, one that succeeds by delivering long-term value for its stakeholders. The Company takes pride in how it conducts business, including the positive contribution it makes to communities and its initiatives to safeguard the environment.

By investing in technologies and improved processes, the Company has delivered significant year-over-year reductions in energy consumption across its portfolio of properties. Re-thinking how it controls and lights its parking areas significantly reduces operating costs and meaningfully curbs negative environmental impacts associated with fossil-fuel based energy sources.

The Company’s responsibility efforts are not limited to promoting operational efficiency. The Company believes that sustainability leadership also requires an understanding of how environmental, social, and governance issues impact both its customers and the organization’s future growth prospects. As a result, it is taking steps to engage with its tenants on these issues and to better understand how the shopping centers it chooses to own and manage can grow in value by viewing them through this unique lens.

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To focus the Company’s corporate responsibility efforts, it has established a set of five strategic program priorities:

● openly engage its key stakeholders;

● lead by example in its operations;

● positively influence tenants & partners;

● enhance its communities; and

● build and retain a quality team.

For the third consecutive year, the Company was named to the Dow Jones Sustainability North America Index, remaining the sole U.S. retail owner among eligible companies. The Company also earned the Green Star designation by the Global Real Estate Sustainability Benchmark (“GRESB”) for the fourth year in a row and remains the top-ranked North American company among a peer group of open-air retail property owners.

Executive Officers

The following table sets forth information with respect to the executive officers of the Company as of December 31, 2017:

Name	Age	Position	Joined Kimco
Milton Cooper	88	Executive Chairman of the Board of Directors	Co-Founder
Conor C. Flynn	37	Chief Executive Officer	2003
Ross Cooper	35	President and Chief Investment Officer (1)	2006
Glenn G. Cohen	53	Executive Vice President, Chief Financial Officer and Treasurer	1995
David Jamieson	37	Executive Vice President, Chief Operating Officer (2)	2007

(1) Ross Cooper was elected President and Chief Investment Officer in February 2017 and prior to that had served as Executive Vice President and Chief Investment Officer since May 2015.

(2) David Jamieson was elected Executive Vice President, Chief Operating Officer in February 2017 and prior to that had served as Executive Vice President of Asset Management and Operations since May 2015.

Item 1A. Risk Factors

We are subject to certain business and legal risks including, but not limited to, the following:

Risks Related to Our Business and Operations

Adverse global market and economic conditions may impede our ability to generate sufficient income and maintain our properties.

Our properties consist primarily of open-air shopping centers and other retail properties. Our performance, therefore, is generally linked to economic conditions in the market for retail space. The economic performance and value of our properties is subject to all of the risks associated with owning and operating real estate, including but not limited to:

● changes in the national, regional and local economic climate;

● local conditions, including an oversupply of, or a reduction in demand for, space in properties like those that we own;

● trends toward smaller store sizes as retailers reduce inventory and new prototypes;

● increasing use by customers of e-commerce and online store sites;

● the attractiveness of our properties to tenants;

● the ability of tenants to pay rent, particularly anchor tenants with leases in multiple locations;

● tenants who may declare bankruptcy and/or close stores;

● competition from other available properties to attract and retain tenants;

● changes in market rental rates;

● the need to periodically pay for costs to repair, renovate and re-let space;

● ongoing consolidation in the retail sector;

● the excess amount of retail space in a number of markets;

● changes in operating costs, including costs for maintenance, insurance and real estate taxes;

● the expenses of owning and operating properties, which are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the properties;

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● changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes;

● acts of terrorism and war, acts of God and physical and weather-related damage to our properties; and

● the risk of functional obsolescence of properties over time.

Competition may limit our ability to purchase new properties or generate sufficient income from tenants and may decrease the occupancy and rental rates for our properties.

Numerous commercial developers and real estate companies compete with us in seeking tenants for our existing properties and properties for acquisition. New regional malls, open-air lifestyle centers or other retail shopping centers with more convenient locations or better rents may attract tenants or cause them to seek more favorable lease terms at or prior to renewal. Retailers at our properties may face increasing competition from other retailers, e-commerce, outlet malls, discount shopping clubs, direct mail, telemarketing or home shopping networks, all of which could (i) reduce rents payable to us; (ii) reduce our ability to attract and retain tenants at our properties; or (iii) lead to increased vacancy rates at our properties. We may fail to anticipate the effects of changes in consumer buying practices, particularly of growing online sales and the resulting retailing practices and space needs of our tenants or a general downturn in our tenants’ businesses, which may cause tenants to close stores or default in payment of rent.

We face competition in the acquisition or development of real property from others engaged in real estate investment that could increase our costs associated with purchasing and maintaining assets. Some of these competitors may have greater financial resources than we do. This could result in competition for the acquisition of properties for tenants who lease or consider leasing space in our existing and subsequently acquired properties and for other real estate investment or development opportunities.

Our performance depends on our ability to collect rent from tenants, including anchor tenants, our tenants’ financial condition and our tenants maintaining leases for our properties.

At any time, our tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, our tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions could result in the termination of tenants’ leases and the loss of rental income attributable to these tenants’ leases. In the event of a default by a tenant, we may experience delays and costs in enforcing our rights as landlord under the terms of the leases.

In addition, multiple lease terminations by tenants, including anchor tenants, or a failure by multiple tenants to occupy their premises in a shopping center could result in lease terminations or significant reductions in rent by other tenants in the same shopping centers under the terms of some leases. In that event, we may be unable to re-lease the vacated space at attractive rents or at all, and our rental payments from our continuing tenants could significantly decrease. The occurrence of any of the situations described above, particularly involving a substantial tenant with leases in multiple locations, could have a material adverse effect on our financial condition, results of operations and cash flows.

A tenant that files for bankruptcy protection may not continue to pay us rent. A bankruptcy filing by, or relating to, one of our tenants or a lease guarantor would bar all efforts by us to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their property, unless the bankruptcy court permits us to do so. A tenant bankruptcy could delay our efforts to collect past due balances under the relevant leases and could ultimately preclude collection of these sums. If a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims we hold, if at all.

We may be unable to sell our real estate property investments when appropriate or on terms favorable to us.

Real estate property investments are illiquid and generally cannot be disposed of quickly. In addition, the Code restricts a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on terms favorable to us within a timeframe that we would need.

We may acquire or develop properties or acquire other real estate related companies, and this may create risks.

We may acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or development is consistent with our business strategies. We may not succeed in consummating desired acquisitions or in completing developments on time or within budget. When we do pursue a project or acquisition, we may not succeed in leasing newly developed or acquired properties at rents sufficient to cover the costs of acquisition or development and operations. Difficulties in integrating acquisitions may prove costly or time-consuming and could divert management’s attention from other activities. Acquisitions or developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated performance. We may also abandon acquisition or development opportunities that management has begun pursuing and consequently fail to recover expenses already incurred and will have devoted management’s time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some of which we may not be aware of at the time of the acquisition. In addition, development of our existing properties presents similar risks.

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Newly acquired or re-developed properties may have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management. As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate our new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties, particularly in secondary markets. Also, newly acquired properties may not perform as expected.

Unsuccessful real estate under development activities or a slowdown in real estate under development activities could have a direct impact on our growth, results of operations and cash flows.

Real estate under development is a component of our operating and investment strategy. We intend to continue pursuing select real estate under development opportunities for long-term investment and construction of retail and/or mixed-use properties as opportunities arise. We expect to phase in construction until sufficient preleasing is reached. Our real estate under development and construction activities include the following risks:

● we may abandon real estate under development opportunities after expending resources and could lose all or part of our investment in such opportunities, including loss of deposits or failure to recover expenses already incurred;

● development, construction or operating costs, including increased interest rates and higher materials, transportation, labor, leasing or other costs, may exceed our original estimates;

● occupancy rates and rents at a newly completed property may not meet our expectations and may not be sufficient to make the property profitable;

● construction or permanent financing may not be available to us on favorable terms or at all;

● we may not complete construction and lease-up on schedule due to a variety of factors including construction delays or contractor changes, resulting in increased expenses and construction costs or tenants or operators with the right to terminate pre-construction leases; and

● we may not be able to obtain, or may experience delays in obtaining, necessary zoning, land use, building, occupancy and other required governmental permits and authorizations.

Additionally, new real estate under development activities typically require substantial time and attention from management, and the time frame required for development, construction and lease-up of these properties could require several years to realize any significant cash return. The foregoing risks could hinder our growth and have an adverse effect on our financial condition, results of operations and cash flows.

Construction and development projects are subject to risks that materially increase the costs of completion.

In the event that we decide to develop and construct new properties or redevelop existing properties, we will be subject to risks and uncertainties associated with construction and development. These risks include, but are not limited to, risks related to obtaining all necessary zoning, land-use, building occupancy and other governmental permits and authorizations, risks related to the environmental concerns of government entities or community groups, risks related to changes in economic and market conditions between development commencement and stabilization, risks related to construction labor disruptions, adverse weather, acts of God or shortages of materials which could cause construction delays and risks related to increases in the cost of labor and materials which could cause construction costs to be greater than projected and adversely impact the amount of our development fees or our financial condition, results of operations and cash flows.

We do not have exclusive control over our joint venture and preferred equity investments, such that we are unable to ensure that our objectives will be pursued.

We have invested in some properties as a co-venturer or partner, instead of owning directly. In these investments, we do not have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result, the co-venturer or partner might have interests or goals that are inconsistent with ours, take action contrary to our interests or otherwise impede our objectives. These investments involve risks and uncertainties. The co-venturer or partner may fail to provide capital or fulfill its obligations, which may result in certain liabilities to us for guarantees and other commitments. Conflicts arising between us and our partners may be difficult to manage and/or resolve and it could be difficult to manage or otherwise monitor the existing business arrangements. The co-venturer or partner also might become insolvent or bankrupt, which may result in significant losses to us.

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In addition, joint venture arrangements may decrease our ability to manage risk and implicate additional risks, such as:

● potentially inferior financial capacity, diverging business goals and strategies and the need for our venture partner’s continued cooperation;

● our inability to take actions with respect to the joint venture activities that we believe are favorable to us if our joint venture partner does not agree;

● our inability to control the legal entity that has title to the real estate associated with the joint venture;

● our lenders may not be easily able to sell our joint venture assets and investments or may view them less favorably as collateral, which could negatively affect our liquidity and capital resources;

● our joint venture partners can take actions that we may not be able to anticipate or prevent, which could result in negative impacts on our debt and equity; and

● our joint venture partners’ business decisions or other actions or omissions may result in harm to our reputation or adversely affect the value of our investments.

Our joint venture and preferred equity investments generally own real estate properties for which the economic performance and value is subject to all the risks associated with owning and operating real estate as described above.

We may not be able to recover our investments in mortgage receivables or other investments, which may result in significant losses to us.

In the event of a default by a borrower, it may be necessary for us to foreclose our mortgage or engage in costly negotiations. Delays in liquidating defaulted mortgage loans and repossessing and selling the underlying properties could reduce our investment returns. Furthermore, in the event of default, the actual value of the property securing the mortgage may decrease. A decline in real estate values will adversely affect the value of our loans and the value of the mortgages securing our loans.

Our mortgage receivables may be or become subordinated to mechanics' or materialmen's liens or property tax liens. In these instances, we may need to protect a particular investment by making payments to maintain the current status of a prior lien or discharge it entirely. Where that occurs, the total amount we recover may be less than our total investment, resulting in a loss. In the event of a major loan default or several loan defaults resulting in losses, our investments in mortgage receivables would be materially and adversely affected.

The economic performance and value of our other investments which we do not control and are in retail operations, are subject to risks associated with owning and operating retail businesses, including:

● changes in the national, regional and local economic climate;

● the adverse financial condition of some large retailing companies;

● increasing use by customers of e-commerce and online store sites; and

● ongoing consolidation in the retail sector.

A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earnings, a new cost basis is established for the asset and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value.

We intend to continue to sell our non-strategic assets and may not be able to recover our investments, which may result in significant losses to us.

There can be no assurance that we will be able to recover the current carrying amount of all of our non-strategic properties and investments and those of our unconsolidated joint ventures in the future. Our failure to do so would require us to recognize impairment charges for the period in which we reached that conclusion, which could materially and adversely affect our financial condition, results of operations and cash flows.

We have substantially completed our efforts to exit our investments in Mexico, South America and Canada, however, we cannot predict the impact of laws and regulations affecting these international operations, including the United States Foreign Corrupt Practices Act, or the potential that we may face regulatory sanctions.

Our international operations have included properties in Canada, Mexico, Chile, Brazil and Peru and are subject to a variety of United States and foreign laws and regulations, including the United States Foreign Corrupt Practices Act (“FCPA”) and foreign tax laws and regulations. Although we have substantially completed our efforts to exit our investments in Mexico, South America and Canada, we cannot assure you that our past or any current international operations will continue to be found to be in compliance with such laws or regulations. In addition, we cannot predict the manner in which such laws or regulations might be administered or interpreted, or when, or the potential that we may face regulatory sanctions or tax audits as a result of our international operations.

9

We face risks relating to cybersecurity attacks which could adversely affect our business, cause loss of confidential information and disrupt operations.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information. We may face cyber incidents and security breaches through malware, computer viruses, attachments to e-mails, persons inside our organization or persons with access to systems inside our organization and other significant disruptions of our IT networks and related systems. The risk of a cybersecurity breach or disruption, particularly through a cyber incident, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Our IT networks and related systems are essential to the operation of our business and our ability to perform day-to-day operations and, in some cases, may be critical to the operations of certain of our tenants. Although we make efforts to maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging.

While we maintain some of our own critical information technology systems, we also depend on third parties to provide important information technology services relating to several key business functions, such as payroll, human resources, electronic communications and certain finance functions. Our measures to prevent, detect and mitigate these threats, including password protection, firewalls, backup servers, threat monitoring and periodic penetration testing, may not be successful in preventing a data breach or limiting the effects of a breach. Furthermore, the security measures employed by third-party service providers may prove to be ineffective at preventing breaches of their systems.

The primary risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to our relationship with our tenants, and private data exposure. Our financial results may be negatively impacted by such an incident or resulting negative media attention.

A cyber incident could:

● disrupt the proper functioning of our networks and systems and therefore our operations and/or those of certain of our tenants;

● result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;

● result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;

● result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;

● result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;

● require significant management attention and resources to remedy and damages that result;

● subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or

● damage our reputation among our tenants, investors and associates.

Moreover, cyber incidents perpetrated against our tenants, including unauthorized access to customers’ credit card data and other confidential information, could diminish consumer confidence and consumer spending and negatively impact our business.

We may be subject to liability under environmental laws, ordinances and regulations.

Under various federal, state, and local laws, ordinances and regulations, we may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in our property, as well as certain other potential costs relating to hazardous or toxic substances (including governmental fines and injuries to persons and property). This liability may be imposed whether or not we knew about, or were responsible for, the presence of hazardous or toxic substances.

10

Natural disasters and severe weather conditions could have an adverse impact on our financial condition, results of operations and cash flows.

Real estate properties are subject to natural disasters and severe weather conditions such as hurricanes, tornados, earthquakes, snow storms, floods and fires. The occurrence of natural disasters or severe weather conditions could cause substantial damages or losses to our properties which could exceed any applicable insurance coverage and could also cause delays in development projects, negatively impact tenant demand for our properties and result in increased costs for future property insurance.

Risks Related to Our Debt and Equity Securities

We may be unable to obtain financing through the debt and equities market, which would have a material adverse effect on our growth strategy, our results of operations and our financial condition.

We cannot assure you that we will be able to access the credit and/or equity markets to obtain additional debt or equity financing or that we will be able to obtain financing on terms favorable to us. The inability to obtain financing on a timely basis could have negative effects on our business, such as:

● we could have great difficulty acquiring or developing properties, which would materially adversely affect our investment strategy;

● our liquidity could be adversely affected;

● we may be unable to repay or refinance our indebtedness;

● we may need to make higher interest and principal payments or sell some of our assets on terms unfavorable to us to fund our indebtedness; or

● we may need to issue additional capital stock, which could further dilute the ownership of our existing shareholders.

Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on terms favorable to us, if at all, and could significantly reduce the market price of our publicly traded securities.

We are subject to financial covenants that may restrict our operating and acquisition activities.

Our revolving credit facility and the indentures under which our senior unsecured debt is issued contain certain financial and operating covenants, including, among other things, certain coverage ratios and limitations on our ability to incur debt, make dividend payments, sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions. These covenants may restrict our ability to pursue certain business initiatives or certain acquisition transactions that might otherwise be advantageous. In addition, failure to meet any of the financial covenants could cause an event of default under our revolving credit facility and the indentures and/or accelerate some or all of our indebtedness, which would have a material adverse effect on us.

Changes in market conditions could adversely affect the market price of our publicly traded securities.

The market price of our publicly traded securities depends on various market conditions, which may change from time-to-time. Among the market conditions that may affect the market price of our publicly traded securities are the following:

● the extent of institutional investor interest in us;

● the reputation of REITs generally and the reputation of REITs with portfolios similar to ours;

● the attractiveness of the securities of REITs in comparison to securities issued by other entities, including securities issued by other real estate companies;

● our financial condition and performance;

● the market’s perception of our growth potential, potential future cash dividends and risk profile;

● an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for our shares; and

● general economic and financial market conditions.

We may change the dividend policy for our common stock in the future.

The decision to declare and pay dividends on our common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our Board of Directors and will depend on our earnings, operating cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness including preferred stock, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our Board of Directors deems relevant or are requirements under the Code or state or federal laws. Any negative change in our dividend policy could have a material adverse effect on the market price of our common stock.

11

Risks Related to Our Status as a REIT and Related U.S. Federal Income Tax Matters

Loss of our tax status as a REIT or changes in U.S. federal income tax laws, regulations, administrative interpretations or court decisions relating to REITs could have significant adverse consequences to us and the value of our securities.

We have elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. We believe that we are organized and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT under the Code. However, there can be no assurance that we have qualified or will continue to qualify as a REIT for U.S. federal income tax purposes.

Qualification as a REIT involves the application of highly technical and complex Code provisions, for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and U.S. Department of the Treasury. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, regulations, administrative interpretations or court decisions could significantly and negatively change the tax laws with respect to qualification as a REIT, the U.S. federal income tax consequences of such qualification or the desirability of an investment in a REIT relative to other investments.

In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the composition of our assets and a requirement that at least 95% of our gross income in any year be derived from qualifying sources, such as “rents from real property.” Also, we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, excluding net capital gains. Furthermore, we own a direct or indirect interest in certain subsidiary REITs which elected to be taxed as REITs for U.S. federal income tax purposes under the Code. Provided that each subsidiary REIT qualifies as a REIT, our interest in such subsidiary REIT will be treated as a qualifying real estate asset for purposes of the REIT asset tests. To qualify as a REIT, the subsidiary REIT must independently satisfy all of the REIT qualification requirements. The failure of a subsidiary REIT to qualify as a REIT could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus our ability to qualify as a REIT.

If we lose our REIT status, we will face serious tax consequences that will substantially reduce the funds available to pay dividends to stockholders for each of the years involved because:

● we would not be allowed a deduction for dividends to stockholders in computing our taxable income and we would be subject to the regular U.S. federal corporate income tax;

● we could possibly be subject to increased state and local taxes;

● unless we were entitled to relief under statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified; and

● we would not be required to make distributions to stockholders.

Moreover, the Tax Cuts and Jobs Act, enacted on December 22, 2017, has significantly changed the U.S. federal income taxation of U.S. businesses and their owners, including REITs and their stockholders. Changes made by the legislation that could affect us and our stockholders include:

● temporarily reducing individual U.S. federal income tax rates on ordinary income; the highest individual U.S. federal income tax rate has been reduced from 39.6% to 37% (excluding the 3.8% Medicare tax on net investment income) for taxable years beginning after December 31, 2017 and before January 1, 2026;

● permanently eliminating the progressive corporate tax rate structure, with a maximum corporate tax rate of 35%, and replacing it with a flat corporate tax rate of 21%;

● allowing a deduction for certain pass-through business income, including dividends received by our stockholders from us that are not designated by us as capital gain dividends or qualified dividend income, which will allow individuals, trusts, and estates to deduct up to 20% of such amounts for taxable years beginning after December 31, 2017 and before January 1, 2026; REIT dividends, as described herein, will be allowed the full 20% deduction thereby reducing the highest marginal income tax rate on these dividends to 29.6% from 37% (excluding the 3.8% Medicare tax on net investment income);

● reducing the highest rate of withholding with respect to our distributions to non-U.S. stockholders that are treated as attributable to gains from the sale or exchange of U.S. real property interests from 35% to 21%;

● limiting our deduction for net operating losses arising in taxable years beginning after December 31, 2017 to 80% of REIT taxable income (after the application of the dividends paid deduction);

● generally limiting the deduction for net business interest expense in excess of 30% of a business’s adjusted taxable income, except for taxpayers that engage in certain real estate businesses and elect out of this rule (and requiring such electing taxpayers to use the less favorable alternative depreciation system); and

● elimination of the corporate alternative minimum tax.

Many of these changes are effective immediately, without any transition periods or grandfathering for existing transactions. The legislation is unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the Treasury and IRS, any of which could lessen or increase certain adverse impacts of the legislation. In addition, it is unclear how these U.S. federal income tax changes will affect state and local taxation, which often uses U.S. federal taxable income as a starting point for computing state and local tax liabilities.

12

While some of the changes made by the tax legislation may adversely affect us in one or more reporting periods and prospectively, other changes may be beneficial on a going forward basis. We continue to work with our tax advisors to determine the full impact that the recent tax legislation as a whole will have on us. We urge our investors to consult with their legal and tax advisors with respect to such legislation and the potential tax consequences of investing in our common stock.

Our failure to qualify as a REIT or new legislation or changes in U.S. federal income tax laws (including interpretations and regulations with respect to the Tax Cuts and Jobs Act), and with respect to qualification as a REIT or the tax consequences of such qualification, could also impair our ability to expand our business or raise capital and have a materially adverse effect on the value of our securities.

To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, which could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.

To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our net taxable income each year, excluding net capital gains, and we will be subject to regular corporate income taxes on the amount we distribute that is less than 100% of our net taxable income each year, including capital gains. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. While we have historically satisfied these distribution requirements by making cash distributions to our stockholders, a REIT is permitted to satisfy these requirements by making distributions of cash or other property, including, in limited circumstances, its own stock. Assuming we continue to satisfy these distribution requirements with cash, we may need to borrow funds to meet the REIT distribution requirements and avoid the payment of income and excise taxes even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from differences in timing between the actual receipt of cash and inclusion of income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of cash reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market's perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flows and per share trading price of our common stock.

The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes.

A REIT's net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.

Item 1B. Unresolved Staff Comments

None

Item 2. Properties

Real Estate Portfolio. As of December 31, 2017, the Company had interests in 493 shopping center properties aggregating 83.2 million square feet of GLA located in 29 states, Puerto Rico and Canada. In addition, the Company had 372 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 5.8 million square feet of GLA.  The Company’s portfolio is used by its single reportable segment. Open-air shopping centers comprise the primary focus of the Company's current portfolio.  As of December 31, 2017, the Company’s Combined Shopping Center Portfolio, including noncontrolling interests, was 96.0% leased.

The Company's open-air shopping center properties, which are generally owned and operated through subsidiaries or joint ventures, had an average size of 168,433 square feet as of December 31, 2017. The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with redevelopment, major renovations and refurbishing to preserve and increase the value of its properties. This includes renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2017, the Company expended $206.8 million in connection with these property improvements and expensed to operations $32.6 million.

13

The Company's management believes its experience in the real estate industry and its relationships with numerous national and regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners. The Company's open-air shopping centers are usually "anchored" by a grocery store, national or regional discount department store or drugstore. As one of the original participants in the growth of the shopping center industry and one of the nation's largest owners and operators of shopping centers, the Company has established close relationships with a large number of major national and regional retailers. Some of the major national and regional companies that are tenants in the Company's shopping center properties include TJX Companies, The Home Depot, Ahold Delhaize, Bed Bath & Beyond, Albertsons, Ross Stores, Petsmart, Kohl’s, Wal-Mart and Whole Foods.

The Company reduces its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. As of December 31, 2017, no single open-air shopping center accounted for more than 1.8% of the Company's annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest, or more than 1.6% of the Company’s total shopping center GLA. At December 31, 2017, the Company’s five largest tenants were TJX Companies, The Home Depot, Ahold Delhaize, Bed Bath & Beyond and Albertsons, which represented 3.6%, 2.5%, 2.2%, 1.8% and 1.8%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.

A substantial portion of the Company's income consists of rent received under long-term leases. Most of the leases provide for the payment of fixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes, insurance, utilities and common area maintenance expenses incurred in operating the shopping centers. Although many of the leases require the Company to make roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company's standard small store lease provides for reimbursements by the tenant as part of common area maintenance.

Minimum base rental revenues and operating expense reimbursements accounted for 97% and other revenues, including percentage rents, accounted for 3% of the Company's total revenues from rental properties for the year ended December 31, 2017. The Company's management believes that the base rent per leased square foot for many of the Company's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth. Additionally, a majority of the Company’s leases have provisions requiring contractual rent increases. The Company’s leases may also include escalation clauses, which provide for increases based upon changes in the consumer price index or similar inflation indices.

As of December 31, 2017, the Company’s consolidated operating portfolio, comprised of 59.4 million square feet of GLA, was 95.9% leased. The consolidated operating portfolio consists entirely of properties located in the U.S., inclusive of Puerto Rico.  For the period January 1, 2017 to December 31, 2017, the Company increased the average base rent per leased square foot, which includes the impact of tenant concessions, in its consolidated portfolio of open-air shopping centers from $14.99 to $15.43, an increase of $0.44.  This increase primarily consists of (i) a $0.30 increase relating to new leases signed net of leases vacated and rent step-ups within the portfolio, (ii) a $0.13 increase relating to dispositions and (iii) a $0.01 increase relating to acquisitions.

The Company has a total of 6,089 leases in the U.S. consolidated operating portfolio. The following table sets forth the aggregate lease expirations for each of the next ten years, assuming no renewal options are exercised. For purposes of the table, the Total Annual Base Rent Expiring represents annualized rental revenue, excluding the impact of straight-line rent, for each lease that expires during the respective year. Amounts in thousands except for number of lease data:

Year Ending December 31,	Number of Leases Expiring		Square Feet Expiring		Total Annual Base Rent Expiring		% of Gross Annual Rent
(1)		184		613	$	12,093		1.4	%
2018		638		3,269	$	56,322		6.5	%
2019		883		6,353	$	98,004		11.3	%
2020		873		6,135	$	97,651		11.3	%
2021		813		6,802	$	100,238		11.6	%
2022		858		7,093	$	111,304		12.8	%
2023		512		6,015	$	85,560		9.9	%
2024		255		3,057	$	49,345		5.7	%
2025		228		2,126	$	35,719		4.1	%
2026		233		3,822	$	52,415		6.0	%
2027		253		3,572	$	55,419		6.4	%
2028		202		2,551	$	42,614		4.9	%

(1) Leases currently under month to month lease or in process of renewal

During 2017, the Company executed 1,196 leases totaling over 8.9 million square feet in the Company’s consolidated operating portfolio comprised of 451 new leases and 745 renewals and options. The leasing costs associated with these leases are estimated to aggregate $75.7 million or $28.58 per square foot. These costs include $59.3 million of tenant improvements and $16.4 million of leasing commissions. The average rent per square foot on new leases was $18.83 and on renewals and options was $15.86. The Company will seek to obtain rents that are higher than amounts within its expiring leases, however, there are many variables and uncertainties which can significantly affect the leasing market at any time; as such, the Company cannot guarantee that future leases will continue to be signed for rents that are equal to or higher than current amounts.

14

Ground-Leased Properties. The Company has interests in 43 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company to construct and/or operate a shopping center. The Company pays rent for the use of the land and generally is responsible for all costs and expenses associated with the building and improvements. At the end of these long-term leases, unless extended, the land together with all improvements reverts to the landowner.

More specific information with respect to each of the Company's property interests is set forth in Exhibit 99.1, which is incorporated herein by reference.

Item 3. Legal Proceedings

The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries that, in management's opinion, would result in any material adverse effect on the Company's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company's liability insurance.

Item 4. Mine Safety Disclosures

Not applicable.

15

PART II

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information:    

The table below sets forth, for the quarterly periods indicated, the high and low sales prices per share reported on the NYSE Composite Tape and declared dividends per share for the Company’s common stock. The Company’s common stock is traded on the NYSE under the trading symbol "KIM".

	2017							2016
Period	High Price		Low Price		Dividends Declared			High Price		Low Price		Dividends Declared
First Quarter	$	26.16	$	21.46	$	0.27		$	29.11	$	24.75	$	0.255
Second Quarter	$	23.03	$	17.02	$	0.27		$	31.38	$	26.79	$	0.255
Third Quarter	$	21.24	$	17.60	$	0.27		$	32.24	$	28.34	$	0.255
Fourth Quarter	$	19.79	$	17.76	$	0.28	(a)	$	29.23	$	24.35	$	0.27	(b)

(a) Paid on January 16, 2018 to stockholders of record on January 2, 2018.

(b) Paid on January 15, 2017 to stockholders of record on January 3, 2017.

Holders: The number of holders of record of the Company's common stock, par value $0.01 per share, was 2,162 as of January 31, 2018.

Dividends: Since the IPO, the Company has paid regular quarterly cash dividends to its stockholders. While the Company intends to continue paying regular quarterly cash dividends, future dividend declarations will be paid at the discretion of the Board of Directors and will depend on the actual cash flows of the Company, its financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as they monitor sources of capital and evaluate operating fundamentals. The Company is required by the Code to distribute at least 90% of its REIT taxable income. The actual cash flow available to pay dividends will be affected by a number of factors, including the revenues received from rental properties, the operating expenses of the Company, the interest expense on its borrowings, the ability of lessees to meet their obligations to the Company, the ability to refinance near-term debt maturities and any unanticipated capital expenditures.

	Year ended December 31,
	2017			2016
Dividend paid per share	$	1.08		$	1.02
Ordinary income		57	%		62	%
Capital gains		2	%		30	%
Return of capital		41	%		8	%

In addition to its common stock offerings, the Company has capitalized the growth in its business through the issuance of unsecured fixed and floating-rate medium-term notes, underwritten bonds, unsecured bank debt, mortgage debt and construction loans, convertible preferred stock and perpetual preferred stock. Borrowings under the Company's revolving credit facility have also been an interim source of funds to both finance the purchase of properties and other investments and meet any short-term working capital requirements. The various instruments governing the Company's issuance of its unsecured public debt, bank debt, mortgage debt and preferred stock impose certain restrictions on the Company regarding dividends, voting, liquidation and other preferential rights available to the holders of such instruments. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Footnotes 12, 13 and 16 of the Notes to Consolidated Financial Statements included in this Form 10-K.

The Company does not believe that the preferential rights available to the holders of its Class I Preferred Stock, Class J Preferred Stock, Class K Preferred Stock, Class L Preferred Stock and Class M Preferred Stock, the financial covenants contained in its public bond indentures, as amended, or its revolving credit agreements will have an adverse impact on the Company's ability to pay dividends in the normal course to its common stockholders or to distribute amounts necessary to maintain its qualification as a REIT.

The Company maintains a dividend reinvestment and direct stock purchase plan (the "Plan") pursuant to which common and preferred stockholders and other interested investors may elect to automatically reinvest their dividends to purchase shares of the Company’s common stock or, through optional cash payments, purchase shares of the Company’s common stock. The Company may, from time-to-time, either (i) purchase shares of its common stock in the open market or (ii) issue new shares of its common stock for the purpose of fulfilling its obligations under the Plan.

Recent Sales of Unregister Securities:

None.

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Issuer Purchases of Equity Securities: During the year ended December 31, 2017, the Company repurchased 232,304 shares in connection with common shares surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the Company’s equity-based compensation plans. The Company expended approximately $5.6 million to repurchase these shares.

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
January 1, 2017 – January 31, 2017		12,364	$	25.34		-	$	-
February 1, 2017 - February 28, 2017		186,397	$	25.04		-		-
March 1, 2017 – March 31, 2017		452	$	23.38		-		-
April 1, 2017 – April 30, 2017		-	$	-		-		-
May 1, 2017 – May 31, 2017		15,625	$	18.90		-		-
June 1, 2017 – June 30, 2017		1,544	$	17.56		-		-
July 1, 2017 – July 31, 2017		1,824	$	19.51		-		-
August 1, 2017 – August 31, 2017		10,314	$	20.32		-		-
September 1, 2017 – September 30, 2017		916	$	19.62		-		-
October 1, 2017 – October 31, 2017		2,868	$	18.49		-		-
November 1, 2017 – November 30, 2017		-	$	-		-		-
December 1, 2017 – December 31, 2017		-	$	-		-		-
Total		232,304	$	24.23		-	$	-

Total Stockholder Return Performance: The following performance chart compares, over the five years ended December 31, 2017, the cumulative total stockholder return on the Company’s common stock with the cumulative total return of the S&P 500 Index and the cumulative total return of the FTSE NAREIT All Equity REITs Index (the “FTSE NAREIT Equity REITs”) prepared and published by the National Association of Real Estate Investment Trusts (“NAREIT”). The FTSE NAREIT Equity REITs is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.

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Stockholder return performance, presented annually for the five years ended December 31, 2017, is not necessarily indicative of future results. All stockholder return performance assumes the reinvestment of dividends. The information in this paragraph and the following performance chart are deemed to be furnished, not filed.

	Dec-12		Dec-13		Dec-14		Dec-15		Dec-16		Dec-17
Kimco Realty Corporation	$	100	$	106.65	$	140.69	$	153.54	$	152.00	$	116.24
S&P 500	$	100	$	132.39	$	150.51	$	152.59	$	170.84	$	208.14
FTSE NAREIT Equity REITs	$	100	$	102.47	$	133.35	$	137.62	$	149.35	$	157.16

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Item 6. Selected Financial Data

The following table sets forth selected, historical, consolidated financial data for the Company and should be read in conjunction with the Consolidated Financial Statements of the Company and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-K.

The Company believes that the book value of its real estate assets, which reflects the historical costs of such real estate assets less accumulated depreciation, is not indicative of the current market value of its properties. Historical operating results are not necessarily indicative of future operating performance.

	Year ended December 31,
	2017		2016			2015			2014			2013
	(in thousands, except per share information)
Operating Data:
Revenues from rental properties (1)	$	1,183,785	$	1,152,401		$	1,144,474		$	958,888		$	825,210
Interest expense (2)	$	191,956	$	192,549		$	218,891		$	203,759		$	212,240
Early extinguishment of debt charges	$	1,753	$	45,674		$	-		$	-		$	-
Depreciation and amortization (2)	$	360,811	$	355,320		$	344,527		$	258,074		$	224,713
Gain on sale of operating properties, net (2)	$	93,538	$	92,823		$	132,908		$	618		$	2,798
Benefit/(provision) for income taxes, net (3)	$	880	$	(78,583	)	$	(67,325	)	$	(22,438	)	$	(32,654	)
Impairment charges (4)	$	67,331	$	93,266		$	45,383		$	39,808		$	32,247
Income from continuing operations (5)	$	426,075	$	378,850		$	894,190		$	375,133		$	276,884
Income per common share, from continuing operations:
Basic	$	0.87	$	0.79		$	2.01		$	0.77		$	0.53
Diluted	$	0.87	$	0.79		$	2.00		$	0.77		$	0.53
Weighted average number of shares of common stock:
Basic		423,614		418,402			411,319			409,088			407,631
Diluted		424,019		419,709			412,851			411,038			408,614
Cash dividends declared per common share	$	1.090	$	1.035		$	0.975		$	0.915		$	0.855

	December 31,
	2017			2016			2015			2014			2013
	(in thousands)
Balance Sheet Data:
Real estate, before accumulated depreciation	$	12,653,446		$	12,008,075		$	11,568,809		$	10,018,226		$	9,123,344
Total assets	$	11,763,726		$	11,230,600		$	11,344,171		$	10,261,400		$	9,644,247
Total debt	$	5,478,927		$	5,066,368		$	5,376,310		$	4,595,970		$	4,202,018
Total stockholders' equity	$	5,394,244		$	5,256,139		$	5,046,300		$	4,774,785		$	4,632,417
Cash flow provided by operations	$	614,181		$	592,096		$	493,701		$	629,343		$	570,035
Cash flow (used for)/provided by investing activities	$	(294,280	)	$	165,383		$	21,365		$	126,705		$	72,235
Cash flow used for financing activities	$	(223,874	)	$	(804,527	)	$	(512,854	)	$	(717,494	)	$	(635,377	)

(1) Does not include revenues from rental properties relating to (i) unconsolidated joint ventures and (ii) properties included in discontinued operations.

(2) Does not include amounts reflected in discontinued operations.

(3) Does not include amounts reflected in discontinued operations. Amounts include income taxes related to gain on sale of operating properties.

(4) Amounts exclude noncontrolling interests and amounts reflected in discontinued operations.

(5) Amounts include gain on sale of operating properties, net of tax and net of income attributable to noncontrolling interests.

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this Form 10-K. Historical results and percentage relationships set forth in the Consolidated Statements of Income contained in the Consolidated Financial Statements, including trends, should not be taken as indicative of future operations.

Critical Accounting Policies

The Consolidated Financial Statements of the Company include the accounts of the Company, its wholly-owned subsidiaries and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity in accordance with the consolidation guidance of the FASB Accounting Standards Codification (“ASC”). The Company applies these provisions to each of its joint venture investments to determine whether the cost, equity or consolidation method of accounting is appropriate. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying Consolidated Financial Statements and related notes. In preparing these financial statements, management has made its best estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates are based on, but not limited to, historical results, industry standards and current economic conditions, giving due consideration to materiality. The most significant assumptions and estimates relate to revenue recognition and the recoverability of trade accounts receivable, depreciable lives, valuation of real estate and intangible assets and liabilities, valuation of joint venture investments and other investments, realizability of deferred tax assets and uncertain tax positions. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could materially differ from these estimates.

The Company is required to make subjective assessments as to whether there are impairments in the value of its real estate properties, investments in joint ventures, marketable securities and other investments. The Company’s reported net earnings are directly affected by management’s estimate of impairments.

Revenue Recognition and Accounts Receivable

Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recorded once the required sales level is achieved. Operating expense reimbursements are recognized as earned. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement to the Company of common area maintenance, real estate taxes and other operating expenses.

The Company makes estimates of the collectability/recoverability of its accounts receivable related to base rents, straight-line rent, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of accounts receivable.

Real Estate

The Company’s investments in real estate properties are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.

Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases, and tenant relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value is determined based on a market approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company elected to early adopt ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business at the beginning of its fiscal year ended December 31, 2017, including its interim periods within the year, and appropriately applied the guidance to its asset acquisitions of operating properties, which included the capitalization of acquisition costs.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings and building improvements (in years)	15 to 50
Fixtures, leasehold and tenant improvements (including certain identified intangible assets)	Terms of leases or useful lives, whichever is shorter

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The Company is required to make subjective assessments as to the useful lives of its properties for purposes of determining the amount of depreciation to reflect on an annual basis with respect to those properties. These assessments have a direct impact on the Company’s net earnings.

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its anticipated hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to reflect the estimated fair value of the property.

When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the sales price of such asset net of selling costs. If, in management’s opinion, the net sales price of the asset is less than the net book value of such asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property.

Investments in Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control, these entities. These investments are recorded initially at cost and are subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and, where applicable, are based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in open-air shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses to the amount of its equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. From time to time the joint ventures will obtain unsecured debt, which may be guaranteed by the joint venture. The Company’s exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments.

On a continuous basis, management assesses whether there are any indicators, including property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

The Company’s estimated fair values are based upon a discounted cash flow model for each joint venture that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Realizability of Deferred Tax Assets and Uncertain Tax Positions

The Company is subject to federal, state and local income taxes on the income from its activities relating to its TRS activities and subject to local taxes on certain non-U.S. investments. The Company accounts for income taxes using the asset and liability method, which requires that deferred tax assets and liabilities be recognized based on future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the changes are enacted.

A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance, which requires significant judgement from management, should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The Company’s reported net earnings are directly affected by management’s judgement in determining a valuation allowance.

The Company recognizes and measures benefits for uncertain tax positions, which requires significant judgment from management. Although the Company believes it has adequately reserved for any uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit or the refinement of an estimate. Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in the Company’s income tax expense in the period in which a change is made, which could have a material impact on operating results (see Footnote 21 of the Notes to Consolidated Financial Statements included in this Form 10-K).

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Executive Overview

Kimco Realty Corporation is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2017, the Company had interests in 493 shopping center properties aggregating 83.2 million square feet of GLA located in 29 states, Puerto Rico and Canada. In addition, the Company had 372 other property interests, primarily through the Company’s preferred equity investments and other real estate investments, totaling 5.8 million square feet of GLA.

The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company.

The following highlights the Company’s significant transactions, events and results that occurred during the year ended December 31, 2017:

Financial and Portfolio Information:

● Net income available to the Company’s common shareholders was $372.5 million, or $0.87 per diluted share for the year ended December 31, 2017, as compared to $332.6 million, or $0.79 per diluted share for the corresponding period in 2016.

● Funds from operations (“FFO”) increased to $655.6 million or $1.55 per diluted share for the year ended December 31, 2017 from $555.7 million or $1.32 per diluted share for the year ended December 31, 2016 (see additional disclosure on FFO beginning on page 36).

● FFO as adjusted increased to $644.2 million or $1.52 per diluted share for the year ended December 31, 2017 from $629.4 million or $1.50 per diluted share for the year ended December 31, 2016, (see additional disclosure on FFO beginning on page 36).

● Same property net operating income (“Same property NOI”) increased 1.7% for the year ended December 31, 2017, as compared to the corresponding period in 2016 (see additional disclosure on Same property NOI beginning on page 37).

● Executed 1,196 new leases, renewals and options totaling approximately 8.9 million square feet in the consolidated operating portfolio.

● The Company’s consolidated operating portfolio occupancy at December 31, 2017 was 95.9% as compared to 95.2% at December 31, 2016.

Acquisition Activity (see Footnotes 3 and 7 of the Notes to Consolidated Financial Statements included in this Form 10-K):

● Acquired four consolidated operating properties and six parcels comprising an aggregate 1.9 million square feet of GLA, for an aggregate purchase price of $368.2 million including the assumption of $43.0 million of non-recourse mortgage debt encumbering one property.

● Acquired the controlling interest, in separate transactions, from joint ventures in which, the Company previously held noncontrolling ownership interests, in three operating properties comprising an aggregate 0.9 million square feet of GLA, for an aggregate gross purchase price of $320.1 million, including the assumption of $206.0 million of non-recourse mortgage debt encumbering one of the properties. The Company recognized an aggregate gain on change in control of interests of $71.2 million from the fair value adjustment in connection with these transactions.

Disposition Activity (see Footnote 5 of the Notes to Consolidated Financial Statements included in this Form 10-K):

● During 2017, the Company disposed of 25 consolidated operating properties and nine parcels, in separate transactions, for an aggregate sales price of $352.2 million. These transactions resulted in (i) an aggregate gain of $93.5 million and (ii) aggregate impairment charges of $17.1 million.

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Capital Activity (for additional details see Liquidity and Capital Resources below):

● During the years ended December 31, 2017, the Company repaid the following notes (dollars in millions):

Type	Date Paid	Amount Repaid		Interest Rate	Maturity Date
Medium Term Notes	Aug-17 & Nov-17	$	300.0	4.30%	Feb-18
Term Loan	Jan-17	$	250.0	LIBOR + 0.95%	Jan-17

● In February 2017, the Company closed on a $2.25 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in March 2021, which accrues interest at a rate of LIBOR plus 87.5 basis points (2.28% as of December 31, 2017) with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2022.

● Also during 2017, the Company (i) assumed/consolidated $257.5 million of individual non-recourse mortgage debt (including a fair market value adjustment of $8.5 million) related to two operating properties, (ii) paid off $692.9 million of mortgage debt (including fair market value adjustments of $5.8 million) that encumbered 27 operating properties and (iii) obtained a $206.0 million non-recourse mortgage relating to one operating property.

● As a result of the above activity, the Company extended its debt maturity profile, including extension options, as follows:

● As of December 31, 2017, the weighted average interest rate was 3.84% and the weighted average maturity profile was 10.7 years.

The Company faces external factors which may influence its future results from operations. The convenience and availability of e-commerce has continued to have an impact on the retail sector, which could affect our ability to increase or maintain rental rates and our ability to renew expiring leases and/or lease available space. To mitigate the effect of e-commerce on its business, the Company’s strategy has been to attract local area customers to its properties by providing a diverse and robust tenant base across a variety of retailers, including grocery stores, national or regional discount department stores or drugstores, which offer day-to-day necessities rather than high-priced luxury items. In addition, the Company’s strategy includes investing capital into high quality assets, which are concentrated in major metro markets, allowing our tenants to generate higher foot traffic resulting in higher sales volume while also disposing of lesser quality assets in more undesirable locations.  For a further discussion of these and other factors that could impact our future results, performance or transactions, see Item 1A. “Risk Factors.”

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As the Company moves forward, it intends to take steps to strengthen its portfolio in the rapidly changing retail environment. The Company intends to continue to dispose of assets outside its core markets, which will allow it to concentrate its presence in target coastal markets by completing development projects underway and continuing to invest in redevelopment, ultimately producing a stronger portfolio for sustained long-term growth.

Results of Operations

Comparison of Years Ended December 31, 2017 to 2016

The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended December 31, 2017, as compared to the corresponding period in 2016 (in thousands, except per share data):

	Year Ended December 31,
	2017			2016			$ Change
Revenues
Revenues from rental properties	$	1,183,785		$	1,152,401		$	31,384
Management and other fee income		17,049			18,391			(1,342	)
Operating expenses
Rent (1)		(11,145	)		(10,993	)		(152	)
Real estate taxes		(157,196	)		(146,615	)		(10,581	)
Operating and maintenance (2)		(142,787	)		(140,910	)		(1,877	)
General and administrative (3)		(118,455	)		(117,302	)		(1,153	)
Provision for doubtful accounts		(5,630	)		(5,563	)		(67	)
Impairment charges		(67,331	)		(93,266	)		25,935
Depreciation and amortization		(360,811	)		(355,320	)		(5,491	)
Other income/(expense)
Interest, dividends and other investment income		2,809			1,478			1,331
Other (expense)/income, net		(250	)		3,947			(4,197	)
Interest expense		(191,956	)		(192,549	)		593
Early extinguishment of debt charges		(1,753	)		(45,674	)		43,921
Benefit/(provision) for income taxes, net		880			(72,545	)		73,425
Equity in income of joint ventures, net		60,763			218,714			(157,951	)
Gain on change in control of interests		71,160			57,386			13,774
Equity in income of other real estate investments, net		67,001			27,773			39,228
Gain on sale of operating properties, net, net of tax		93,538			86,785			6,753
Net income attributable to noncontrolling interests		(13,596	)		(7,288	)		(6,308	)
Preferred stock redemption charges		(7,014	)		-			(7,014	)
Preferred dividends		(46,600	)		(46,220	)		(380	)
Net income available to the Company's common shareholders	$	372,461		$	332,630		$	39,831
Net income available to the Company:
Diluted per common share	$	0.87		$	0.79		$	0.08

(1) Rent expense relates to ground lease payments for which the Company is the lessee.

(2) Operating and maintenance expense consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses.

(3) General and administrative costs include employee-related expenses (salaries, bonuses, equity awards, benefits, severance costs and payroll taxes), professional fees, office rent, travel expense and other company-specific expenses.

The following describes the activity of certain line items from the Company’s Consolidated Statements of Income, which it believes represent items that significantly changed during the year ended December 31, 2017, as compared to the corresponding period in 2016:

Revenue from rental properties - The increase in Revenues from rental properties of $31.4 million is primarily from the combined effect of (i) the acquisition and consolidation of operating properties during 2017 and 2016, providing incremental revenues for the year ended December 31, 2017 of $57.5 million, as compared to the corresponding period in 2016, and (ii) the completion of certain redevelopment projects, tenant buyouts and net growth in the current portfolio, providing incremental revenues for the year ended December 31, 2017 of $5.2 million, as compared to the corresponding period in 2016, partially offset by (iii) a decrease in revenues of $31.3 million from properties sold during 2017 and 2016.

Real estate taxes - Real estate taxes increased $10.6 million primarily due to (i) an increase of $8.4 million related to the acquisition and consolidation of operating properties during 2017 and 2016, and (ii) an overall net increase of $5.0 million primarily due to refunds received during 2016, partially offset by (iii) a decrease of $2.8 million resulting from properties sold during 2017 and 2016.

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Impairment charges - During the years ended December 31, 2017 and 2016, the Company recognized impairment charges related to adjustments to property carrying values of $67.3 million and $93.3 million, respectively, for which the Company’s estimated fair values were primarily based upon (i) signed contracts or letters of intent from third party offers or (ii) discounted cash flow models. These adjustments to property carrying values were recognized in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions. Also, the Company has re-evaluated its long-term plan for a property due to unfavorable local market conditions. Certain of the calculations to determine fair value utilized unobservable inputs and as such are classified as Level 3 of the fair value hierarchy. For additional disclosure, see Footnote 15 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Depreciation and amortization - The increase in Depreciation and amortization of $5.5 million is primarily due to (i) an increase of $21.8 million related to the acquisition/consolidation of operating properties during 2017 and 2016, and (ii) an increase of $15.2 million related to write-offs relating to the Company’s redevelopment projects in 2017 and 2016, partially offset by (iii) a decrease of $31.5 million resulting from property dispositions and tenant vacates in 2017 and 2016.

Other (expense)/income, net - The change in Other (expense)/income, net of $4.2 million is primarily due to (i) the recognition of a gain on forgiveness of debt of $3.1 million resulting from the foreclosure of an encumbered property during 2016, and (ii) lower equity in income from retail store lease investments of $2.8 million resulting from a lease termination during 2016, partially offset by (iii) an increase in gains on land sales of $1.5 million.

Early extinguishment of debt charges - During 2017, the Company incurred early Extinguishment of debt charges aggregating $1.8 million in connection with the tender premium on Medium Term Notes that were partially tendered prior to maturity. During 2016, the Company incurred early extinguishment of debt charges aggregating $45.7 million in connection with the optional make-whole provisions of unsecured notes that were repaid prior to maturity and prepayment penalties on a mortgage encumbering 10 operating properties, which the Company also paid prior to the scheduled maturity date.

Benefit/(provision) for income taxes, net - The change in Benefit/(provision) for income taxes, net of $73.4 million is primarily due to (i) a decrease in tax expense of $63.5 million resulting from the recognition of a valuation allowance as a result of the Company’s merger of its taxable REIT subsidiary into a wholly owned LLC of the Company on August 1, 2016, and (ii) a decrease in foreign tax expense of $30.4 million primarily relating to the sale of certain unconsolidated properties during 2016 within the Company’s Canadian portfolio which were subject to foreign taxes at a consolidated reporting entity level, partially offset by (iii) a decrease in tax benefit of $17.1 million primarily related to impairment charges recognized during 2016, (iv) a tax refund during 2016 of $2.0 million resulting from the favorable settlement of a tax audit and (v) an increase in tax expense of $1.1 million due to effects of changes in U.S. tax law, which lowered corporate tax rates impacting the amounts relating to the Company’s deferred tax assets and liabilities within its TRS.

Equity in income of joint ventures, net - The decrease in Equity in income of joint ventures, net of $158.0 million is primarily due to (i) a decrease in net gains of $158.1 million resulting from fewer sales of properties and ownership interests within various joint venture investments during 2017 as compared to 2016, (ii) lower equity in income of $5.3 million primarily resulting from the sales of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2017 and 2016, and (iii) the recognition of a cumulative foreign currency translation loss of $4.8 million as a result of the substantial liquidation of the Company’s investments in Canada during 2017, partially offset by (iv) a decrease in impairment charges of $10.2 million recognized during 2017 as compared to 2016.

Gain on change in control of interests - During 2017, the Company acquired, in separate transactions, a controlling interest in three operating properties from certain joint venture partners in which the Company had noncontrolling interests. As a result of these transactions, the Company recorded an aggregate gain on change in control of interests of $71.2 million related to the fair value adjustment associated with its previously held equity interest in these operating properties. During 2016, the Company acquired, in separate transactions, a controlling interest in nine operating properties and one development project from certain joint venture partners in which the Company had noncontrolling interests. As a result of these transactions, the Company recorded a gain on change in control of interests of $57.4 million related to the fair value adjustment associated with its previously held equity interest in these operating properties and the development project.

Equity in income from other real estate investments, net - The increase in Equity in income from other real estate investments, net of $39.2 million is primarily due to (i) an increase of $34.6 million in equity in income from the Albertsons joint venture resulting from cash distributions received in excess of the Company’s carrying basis during 2017 and (ii) the recognition of cumulative foreign currency translation gain of $14.8 million as a result of the substantial liquidation of the Company’s investments in Canada during 2017, partially offset by (iii) a decrease in earnings and profit participation from capital transactions related to Company’s Preferred Equity Program of $10.1 million during 2017, as compared to the corresponding period in 2016.

Gain on sale of operating properties, net of tax - During 2017, the Company disposed of 25 consolidated operating properties and nine parcels, in separate transactions, for an aggregate sales price of $352.2 million. These transactions resulted in (i) an aggregate gain of $93.5 million and (ii) aggregate impairment charges of $17.1 million. During 2016, the Company disposed of 30 consolidated operating properties and two parcels, in separate transactions, for an aggregate sales price of $378.7 million. These transactions resulted in an aggregate gain of $86.8 million, after income tax expense, and aggregate impairment charges of $37.2 million, before income tax benefit of $10.0 million.

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Net income attributable to noncontrolling interests – The increase in Net income attributable to noncontrolling interests of $6.3 million is primarily due to (i) an increase of $10.9 million in equity in income attributable to the Company’s noncontrolling partners in the Albertsons joint venture during 2017, partially offset by (ii) lower equity in income of $4.4 million resulting from the redemption of certain noncontrolling interests, the sales of properties within various joint venture investments and/or acquisition/consolidation of ownership interests in joint ventures by the Company during 2017 and 2016.

Preferred stock redemption charges – During 2017, the Company partially redeemed its Class I Preferred Stock shares and as a result, the Company recorded a non-cash redemption charge of $7.0 million. This $7.0 million charge was subtracted from net income attributable to the Company to arrive at net income available to the Company’s common shareholders and used in the calculation of earnings per share for the year ended December 31, 2017.

Net income available to the company’s common shareholders and Diluted earnings per share - Net income available to the Company’s common shareholders was $372.5 million for the year ended December 31, 2017, as compared to $332.6 million for the year ended December 31, 2016. On a diluted per share basis, net income available to the Company for the year ended December 31, 2017 was $0.87 as compared to $0.79 for the year ended December 31, 2016. These changes are primarily attributable to (i) incremental earnings due to the acquisition of operating properties during 2017 and 2016, as well as increased profitability from the Company’s operating properties, (ii) a benefit for income taxes in 2017 as compared to a provision for income taxes in 2016, (iii) a decrease in early extinguishment of debt charges, (iv) an increase in equity in income of other real estate investments, net, (v) a decrease in impairment charges of operating properties, (vi) an increase from gain on change of control of interests and (vii) an increase in gains on sale of operating properties, partially offset by (viii) a decrease in equity in income of joint ventures, net, resulting from the sales of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2017 and 2016, (ix) an increase in real estate taxes, (x) an increase in preferred stock redemption charges and (xi) an increase in net income attributable to noncontrolling interests.

Comparison of Years Ended December 31, 2016 to 2015

The following table presents the comparative results from the Company’s Consolidated Statements of Income for the year ended December 31, 2016, as compared to the corresponding period in 2015 (in thousands, except per share data):

	Year Ended December 31,
	2016			2015			$ Change
Revenues
Revenues from rental properties	$	1,152,401		$	1,144,474		$	7,927
Management and other fee income		18,391			22,295			(3,904	)
Operating expenses
Rent		(10,993	)		(12,347	)		1,354
Real estate taxes		(146,615	)		(147,150	)		535
Operating and maintenance		(140,910	)		(144,980	)		4,070
General and administrative expenses		(117,302	)		(122,735	)		5,433
Provision for doubtful accounts		(5,563	)		(6,075	)		512
Impairment charges		(93,266	)		(45,383	)		(47,883	)
Depreciation and amortization		(355,320	)		(344,527	)		(10,793	)
Other income/(expense)
Interest, dividends and other investment income		1,478			39,061			(37,583	)
Other income, net		3,947			5,174			(1,227	)
Interest expense		(192,549	)		(218,891	)		26,342
Early extinguishment of debt charges		(45,674	)		-			(45,674	)
Provision for income taxes, net		(72,545	)		(60,230	)		(12,315	)
Equity in income of joint ventures, net		218,714			480,395			(261,681	)
Gain on change in control of interests		57,386			149,234			(91,848	)
Equity in income of other real estate investments, net		27,773			36,090			(8,317	)
Loss from discontinued operations		-			(75	)		75
Gain on sale of operating properties, net, net of tax		86,785			125,813			(39,028	)
Net income attributable to noncontrolling interests		(7,288	)		(6,028	)		(1,260	)
Preferred stock redemption charges		-			(5,816	)		5,816
Preferred dividends		(46,220	)		(57,084	)		10,864
Net income available to the Company's common shareholders	$	332,630		$	831,215		$	(498,585	)
Net income available to the Company:
Diluted per common share	$	0.79		$	2.00		$	(1.21	)

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The following describes the activity of certain line items from the Company’s Consolidated Statements of Income, which it believes represent items that significantly changed during the year ended December 31, 2016, as compared to the corresponding period in 2015:

Revenue from rental properties - The increase in Revenues from rental properties of $7.9 million is primarily from the combined effect of (i) the acquisition of operating properties during 2016 and 2015, providing incremental revenues for the year ended December 31, 2016, of $57.4 million, as compared to the corresponding period in 2015 and (ii) the completion of certain redevelopment projects, tenant buyouts and net growth in the current portfolio, providing incremental revenues for the year ended December 31, 2016, of $17.4 million, as compared to the corresponding period in 2015, partially offset by (iii) a decrease in revenues of $66.9 million from properties sold during 2016 and 2015.

Management and other fee income - The decrease in Management and other fee income of $3.9 million is primarily attributable to (i) the sale of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2016 and 2015, and (ii) the recognition of enhancement fee income related to the Company’s prior investment in InTown Suites of $1.2 million during 2015.

Operating and maintenance expense - Operating and maintenance expense consists of property related costs including repairs and maintenance costs, roof repair, landscaping, parking lot repair, snow removal, utilities, property insurance costs, security and various other property related expenses. Operating and maintenance expense decreased $4.1 million primarily due to the disposition of properties during 2016 and 2015, partially offset by the acquisition of properties during 2016 and 2015.

General and administrative expenses - General and administrative costs include employee-related expenses (salaries, bonuses, equity awards, benefits, severance costs and payroll taxes), professional fees, office rent, travel expense and other company-specific expenses. General and administrative expenses decreased $5.4 million primarily due to a decrease in severance costs and a reduction in professional fees.

Impairment charges - During 2016, the Company recognized impairment charges related solely to adjustments to property carrying values of $93.3 million. During 2015, the Company recognized impairment charges of $45.5 million, before noncontrolling interests and income taxes, of which $0.1 million is included in discontinued operations. The 2015 impairment charges consisted of (i) $30.3 million related to adjustments to property carrying values, (ii) $9.0 million relating to a cost method investment, (iii) $5.3 million related to certain investments in other real estate investments and (iv) $0.8 million related to marketable debt securities investments. The adjustments to property carrying values for 2016 and 2015 were recognized in connection with the Company’s efforts to market for sale certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties. Certain of the calculations to determine fair value utilized unobservable inputs and as such are classified as Level 3 of the fair value hierarchy. For additional disclosure, see Footnote 15 of the Notes to Consolidated Financial Statements included in this Form 10-K.

Depreciation and amortization - The increase in Depreciation and amortization of $10.8 million is primarily due to operating property acquisitions during 2016 and 2015 and write-offs relating to the Company’s redevelopment projects in 2016, partially offset by property dispositions.

Interest, dividends and other investment income - The decrease in Interest, dividends and other investment income of $37.6 million is primarily due to the sale of certain marketable securities during the year ended December 31, 2015, which resulted in an aggregate gain of $39.9 million.

Interest expense - The decrease in Interest expense of $26.4 million is primarily the result of lower levels of borrowings and lower interest rates on borrowings during 2016, as compared to 2015.

Early extinguishment of debt charges - During 2016, the Company incurred Early extinguishment of debt charges aggregating $45.7 million in connection with the optional make-whole provisions of unsecured notes that were repaid prior to maturity and prepayment penalties on a mortgage encumbering 10 operating properties, which the Company also paid prior to the scheduled maturity date. See “Liquidity and Capital Resources” for additional details.

Provision for income taxes, net - The increase in Provision for income taxes, net of $12.3 million is primarily due to (i) an increase in the Company’s valuation allowance of $63.5 million as a result of the Company’s merger of its taxable REIT subsidiary into a wholly owned LLC of the Company, partially offset by (ii) a decrease in foreign tax expense of $26.1 million primarily relating to fewer sales of unconsolidated properties within the Company’s Canadian portfolio which were subject to foreign taxes at a consolidated reporting entity level during 2016, as compared to 2015, (iii) an increase in tax benefit of $13.4 million related to impairment charges recognized during 2016, as compared to 2015, (iv) a decrease of $4.5 million in tax expense related to gains recognized during 2015, as compared to 2016, (v) a decrease of $3.0 million in tax expense on operations due to fewer properties in the taxable REIT subsidiary as a result of the TRS Merger, (vi) a decrease in tax expense of $2.0 million resulting from the settlement of a tax audit during 2016 and (vii) a decrease in tax expense of $2.0 million relating to equity income recognized in connection with the Company’s Albertsons investment during 2015.

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Equity in income of joint ventures, net - The decrease in Equity in income of joint ventures, net of $261.7 million is primarily due to (i) a decrease in gains of $248.1 million resulting from fewer sales of properties and interests within various joint venture investments, including the Company’s Canadian Portfolio, during 2016, as compared to 2015 and (ii) lower equity in income of $26.0 million resulting from the sales of properties within various joint venture investments and the acquisition of partnership interests in joint ventures by the Company during 2016 and 2015, partially offset by (iii) a decrease in impairment charges of $7.2 million recognized during 2016, as compared to 2015.

Gain on change in control of interests - During 2016, the Company acquired nine operating properties and one development project from joint ventures in which the Company had a noncontrolling interest. The Company recorded a gain on change in control of interests of $57.4 million related to the fair value adjustment associated with its previously held equity interest in the operating properties. During 2015, the Company acquired 43 properties from joint ventures in which the Company had noncontrolling interests.  The Company recorded a net gain on change in control of interests of $149.2 million related to the fair value adjustment associated with its previously held equity interests in these properties.

Equity in income from other real estate investments, net - The decrease in Equity in income from other real estate investments, net of $8.3 million is primarily due to (i) a decrease in equity in income of $4.9 million resulting from a cash distribution received in excess of the Company’s carrying basis in 2015, (ii) a decrease in income resulting from the sale of the Company’s leveraged lease portfolio of $3.8 million during 2015 and (iii) a decrease of $2.8 million in earnings from the Company’s Preferred Equity Program during the year ended December 31, 2016, primarily resulting from the sale of the Company’s interests in certain preferred equity investments during 2016 and 2015, partially offset by (iv) an increase of $3.3 million in profit participation from the Company’s Preferred Equity Program from capital transactions during the year ended December 31, 2016, as compared to the corresponding period in 2015.

Gain on sale of operating properties, net of tax - During 2016, the Company disposed of 30 consolidated operating properties and two parcels, in separate transactions, for an aggregate sales price of $378.7 million. These transactions resulted in an aggregate gain of $86.8 million, after income tax expense, and aggregate impairment charges of $37.2 million, before income tax benefit of $10.0 million. During 2015, the Company disposed of 89 consolidated operating properties and eight parcels, in separate transactions, for an aggregate sales price of $492.5 million. These transactions resulted in an aggregate gain of $143.6 million, after income tax expense, and aggregate impairment charges of $10.2 million, before income tax expense of $2.3 million. Additionally, during 2015, the Company disposed of its remaining operating property in Chile for a sales price of $51.3 million. This transaction resulted in the release of a cumulative foreign currency translation loss of $19.6 million due to the Company’s liquidation of its investment in Chile, partially offset by a gain on sale of $1.8 million, after income tax expense.

Net income available to the Company’s common shareholders and Diluted earnings per share - Net income available to the Company’s common shareholders was $332.6 million for the year ended December 31, 2016, as compared to $831.2 million for the year ended December 31, 2015. On a diluted per share basis, net income available to the Company for the year ended December 31, 2016 was $0.79 as compared to $2.00 for the year ended December 31, 2015. These changes are primarily attributable to (i) a decrease in equity in income of joint ventures, net, resulting from gains on sales of properties within various joint venture investments during 2015, (ii) a decrease in gain on change in control of interests, net related to the fair value adjustment associated with the Company’s previously held equity interests in properties acquired from various joint ventures during 2016 and 2015, (iii) an increase in impairments of operating properties during 2016, (iv) an increase in early extinguishment of debt charges resulting from the prepayment of secured and unsecured debt by the Company, (v) a decrease in gains on sale of operating properties, (vi) a decrease in gain on sale of marketable securities during 2016, as compared to the corresponding period in 2015, (vii) an increase in provision for income taxes due to a valuation allowance on net deferred tax assets resulting from the merger of KRS into a wholly-owned LLC of the Company and (viii) a decrease in gains through the Company’s preferred equity program and other investments, partially offset by (ix) a decrease in interest expense, (x) a decrease in preferred dividends and preferred stock redemption charges and (xi) incremental earnings due to the acquisition of operating properties during 2016 and 2015 and increased profitability from the Company’s operating properties.

Liquidity and Capital Resources

The Company’s capital resources include accessing the public debt and equity capital markets, mortgage and construction loan financing, and immediate access to an unsecured revolving credit facility (the “Credit Facility”) with bank commitments of $2.25 billion which can be increased to $2.75 billion through an accordion feature.

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The Company’s cash flow activities are summarized as follows (in thousands):

	Year Ended December 31,
	2017			2016
Cash and cash equivalents, beginning of year	$	142,486		$	189,534
Net cash flow provided by operating activities		614,181			592,096
Net cash flow (used for)/provided by investing activities		(294,280	)		165,383
Net cash flow used for financing activities		(223,874	)		(804,527	)
Change in cash and cash equivalents		96,027			(47,048	)
Cash and cash equivalents, end of year	$	238,513		$	142,486

Operating Activities

The Company anticipates that cash on hand, cash flows from operations, borrowings under its Credit Facility, and the issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company.  

Cash flows provided by operating activities for the year ended December 31, 2017, were $614.2 million, as compared to $592.1 million for the comparable period in 2016. The increase of $22.1 million is primarily attributable to:

● the acquisition of operating properties during 2017 and 2016;

● new leasing, expansion and re-tenanting of core portfolio properties;

● a decrease in interest expense; and

● changes in operating assets and liabilities due to timing of receipts and payments; partially offset by

● a decrease in operational distributions from the Company’s joint venture programs due to the sale of certain joint venture properties during 2017 and 2016.

       During the years ended December 31, 2017 and 2016, the Company capitalized personnel costs of $16.1 million and $15.4 million, respectively, relating to deferred leasing costs.

Investing Activities

Cash flows used for investing activities was $294.3 million for 2017, as compared to cash flows provided by investing activities of $165.4 million for 2016. Investing activities during 2017 consisted primarily of:

Cash outflows:

● $367.1 million for improvements to operating real estate related to the Company’s active redevelopment pipeline and improvements to real estate under development;

● $163.9 million for acquisition of operating real estate and other related net assets, including seven consolidated operating properties and six parcels, and acquisition of real estate under development related to one development project;

● $35.3 million for investments in and advances to real estate joint ventures, primarily related to a redevelopment project in one joint venture and the repayment of a mortgage in another joint venture; and

● $9.8 million for investment in marketable securities.

Cash inflows:

● $181.3 million in proceeds from the sale of operating properties, including 25 consolidated operating properties and nine parcels; and

● $96.5 million in reimbursements of investments and advances to real estate joint ventures, primarily related to disposition of properties within the joint venture portfolio, and reimbursements of investments and advances to other real estate investments, primarily related to a distribution received from the Company’s Albertsons investment.

Investing activities during 2016 consisted primarily of:

Cash inflows:

● $330.4 million in proceeds from distributions and return of investments from liquidation of real estate joint ventures, primarily due to the liquidation of certain Canadian joint ventures in 2016;

● $304.6 million in proceeds from the sale of operating properties related to 30 consolidated operating properties and two parcels; and

● $82.7 million in reimbursements of investments and advances to real estate joint ventures, primarily related the refinancing of certain property mortgages within various joint ventures, and reimbursements of investments and advances to other real estate investments, primarily related to the sale of one preferred equity investment.

Cash outflows:

● $254.8 million for acquisition of operating real estate and other related net assets, including 12 consolidated operating properties and two parcels, and acquisition of real estate under development related to two development projects;

● $216.2 million for improvements to operating real estate, including expenditures related to the Company’s active redevelopment pipeline and improvements to real estate under development; and

● $86.5 million for investments in and advances to real estate joint ventures, primarily related to the acquisition of a property within one joint venture, redevelopment projects with the Company’s joint ventures, the purchase of additional ownership in certain joint ventures and the repayment of debt in certain joint ventures.

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Acquisitions of Operating Real Estate and Other Related Net Assets

During the years ended December 31, 2017 and 2016, the Company expended $153.9 million and $203.2 million, respectively, towards the acquisition of operating real estate properties. The Company continues to transform the quality of its portfolio by disposing of lesser quality assets and acquiring larger, higher quality properties in key markets identified by the Company. The Company anticipates spending up to approximately $50.0 million towards the acquisition of operating properties during 2018. The Company intends to fund these acquisitions with proceeds from property dispositions, cash flow from operating activities and availability under its Credit Facility.

Improvements to Operating Real Estate

During the years ended December 31, 2017 and 2016, the Company expended $206.8 million and $143.5 million, respectively, towards improvements to operating real estate. These amounts consist of the following (in thousands):

	Year Ended December 31,
	2017		2016
Redevelopment and renovations	$	177,840	$	96,319
Tenant improvements and tenant allowances		16,995		39,016
Other		11,965		8,154
Total (1)	$	206,800	$	143,489

(1) During the years ended December 31, 2017 and 2016, the Company capitalized interest of $3.5 million and $2.4 million, respectively, and capitalized payroll of $3.1 million and $2.1 million, respectively, in connection with the Company’s improvements to operating real estate.

The Company has an ongoing program to redevelop and re-tenant its properties to maintain or enhance its competitive position in the marketplace. The Company is actively pursuing redevelopment opportunities within its operating portfolio which it believes will increase the overall value by bringing in new tenants and improving the assets’ value. The Company has identified three categories of redevelopment, (i) large scale redevelopment, which involves demolishing and building new square footage, (ii) value creation redevelopment, which includes the subdivision of large anchor spaces into multiple tenant layouts, and (iii) creation of out-parcels and pads located in the front of the shopping center properties. The Company anticipates its capital commitment toward these redevelopment projects and re-tenanting efforts during 2018 will be approximately $225.0 million to $300.0 million. The funding of these capital requirements will be provided by proceeds from property dispositions, cash flow from operating activities and availability under the Company’s Credit Facility.

Improvements to Real Estate Under Development

The Company is engaged in select real estate development projects, which are expected to be held as long-term investments. As of December 31, 2017, the Company had in progress a total of four active real estate development projects and two additional projects held for future development. During the years ended December 31, 2017 and 2016, the Company expended $160.3 million and $72.8 million, respectively, towards improvements to real estate under development. The Company capitalized (i) interest of $11.0 million and $6.9 million, (ii) real estate taxes, insurance and legal costs of $5.7 million and $5.2 million and (iii) payroll of $3.3 million and $1.8 million during the years ended December 31, 2017 and 2016, respectively, in connection with these real estate development projects. The Company anticipates the total remaining costs to complete these four active projects to be approximately $200.0 million to $250.0 million. The Company anticipates its capital commitment toward these development projects during 2018 will be approximately $175.0 million to $225.0 million. The funding of these capital requirements will be provided by proceeds from property dispositions, cash flow from operating activities and availability under the Company’s Credit Facility.

Financing Activities

Cash flow used for financing activities was $223.9 million for 2017, as compared to $804.5 million for 2016. Financing activities during 2017 primarily consisted of the following:

Cash outflows:

● $702.3 million for principal payments on debt, including normal amortization on rental property debt;

● $550.0 million for repayments under unsecured term loan/notes, including $300.0 million Medium Term Notes and payoff of $250.0 million Term Loan;

● $17.1 million for repayments under unsecured revolving credit facility, net;

● $506.2 million of dividends paid;

● $225.0 million for the partial redemption of Class I Preferred Stock;

● $96.6 million for conversion/distribution of noncontrolling interests, primarily related to the redemption of certain partnership units by consolidated subsidiaries; and

● $23.3 million for financing origination costs, primarily related to costs associated with the issuance of Senior Unsecured Notes and the Credit Facility.

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Cash inflows:

● $1.3 billion in proceeds from issuance of unsecured notes, including $500.0 million, $350.0 million and $400.0 million of Senior Unsecured Notes, issued separately;

● $440.9 million in proceeds from issuance of stock, net, including the issuances of Class L Preferred Stock and Class M Preferred Stock; and

● $206.0 million in proceeds from mortgage loan financing.

Financing activities during 2016 primarily consisted of:

Cash outflows:

● $1.26 billion for repayments under unsecured term loan/notes, including paydown of $400.0 million Term Loan, $300.0 million Medium Term Notes, $290.0 million Senior Unsecured Notes and $270.9 million Canadian Notes Payable;

● $719.9 million for principal payments on debt, including normal amortization on rental property debt;

● $474.0 million of dividends paid;

● $45.7 million for payment of early extinguishment of debt charges related to the optional make-whole provisions on unsecured notes that were repaid prior to maturity and prepayment penalties on a mortgage encumbering 10 operating properties;

● $25.7 million for financing origination costs, primarily related to costs associated with the issuance of Senior Unsecured Notes; and

● $12.6 million for conversion/distribution of noncontrolling interests.

Cash inflows:

● $1.4 billion in proceeds from issuance of unsecured notes, including $500.0 million, $400.0 million, $350.0 million and $150.0 million of Senior Unsecured Notes, issued separately;

● $307.4 million in proceeds from issuance of stock, including common stock issued under the Company's ATM program; and

● $26.4 million in proceeds from unsecured revolving credit facility, net.

The Company continually evaluates its debt maturities, and, based on management’s current assessment, believes it has viable financing and refinancing alternatives that will not materially adversely impact its expected financial results. The Company continues to pursue borrowing opportunities with large commercial U.S. and global banks, select life insurance companies and certain regional and local banks. The Company has noticed a continuing trend that, although pricing remains dependent on specific deal terms, generally spreads for non-recourse mortgage financing has stabilized and the unsecured debt markets are functioning well and credit spreads are at manageable levels.

Debt maturities for 2018 consist of: $73.0 million of consolidated debt; $203.7 million of unconsolidated joint venture debt; and $6.1 million of debt on properties included in the Company’s Preferred Equity Program, assuming the utilization of extension options where available.  The 2018 consolidated debt maturities are anticipated to be repaid with operating cash flows, borrowings from the Company’s Credit Facility and debt refinancing where applicable.  In addition, the Company has $12.4 million of consolidated debt related to one non-recourse mortgage that is currently in default for which the Company is working with the special servicers on a resolution.  The 2018 debt maturities on properties in the Company’s unconsolidated joint ventures and Preferred Equity Program are anticipated to be repaid through operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales and partner capital contributions, as deemed appropriate.

The Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintain its investment-grade senior, unsecured debt ratings.   The Company may, from time-to-time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives.

Since the completion of the Company’s IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs. Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $13.8 billion.  Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in open-air shopping centers, funding real estate under development projects, expanding and improving properties in the portfolio and other investments.

During February 2015, the Company filed a shelf registration statement on Form S-3, which is effective for a term of three years, for the future unlimited offerings, from time-to-time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants. The Company, pursuant to this shelf registration statement may, from time-to-time, offer for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company’s debt maturities. (See Footnote 12 of the Notes to Consolidated Financial Statements included in this Form 10-K.)

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Preferred Stock-

During August 2017, the Company issued 9,000,000 Depositary Shares (the "Class L Depositary Shares"), each representing a one-thousandth fractional interest in a share of the Company's 5.125% Class L Cumulative Redeemable Preferred Stock, $1.00 par value per share. Dividends on the Class L Depositary Shares are cumulative and payable quarterly in arrears at the rate of 5.125% per annum based on the $25.00 per share initial offering price, or $1.28125 per annum.  The Class L Depositary Shares are redeemable, in whole or part, for cash on or after August 16, 2022, at the option of the Company, at a redemption price of $25.00 per depositary share, plus any accrued and unpaid dividends thereon.  The Class L Depositary Shares are not convertible or exchangeable for any other property or securities of the Company.  The net proceeds received from this offering of $218.1 million, before legal costs, were used for general corporate purposes, including the reduction of borrowings outstanding under the Company’s revolving credit facility and the redemption of shares of the Company’s preferred stock.

On August 7, 2017, the Company called for the partial redemption of 9,000,000 of its outstanding depositary shares of the Company’s 6.00% Class I Cumulative Redeemable Preferred Stock, $1.00 par value per share (the "Class I Preferred Stock"), representing 56.25% of the issued and outstanding Class I Preferred Stock. The aggregate redemption amount of $225.0 million plus accumulated and unpaid dividends of $1.9 million, was paid on September 6, 2017. Upon partial redemption, the Company recorded a charge of $7.0 million resulting from the difference between the redemption amount and the carrying amount of the Class I Preferred Stock on the Company’s Consolidated Balance Sheets in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. This $7.0 million charge was subtracted from net income attributable to the Company to arrive at net income available to the Company’s common shareholders and used in the calculation of earnings per share for the year ended December 31, 2017.

During December 2017, the Company issued 9,200,000 Depositary Shares (the "Class M Depositary Shares"), each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. Dividends on the Class M Depositary Shares are cumulative and payable quarterly in arrears at the rate of 5.250% per annum based on the $25.00 per share initial offering price, or $1.3125 per annum.  The Class M Depositary Shares are redeemable, in whole or part, for cash on or after December 20, 2022, at the option of the Company, at a redemption price of $25.00 per depositary share, plus any accrued and unpaid dividends thereon.  The Class M Depositary Shares are not convertible or exchangeable for any other property or securities of the Company.  The net proceeds received from this offering of $222.8 million, before legal costs, were used for general corporate purposes, including the reduction of borrowings outstanding under the Company’s revolving credit facility. Additionally, during January 2018, the underwriters exercised the over-allotment option for the issuance of an additional 1,380,000 Class M Depositary Shares each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The net proceeds from the issuance of these shares were $33.4 million, before legal costs, which were used for general corporate purposes, including the reduction of borrowings outstanding under the Company’s Credit Facility.

Common Stock

During February 2018, the Company’s Board of Directors authorized a share repurchase program, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million.

During February 2015, the Company established an At the Market Continuous Offering Program (“ATM program”), which is effective for a term of three years, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the NYSE or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. The Company did not offer for sale any shares of common stock under the ATM program during the year ended December 31, 2017. As of December 31, 2017, the Company had $211.9 million available under this ATM program.

Medium Term Notes (“MTN”) and Senior Notes

The Company’s supplemental indenture governing its senior notes contains the following covenants, all of which the Company is compliant with:

Covenant	Must Be	As of 12/31/17
Consolidated Indebtedness to Total Assets	<65%	39%
Consolidated Secured Indebtedness to Total Assets	<40%	6%
Consolidated Income Available for Debt Service to Maximum Annual Service Charge	>1.50x	4.9x
Unencumbered Total Asset Value to Consolidated Unsecured Indebtedness	>1.50x	2.6x

For a full description of the various indenture covenants refer to the Indenture dated September 1, 1993; the First Supplemental Indenture dated August 4, 1994; the Second Supplemental Indenture dated April 7, 1995; the Third Supplemental Indenture dated June 2, 2006; the Fourth Supplemental Indenture dated April 26, 2007; the Fifth Supplemental Indenture dated as of September 24, 2009; the Sixth Supplemental Indenture dated as of May 23, 2013; and the Seventh Supplemental Indenture dated as of April 24, 2014, each as filed with the SEC.See the Exhibits Index for specific filing information.

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During the year ended December 31, 2017, the Company issued the following Senior Unsecured Notes (dollars in millions):

Date Issued	Maturity Date	Amount Issued		Interest Rate
Aug-17	Feb-25	$	500.0		3.30%
Aug-17	Sep-47	$	350.0		4.45%
Mar-17	Apr-27	$	400.0		3.80%

Interest on these senior unsecured notes is payable semi-annually in arrears. The Company used the net proceeds from these issuances, after the underwriting discounts and related offering costs, for general corporate purposes, including to pre-fund near-term debt maturities or to reduce borrowings under the Company’s Credit Facility.

On August 1, 2017, the Company made a tender offer to purchase any and all of its $300.0 million 4.30% MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of this note. In addition, in November 2017, the Company redeemed the remaining $89.0 million 4.30% MTN notes outstanding.

Credit Facility

In February 2017, the Company closed on a $2.25 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in March 2021, with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2022. This Credit Facility, which accrues interest at a rate of LIBOR plus 87.5 basis points (2.28% as of December 31, 2017), can be increased to $2.75 billion through an accordion feature. The Credit Facility replaced the Company’s $1.75 billion unsecured revolving credit facility that was scheduled to mature in March 2018. In addition, the Credit Facility includes a $500.0 million sub-limit which provides the Company the opportunity to borrow in alternative currencies including Canadian Dollars (“CAD”), British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. As of December 31, 2017, the Credit Facility had a balance of CAD 10.0 million (USD $8.0 million) outstanding and $0.5 million appropriated for letters of credit.

Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to maintenance of various covenants. The Company is currently in compliance with these covenants. The financial covenants for the Credit Facility are as follows:

Covenant	Must Be	As of 12/31/17
Total Indebtedness to Gross Asset Value (“GAV”)	<60%	40%
Total Priority Indebtedness to GAV	<35%	5%
Unencumbered Asset Net Operating Income to Total Unsecured Interest Expense	>1.75x	4.4x
Fixed Charge Total Adjusted EBITDA to Total Debt Service	>1.50x	2.8x

For a full description of the New Credit Facility’s covenants refer to the Amended and Restated Credit Agreement dated as of February 1, 2017, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 30, 2017.

Term Loan

The Company had a $650.0 million unsecured term loan (“Term Loan”) which was scheduled to mature in January 2017, with three one-year extension options at the Company’s discretion. The Term Loan accrued interest at LIBOR plus 95 basis points. During November 2016, the Company repaid $400.0 million of borrowings under the Company’s Term Loan and in January 2017, the Company repaid the remaining $250.0 million balance and terminated the agreement.

Mortgages Payable

During 2017, the Company (i) assumed/consolidated $257.5 million of individual non-recourse mortgage debt (including a fair market value adjustment of $8.5 million) related to two operating properties, (ii) paid off $692.9 million of mortgage debt (including fair market value adjustments of $5.8 million) that encumbered 27 operating properties and (iii) obtained a $206.0 million non-recourse mortgage relating to one operating property. 

In addition to the public equity and debt markets as capital sources, the Company may, from time-to-time, obtain mortgage financing on selected properties and construction loans to partially fund the capital needs of its real estate under development projects. As of December 31, 2017, the Company had over 365 unencumbered property interests in its portfolio.

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Dividends

In connection with its intention to continue to qualify as a REIT for federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows. The Company’s Board of Directors will continue to evaluate the Company’s dividend policy on a quarterly basis as the Board of Directors monitors sources of capital and evaluates the impact of the economy and capital markets availability on operating fundamentals.  Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a conservative dividend payout ratio, reserving such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate.  Cash dividends paid were $506.2 million in 2017, $474.0 million in 2016, and $455.8 million in 2015.

Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments. On October 24, 2017, the Company’s Board of Directors declared an increased quarterly cash dividend of $0.28 per common share, an annualized increase of 3.7%, payable to shareholders of record on January 2, 2018, which was paid on January 16, 2018. Additionally, on January 30, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.28 per common share payable to shareholders of record on April 3, 2018, which is scheduled to be paid on April 16, 2018.

The Board of Directors also declared quarterly dividends with respect to the Company’s various classes of cumulative redeemable preferred shares (Class I, Class J, Class K and Class L) and an initial dividend with respect to the Company’s Class M cumulative redeemable preferred shares, representing the period beginning on December 20, 2017. All dividends on the preferred shares are scheduled to be paid on April 16, 2018 to shareholders of record on April 3, 2018.

Hurricane Impact

The impact of Hurricanes Harvey, which struck Texas on August 25, 2017, and Irma, which struck Florida on September 10, 2017, resulted in minimal damage to the Company’s properties located in Texas and Florida, with the majority of the impact related to debris removal.

On September 20, 2017, Hurricane Maria struck Puerto Rico as a Category 4 hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in seven operating properties located throughout Puerto Rico, aggregating 2.2 million square feet of GLA, which were variously impacted by the hurricane.  The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to $62.0 million, as well as business interruption insurance with coverage up to $39.3 million in the aggregate, subject to a collective deductible of $1.2 million.

As of December 31, 2017, the Company’s assessment of the damages sustained to its properties from Hurricane Maria resulted in a write-off to depreciation expense of $16.0 million, representing the estimated net book value of damaged assets. The Company also recorded a corresponding receivable and credit to depreciation expense of $16.0 million for estimated property insurance recoveries related to the write-off. As such, there was no impact to net income during 2017 resulting from these adjustments. The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately $26.0 million. As of December 31, 2017, the Company received property insurance proceeds of $4.0 million and has a remaining receivable balance of $12.0 million which is included in Other assets on the Company’s Consolidated Balance Sheets. The Company expects that the final replacement cost claim will exceed the amount written off due to property damage and that this excess amount will be recorded, net of the deductible, as income by the Company upon full settlement and collection of the casualty insurance claim.

The Company’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up to one year. After the expiration of one year following the loss, the policy has 365 days of extended period of indemnity which provides business interruption coverage in the event the properties have not fully recovered from the storm. For the year ended December 31, 2017, the Company had a reduction in revenues from rental properties of $3.4 million related to lost tenant revenue and rent abatements resulting from the impact of Hurricane Maria. During December 2017, the Company received $1.6 million from its insurance provider for business interruption claims. The Company is still in the process of assessing current and future business interruption insurance losses and will submit insurance claims for its estimated losses under its business interruption insurance policy. 

Income Taxes

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, making significant changes to taxation of corporations and individuals. Effective for tax years beginning on January 1, 2018, this tax reform law reduces the federal statutory income tax rate from 35% to 21% for corporations and changed other certain tax provisions and deductions. ASC 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. As a result, the Company remeasured its deferred tax assets and liabilities and recorded a tax provision of $1.1 million during 2017.

The Company is subject to taxes on its activities in Canada, Puerto Rico and Mexico.  In general, under local country law applicable to the structures the Company has in place and applicable treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally are not subject to withholding tax. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

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Contractual Obligations and Other Commitments

The Company has debt obligations relating to its Credit Facility, unsecured senior notes and mortgages with maturities ranging from less than one year to 30 years. As of December 31, 2017, the Company’s total debt had a weighted average term to maturity of 10.7 years. In addition, the Company has non-cancelable operating leases pertaining to its shopping center portfolio. As of December 31, 2017, the Company had 43 consolidated shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company to construct and/or operate a shopping center. The following table summarizes the Company’s debt maturities (excluding extension options, unamortized debt issuance costs of $65.4 million and fair market value of debt adjustments aggregating $19.2 million) and obligations under non-cancelable operating leases as of December 31, 2017:

	Payments due by period (in millions)
Contractual Obligations:	2018		2019		2020		2021		2022		Thereafter		Total
Long-Term Debt- Principal (1)	$	98.4	$	415.7	$	136.4	$	653.3	$	640.6	$	3,580.7	$	5,525.1
Long-Term Debt- Interest (2)	$	209.0	$	198.6	$	180.7	$	163.3	$	145.3	$	1,437.4	$	2,334.3
Operating Leases:
Ground Leases (3)	$	9.1	$	9.1	$	8.6	$	8.6	$	8.5	$	138.5	$	182.5

(1) Maturities utilized do not reflect extension options, which range from one to three years.

(2) For loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2017.

(3) For leases which have inflationary increases, future ground rent expense was calculated using the rent as of December 31, 2017.

The Company has $73.0 million of secured debt scheduled to mature in 2018. The Company anticipates satisfying the remaining maturities with a combination of operating cash flows, its Credit Facility, exercise of extension options, where available, and new debt issuances. In addition, the Company has $12.4 million of consolidated debt related to one non-recourse mortgage that is currently in default for which the Company is working with the special servicers on a resolution. 

The Company has issued letters of credit in connection with completion and repayment guarantees for loans encumbering certain of the Company’s development and redevelopment projects and guarantee of payment related to the Company’s insurance program. As of December 31, 2017, these letters of credit aggregated $40.4 million.

In connection with the construction of its development/redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2017, the Company had $20.0 million in performance and surety bonds outstanding.

The Company has accrued $4.0 million of non-current uncertain tax positions and related interest under the provisions of the authoritative guidance that addresses accounting for income taxes, which are included in Other liabilities on the Company’s Consolidated Balance Sheets at December 31, 2017. These amounts are not included in the table above because a reasonably reliable estimate regarding the timing of settlements with the relevant tax authorities, if any, cannot be made.

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Off-Balance Sheet Arrangements

Unconsolidated Real Estate Joint Ventures

The Company has investments in various unconsolidated real estate joint ventures with varying structures. These joint ventures primarily operate shopping center properties. Such arrangements are generally with third-party institutional investors and individuals. The properties owned by the joint ventures are primarily financed with individual non-recourse mortgage loans, however, the Company, on a selective basis, has obtained unsecured financing for certain joint ventures. As of December 31, 2017, the Company did not guarantee any joint venture unsecured debt. Non-recourse mortgage debt is generally defined as debt whereby the lenders’ sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage. The lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower, except for certain specified exceptions listed in the particular loan documents (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K). As of December 31, 2017, these investments include the following joint ventures:

Venture	Kimco Ownership Interest			Number of Properties		Non-Recourse Mortgages Payable (in millions)		Number of Encumbered Properties		Weighted Average Interest Rate			Weighted Average Term (months)*
KimPru and KimPru II (a)		15.0	%		46	$	426.5		15		3.72	%		67.7
KIR (b)		48.6	%		42	$	668.1		35		4.67	%		47.0
CPP (c)		55.0	%		4	$	84.9		1		2.91	%		4.0

* Average remaining term includes extensions

(a) Represents the Company’s joint ventures with Prudential Global Investment Management. As of December 31, 2017, KimPru also has an unsecured term loan with an outstanding balance of $200.0 million (excluding deferred financing costs of $0.8 million), which is scheduled to mature in August 2019, with two one-year extension options at the joint venture’s discretion, and bears interest at a rate equal to LIBOR plus 1.75% (3.31% at December 31, 2017).

(b) Represents the Company’s joint ventures with certain institutional investors. As of December 31, 2017, KIR also has a $170.0 million unsecured revolving credit facility with an outstanding balance at December 31, 2017 of $34.4 million (excluding deferred financing costs of $0.5 million), which is scheduled to mature in September 2020, with two one-year extension options at the joint venture’s discretion, and bears interest at a rate equal to LIBOR plus 1.75% (3.31% at December 31, 2017).

(c) Represents the Company’s joint ventures with Canada Pension Plan Investment Board (CPPIB).

The Company has various other unconsolidated real estate joint ventures with varying structures. As of December 31, 2017, these other unconsolidated joint ventures had individual non-recourse mortgage loans aggregating $287.6 million. The aggregate debt as of December 31, 2017, of all of the Company’s unconsolidated real estate joint ventures is $1.7 billion. As of December 31, 2017, these loans had scheduled maturities ranging from one month to nine years and bore interest at rates ranging from 2.91% to 7.25%. Approximately $203.7 million of the aggregate outstanding loan balance matures in 2018. These maturing loans are anticipated to be repaid with, operating cash flows, debt refinancing, unsecured credit facilities, proceeds from sales and partner capital contributions, as deemed appropriate (see Footnote 7 of the Notes to Consolidated Financial Statements included in this Form 10-K).

Other Real Estate Investments

The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity Program. As of December 31, 2017, the Company’s net investment under the Preferred Equity Program was $201.9 million relating to 357 properties, including 344 net leased properties. As of December 31, 2017, these preferred equity investment properties had individual non-recourse mortgage loans aggregating $361.0 million. These loans have scheduled maturities ranging from eight months to seven years and bear interest at rates ranging from 4.19% to 10.47%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.

Funds From Operations

Funds From Operations (“FFO”) is a supplemental non-GAAP financial measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income/(loss) available to the Company’s common shareholders computed in accordance with generally accepted accounting principles in the United States (“GAAP”), excluding (i) gains or losses from sales of operating real estate assets and change in control of interests, plus (ii) depreciation and amortization of operating properties and (iii) impairment of depreciable real estate and in substance real estate equity investments and (iv) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect FFO on the same basis.

The Company presents FFO available to the Company’s common shareholders as it considers it an important supplemental measure of our operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO available to the Company’s common shareholders when reporting results. Comparison of our presentation of FFO available to the Company’s common shareholders to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

The Company also presents FFO available to the Company’s common shareholders as adjusted as an additional supplemental measure as it believes it is more reflective of its core operating performance and provides investors and analysts an additional measure to compare the Company’s performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. FFO available to the Company’s common shareholders as adjusted is generally calculated by the Company as FFO available to the Company’s common shareholders excluding certain transactional income and expenses and non-operating impairments which management believes are not reflective of the results within the Company’s operating real estate portfolio.

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FFO is a supplemental non-GAAP financial measure of real estate companies’ operating performances, which does not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered an alternative for net income as a measure of liquidity.  Our method of calculating FFO available to the Company’s common shareholders and FFO available to the Company’s common shareholders as adjusted may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company’s reconciliation of net income available to the Company’s common shareholders to FFO available to the Company’s common shareholders and FFO available to the Company’s common shareholders as adjusted for the three months and years ended December 31, 2017 and 2016 is as follows (in thousands, except per share data):

	Three Months Ended						Year Ended
	December 31,						December 31,
	2017			2016			2017			2016
Net income available to the Company’s common shareholders	$	73,465		$	66,718		$	372,461		$	332,630
Gain on disposition of operating properties		(31,436	)		(10,950	)		(92,830	)		(92,824	)
Gain on disposition of joint venture operating properties and change in control of interests		(6,849	)		(14,880	)		(79,034	)		(217,819	)
Depreciation and amortization - real estate related		83,959			89,476			356,191			347,315
Depreciation and amortization - real estate joint ventures		9,835			9,477			39,248			45,098
Impairment of operating properties		32,854			24,125			65,148			101,928
(Benefit)/provision for income taxes (2)		-			(1,227	)		(39	)		39,570
Noncontrolling interests (2)		(1,688	)		245			(5,583	)		(182	)
FFO available to the Company’s common shareholders		160,140			162,984			655,562			555,716
Transactional (income)/expense:
Profit participation from other real estate investments		(379	)		(830	)		(34,952	)		(10,883	)
Gains from land sales		(2,362	)		(1,255	)		(3,422	)		(3,607	)
Acquisition and demolition costs		3,589			1,133			4,686			5,023
Gain on forgiveness of debt		(380	)		(7,357	)		(380	)		(7,357	)
Early extinguishment of debt charges		-			-			1,753			45,674
Severance costs		5,190			-			5,190			-
Gain on liquidation of a foreign entity		-			-			(14,822	)		-
Impairments on other investments		423			5,300			11,766			6,358
Preferred stock redemption charge		-			-			7,014			-
Other, net		170			62			494			(362	)
Provision for income taxes (3)		-			257			8			38,433
Noncontrolling interests (3)		-			125			11,338			410
Total transactional expense/(income), net		6,251			(2,565	)		(11,327	)		73,689
FFO available to the Company’s common shareholders as adjusted	$	166,391		$	160,419		$	644,235		$	629,405
Weighted average shares outstanding for FFO calculations:
Basic		423,734			423,087			423,614			418,402
Units		961			841			852			853
Dilutive effect of equity awards		354			1,162			405			1,307
Diluted		425,049	(1)		425,090	(1)		424,871	(1)		420,562	(1)
FFO per common share – basic	$	0.38		$	0.39		$	1.55		$	1.33
FFO per common share – diluted	$	0.38	(1)	$	0.38	(1)	$	1.55	(1)	$	1.32	(1)
FFO as adjusted per common share – basic	$	0.39		$	0.38		$	1.52		$	1.50
FFO as adjusted per common share – diluted	$	0.39	(1)	$	0.38	(1)	$	1.52	(1)	$	1.50	(1)

(1) Reflects the potential impact if certain units were converted to common stock at the beginning of the period, which would have a dilutive effect on FFO. FFO would be increased by $274 and $229 for the three months ended December 31, 2017 and 2016, respectively, and $923 and $881 for the years ended December 31, 2017 and 2016, respectively. The effect of other certain convertible units would have an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversion has not been included in the determination of diluted earnings per share calculations.

(2) Related to gains, impairment and deprecation on operating properties, where applicable.

(3) Related to transaction (income)/expense, where applicable.

Same Property Net Operating Income (“Same property NOI”)

Same property NOI is a supplemental non-GAAP financial measure of real estate companies’ operating performance and should not be considered an alternative to net income in accordance with GAAP or as a measure of liquidity. The Company considers Same property NOI as an important operating performance measure because it is frequently used by securities analysts and investors to measure only the net operating income of properties that have been owned by the Company for the entire current and prior year reporting periods. It excludes properties under redevelopment, development and pending stabilization; properties are deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one year following a project’s inclusion in operating real estate. Same property NOI assists in eliminating disparities in net income due to the development, acquisition or disposition of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the Company's properties.

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Same property NOI is calculated using revenues from rental properties (excluding straight-line rent adjustments, lease termination fees and amortization of above/below market rents) less charges for bad debt, operating and maintenance expense, real estate taxes and rent expense plus the Company’s proportionate share of Same property NOI from unconsolidated real estate joint ventures, calculated on the same basis. The Company’s method of calculating Same property NOI available to the Company’s common shareholders may differ from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The following is a reconciliation of Net income available to the Company’s common shareholders to Same property NOI (in thousands):

	Three Months Ended December 31,						Year Ended December 31,
	2017			2016			2017			2016
Net income available to the Company’s common shareholders	$	73,465		$	66,718		$	372,461		$	332,630
Adjustments:
Management and other fee income		(4,593	)		(4,117	)		(17,049	)		(18,391	)
General and administrative		32,060			27,462			118,455			117,302
Impairment charges		33,051			25,140			67,331			93,266
Depreciation and amortization		85,024			90,884			360,811			355,320
Interest and other expense, net		53,380			40,818			191,150			232,798
Provision/(benefit) for income taxes, net		1,344			(747	)		(880	)		72,545
Gain on change in control of interests		-			(4,290	)		(71,160	)		(57,386	)
Equity in income of other real estate investments, net		(5,049	)		(5,241	)		(67,001	)		(27,773	)
Gain on sale of operating properties, net of tax		(31,436	)		(10,850	)		(93,538	)		(86,785	)
Net (loss)/income attributable to noncontrolling interests		(330	)		2,413			13,596			7,288
Preferred stock redemption charge		-			-			7,014			-
Preferred stock dividends		11,431			11,555			46,600			46,220
Non same property net operating income		(27,390	)		(20,555	)		(85,681	)		(108,248	)
Non-operational expense/(income) from joint ventures, net		9,360			8,474			72,970			(58,563	)
Same property NOI	$	230,317		$	227,664		$	915,079		$	900,223

Same property NOI increased by $2.7 million or 1.2% for the three months ended December 31, 2017, as compared to the corresponding period in 2016. This increase is primarily the result of (i) an increase of $3.0 million related to lease-up and rent commencements in the portfolio and (ii) an increase in other property income of $0.9 million, partially offset by (iii) an increase of $1.2 million of credit losses. The percentage increase in Same property NOI for the three months ended December 31, 2017 was negatively impacted by 120 basis points due to the impact of Hurricane Maria on the Company’s Puerto Rico properties.

Same property NOI increased by $14.9 million or 1.7% for the year ended December 31, 2017, as compared to the corresponding period in 2016. This increase is primarily the result of (i) an increase of $11.7 million related to lease-up and rent commencements in the portfolio, (ii) an increase in other property income of $1.8 million and (iii) a decrease of $1.4 million of credit losses. The percentage increase in Same property NOI for the year ended December 31, 2017 was negatively impacted by 30 basis points due to the impact of Hurricane Maria on the Company’s Puerto Rico properties.

Effects of Inflation

Many of the Company's long-term leases contain provisions designed to mitigate the adverse impact of inflation.  Such provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants' gross sales above pre-determined thresholds, which generally increase as prices rise, and/or escalation clauses, which generally increase rental rates during the terms of the leases. Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices.  In addition, many of the Company's leases are for terms of less than 10 years, which permits the Company to seek to increase rents to market rates upon renewal. Most of the Company's leases include escalation clauses or require the tenant to pay an allocable share of operating expenses, including common area maintenance costs, real estate taxes and insurance, thereby reducing the Company's exposure to increases in costs and operating expenses resulting from inflation.  The Company periodically evaluates its exposure to short-term interest rates and foreign currency exchange rates and will, from time-to-time, enter into interest rate protection agreements and/or foreign currency hedge agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt and fluctuations in foreign currency exchange rates.

New Accounting Pronouncements

See Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K.

38

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The Company’s primary market risk exposures are interest rate risk and foreign currency exchange rate risk. The following table presents the Company’s aggregate fixed rate and variable rate debt obligations outstanding, including fair market value adjustments and unamortized deferred financing costs, as of December 31, 2017, with corresponding weighted-average interest rates sorted by maturity date. The table does not include extension options where available (amounts in millions).

	2018			2019			2020			2021			2022			Thereafter			Total			Fair Value
Secured Debt
Fixed Rate	$	85.4		$	2.4		$	136.9		$	156.1		$	155.6		$	246.4		$	782.8		$	781.8
Average Interest Rate		5.63	%		5.29	%		5.31	%		5.39	%		4.05	%		4.43	%		4.83	%
Variable Rate	$	-		$	100.0		$	-		$	-		$	-		$	-		$	100.0		$	99.6
Average Interest Rate		-			2.60	%		-			-			-			-			2.60	%
Unsecured Debt
Fixed Rate	$	-		$	299.5		$	-		$	497.6		$	494.9		$	3,302.4		$	4,594.4		$	4,599.6
Average Interest Rate		-			6.88	%		-			3.20	%		3.40	%		3.54	%		3.71	%
Variable Rate	$	-		$	-		$	-		$	1.7					$	-		$	1.7		$	1.9
Average Interest Rate		-			-			-			2.28	%					-			2.28	%

Based on the Company’s variable-rate debt balances, interest expense would have increased by $1.0 million for the year ended December 31, 2017, if short-term interest rates were 1.0% higher. The Company has not, and does not plan to, enter into any derivative financial instruments for trading or speculative purposes.

The Company’s revenues and equity in income (including gains on sales and impairment losses) from its foreign investments in U.S. dollar equivalents and their respective local currencies are as follows (in millions):

	2017			2016			2015
Revenues from consolidated in USD:
Mexico	$	0.3		$	0.6		$	1.9
Chile	$	-		$	-		$	6.7
Revenues from consolidated in local currencies:
Mexico (Mexican Pesos “MXN”)		5.7			11.3			28.2
Chile (Chilean Pesos “CLP”)		-			-			4,264.9
Equity in income/(loss) from unconsolidated joint ventures and preferred equity investments in USD:
Canada (1)	$	(1.3	)	$	152.6		$	409.1
Mexico (2)	$	(0.3	)	$	(3.6	)	$	(1.6	)
Chile (3)	$	-		$	-		$	0.9
Equity in income/(loss) from unconsolidated joint ventures and preferred equity investments in local currencies:
Canada (CAD) (1)		(1.7	)		199.5			540.1
Mexico (MXN)		(6.3	)		29.2			(24.0	)
Chile (CLP)		-			-			-

(1) Includes impairment charge of $3.4 million (CAD 4.3 million) related to the pending sale of a property for the year ended December 31, 2017. In addition, includes gains of $141.9 million (CAD 185.9 million) and $373.8 million (CAD 439.9 million) on disposition of equity interests for the years ended December 31, 2016 and 2015, respectively.

(2) Includes equity losses of $5.2 million and $0.8 million for the years ended December 31, 2016 and 2015, respectively, related to foreign investments for which the reporting currency is denominated in USD and not subject to foreign translation exposure.

(3) Included in the year ended December 31, 2015 is the release of CTA of $0.8 million in equity income.

The following table presents the Company’s foreign investments in their respective local currencies and the U.S. dollar equivalents:

Foreign Investment (in millions)
Country	Local Currency		U.S. Dollars
Mexican real estate investments (MXN)		53.4	$	4.8
Canadian investments (CAD)		18.2	$	14.6

Currency fluctuations between local currency and the U.S. dollar, for investments for which the Company had determined that the local currency was the functional currency, for the period in which the Company held its investment resulted in a cumulative translation adjustment (“CTA”). This CTA was recorded as a component of Accumulated other comprehensive income (“AOCI”) on the Company’s Consolidated Balance Sheets. During the year ended December 31, 2017, the Company substantially liquidated its investments in Canada and as such, recognized a net cumulative foreign currency translation gain of $10.0 million. The Company had previously substantially liquidated its investments in Mexico.  As a result of the substantial liquidation of the Company’s foreign investments, any future currency changes, which could have a favorable or unfavorable impact, will be recognized in Other (expense)/income, net in the Company’s Consolidated Statements of Income.

39

Item 8. Financial Statements and Supplementary Data

The response to this Item 8 is included in our audited Consolidated Financial Statements and Notes to Consolidated Financial Statements, which are contained in Part IV Item 15 of this Form 10-K.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter ended December 31, 2017, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control - Integrated Framework (2013), our management concluded that our internal control over financial reporting was effective as of December 31, 2017.

The effectiveness of our internal control over financial reporting as of December 31, 2017, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this item is incorporated by reference to “Proposal 1—Election of Directors,” “Corporate Governance,” “Committees of the Board of Directors,” “Executive Officers” and “Other Matters” in our definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on April 24, 2018 (“Proxy Statement”).

We have adopted a Code of Business Conduct and Ethics (the “Code of Ethics”). The Code of Ethics is available at the Investors/Governance/Governance Documents section of our website at www.kimcorealty.com. A copy of the Code of Ethics is available in print, free of charge, to stockholders upon request to us at the address set forth in Item 1 of this Annual Report on Form 10-K under the section “Business - Background.” We intend to satisfy the disclosure requirements under the Securities and Exchange Act of 1934, as amended, regarding an amendment to or waiver from a provision of our Code of Ethics by posting such information on our web-site.

Item 11. Executive Compensation

The information required by this item is incorporated by reference to “Compensation Discussion and Analysis,” “Executive Compensation Committee Report,” “Compensation Tables,” “Compensation of Directors” and “Other Matters” in our Proxy Statement.

40

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this item is incorporated by reference to “Security Ownership of Certain Beneficial Owners and Management” and “Compensation Tables” in our Proxy Statement.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by this item is incorporated by reference to “Certain Relationships and Related Transactions” and “Corporate Governance” in our Proxy Statement.

Item 14. Principal Accounting Fees and Services

The information required by this item is incorporated by reference to “Independent Registered Public Accountants” in our Proxy Statement.

41

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a)   1	. Financial Statements –  The following consolidated financial information is included as a separate section of this annual report on Form 10-K.		Form 10-K Report Page
	Report of Independent Registered Public Accounting Firm		47
	Consolidated Financial Statements
	Consolidated Balance Sheets as of December 31, 2017 and 2016		48
	Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015		49
	Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015		50
	Consolidated Statements of Changes in Equity for the years ended December 31, 2017, 2016 and 2015		51
	Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015		52
	Notes to Consolidated Financial Statements		53
2	. Financial Statement Schedules -
	Schedule II -	Valuation and Qualifying Accounts for the years ended December 31, 2017, 2016 and 2015	95
	Schedule III -	Real Estate and Accumulated Depreciation as of December 31, 2017	96
	Schedule IV -	Mortgage Loans on Real Estate as of December 31, 2017	98
	All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require submission of the schedule.
3	. Exhibits -
	The exhibits listed on the accompanying Index to Exhibits are filed as part of this report.		43

Item 16. Form 10-K Summary

None

42

INDEX TO EXHIBITS

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished Herewith
3.1(a)	Articles of Restatement of Kimco Realty Corporation, dated January 14, 2011	10-K	1-10899	02/28/11	3.1(a)
3.1(b)	Amendment to Articles of Restatement of Kimco Realty Corporation, dated May 8, 2014	10-K	1-10899	02/27/17	3.1(b)
3.1(c)	Articles Supplementary of Kimco Realty Corporation, dated November 8, 2010	10-K	1-10899	02/28/11	3.1(b)
3.1(d)	Articles Supplementary of Kimco Realty Corporation, dated March 12, 2012	8-A12B	1-10899	03/13/12	3.2
3.1(e)	Articles Supplementary of Kimco Realty Corporation, dated July 17, 2012	8-A12B	1-10899	07/18/12	3.2
3.1(f)	Articles Supplementary of Kimco Realty Corporation, dated November 30, 2012	8-A12B	1-10899	12/03/12	3.2
3.1(g)	Articles Supplementary of Kimco Realty Corporation, dated August 8, 2017	8-A12B	1-10899	08/08/17	3.3
3.1(h)	Articles Supplementary of Kimco Realty Corporation, dated December 12, 2017	8-A12B	1-10899	12/12/17	3.3
3.2	Amended and Restated Bylaws of Kimco Realty Corporation, dated February 25, 2009	10-K	1-10899	02/27/09	3.2
4.1	Agreement of Kimco Realty Corporation pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K	S-11	333-42588	09/11/91	4.1
4.2	Indenture dated September 1, 1993, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	S-3	333-67552	09/10/93	4(a)
4.3	First Supplemental Indenture, dated August 4, 1994, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	10-K	1-10899	03/28/96	4.6
4.4	Second Supplemental Indenture, dated April 7, 1995, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company)	8-K	1-10899	04/07/95	4(a)
4.5	Third Supplemental Indenture, dated June 2, 2006, between Kimco Realty Corporation and The Bank of New York, as trustee	8-K	1-10899	06/05/06	4.1
4.6	Fourth Supplemental Indenture, dated April 26, 2007, between Kimco Realty Corporation and The Bank of New York, as trustee	8-K	1-10899	04/26/07	1.3
4.7	Fifth Supplemental Indenture, dated September 24, 2009, between Kimco Realty Corporation and The Bank of New York Mellon, as trustee	8-K	1-10899	09/24/09	4.1
4.8	Sixth Supplemental Indenture, dated May 23, 2013, between Kimco Realty Corporation and The Bank of New York Mellon, as trustee	8-K	1-10899	05/23/13	4.1
4.9	Seventh Supplemental Indenture, dated April 24, 2014, between Kimco Realty Corporation and The Bank of New York Mellon, as trustee	8-K	1-10899	04/24/14	4.1
10.1	Amended and Restated Stock Option Plan	10-K	1-10899	03/28/95	10.3
10.2	Second Amended and Restated 1998 Equity Participation Plan of Kimco Realty Corporation (restated February 25, 2009)	10-K	1-10899	02/27/09	10.9
10.3	Form of Indemnification Agreement	10-K	1-10899	02/27/09	99.1
10.4	Agency Agreement, dated July 17, 2013, by and among Kimco North Trust III, Kimco Realty Corporation and Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc.	10-Q	1-10899	08/02/13	99.1
10.5	Kimco Realty Corporation Executive Severance Plan, dated March 15, 2010	8-K	1-10899	03/19/10	10.5
10.6	Restated Kimco Realty Corporation 2010 Equity Participation Plan	10-K	1-10899	02/27/17	10.6
10.7	Amendment No. 1 to the Kimco Realty Corporation 2010 Equity Participation Plan	—	—	—	—	*

43

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Date of Filing	Exhibit Number	Filed/ Furnished Herewith
10.8	Form of Performance Share Award Grant Notice and Performance Share Award Agreement	8-K	1-10899	03/19/10	10.8
10.9	First Amendment to the Kimco Realty Corporation Executive Severance Plan, dated March 20, 2012	10-Q	1-10899	05/10/12	10.3
10.10	$1.75 Billion Amended and Restated Credit Agreement, dated March 17, 2014, among Kimco Realty Corporation, the subsidiaries of Kimco party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent	8-K	1-10899	03/20/14	10.1
10.11	$2.25 Billion Amended and Restated Credit Agreement, dated February 1, 2017, among Kimco Realty Corporation, the subsidiaries of Kimco party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent	8-K	1-10899	02/02/17	10.1
10.12	Credit Agreement, dated January 30, 2015, among Kimco Realty Corporation and each of the parties named therein	8-K	1-10899	02/05/15	10.1
10.13	Consulting Agreement, dated June 11, 2015, between Kimco Realty Corporation and David B. Henry	8-K	1-10899	06/12/15	10.1
12.1	Computation of Ratio of Earnings to Fixed Charges	—	—	—	—	*
12.2	Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends	—	—	—	—	*
21.1	Significant Subsidiaries of the Company	—	—	—	—	*
23.1	Consent of PricewaterhouseCoopers LLP	—	—	—	—	*
31.1	Certification of the Company’s Chief Executive Officer, Conor C. Flynn, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
31.2	Certification of the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
32.1	Certification of the Company’s Chief Executive Officer, Conor C. Flynn, and the Company’s Chief Financial Officer, Glenn G. Cohen, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	—	—	—	—	*
99.1	Property Chart	—	—	—	—	*
101.INS	XBRL Instance Document	—	—	—	—	*
101.SCH	XBRL Taxonomy Extension Schema	—	—	—	—	*
101.CAL	XBRL Taxonomy Extension Calculation Linkbase	—	—	—	—	*
101.DEF	XBRL Taxonomy Extension Definition Linkbase	—	—	—	—	*
101.LAB	XBRL Taxonomy Extension Label Linkbase	—	—	—	—	*
101.PRE	XBRL Taxonomy Extension Presentation Linkbase	—	—	—	—	*

* Filed herewith

** Furnished herewith

44

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

KIMCO REALTY CORPORATION
By:	/s/ Conor C. Flynn
Conor C. Flynn
Chief Executive Officer

Dated:     February 23, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Milton Cooper	Executive Chairman of the Board of Directors	February 23, 2018
Milton Cooper
/s/ Conor C. Flynn	Chief Executive Officer and Director	February 23, 2018
Conor C. Flynn
/s/ Richard G. Dooley	Director	February 23, 2018
Richard G. Dooley
/s/ Joe Grills	Director	February 23, 2018
Joe Grills
/s/ Frank Lourenso	Director	February 23, 2018
Frank Lourenso
/s/ Richard Saltzman	Director	February 23, 2018
Richard Saltzman
/s/ Philip Coviello	Director	February 23, 2018
Philip Coviello
/s/ Colombe Nicholas	Director	February 23, 2018
Colombe Nicholas
/s/ Mary Hogan Preusse	Director	February 23, 2018
Mary Hogan Preusse
/s/ Glenn G. Cohen	Executive Vice President -	February 23, 2018
Glenn G. Cohen	Chief Financial Officer and Treasurer
/s/ Paul Westbrook	Vice President -	February 23, 2018
Paul Westbrook	Chief Accounting Officer

45

ANNUAL REPORT ON FORM 10-K

ITEM 8, ITEM 15 (a) (1) and (2)

INDEX TO FINANCIAL STATEMENTS

AND

FINANCIAL STATEMENT SCHEDULES

		Form 10-K Page
KIMCO REALTY CORPORATION AND SUBSIDIARIES
Report of Independent Registered Public Accounting Firm		47
Consolidated Financial Statements and Financial Statement Schedules:
Consolidated Balance Sheets as of December 31, 2017 and 2016		48
Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015		49
Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015		50
Consolidated Statements of Changes in Equity for the years ended December 31, 2017, 2016 and 2015		51
Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015		52
Notes to Consolidated Financial Statements		53
Financial Statement Schedules:
II.	Valuation and Qualifying Accounts years ended December 31, 2017, 2016 and 2015	95
III.	Real Estate and Accumulated Depreciation as of December 31, 2017	96
IV.	Mortgage Loans on Real Estate as of December 31, 2017	98

46

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders

of Kimco Realty Corporation:

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the consolidated financial statements, including the related notes, as listed in the index appearing under Item 15(a)(1), and the financial statement schedules listed in the index appearing under Item 15(a)(2), of Kimco Realty Corporation and its subsidiaries (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.  Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017 based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A.  Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits.  We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. 

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.  Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.  Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.  Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.  Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/PricewaterhouseCoopers LLP

New York, New York

February 23, 2018

We have served as the Company’s auditor since at least 1992.  We have not determined the specific year we began serving as auditor of the Company.

47

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 (in thousands, except share information)

	December 31, 2017			December 31, 2016
Assets:
Real Estate
Rental property
Land	$	3,019,284		$	2,845,186
Building and improvements		9,231,644			8,827,861
		12,250,928			11,673,047
Less: accumulated depreciation and amortization		(2,433,053	)		(2,278,292	)
		9,817,875			9,394,755
Real estate under development		402,518			335,028
Real estate, net		10,220,393			9,729,783
Investments in and advances in real estate joint ventures		483,861			504,209
Other real estate investments		217,584			209,146
Mortgages and other financing receivables		21,838			23,197
Cash and cash equivalents		238,513			142,486
Marketable securities		13,265			8,101
Accounts and notes receivable, net		189,757			181,823
Deferred charges and prepaid expenses		155,472			147,694
Other assets		223,043			284,161
Total assets (1)	$	11,763,726		$	11,230,600
Liabilities:
Notes payable, net	$	4,596,140		$	3,927,251
Mortgages payable, net		882,787			1,139,117
Accounts payable and accrued expenses		185,702			145,751
Dividends payable		128,892			124,517
Other liabilities		431,915			404,137
Total liabilities (2)		6,225,436			5,740,773
Redeemable noncontrolling interests		16,143			86,953
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 5,996,240 and 6,029,100 shares, respectively, 41,200 and 32,000 shares issued and outstanding (in series), respectively; Aggregate liquidation preference $1,030,000 and $800,000, respectively		41			32
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 425,646,380 and 425,034,113 shares, respectively		4,256			4,250
Paid-in capital		6,152,764			5,922,958
Cumulative distributions in excess of net income		(761,337	)		(676,867	)
Accumulated other comprehensive (loss)/income		(1,480	)		5,766
Total stockholders' equity		5,394,244			5,256,139
Noncontrolling interests		127,903			146,735
Total equity		5,522,147			5,402,874
Total liabilities and equity	$	11,763,726		$	11,230,600

(1)	Includes restricted assets of consolidated variable interest entities (“VIEs”) at December 31, 2017 and December 31, 2016 of $644,990 and $333,705, respectively.  See Footnote 9 of the Notes to Consolidated Financial Statements.
(2)	Includes non-recourse liabilities of consolidated VIEs at December 31, 2017 and December 31, 2016 of $417,688 and $176,216, respectively.  See Footnote 9 of the Notes to Consolidated Financial Statements.

The accompanying notes are an integral part of these consolidated financial statements.

48

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

	Year Ended December 31,
	2017			2016			2015
Revenues
Revenues from rental properties	$	1,183,785		$	1,152,401		$	1,144,474
Management and other fee income		17,049			18,391			22,295
Total revenues		1,200,834			1,170,792			1,166,769
Operating expenses
Rent		11,145			10,993			12,347
Real estate taxes		157,196			146,615			147,150
Operating and maintenance		142,787			140,910			144,980
General and administrative		118,455			117,302			122,735
Provision for doubtful accounts		5,630			5,563			6,075
Impairment charges		67,331			93,266			45,383
Depreciation and amortization		360,811			355,320			344,527
Total operating expenses		863,355			869,969			823,197
Operating income		337,479			300,823			343,572
Other income/(expense)
Interest, dividends and other investment income		2,809			1,478			39,061
Other (expense)/income, net		(250	)		3,947			5,174
Interest expense		(191,956	)		(192,549	)		(218,891	)
Early extinguishment of debt charges		(1,753	)		(45,674	)		-
Income from continuing operations before income taxes, net, equity in income of joint ventures, net, gain on change in control of interests and equity in income from other real estate investments, net		146,329			68,025			168,916
Benefit/(provision) for income taxes, net		880			(72,545	)		(60,230	)
Equity in income of joint ventures, net		60,763			218,714			480,395
Gain on change in control of interests		71,160			57,386			149,234
Equity in income of other real estate investments, net		67,001			27,773			36,090
Income from continuing operations		346,133			299,353			774,405
Discontinued operations
Loss from discontinued operating properties, net of tax		-			-			(15	)
Impairment/loss on operating properties, net of tax		-			-			(60	)
Loss from discontinued operations		-			-			(75	)
Gain on sale of operating properties, net, net of tax		93,538			86,785			125,813
Net income		439,671			386,138			900,143
Net income attributable to noncontrolling interests		(13,596	)		(7,288	)		(6,028	)
Net income attributable to the Company		426,075			378,850			894,115
Preferred stock redemption charge		(7,014	)		-			(5,816	)
Preferred dividends		(46,600	)		(46,220	)		(57,084	)
Net income available to the Company's common shareholders	$	372,461		$	332,630		$	831,215
Per common share:
Income from continuing operations:
-Basic	$	0.87		$	0.79		$	2.01
-Diluted	$	0.87		$	0.79		$	2.00
Net income available to the Company:
-Basic	$	0.87		$	0.79		$	2.01
-Diluted	$	0.87		$	0.79		$	2.00
Weighted average shares:
-Basic		423,614			418,402			411,319
-Diluted		424,019			419,709			412,851
Amounts available to the Company's common shareholders:
Income from continuing operations	$	372,461		$	332,630		$	831,290
Loss from discontinued operations		-			-			(75	)
Net income	$	372,461		$	332,630		$	831,215

The accompanying notes are an integral part of these consolidated financial statements.

49

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

	Year Ended December 31,
	2017			2016			2015
Net income	$	439,671		$	386,138		$	900,143
Other comprehensive income:
Change in unrealized gains/losses related to available-for-sale securities		(1,542	)		8			(45,799	)
Change in unrealized losses on interest rate swaps		631			451			(22	)
Change in foreign currency translation adjustments		(6,335	)		(281	)		6,287
Other comprehensive (loss)/income		(7,246	)		178			(39,534	)
Comprehensive income		432,425			386,316			860,609
Comprehensive income attributable to noncontrolling interests		(13,596	)		(7,288	)		(6,028	)
Comprehensive income attributable to the Company	$	418,829		$	379,028		$	854,581

The accompanying notes are an integral part of these consolidated financial statements.

50

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Years Ended December 31, 2017, 2016 and 2015

(in thousands)

	Cumulative			Accumulated
	Distributions			Other																		Total
	in Excess of			Comprehensive			Preferred Stock						Common Stock						Paid-in			Stockholders'			Noncontrolling			Total
	Net Income			Income			Issued			Amount			Issued			Amount			Capital			Equity			Interests			Equity
Balance, January 1, 2015	$	(1,006,578	)	$	45,122			102		$	102			411,820		$	4,118		$	5,732,021		$	4,774,785		$	126,980		$	4,901,765
Contributions/deemed contributions from noncontrolling interests		-			-			-			-			-			-			-			-			66,163			66,163
Comprehensive income:
Net income		894,115			-			-			-			-			-			-			894,115			6,028			900,143
Other comprehensive income, net of tax:
Change in unrealized gains related to available-for-sale securities		-			(45,799	)		-			-			-			-			-			(45,799	)		-			(45,799	)
Change in unrealized losses on interest rate swaps		-			(22	)		-			-			-			-			-			(22	)		-			(22	)
Change in foreign currency translation adjustments		-			6,287			-			-			-			-			-			6,287			-			6,287
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(7,061	)		(7,061	)
Dividends ($0.975 per common share; $1.485 per
Class H Depositary Share, $1.5000 per
Class I Depositary Share, $1.3750 per
Class J Depositary Share, and$1.40625 per
Class K Depositary Share, respectively)		(459,872	)		-			-			-			-			-			-			(459,872	)		-			(459,872	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(8,539	)		(8,539	)
Issuance of common stock		-			-			-			-			824			8			485			493			-			493
Surrender of restricted stock		-			-			-			-			(232	)		(2	)		(5,680	)		(5,682	)		-			(5,682	)
Exercise of common stock options		-			-			-			-			1,019			10			18,698			18,708			-			18,708
Sale of interests in investments, net of tax of $16.0 million		-			-			-			-			-			-			23,993			23,993			-			23,993
Acquisition of noncontrolling interests		-			-			-			-			-			-			262			262			(47,920	)		(47,658	)
Amortization of equity awards		-			-			-			-			-			-			14,032			14,032			-			14,032
Redemption of preferred stock		-			-			(70	)		(70	)		-			-			(174,930	)		(175,000	)		-			(175,000	)
Balance, December 31, 2015		(572,335	)		5,588			32			32			413,431			4,134			5,608,881			5,046,300			135,651			5,181,951
Contributions/deemed contributions from noncontrolling interests		-			-			-			-			-			-			-			-			16,667			16,667
Comprehensive income:
Net income		378,850			-			-			-			-			-			-			378,850			7,288			386,138
Other comprehensive income, net of tax:
Change in unrealized gains related to available-for-sale securities		-			8			-			-			-			-			-			8			-			8
Change in unrealized losses on interest rate swaps		-			451			-			-			-			-			-			451			-			451
Change in foreign currency translation adjustments		-			(281	)		-			-			-			-			-			(281	)		-			(281	)
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(4,349	)		(4,349	)
Dividends ($1.035 per common share; $1.5000 per
Class I Depositary Share, $1.3750 per
Class J Depositary Share, and$1.40625 per
Class K Depositary Share, respectively)		(483,382	)		-			-			-			-			-			-			(483,382	)		-			(483,382	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(8,522	)		(8,522	)
Issuance of common stock		-			-			-			-			10,711			107			286,314			286,421			-			286,421
Surrender of restricted stock		-			-			-			-			(276	)		(3	)		(7,005	)		(7,008	)		-			(7,008	)
Exercise of common stock options		-			-			-			-			1,168			12			21,048			21,060			-			21,060
Amortization of equity awards		-			-			-			-			-			-			13,720			13,720			-			13,720
Balance, December 31, 2016		(676,867	)		5,766			32			32			425,034			4,250			5,922,958			5,256,139			146,735			5,402,874
Contributions/deemed contributions from noncontrolling interests		-			-			-			-			-			-			-			-			48,877			48,877
Comprehensive income:
Net income		426,075			-			-			-			-			-			-			426,075			13,596			439,671
Other comprehensive income, net of tax:
Change in unrealized gains/losses related to available-for-sale securities		-			(1,542	)		-			-			-			-			-			(1,542	)		-			(1,542	)
Change in unrealized losses on interest rate swaps		-			631			-			-			-			-			-			631			-			631
Change in foreign currency translation adjustments		-			(6,335	)		-			-			-			-			-			(6,335	)		-			(6,335	)
Redeemable noncontrolling interests income		-			-			-			-			-			-			-			-			(1,297	)		(1,297	)
Dividends ($1.09 per common share; $1.5000 per
Class I Depositary Share, $0.9625 per
Class I Depositary Share Redeemed, $1.3750 per
Class J Depositary Share, $1.40625 per
Class K Depositary Share, $0.48047 per
Class L Depositary Share, and $0.0401 per
Class M Depositary Share, respectively)		(510,545	)		-			-			-			-			-			-			(510,545	)		-			(510,545	)
Distributions to noncontrolling interests		-			-			-			-			-			-			-			-			(13,995	)		(13,995	)
Issuance of common stock		-			-			-			-			776			8			(8	)		-			-			-
Issuance of preferred stock		-			-			18			18			-			-			439,401			439,419			-			439,419
Surrender of restricted stock		-			-			-			-			(248	)		(2	)		(5,697	)		(5,699	)		-			(5,699	)
Exercise of common stock options		-			-			-			-			84			-			1,526			1,526			-			1,526
Amortization of equity awards		-			-			-			-			-			-			18,983			18,983			-			18,983
Redemption of preferred stock		-			-			(9	)		(9	)		-			-			(224,991	)		(225,000	)		-			(225,000	)
Redemption/conversion of noncontrolling interests		-			-			-			-			-			-			592			592			(66,013	)		(65,421	)
Balance, December 31, 2017	$	(761,337	)	$	(1,480	)		41		$	41			425,646		$	4,256		$	6,152,764		$	5,394,244		$	127,903		$	5,522,147

The accompanying notes are an integral part of these consolidated financial statements.

51

KIMCO REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2017			2016			2015
Cash flow from operating activities:
Net income	$	439,671		$	386,138		$	900,143
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		360,811			355,320			344,527
Impairment charges		67,331			93,266			45,464
Deferred taxes		807			55,068			4,498
Early extinguishment of debt charges		1,753			45,674			-
Equity award expense		21,563			19,071			18,465
Gain on sale of operating properties, net, net of tax		(93,538	)		(92,823	)		(132,907	)
Gain on sale of marketable securities		-			-			(39,852	)
Gain on change in control of interests		(71,160	)		(57,386	)		(149,234	)
Equity in income of joint ventures, net		(60,763	)		(218,714	)		(480,395	)
Equity in income from other real estate investments, net		(67,001	)		(27,773	)		(36,090	)
Distributions from joint ventures and other real estate investments		58,189			90,589			126,263
Change in accounts and notes receivable		(7,934	)		(6,571	)		(2,867	)
Change in accounts payable and accrued expenses		4,417			(7,886	)		164
Change in Canadian withholding tax receivable		12,996			23,571			(37,040	)
Change in other operating assets and liabilities		(52,961	)		(65,448	)		(67,438	)
Net cash flow provided by operating activities		614,181			592,096			493,701
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets		(153,854	)		(203,190	)		(661,423	)
Improvements to operating real estate		(206,800	)		(143,489	)		(166,670	)
Acquisition of real estate under development		(10,010	)		(51,588	)		(16,355	)
Improvements to real estate under development		(160,257	)		(72,759	)		(16,861	)
Investment in marketable securities		(9,822	)		(2,466	)		(257	)
Proceeds from sale/repayments of marketable securities		3,146			1,937			76,170
Investments in and advances to real estate joint ventures		(35,291	)		(86,453	)		(91,609	)
Reimbursements of investments and advances to real estate joint ventures		55,839			71,656			94,053
Distributions from liquidation of real estate joint ventures		-			138,475			373,833
Return of investment from liquidation of real estate joint ventures		-			191,902			88,672
Investment in other real estate investments		(666	)		(233	)		(641	)
Reimbursements of investments and advances to other real estate investments		40,709			11,019			40,556
Collection of mortgage loans receivable		1,405			921			55,145
Investment in other investments		-			-			(190,278	)
Reimbursements of other investments		-			500			-
Proceeds from sale of operating properties		181,321			304,600			437,030
Proceeds from sale of development properties		-			4,551			-
Net cash flow (used for)/provided by investing activities		(294,280	)		165,383			21,365
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt		(687,117	)		(700,853	)		(555,627	)
Principal payments on rental property debt		(15,186	)		(19,039	)		(28,632	)
Proceeds from mortgage loan financings		206,000			-			-
(Repayments)/proceeds under the unsecured revolving credit facility, net		(17,143	)		26,445			(100,000	)
Proceeds from issuance of unsecured term loan/notes		1,250,000			1,400,000			1,500,030
Repayments under unsecured term loan/notes		(550,000	)		(1,261,850	)		(750,000	)
Financing origination costs		(23,305	)		(25,679	)		(19,017	)
Payment of early extinguishment of debt charges		(2,631	)		(45,674	)		-
Change in tenants' security deposits		911			1,367			2,116
Contributions from noncontrolling interests		1,422			-			106,154
Conversion/distribution of noncontrolling interests		(96,599	)		(12,594	)		(55,753	)
Dividends paid		(506,172	)		(474,045	)		(455,833	)
Proceeds from issuance of stock, net		440,946			307,395			18,708
Redemption of preferred stock		(225,000	)		-			(175,000	)
Net cash flow used for financing activities		(223,874	)		(804,527	)		(512,854	)
Net change in cash and cash equivalents		96,027			(47,048	)		2,212
Cash and cash equivalents, beginning of year		142,486			189,534			187,322
Cash and cash equivalents, end of year	$	238,513		$	142,486		$	189,534
Interest paid during the year (net of capitalized interest of $14,480, $9,247 and $5,618, respectively)	$	192,155		$	252,482		$	232,950
Income taxes (received)/paid during the year (net of refunds received of $16,118, $113,934 and $0, respectively)	$	(14,456	)	$	6,090		$	100,366

The accompanying notes are an integral part of these consolidated financial statements.

52

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amounts relating to the number of buildings, square footage, tenant and occupancy data, joint venture debt average interest rates and terms and estimated project costs are unaudited.

1. Summary of Significant Accounting Policies:

Business and Organization

Kimco Realty Corporation and its subsidiaries (the "Company" or "Kimco"), operate as a Real Estate Investment Trust (“REIT”) and are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by grocery stores, discount department stores or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").

The Company has elected to be taxed as a REIT for federal income tax purposes under the Internal Revenue Code, as amended (the "Code"). The Company is organized and operates in a manner that enables it to qualify as a REIT under the Code.

Basis of Presentation

The accompanying Consolidated Financial Statements include the accounts of the Company. The Company’s subsidiaries include subsidiaries which are wholly-owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.

Use of Estimates

GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, other investments, including the assessment of impairments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of uncertain tax positions. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in its consolidated financial statements (see Footnotes 8 and 16 of the Notes to Consolidated Financial Statements).

Real Estate

Real estate assets are stated at cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above-market and below-market leases, in-place leases and tenant relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value is determined based on a market approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Effective January 1, 2017, the Company early adopted Accounting Standard Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, including its interim periods within the year, and applied the guidance to its asset acquisitions of operating properties, including the capitalization of acquisition costs, which was previously expensed prior to the adoption of this standard.

53

KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings and building improvements (in years)	15	to	50
Fixtures, leasehold and tenant improvements (including certain identified intangible assets)	Terms of leases or useful lives, whichever is shorter

The Company periodically assesses the useful lives of its depreciable real estate assets, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.

When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the fair value. If the fair value of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, less estimated costs of sale and the asset is classified as other assets.

On a continuous basis, management assesses whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its remaining hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property.

Real Estate Under Development

Real estate under development represents the development of open-air shopping center projects, which may include residential and mixed-use components, that the Company plans to hold as long-term investments. These properties are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, insurance, legal costs, salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy and placed into service. This usually occurs upon substantial completion of all costs necessary to bring the property to the condition needed for its intended use, but no later than one year from the completion of major construction activity. However, the Company may continue to capitalize costs even though a project is substantially completed if construction is still ongoing at the site. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value plus estimated costs to complete the development, the carrying value would be adjusted to an amount that reflects the estimated fair value of the property.

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Investments in Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions, distributions and our share of earnings and losses. Earnings or losses for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in open-air shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings may be guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make. As of December 31, 2017, the Company did not guaranty any unsecured joint venture debt.

To recognize the character of distributions from equity investees within its consolidated statements of cash flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

The Company’s estimated fair values are based upon a discounted cash flow model for each joint venture that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Other Real Estate Investments

Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s Other real estate investments may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

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The Company’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Mortgages and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors.

Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

The Company has determined that it has one portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.

The Company considers a loan to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under the existing contractual terms. A reserve allowance is established for an impaired loan when the estimated fair value of the underlying collateral (for collateralized loans) or the present value of expected future cash flows is lower than the carrying value of the loan. An internal valuation is performed generally using the income approach to estimate the fair value of the collateral at the time a loan is determined to be impaired. The model is updated if circumstances indicate a significant change in value has occurred. The Company does not provide for an additional allowance for loan losses based on the grouping of loans as the Company believes the characteristics of the loans are not sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of the Company’s loans are evaluated individually for impairment purposes.

Cash and Cash Equivalents

Cash and cash equivalents include demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers.

Marketable Securities

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. These securities are carried at fair market value with unrealized gains and losses reported in stockholders’ equity as a component of Accumulated other comprehensive income ("AOCI").  Effective January 1, 2018, in accordance with the adoption of ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, the Company will recognize changes in fair value of equity investments with readily determinable fair values in net income.  Gains or losses on securities sold are based on the specific identification method and are recognized in Interest, dividends and other investment income on the Company’s Consolidated Statements of Income.

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All debt securities are generally classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity. It is more likely than not that the Company will not be required to sell the debt security before its anticipated recovery and the Company expects to recover the security’s entire amortized cost basis even if the entity does not intend to sell. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Debt securities which contain conversion features generally are classified as available-for-sale.

On a continuous basis, management assesses whether there are any indicators that the value of the Company’s marketable securities may be impaired, which includes reviewing the underlying cause of any decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company’s evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis. A marketable security is impaired if the fair value of the security is less than the carrying value of the security and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security.

Deferred Leasing Costs

Costs incurred in obtaining tenant leases, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, over the terms of the related leases, as applicable. Such capitalized costs include salaries, lease incentives and related costs of personnel directly involved in successful leasing efforts. Deferred leasing costs are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.

Software Development Costs

Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a three to five-year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.  As of December 31, 2017 and 2016, the Company had unamortized software development costs of $6.2 million and $10.2 million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed $4.6 million, $8.0 million and $10.7 million in amortization of software development costs during the years ended December 31, 2017, 2016 and 2015, respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in Notes payable, net and Mortgages payable, net in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

Revenue, Gain Recognition and Accounts Receivable

Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee.  These percentage rents are recognized once the required sales level is achieved.  Rental income may also include payments received in connection with lease termination agreements.  In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned.

Management and other fee income consists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with third parties or with entities in which the Company has a noncontrolling interest. Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest.

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Gains and losses from the sale of depreciated operating property and real estate under development projects are recognized using the full accrual method in accordance with the FASB’s real estate sales guidance, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met.

Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of the FASB’s real estate sales guidance.

The Company makes estimates of the uncollectable accounts receivables related to base rents, straight-line rent, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $9.2 million and $12.3 million of billed accounts receivable at December 31, 2017 and 2016, respectively. Additionally, Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of $7.9 million and $11.9 million of straight-line rent receivable at December 31, 2017 and 2016, respectively.

Income Taxes

The Company elected status as a REIT for federal income tax purposes beginning in its taxable year January 1, 1992 and operates in a manner that enables the Company to qualify and maintain its status as a REIT. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section 856 through 860 of the Code. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  

Additionally, in connection with the Tax Relief Extension Act of 1999 (the "RMA"), which became effective January 1, 2001, the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable REIT subsidiaries (“TRS”) under the Code, subject to certain limitations. Certain subsidiaries of the Company have made a joint election with the Company to be treated as TRSs.  A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements.  As such, the Company, through its wholly-owned TRS, has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company may consider other investments through its TRS should suitable opportunities arise. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and not in the Company’s taxable REIT subsidiaries. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.

The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.

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The Company applies the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Foreign Currency Translation and Transactions

Assets and liabilities of the Company’s foreign operations, where it has been determined that the local currency is the functional currency, are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in AOCI, as a separate component of the Company’s stockholders’ equity. Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions. The effect of the transaction’s gain or loss is included in the caption Other (expense)/income, net in the Consolidated Statements of Income. The Company is required to release cumulative translation adjustment (“CTA”) balances into earnings when the Company has substantially liquidated its investment in a foreign entity. As of December 31, 2017, the Company has exited South America and substantially liquidated its investments in Mexico and Canada.

Derivative/Financial Instruments

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risk through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may use derivatives to manage exposures that arise from changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives.

The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract.  The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting under the Derivatives and Hedging guidance issued by the FASB.

The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During 2017, 2016 and 2015, the Company had no hedge ineffectiveness.

Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income. 

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Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company’s common stock and provides the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.

The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance.  Units which embody a conditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interest and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.  Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interest within the equity section on the Company’s Consolidated Balance Sheets.

Stock Compensation

The Company maintains two equity participation plans, the Second Amended and Restated 1998 Equity Participation Plan (the “Prior Plan”) and the 2010 Equity Participation Plan (the “2010 Plan”) (collectively, the “Plans”). The Prior Plan provides for a maximum of 47,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants. Effective May 1, 2012, the 2010 Plan provides for a maximum of 10,000,000 shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are not thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans generally vest ratably over a range of three to five years, expire ten years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants generally vest (i) 100% on the fourth or fifth anniversary of the grant, (ii) ratably over three, four and five years or (iii) over ten years at 20% per year commencing after the fifth year. Performance share awards, which vest over a period of one to three years, may provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permit such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company accounts for equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date (see Footnote 20 of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

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New Accounting Pronouncements

The following table represents ASUs to the FASB’s Accounting Standards Codification (“ASC”) that, as of the year ended December 31, 2017, are not yet effective for the Company and for which the Company has not elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied prospectively to awards modified on or after the adoption date.	January 1, 2018; Early adoption permitted	The adoption is not expected to have a material effect on the Company’s financial position and/or results of operations.
ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 discussed below. An entity may elect to apply the amendments in ASU 2017-05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10-45-5 through 10-45-10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017-05 and ASU 2014-09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018; Early adoption is permitted if adopted with ASU 2014-09	The Company will adopt the provisions of Subtopic 610-20 in the first quarter of fiscal 2018, using the modified retrospective approach. Upon adoption, the Company will appropriately apply the guidance to prospective disposals of nonfinancial assets within the scope of Subtopic 610-20.
ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses.	January 1, 2020; Early adoption permitted	The Company is still assessing the impact on its financial position and/or results of operations.

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ASU 2014-09, Revenue from Contracts with Customers (Topic 606)   ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date   ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations   ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying performance obligations and licensing   ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-scope improvements and practical expedients ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted.   In August 2015, the FASB issued ASU 2015-14, which delayed the effective date of ASU 2014-09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017.   Subsequently, in March 2016, the FASB issued ASU 2016-08, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016-10, an update on identifying performance obligations and accounting for licenses of intellectual property.   Additionally, in May 2016, the FASB issued ASU 2016-12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date. January 1, 2018; Early adoption permitted as of original effective date, which was January 1, 2017 The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016-02, Leases (Topic 842) discussed below.   The revenues which will be within the scope of this standard include other ancillary income earned through the Company’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. These revenues represented approximately 3% of the Company’s consolidated revenue for both the years ended December 31, 2017 and 2016. The Company believes the timing of recognition and amount of these revenues will be generally consistent with the current recognition and measurement.   The Company plans to adopt this standard effective January 1, 2018, using the modified retrospective approach, which requires a cumulative effect adjustment, if any, as of the date of adoption. The Company has determined that the adoption of this standard will not require any material adjustments to the consolidated financial statements but will result in additional disclosures related to disaggregation of revenue streams beginning in the first quarter of 2018.

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ASU 2016-02, Leases (Topic 842) This ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 supersedes the previous leases standard, Leases (Topic 840). January 1, 2019; Early adoption permitted The Company continues to evaluate the effect the adoption will have on the Company’s financial position and/or results of operations. However, the Company currently believes that the adoption will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of the Company’s leases where the Company is the lessor, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016-12 Revenue from Contracts with Customers (Topic 606). The Company continues to evaluate the effect the adoption will have on this source of revenue. However, the Company currently does not believe the adoption will significantly affect the timing of the recognition of the Company’s CAM reimbursement revenue.  

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ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following:  (i) Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii) Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments (v) Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. January 1, 2018; Early adoption permitted for certain disclosure requirements Currently, changes in fair value of these equity investments with readily determinable fair values are recognized in AOCI. This ASU states that these changes will be recognized in net income. The Company anticipates the implementation of this guidance will affect how changes in the fair value of available-for-sale marketable securities are presented in the Company’s consolidated financial statements. In addition, the Company will record a cumulative-effect adjustment to beginning retained earnings in the year of adoption (effective as of January 1, 2018) to reclassify unrealized gains and losses previously reported in AOCI for available-for-sale marketable securities. As of December 31, 2017, the Company had unrealized losses related to its available-for-sale marketable securities of $1.1 million.  

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The following ASUs to the FASB’s ASC have been adopted by the Company during the year ended December 31, 2017:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business	The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation.	January 1, 2017; Elected early adoption	The Company’s operating property acquisitions during 2017 qualified for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations, and resulted in the capitalization of asset acquisition costs rather than directly expensing these costs.
ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting	The update simplifies several aspects of accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.	January 1, 2017	The adoption did not have a material effect on the Company’s financial position and/or results of operations.

2. Real Estate:

The Company’s components of Rental property consist of the following (in thousands):

	December 31,
	2017			2016
Land	$	2,971,020		$	2,786,255
Undeveloped land		48,264			58,931
Buildings and improvements:
Buildings		6,047,413			5,790,681
Building improvements		1,653,581			1,562,439
Tenant improvements		753,501			733,993
Fixtures and leasehold improvements		45,795			47,199
Above-market leases		153,484			150,207
In-place leases and tenant relationships		577,870			543,342
		12,250,928			11,673,047
Accumulated depreciation and amortization (1)		(2,433,053	)		(2,278,292	)
Total	$	9,817,875		$	9,394,755

(1) At December 31, 2017 and 2016, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $459,211 and $409,062, respectively.

In addition, at December 31, 2017 and 2016, the Company had intangible liabilities relating to below-market leases from property acquisitions of $329.3 million and $292.6 million, respectively, net of accumulated amortization of $184.5 million and $193.9 million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.  

The Company’s amortization associated with above-market and below-market leases for the years ended December 31, 2017, 2016 and 2015, resulted in net increases to revenue of $15.5 million, $21.4 million and $18.5 million, respectively. The Company’s amortization expense associated with in-place leases and tenant relationships, which is included in depreciation and amortization, for the years ended December 31, 2017, 2016 and 2015 was $62.7 million, $66.6 million and $68.3 million, respectively.

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases, tenant relationships and in-place leases for the next five years are as follows (in millions):

	2018			2019			2020			2021			2022
Above-market and below-market leases amortization, net	$	13.2		$	14.0		$	14.1		$	14.3		$	13.4
In-place leases and tenant relationships amortization	$	(43.7	)	$	(34.6	)	$	(26.5	)	$	(20.7	)	$	(15.9	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

3. Property Acquisitions, Developments and Other Investments:

Acquisition/Consolidation of Operating Properties

During the year ended December 31, 2017, the Company acquired the following operating properties, in separate transactions, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired/ Consolidated	Cash*		Debt		Other Consideration**		Total		GLA***
Plantation Commons	Plantation, FL (1) (3)	Jan-17	$	-	$	-	$	12,300	$	12,300		60
Gordon Plaza	Woodbridge, VA (1) (3)	Jan-17		-		-		3,100		3,100		184
Plaza del Prado	Glenview, IL	Jan-17		39,063		-		-		39,063		142
Columbia Crossing Parcel	Columbia Crossing, MD	Jan-17		5,100		-		-		5,100		25
The District at Tustin Legacy	Tustin, CA (2) (3)	Apr-17		-		206,000		98,698		304,698		688
Jantzen Beach Center	Portland, OR	Jul-17		131,927		-		-		131,927		722
Del Monte Plaza Parcel	Reno, NV	Jul-17		24,152		-		-		24,152		83
Gateway Station Phase II	Burleson, TX	Aug-17		15,355		-		-		15,355		79
Jantzen Beach Center Parcel	Portland, OR	Sep-17		6,279		-		-		6,279		25
Webster Square Outparcel	Nashua, NH	Sep-17		4,985		-		-		4,985		22
Whittwood Town Center	Whittier, CA	Oct-17		80,397		43,000		-		123,397		783
123 Coulter Avenue Parcel	Ardmore, PA	Oct-17		4,808		-		-		4,808		1
Fulton Marketplace Parcel	Santa Rosa, CA	Nov-17		13,162		-		-		13,162		61
			$	325,228	$	249,000	$	114,098	$	688,326		2,875

* The Company utilized an aggregate $162.4 million associated with Internal Revenue Code §1031 sales proceeds.

** Includes the Company’s previously held equity interest investment.

*** Gross leasable area ("GLA")

(1) The Company acquired from its partners, their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company now has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and now consolidates these assets.

(2) Effective April 1, 2017, the Company and its partner amended its joint venture agreement relating to the Company’s investment in this property. As a result of this amendment, the Company now controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary.

(3) The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other Consideration. The Company’s current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

Property Name	Previous Ownership Interest			Gain on change in control of interests
Plantation Commons		76.25	%	$	9,793
Gordon Plaza		40.62	%		395
The District at Tustin Legacy			(a)		60,972
				$	71,160

(a) The Company’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (54.27% as of date of consolidation).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During the year ended December 31, 2016, the Company acquired the following operating properties, in separate transactions:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired	Cash*		Debt		Other Consideration **		Total		GLA
Jericho Atrium	Jericho, NY	Apr-16	$	29,750	$	-	$	-	$	29,750		147
Oakwood Plaza	Hollywood, FL (1)	Apr-16		53,412		100,000		61,588		215,000		899
Webster Square North	Nashua, NH	Jul-16		8,200		-		-		8,200		21
Gateway Plaza	Mill Creek, WA (1)	Jul-16		493		17,500		-		17,993		97
Kentlands Market Square	Gaithersburg, MD	Aug-16		61,826		33,174		-		95,000		221
GEPT Portfolio (4 properties)	Various (1)	Sep-16		79,974		76,989		10,882		167,845		681
Coulter Avenue (2 parcels)	Ardmore, PA	Various		6,750		-		-		6,750		20
KimPru Portfolio (2 properties)	Various (1)	Oct-16		15,505		35,700		3,218		54,423		234
Hamden Mart	Hamden, CT (1)	Nov-16		-		21,369		29,294		50,663		345
			$	255,910	$	284,732	$	104,982	$	645,624		2,665

* The Company utilized an aggregate $66.0 million associated with Internal Revenue Code §1031 sales proceeds.

** Includes the Company’s previously held equity interest investment.

(1) The Company acquired from its partners their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company evaluated these transactions pursuant to the FASB’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other Consideration. The Company’s previous ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

Property Name	Previous Ownership Interest			Gain on change in control of interests
Oakwood Plaza		55.0	%	$	46,512
Gateway Plaza		15.0	%		-
GEPT Portfolio (4 properties)		15.0	%		6,583
KimPru Portfolio (2 properties)		15.0	%		832
Hamden Mart		47.95	%		3,459
				$	57,386

Included in the Company’s Consolidated Statements of Income are $31.0 million, $23.8 million and $112.2 million in revenues from rental properties from the date of acquisition through December 31, 2017, 2016 and 2015, respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The Company adopted ASU 2017-01 effective January 1, 2017 and applied the guidance to its operating property acquisitions during the year ended December 31, 2017. The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the year ended December 31, 2017, are as follows (in thousands):

	Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	255,715			n/a
Buildings		379,148			50.0
Building improvements		46,613			41.5
Tenant improvements		14,520			7.2
In-place leases		56,200			7.2
Above-market leases		12,197			7.8
Below-market leases		(77,027	)		29.5
Mortgage fair value adjustment		(8,521	)		1.3
Tax increment financing (TIF) contracts		8,342			19.0
Other assets		5,090			n/a
Other liabilities		(3,951	)		n/a
Net assets acquired/consolidated	$	688,326

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

As of December 31, 2017, the allocation adjustments and revised allocations for properties accounted for as business combinations during the year ended December 31, 2016, are as follows (in thousands):

	Allocation as of December 31, 2016			Allocation Adjustments			Revised Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	179,150		$	(5,150	)	$	174,000			n/a
Buildings		309,493			(30,696	)		278,797			50.0
Building improvements		124,105			41,895			166,000			45.0
Tenant improvements		12,788			(1,155	)		11,633			7.1
In-place leases		44,094			(1,063	)		43,031			6.4
Above-market leases		11,982			885			12,867			8.1
Below-market leases		(31,903	)		(4,716	)		(36,619	)		19.1
Mortgage fair value adjustment		(4,292	)		-			(4,292	)		4.1
Other assets		234			-			234			n/a
Other liabilities		(27	)		-			(27	)		n/a
Net assets acquired	$	645,624		$	-		$	645,624

Hurricane Impact

The impact of Hurricanes Harvey, which struck Texas on August 25, 2017, and Irma, which struck Florida on September 10, 2017, resulted in minimal damage to the Company’s properties located in Texas and Florida, with the majority of the impact related to debris removal.

On September 20, 2017, Hurricane Maria struck Puerto Rico as a Category 4 hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in seven operating properties located throughout Puerto Rico, aggregating 2.2 million square feet of GLA, which were variously impacted by the hurricane. The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to $62.0 million, as well as business interruption insurance with coverage up to $39.3 million in the aggregate, subject to a collective deductible of $1.2 million.

As of December 31, 2017, the Company’s assessment of the damages sustained to its properties from Hurricane Maria resulted in a write-off to depreciation expense of $16.0 million, representing the estimated net book value of damaged assets. The Company also recorded a corresponding receivable and credit to depreciation expense of $16.0 million for estimated property insurance recoveries related to the write-off.  As such, there was no impact to net income during 2017 resulting from these adjustments.  The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately $26.0 million. As of December 31, 2017, the Company received property insurance proceeds of $4.0 million and has a remaining receivable balance of $12.0 million which is included in Other assets on the Company’s Consolidated Balance Sheets.

The Company’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up one year. After the expiration of one year following the loss, the policy has 365 days of extended period of indemnity which provides business interruption coverage in the event the properties have not fully recovered from the storm. For the year ended December 31, 2017, the Company had a reduction in revenues from rental properties of $3.4 million related to lost tenant revenue and rent abatements resulting from the impact of Hurricane Maria. During December 2017, the Company received $1.6 million from its insurance provider for business interruption claims. The Company is still in the process of assessing current and future business interruption insurance losses and will submit insurance claims for its estimated losses under its business interruption insurance policy.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

4. Real Estate Under Development:

The Company is engaged in various real estate development projects for long-term investment. As of December 31, 2017, the Company had in progress a total of four real estate development projects and two additional projects held for future development. The costs incurred to date for these projects are as follows (in thousands):

		December 31,
Property Name	Location	2017		2016
Grand Parkway Marketplace (1)	Spring, TX	$	43,403	$	94,841
Dania Pointe	Dania Beach, FL		152,841		107,113
Mill Station	Owings Mills, MD		34,347		25,119
Lincoln Square (2)	Philadelphia, PA		90,479		-
Avenues Walk (3)	Jacksonville, FL		48,573		73,048
Promenade at Christiana (4)	New Castle, DE		32,875		25,521
Staten Island Plaza (5)	Staten Island, NY		-		9,386
		$	402,518	$	335,028

(1) During 2017, the Company sold a land parcel at this development project for a sales price of $2.9 million. Additionally, effective as of September 30, 2017, certain aspects of this development project, aggregating $91.0 million, were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion relates to the second phase of this project which is under development.

(2) During 2017, KIM Lincoln, LLC (“KIM Lincoln”), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP (“Lincoln Member”) entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest. The joint venture acquired land parcels in Philadelphia, PA to be held for development for a gross purchase price of $10.0 million. Based upon the Company’s intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote 9).

(3) Effective April 1, 2017, certain aspects of this development project, aggregating $24.5 million, were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use project to be developed in the future.

(4) The Company is assessing the development model for this asset, which may include a mixed-use component, and anticipates a near term delay in the timing of development. As such, the Company considers this project as land held for future development effective December 31, 2017.

(5) During 2017, the Company reclassified this project to undeveloped land on the Company’s Consolidated Balance Sheets, as it is no longer anticipated to be developed by the Company.

During the years ended December 31, 2017 and 2016, the Company capitalized (i) interest of $11.0 million and $6.9 million, (ii) real estate taxes, insurance and legal costs of $5.7 million and $5.2 million and (iii) payroll of $3.3 million and $1.8 million, respectively, in connection with these real estate development projects.

During 2016, the Company acquired from its partner the remaining ownership interest in Dania Pointe, which was held in a joint venture in which the Company has a 55.0% noncontrolling interest for a gross purchase price of $84.2 million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result, no gain on change in control of interest was recognized as there was no fair value adjustment associated with the Company’s previously held equity interest. Based upon the Company’s intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets.

During 2016, the Company acquired, in separate transactions, three additional land parcels adjacent to two existing development projects for an aggregate purchase price of $13.8 million.

5. Dispositions of Real Estate and Assets Held-for-Sale:

Operating Real Estate

The table below summarizes the Company's disposition activity relating to consolidated operating properties and parcels, in separate transactions (dollars in millions):

	Year Ended December 31,
	2017		2016		2015
Aggregate sales price	$	352.2	$	378.7	$	492.5
Gain on sale, net of tax	$	93.5	$	86.8	$	143.6
Impairment charges	$	17.1	$	37.2	$	10.2
Number of operating properties sold		25		30		89
Number of parcels/out-parcels sold		9		2		8

Additionally, during 2015, the Company disposed of its remaining operating property in Chile for a sales price of $51.3 million. This transaction resulted in the release of a cumulative foreign currency translation loss of $19.6 million due to the Company’s liquidation of its investment in Chile, offset by a gain on sale of $1.8 million, after income tax expense.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Land Sales

During 2016 and 2015, the Company sold six and 13 land parcels, respectively, for an aggregate sales price of $3.9 million and $31.5 million, respectively. These transactions resulted in an aggregate gain of $1.9 million and $4.3 million, before income taxes expense and noncontrolling interest for the years ended December 31, 2016 and 2015, respectively. The gains from these transactions are recorded as other income, which is included in Other (expense)/income, net, in the Company’s Consolidated Statements of Income.

Held-for-Sale

At December 31, 2017, the Company had three consolidated properties classified as held-for-sale at an aggregate carrying amount of $22.4 million, net of accumulated depreciation of $16.8 million, which are included in Other assets on the Company’s Consolidated Balance Sheets. The Company’s determination of the fair value of the properties was based upon executed contracts of sale with third parties, which are in excess of the carrying values of the properties.

6. Impairments:

Management assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities) may be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.

The Company has an active capital recycling program which provides for the disposition of certain properties, typically of lesser quality assets in more undesirable locations. The Company has adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain consolidated operating properties (see Footnote 15 of the Notes to Consolidated Financial Statements for fair value disclosure).

The Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges for the years ended December 31, 2017, 2016 and 2015 as follows (in millions):

	2017		2016			2015
Impairment of property carrying values* (1) (2) (3)	$	67.3	$	93.3		$	30.3
Impairment of investments in other real estate investments (4)		-		-			5.3
Impairment of marketable securities and other investments (5)		-		-			9.8
Total Impairment charges included in operating expenses		67.3		93.3			45.4
Impairment of property carrying values included in discontinued operations		-		-			0.1
Total gross impairment charges		67.3		93.3			45.5
Noncontrolling interests		-		(0.4	)		(5.6	)
Income tax benefit		-		(21.1	)		(9.0	)
Total net impairment charges	$	67.3	$	71.8		$	30.9

* See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

(1) During 2017, the Company recognized aggregate impairment charges of $67.3 million. These impairment charges consist of (i) $34.0 million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties, (ii) $17.1 million related to the sale of certain operating properties (as discussed in Footnote 5 of the Notes to Consolidated Financial Statements) and (iii) $16.2 million related to a property for which the Company has re-evaluated its long-term plan for the property due to unfavorable local market conditions.

(2) During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties, certain properties maintained in the Company’s TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.

(3) During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million.

(4) Impairment charges were primarily based upon a review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company’s preferred equity investments during 2015. The Company believed it would not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.

(5) During 2015, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments’ estimated fair value.

In addition to the impairment charges above, the Company recognized pretax impairment charges during 2017, 2016 and 2015 of $4.8 million, $15.0 million, and $22.2 million, respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Income (see Footnote 7 of the Notes to Consolidated Financial Statements).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company will continue to assess the value of its assets on an on-going basis. Based on these assessments, the Company may determine that one or more of its assets may be impaired and would therefore write-down its carrying basis accordingly.

7. Investment in and Advances to Real Estate Joint Ventures:

The Company and its subsidiaries have investments in and advances to various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at December 31, 2017 and 2016 (in millions, except number of properties):

	December 31, 2017					December 31, 2016
Venture	Ownership Interest	Number of Properties		The Company's Investment		Ownership Interest	Number of Properties		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)	15.0%		46	$	179.5	15.0%		48	$	182.5
Kimco Income Opportunity Portfolio (“KIR”) (2)	48.6%		42		154.1	48.6%		45		145.2
Canada Pension Plan Investment Board (“CPP”) (2) (3)	55.0%		4		105.0	55.0%		5		111.8
Other Joint Venture Programs	Various		26		45.3	Various		37		64.7
Total*			118	$	483.9			135	$	504.2

* Representing 23.5 million and 26.2 million square feet of GLA as of December 31, 2017 and 2016, respectively.

(1) Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

(2) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

(3) During the year ended December 31, 2016, the CPP joint venture acquired a property interest adjacent to an existing operating property in Temecula, CA for a gross purchase price of $27.5 million.

The table below presents the Company’s share of net income for these investments which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):

	Year Ended December 31,
	2017		2016		2015
KimPru and KimPru II	$	13.0	$	16.4	$	7.1
KIR		36.7		44.0		41.0
CPP		7.2		7.7		9.6
Other Joint Venture Programs (1) (2)		3.9		150.6		422.7
Total	$	60.8	$	218.7	$	480.4

(1) During the year ended December 31, 2017, the Company recognized a cumulative foreign currency translation loss of $4.8 million due to the substantial liquidation of the Company’s investments in Canada during 2017.

(2) During the year ended December 31, 2017, a joint venture recognized an impairment charge related to the pending sale of a property, of which the Company’s share was $3.4 million.

During the year ended December 31, 2017, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in 13 operating properties and a portion of one property, in separate transactions, for an aggregate sales price of $180.8 million. These transactions resulted in an aggregate net gain to the Company of $7.5 million, before income taxes. In addition, during 2017, the Company acquired a controlling interest in three operating properties from certain joint ventures, in separate transactions, with an aggregate gross fair value of $320.1 million. See Footnote 3 of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During the year ended December 31, 2016, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in 45 operating properties and one land parcel, in separate transactions, for an aggregate sales price of $1.1 billion. These transactions resulted in an aggregate net gain to the Company of $151.2 million, before income taxes. In addition, during 2016, the Company acquired a controlling interest in nine operating properties and one development project from certain joint ventures, in separate transactions, with an aggregate gross fair value of $590.1 million. See Footnotes 3 and 4 of the Notes to Consolidated Financial Statements for the operating properties and development projects acquired by the Company.

During the year ended December 31, 2015, the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in 98 operating properties and 11 land parcels, in separate transactions, for an aggregate sales price of $1.8 billion. These transactions resulted in an aggregate net gain to the Company of $380.6 million, before income taxes. In addition, during 2015, the Company acquired a controlling interest in 43 operating properties from certain joint ventures, in separate transactions with an aggregate gross fair value of $1.6 billion.

The table below presents debt balances within the Company’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at December 31, 2017 and 2016 (dollars in millions):

	December 31, 2017							December 31, 2016
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	625.7		3.59	%		59.8	$	647.4		3.07	%		67.5
KIR		702.0		4.60	%		47.5		746.5		4.64	%		54.9
CPP		84.9		2.91	%		4.0		84.8		2.17	%		16.0
Other Joint Venture Programs		287.6		4.41	%		27.2		584.3		5.40	%		23.4
Total	$	1,700.2						$	2,063.0

* Average remaining term includes extensions

Summarized financial information for the Company’s investment and advances in real estate joint ventures is as follows (in millions):

	December 31,
	2017		2016
Assets:
Real estate, net	$	3,402.1	$	3,741.9
Other assets		208.9		224.6
	$	3,611.0	$	3,966.5
Liabilities and Partners’/Members’ Capital:
Notes payable, net	$	233.1	$	214.5
Mortgages payable, net		1,467.1		1,848.5
Other liabilities		52.5		82.3
Noncontrolling interests		15.5		15.9
Partners’/Members’ capital		1,842.8		1,805.3
	$	3,611.0	$	3,966.5

	Year Ended December 31,
	2017			2016			2015
Revenues from rental properties	$	516.0		$	597.5		$	842.5
Operating expenses		(150.7	)		(178.1	)		(265.9	)
Impairment charges		(12.9	)		(38.6	)		(63.4	)
Depreciation and amortization		(116.1	)		(138.1	)		(191.9	)
Interest expense		(81.9	)		(117.3	)		(202.8	)
Other (expense)/income, net		(3.0	)		20.1			4.4
Income from continuing operations		151.4			145.5			122.9
Gain on sale of operating properties, net		26.0			296.2			1,166.7
Net income	$	177.4		$	441.7		$	1,289.6

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling $2.1 million and $11.0 million at December 31, 2017 and 2016, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with GAAP.

The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do not contain the characteristics of a VIE. As of December 31, 2017 and 2016, the Company’s carrying value in these investments was $483.9 million and $504.2 million, respectively.

8. Other Real Estate Investments and Other Assets:

Other Real Estate Investments

Preferred Equity Capital-

The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity program. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of December 31, 2017, the Company’s net investment under the Preferred Equity program was $201.9 million relating to 357 properties, including 344 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2017, the Company earned $32.2 million from its preferred equity investments, including $14.8 million of cumulative foreign currency translation gain recognized as a result of the substantial liquidation of the Company’s investments in Canada during 2017. As of December 31, 2016, the Company’s net investment under the Preferred Equity program was $193.7 million relating to 365 properties, including 346 net leased properties which are accounted for as direct financing leases. For the year ended December 31, 2016, the Company earned $27.5 million from its preferred equity investments, including $10.5 million in profit participation earned from five capital transactions.

As of December 31, 2017, these preferred equity investment properties had non-recourse mortgage loans aggregating $361.0 million. These loans have scheduled maturities ranging from eight months to seven years and bear interest at rates ranging from 4.19% to 10.47%. Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.

Summarized financial information relating to the Company’s preferred equity investments is as follows (in millions):

	December 31,
	2017		2016
Assets:
Real estate, net	$	142.3	$	187.0
Other assets		581.2		587.1
	$	723.5	$	774.1
Liabilities and Partners’/Members’ Capital:
Mortgages payable, net	$	381.9	$	454.7
Other liabilities		6.0		8.3
Partners’/Members’ capital		335.6		311.1
	$	723.5	$	774.1

	Year Ended December 31,
	2017			2016			2015
Revenues from rental properties	$	75.4		$	102.6		$	122.1
Operating expenses		(14.7	)		(27.4	)		(35.6	)
Depreciation and amortization		(4.6	)		(6.7	)		(11.4	)
Interest expense		(20.4	)		(26.7	)		(35.7	)
Other expense, net		(5.9	)		(11.5	)		(9.2	)
Income from continuing operations		29.8			30.3			30.2
Gain on sale of properties, net		4.3			5.3			6.0
Net income	$	34.1		$	35.6		$	36.2

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Other Assets

Kimsouth (Albertsons) –

Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) was a subsidiary of Kimsouth that had a combined 14.35% noncontrolling interest (of which the Company held 9.8% and the two other noncontrolling members in the partnership, including Colony NorthStar, Inc. (“Colony NorthStar”) held a 4.3% ownership interest), in AB Acquisition, LLC (“AB Acquisition”). AB Acquisition was a joint venture which owned grocery operators Albertsons LLC (“Albertsons”), NAI Group Holdings Inc. (“NAI”) and Safeway Inc. (“Safeway”).  The Company held a controlling interest in the ABS Venture and consolidated this entity. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar. As of December 31, 2016, the ABS Venture was reflected on the Company’s Consolidated Balance Sheets as a gross investment of $205.1 million which was included in Other assets and $64.9 million which was included in noncontrolling interest.

During June 2017, the Company and ABS Venture received an aggregate cash distribution of $34.6 million from Albertsons, of which the Company’s combined share was $23.7 million with the remaining $10.9 million distributed to the two noncontrolling interest members in the ABS Venture. This distribution exceeded the Company’s carrying basis in its Albertson’s investment and as such was recognized as income and is included in Equity in income from other real estate investments, net on the Company’s Consolidated Statements of Income.

During December 2017, Albertsons, NAI and Safeway were merged into a single corporate entity Albertsons Companies, Inc. (“ACI”).  In addition, the Company liquidated the ABS Venture, its consolidated partnership with Colony NorthStar and its other noncontrolling member, which held investments in Albertsons, NAI and Safeway.  As a result of these transactions, the Company now owns 9.74% of the common stock of ACI through two newly formed wholly-owned partnerships and accounts for this investment on the cost method.  The liquidation of the ABS Venture resulted in the elimination of the previous noncontrolling member’s, including Colony NorthStar’s noncontrolling interest of $64.9 million, and a corresponding reduction in other assets to reflect the Company’s net investment in ACI of $140.2 million.  The Company’s net investment in ACI is included in Other assets on the Company’s Consolidated Balance Sheets. The previous two noncontrolling members now own their respective interests in ACI directly and are no longer in a joint venture partnership with the Company.

On February 20, 2018, ACI announced the execution of a definitive merger agreement under which ACI will acquire all the outstanding shares of Rite Aid Corp. (NYSE: RAD). This agreement is subject to customary closing conditions.

9. Variable Interest Entities (“VIE”):

Included within the Company’s consolidated operating properties at December 31, 2017, are 24 consolidated entities that are VIEs, for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do not have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less and they do not have substantive participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At December 31, 2017, total assets of these VIEs were $1.2 billion and total liabilities were $383.5 million.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the entity may experience.

Additionally, included within the Company’s real estate development projects at December 31, 2017, are three consolidated entities that are VIEs, for which the Company is the primary beneficiary. These entities have been established to develop real estate properties to hold as long-term investments. The Company’s involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily because the equity investments at risk are not sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At December 31, 2017, total assets of these real estate development VIEs were $307.9 million and total liabilities were $34.2 million.

Substantially all the projected remaining development costs to be funded for these real estate development projects, aggregating $147.7 million, will be funded with capital contributions from the Company, when contractually obligated. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

All liabilities of these VIEs are non-recourse to the Company (“VIE Liabilities”). Of the 27 total VIEs, 22 are unencumbered and the assets of these VIEs are not restricted for use to settle only the obligations of these VIEs. The remaining five VIEs are encumbered by third party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets are as follows (in millions):

	December 31, 2017		December 31, 2016
Restricted Assets:
Real estate, net	$	627.5	$	326.9
Cash and cash equivalents		9.8		3.8
Accounts and notes receivable, net		3.2		1.6
Other assets		4.5		1.4
Total Restricted Assets	$	645.0	$	333.7
VIE Liabilities:
Mortgages payable, net	$	340.9	$	138.6
Other liabilities		76.8		37.6
Total VIE Liabilities	$	417.7	$	176.2

10. Mortgages and Other Financing Receivables:

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2017, see Financial Statement Schedule IV included in this annual report on Form 10-K.

The following table reconciles mortgage loans and other financing receivables from January 1, 2015 to December 31, 2017 (in thousands):

	2017			2016			2015
Balance at January 1,	$	23,197		$	23,824		$	74,013
Additions:
New mortgage loans		-			-			5,730
Foreign currency translation		385			397			-
Amortization of loan discounts		112			112			112
Deductions:
Loan repayments		-			-			(53,646	)
Charge off/foreign currency translation		(449	)		(213	)		(884	)
Collections of principal		(1,405	)		(921	)		(1,499	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31,	$	21,838		$	23,197		$	23,824

The Company reviews payment status to identify performing versus non-performing loans. As of December 31, 2017, the Company had a total of 11 loans, all of which were identified as performing loans.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

11. Marketable Securities:

The amortized cost and gross unrealized gains/(losses) of securities available-for-sale and held-to-maturity at December 31, 2017 and 2016, are as follows (in thousands):

	December 31, 2017
	Amortized Cost		Gross Unrealized Losses			Total
Available-for-sale:
Equity securities	$	13,072	$	(1,136	)	$	11,936
Held-to-maturity:
Debt securities		1,329		-			1,329
Total marketable securities	$	14,401	$	(1,136	)	$	13,265

	December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Total
Available-for-sale:
Equity securities	$	6,096	$	406	$	6,502
Held-to-maturity:
Debt securities		1,599		-		1,599
Total marketable securities	$	7,695	$	406	$	8,101

During 2017, the Company acquired available-for-sale marketable equity securities for an aggregate purchase price of $9.8 million.

During 2015, the Company received $76.2 million in proceeds from the sale or redemption of certain marketable securities and recognized $39.9 million of realizable gains.

As of December 31, 2017, the contractual maturities of debt securities classified as held-to-maturity are within the next five years. Actual maturities may differ from contractual maturities as issuers may have the right to prepay debt obligations with or without prepayment penalties.

12. Notes Payable:

As of December 31, 2017 and 2016 the Company’s Notes payable, net consisted of the following (dollars in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,						Maturity Date at
	2017			2016			2017			2016			December 31, 2017
Senior Unsecured Notes	$	4,650.0		$	3,400.0		2.70%	-	6.88%	2.70%	-	6.88%	Oct-2019	–	Sep-2047
Credit Facility		8.0			25.0			(a)			(a)			Mar-2021
Medium Term Notes (“MTN”)		-			300.0			-			4.30%			n/a
Term Loan		-			250.0			-			(b)			n/a
Deferred financing costs, net		(61.9	)		(47.7	)		n/a			n/a			n/a
	$	4,596.1		$	3,927.3			3.70%*			3.58%*

* Weighted-average interest rate

(a) During February 2017, the Company repaid the outstanding balance on the Company’s $1.75 billion credit facility and terminated the agreement. Interest rate was equal to LIBOR plus 0.925% (1.67% at December 31, 2016). The Company then closed on a $2.25 billion unsecured revolving credit facility which is scheduled to mature in March 2021, with two additional six-month options to extend the maturity date, and accrues interest at a rate of LIBOR plus 0.875% (2.28% at December 31, 2017).

(b) During January 2017, the Company repaid the remaining $250.0 million balance and terminated the agreement. Interest rate was equal to LIBOR plus 0.95% (1.60% at December 31, 2016).

During the years ended December 31, 2017 and 2016, the Company issued the following Senior Unsecured Notes (dollars in millions):

Date Issued	Maturity Date	Amount Issued		Interest Rate
Aug-17	Feb-25	$	500.0		3.30%
Aug-17	Sep-47	$	350.0		4.45%
Mar-17	Apr-27	$	400.0		3.80%
Nov-16	Mar-24	$	400.0		2.70%
Nov-16	Dec-46	$	350.0		4.125%
Aug-16	Oct-26	$	500.0		2.80%
May-16	Apr-45	$	150.0		4.25%

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

During the years ended December 31, 2017 and 2016, the Company repaid the following notes (dollars in millions):

Type	Date Paid	Amount Repaid (USD)		Interest Rate	Maturity Date
MTN (1)	Aug-17 & Nov-17	$	300.0	4.300%	Feb-18
Term Loan	Jan-17	$	250.0	LIBOR + 0.95%	Jan-17
Canadian Notes Payable (2)	Aug-16	$	270.9	(2)	(2)
Senior Unsecured Note (3)	Aug-16	$	290.9	5.700%	May-17
MTN	Mar-16	$	300.0	5.783%	Mar-16

(1) On August 1, 2017, the Company made a tender offer to purchase any and all of these MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of the MTN notes. In addition, in November 2017, the Company redeemed the remaining $89.0 million outstanding MTN notes.

(2) On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated (“CAD”) $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

(3) The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.

The scheduled maturities of all unsecured notes payable excluding unamortized debt issuance costs of $61.9 million, as of December 31, 2017, were as follows (in millions):

	2018		2019		2020		2021		2022		Thereafter		Total
Principal payments	$	-	$	300.0	$	-	$	508.0	$	500.0	$	3,350.0	$	4,658.0

The Company’s supplemental indentures governing its Senior Unsecured Notes contain covenants whereby the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition, the Company is restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the covenants as of December 31, 2017.   

Interest on the Company’s fixed-rate Senior Unsecured Notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

Credit Facility

In February 2017, the Company closed on a $2.25 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in March 2021, with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2022. This Credit Facility, which accrues interest at a rate of LIBOR plus 87.5 basis points (2.28% as of December 31, 2017), can be increased to $2.75 billion through an accordion feature. The Credit Facility replaced the Company’s $1.75 billion unsecured revolving credit facility that was scheduled to mature in March 2018. In addition, the Credit Facility includes a $500.0 million sub-limit which provides the Company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. As of December 31, 2017, the Credit Facility had a balance of CAD 10.0 million (USD $8.0 million) outstanding and $0.5 million appropriated for letters of credit.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Term Loan

The Company had a $650.0 million unsecured term loan (“Term Loan”) which was scheduled to mature in January 2017, with three one-year extension options at the Company’s discretion. The Term Loan accrued interest at LIBOR plus 95 basis points. During November 2016, the Company repaid $400.0 million of borrowings under the Company’s Term Loan and in January 2017, the Company repaid the remaining $250.0 million balance and terminated the agreement.

13. Mortgages Payable:

Mortgages payable, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form 10-K) and related tenants' leases, are generally due in monthly installments of principal and/or interest. As of December 31, 2017 and 2016, the Company’s Mortgages payable, net consisted of the following (in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,						Maturity Date at
	2017			2016			2017			2016			December 31, 2017
Mortgages payable	$	867.1		$	1,114.4		2.60%	-	9.75%	1.91%	-	9.41%	Jan-2018	–	Aug-2031
Fair value debt adjustments, net		19.3			27.7			n/a			n/a			n/a
Deferred financing costs, net		(3.6	)		(3.0	)		n/a			n/a			n/a
	$	882.8		$	1,139.1			4.57%*			4.94%*

* Weighted-average interest rate

During 2017, the Company (i) assumed/consolidated $257.5 million of individual non-recourse mortgage debt (including a fair market value adjustment of $8.5 million) related to two operating properties, (ii) paid off $692.9 million of mortgage debt (including fair market value adjustments of $5.8 million) that encumbered 27 operating properties and (iii) obtained a $206.0 million non-recourse mortgage relating to one operating property.

During 2016, the Company (i) assumed $289.0 million of individual non-recourse mortgage debt relating to the acquisition of 10 properties, including $4.3 million associated with fair value debt adjustments and (ii) paid off $703.0 million of mortgage debt (including fair market value adjustment of $2.1 million) that encumbered 47 operating properties. In connection with the early prepayment of certain of these mortgages, the Company recorded an early extinguishment of debt charge of $9.2 million.

Additionally, during 2016, the Company disposed of an encumbered property through foreclosure. This transaction resulted in a net decrease in mortgage debt of $25.6 million (including fair market value adjustment of $0.4 million) and a gain on forgiveness of debt of $3.1 million, which is included in Other (expense)/income, net in the Company’s Consolidated Statements of Income.

The scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments and unamortized debt issuance costs, as of December 31, 2017, were as follows (in millions):

	2018		2019		2020		2021		2022		Thereafter		Total
Principal payments	$	98.4	$	115.7	$	136.4	$	145.4	$	140.6	$	230.6	$	867.1

14. Noncontrolling Interests:

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB’s Consolidation guidance.  The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.  During the year ended December 31, 2017, there were various acquisitions and dispositions/liquidations of entities that had an impact on noncontrolling interest. See Footnotes 3, 4, and 8 of the Notes to Consolidated Financial Statements for additional information regarding specific transactions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Included within noncontrolling interests are units that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the years ended December 31, 2017 and 2016 (in thousands):

	2017			2016
Balance at January 1,	$	86,953		$	86,709
Issuance of redeemable partnership interests (1)		10,000			-
Income (2)		1,297			4,349
Redemption/conversion of redeemable units (3)		(79,569	)		-
Distributions		(2,538	)		(4,105	)
Balance at December 31,	$	16,143		$	86,953

(1) During 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (See Footnote 4 of the Notes to Consolidated Financial Statements).

(2) Includes $1.0 million in fair market value remeasurement for the year ended December 31, 2017.

(3) During 2017, the Company redeemed the remaining 79,642,697 Preferred A Units for a total redemption price of $79.9 million, including an accrued preferred return of $0.4 million. These units, which had a par value of $1.00 and return per annum of 5.0%, were issued along with Puerto Rico shopping center acquisitions discussed below.

The Company owns seven shopping center properties located throughout Puerto Rico. These properties were acquired partially through the issuance of $158.6 million of non-convertible units and $45.8 million of convertible units. Noncontrolling interests related to these acquisitions totaled $233.0 million of units, including premiums of $13.5 million and a fair market value adjustment of $15.1 million (collectively, the "Units"). Noncontrolling interests relating to the remaining units were $5.2 million and $86.2 million as of December 31, 2017 and 2016, respectively. The Units, related annual cash distribution rates and related conversion features consisted of the following as of December 31, 2017:

Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Class B-1 Preferred Units (1)	$	10,000		189	7.0%
Class B-2 Preferred Units (2)	$	10,000		42	7.0%
Class C DownReit Units (1)	$	30.52		52,797	Equal to the Company’s common stock dividend

(1) These units are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets.

(2) These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets.

The Company owns a shopping center located in Bay Shore, NY, which was acquired in 2006 with the issuance of 647,758 redeemable Class B Units at a par value of $37.24 per unit. The units accrue a return equal to the Company’s common stock dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of 1:1. These units are callable by the Company any time after April 3, 2026, and are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. During 2007, 30,000 units, or $1.1 million par value, of the Class B Units were redeemed and at the Company’s option settled in cash. In addition, during 2017, 25,000 units, or $0.9 million par value, of the Class B Units were redeemed and at the Company’s option settled in cash. As of December 31, 2017 and 2016, noncontrolling interest relating to the remaining Class B Units was $25.4 million and $26.5 million, respectively.

Noncontrolling interests also includes 138,015 convertible units issued during 2006 by the Company, which were valued at $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are currently redeemable at the option of the holder for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock. The Company was restricted from disposing of these assets, other than through a tax-free transaction, through January 2017.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

15. Fair Value Disclosure of Financial Instruments:

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

	December 31,
	2017				2016
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable (1)	$	4,596,140	$	4,601,479	$	3,927,251	$	3,890,797
Mortgages payable (2)	$	882,787	$	881,427	$	1,139,117	$	1,141,047

(1) The Company determined that the valuation of its Senior Unsecured Notes and MTN notes were classified within Level 2 of the fair value hierarchy and its Term Loan and Credit Facility were classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of December 31, 2017 and 2016, were $4.6 billion and $3.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of December 31, 2017 and 2016, were $1.9 million and $272.5 million, respectively.

(2) The Company determined that its valuation of these Mortgages payable was classified within Level 3 of the fair value hierarchy. 

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including available for sale securities. The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company from time to time has used interest rate swaps to manage its interest rate risk. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts).  The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.  Based on these inputs, the Company has determined that interest rate swap valuations are classified within Level 2 of the fair value hierarchy.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The tables below present the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

	Balance at December 31, 2016		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	6,502	$	6,502	$	-	$	-
Liabilities:
Interest rate swaps	$	975	$	-	$	975	$	-

Assets measured at fair value on a non-recurring basis at December 31, 2017 and 2016 are as follows (in thousands):

	Balance at December 31, 2017		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

	Balance at December 31, 2016		Level 1		Level 2		Level 3
Real estate	$	117,930	$	-	$	-	$	117,930

During the year ended December 31, 2017, the Company recognized impairment charges related to adjustments to property carrying values of $67.3 million. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from (i) signed contracts or letters of intent from third party offers or (ii) discounted cash flow models. The Company does not have access to the unobservable inputs used to determine the estimated fair values of third party offers. For the discounted cash flow models, the capitalization rates primarily range from 8.50% to 9.50% and discount rates primarily range from 9.00% to 10.50% which were utilized in the models based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. Based on these inputs, the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.

During the year ended December 31, 2016, the Company recognized impairment charges related to adjustments to property carrying values of $93.3 million. The Company’s estimated fair values were primarily based upon estimated sales prices from third party offers that were based on signed contracts, appraisals or letters of intent for which the Company does not have access to the unobservable inputs used to determine these estimated fair values. For the appraisals, the capitalization rates primarily range from 7.75% to 9.00% and discount rates primarily range from 9.25% to 12.17% which were utilized in the models based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. Based on these inputs, the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy.

The property carrying value impairment charges resulted from the Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

16. Preferred Stock, Common Stock and Convertible Unit Transactions:

Preferred Stock

The Company’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values):

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate	Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000	5.125%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000	5.250%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

As of December 31, 2016
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate	Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		16,000	$	400,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
				32,000	$	800,000

The following Preferred Stock classes were issued during the year ended December 31, 2017:

Class of Preferred Stock	Date Issued	Depositary Shares Issued	Fractional Interest per Share	Net Proceeds, Before Expenses (in millions)		Offering Price
Class L	8/16/2017	9,000,000	1/1000	$	218.1		25.00
Class M	12/20/2017	9,200,000	1/1000	$	222.8		25.00

During January 2018, the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one-thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this offering.

The following Preferred Stock classes were redeemed or partially redeemed during the years ended December 31, 2017, 2016 and 2015:

Classes of Preferred Stock	Redemption Date	Depositary Shares Redeemed	Redemption Price		Redemption Amount (in millions)		Redemption Charges (in millions) (1)
Class I (2)	9/6/2017	9,000,000	$	25.00	$	225.0	$	7.0
Class H	11/25/2015	7,000,000	$	25.00	$	175.0	$	5.8

(1) Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company’s Consolidated Balance Sheets are accounted for in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income/(loss) attributable to the Company to arrive at net income/(loss) available to the Company’s common shareholders and used in the calculation of earnings per share.

(2) The Company partially redeemed 9,000,000 depositary shares of its issued and outstanding Class I Preferred Stock, representing 56.25% of the issued and outstanding Class I Preferred Stock.

The Company’s Preferred Stock Depositary Shares for all classes are not convertible or exchangeable for any other property or securities of the Company. 

Voting Rights - The Class I, J, K, L and M Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

As to any matter on which the Class I, J, K, L or M Preferred Stock may vote, including any actions by written consent, each share of the Class I, J, K, L or M Preferred Stock shall be entitled to 1,000 votes, each of which 1,000 votes may be directed separately by the holder thereof. With respect to each share of Class I, J, K, L or M Preferred Stock, the holder thereof may designate up to 1,000 proxies, with each such proxy having the right to vote a whole number of votes (totaling 1,000 votes per share of Class I, J, K, L, or M Preferred Stock). As a result, each Class I, J, K, L or M Depositary Share is entitled to one vote.

Liquidation Rights

In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $25,000.00 Class I Preferred Stock per share, $25,000.00 Class J Preferred Stock per share, $25,000.00 Class K Preferred Stock per share, $25,000.00 Class L Preferred Stock per share and $25,000.00 Class M Preferred Stock per share ($25.00 per each Class I, Class J, Class K, Class L and Class M Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as to liquidation rights.

Common Stock

During February 2018, the Company’s Board of Directors authorized a share repurchase program, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million.

During February 2015, the Company established an at the market continuous offering program (the “ATM program”), which is effective for a term of three years, pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the New York Stock Exchange (the “NYSE”) or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the year ended December 31, 2016, the Company issued 9,806,377 shares and received proceeds of $285.2 million, net of commissions and fees of $2.9 million. The Company did not offer for sale any shares of common stock under the ATM program during the year ended December 31, 2017. As of December 31, 2017, the Company had $211.9 million available under this ATM program.

The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares relating to the exercise of stock options or the issuance of restricted stock awards. These repurchases may occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During 2017, 2016 and 2015, the Company repurchased 232,304 shares, 257,477 shares and 179,696 shares, respectively, relating to common shares surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the Company’s equity-based compensation plans.

Convertible Units

The Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote 14 of the Notes to Consolidated Financial Statements). The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are not mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on December 31, 2017, is $18.3 million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in common stock, the unit holders would receive 1.0 million shares of common stock.   

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

17. Supplemental Schedule of Non-Cash Investing/Financing Activities:

The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2017, 2016 and 2015 (in thousands):

	2017			2016			2015
Acquisition of real estate interests by assumption of mortgage debt	$	45,299		$	33,174		$	84,699
Acquisition of real estate interests through proceeds held in escrow	$	162,396		$	66,044		$	89,504
Proceeds deposited in escrow through sale of real estate interests	$	162,396		$	66,044		$	71,623
Disposition of real estate interests by assignment of debt	$	-		$	-		$	47,742
Disposition of real estate interests through the issuance of mortgage receivable	$	-		$	-		$	5,730
Disposition of real estate interests by foreclosure of debt	$	-		$	22,080		$	-
Forgiveness of debt due to foreclosure	$	-		$	26,000		$	-
Capital expenditures accrual	$	74,123		$	38,044		$	22,967
Issuance of common stock	$	-		$	85		$	493
Surrender of restricted common stock	$	(5,699	)	$	(7,008	)	$	(5,682	)
Declaration of dividends paid in succeeding period	$	128,892		$	124,517		$	115,182
Change in noncontrolling interest due to liquidation of partnership	$	64,948		$	-		$	-
Deemed contribution from noncontrolling interest	$	10,000		$	-		$	-
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	325,981		$	407,813		$	1,039,335
Increase in mortgages payable, other liabilities and noncontrolling interests	$	258,626		$	268,194		$	750,135

18. Transactions with Related Parties:

The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnotes 3, 7 and 8 of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

Ripco

Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl’s and many others, providing real estate brokerage services and principal real estate investing. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Milton Cooper, Executive Chairman of the Board of Directors of the Company. During 2017, 2016 and 2015, the Company paid brokerage commissions of $0.4 million, $0.2 million and $0.6 million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.

ProHEALTH

ProHEALTH is a multi-specialty physician group practice offering one-stop health care. ProHEALTH’s CEO, Dr. David Cooper, M.D. is a son of Milton Cooper, Executive Chairman of the Board of Directors of the Company, and the father of Ross Cooper, President and Chief Investment Officer of the Company.  ProHEALTH and/or its affiliates (“ProHEALTH”) have leasing arrangements with the Company whereby two consolidated property locations are currently under lease. Total annual base rent for these properties leased to ProHEALTH for each of the years ended December 31, 2017, 2016 and 2015 aggregated to $0.4 million.

Colony NorthStar

During January 2015, Colony Capital, Inc. (predecessor to Colony NorthStar) and affiliates contributed $100.0 million, to the ABS Venture, which was subsequently contributed to AB Acquisition to facilitate the acquisition of all of the outstanding shares of Safeway. The ABS Venture held a combined 14.35% interest in AB Acquisition, of which the Company held a combined 9.8% ownership interest, Colony NorthStar held a 4.3% ownership interest and an unrelated third party held a 0.25% ownership interest. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar.

During December 2017, the AB Acquisition structure was reorganized such that all interests in Albertsons, NAI and Safeway are owned by a single new corporation, ACI. In connection with this transaction, the ABS Venture was dissolved and the equity interests were distributed to the owning entities. As such, the Company now owns 9.74% of the common stock of ACI through two newly formed, wholly-owned partnerships. The Company’s previous two noncontrolling members, including Colony NorthStar, now own their respective interests directly and are no longer in a joint venture with the Company (see Footnote 8 of the Notes to Consolidated Financial Statements).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

19. Commitments and Contingencies:

Operations

The Company and its subsidiaries are primarily engaged in the operation of shopping centers that are either owned or held under long-term leases that expire at various dates through 2109. The Company and its subsidiaries, in turn, lease premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from 5 to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels and percentage rents comprised 98% of total revenues from rental properties for each of the three years ended December 31, 2017, 2016 and 2015.

The minimum revenues from rental properties under the terms of all non-cancelable tenant leases for future years, assuming no new or renegotiated leases are executed for such premises, are as follows (in millions):

	2018		2019		2020		2021		2022		Thereafter
Minimum revenues	$	875.5	$	820.3	$	735.4	$	643.6	$	536.3	$	2,683.2

Base rental revenues from rental properties are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis before allowances for the years ended December 31, 2017, 2016 and 2015 was $15.7 million, $16.5 million and $14.8 million, respectively.

Minimum rental payments to be made by the Company under the terms of all non-cancelable operating ground leases for future years are as follows (in millions):

	2018		2019		2020		2021		2022		Thereafter
Minimum rental payments	$	9.1	$	9.1	$	8.6	$	8.6	$	8.5	$	138.5

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees for loans encumbering certain of the Company’s development and redevelopment projects and guaranty of payment related to the Company’s insurance program. At December 31, 2017, these letters of credit aggregated $40.4 million.

Other

In connection with the construction of its development and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2017, there were $20.0 million in performance and surety bonds outstanding.

The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company as of December 31, 2017.

20. Incentive Plans:

The Company accounts for equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Monte Carlo method for performance shares or the Black-Scholes option pricing formula, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant.

The Company recognized expense associated with its equity awards of $21.6 million, $19.1 million and $18.5 million, for the years ended December 31, 2017, 2016 and 2015, respectively.  As of December 31, 2017, the Company had $27.5 million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted-average period of 2.7 years. The Company had 10,410,343, 10,015,040 and 9,095,416 shares of the Company’s common stock available for issuance under the Plans at December 31, 2017, 2016 and 2015, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Stock Options

During 2017, 2016 and 2015, the Company did not grant any stock options. Information with respect to stock options outstanding under the Plan for the years ended December 31, 2017, 2016 and 2015 are as follows:

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic Value (in millions)
Options outstanding, January 1, 2015		11,893,761		$	30.23	$	29.8
Exercised		(1,019,240	)	$	18.36	$	7.4
Forfeited		(1,862,080	)	$	32.55
Options outstanding, December 31, 2015		9,012,441		$	31.09	$	27.4
Exercised		(1,167,819	)	$	18.03	$	12.4
Forfeited		(1,830,893	)	$	39.69
Options outstanding, December 31, 2016		6,013,729		$	32.09	$	12.1
Exercised		(83,863	)	$	18.20	$	3.4
Forfeited		(2,464,920	)	$	35.91
Options outstanding, December 31, 2017		3,464,946		$	27.81	$	-
Options exercisable (fully vested) -
December 31, 2015		7,617,882		$	32.90	$	20.0
December 31, 2016		5,144,416		$	32.56	$	11.3
December 31, 2017		3,464,946		$	27.81	$	4.0

The exercise price per share for options outstanding as of December 31, 2017 ranges from $11.54 to $40.79. The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of December 31, 2017 was 2.3 years. The weighted-average remaining contractual term of options currently exercisable as of December 31, 2017, was 2.3 years. As of December 31, 2017, all of the Company’s outstanding options were vested. Cash received from options exercised under the Plan was $1.5 million, $21.1 million and $18.7 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Restricted Stock

Information with respect to restricted stock under the Plan for the years ended December 31, 2017, 2016 and 2015 are as follows:

	2017			2016			2015
Restricted stock outstanding as of January 1,		1,930,732			1,712,534			1,911,145
Granted (1)		646,142			756,530			729,160
Vested		(783,872	)		(520,539	)		(875,202	)
Forfeited		(15,573	)		(17,793	)		(52,569	)
Restricted stock outstanding as of December 31,		1,777,429			1,930,732			1,712,534

(1)   The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2017, 2016 and 2015 were $25.04, $26.15 and $25.98, respectively.

Restricted shares have the same voting rights as the Company’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. For the years ended December 31, 2017, 2016 and 2015, the dividends paid on unvested restricted shares were $2.4 million, $2.2 million, and $1.8 million, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Performance Shares

Information with respect to performance share awards under the Plan for the years ended December 31, 2017, 2016 and 2015 are as follows:

	2017	2016	2015
Performance share award outstanding as of January 1,	197,249	202,754	114,268
Granted (1)	135,780	100,170	145,620
Vested (2)	(97,079)	(105,675)	(57,134)
Performance share award outstanding as of December 31,	235,950	197,249	202,754

(1)   The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2017, 2016 and 2015 were $23.35, $28.60 and $27.87, respectively.

(2)   For the years ended December 31, 2017, 2016 and 2015, the corresponding common stock equivalent of these vested awards were 0, 130,080 and 91,862, respectively.

The more significant assumptions underlying the determination of fair values for these awards granted during 2017, 2016 and 2015 were as follows:

	2017			2016			2015
Stock price	$	24.91		$	26.29		$	26.83
Dividend yield (1)		0	%		0	%		0	%
Risk-free rate		1.45	%		0.87	%		0.98	%
Volatility (2)		18.93	%		18.80	%		16.81	%
Term of the award (years)		2.88			2.88			1.88, 2.88

(1)	Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.
(2)	Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

Other

The Company maintains a 401(k)-retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation, is fully vested and funded as of December 31, 2017. The Company’s contributions to the plan were $2.1 million, $2.0 million and $2.1 million for the years ended December 31, 2017, 2016 and 2015, respectively.

The Company recognized severance costs associated with employee terminations during the years ended December 31, 2017, 2016 and 2015, of $5.5 million, $1.7 million and $4.8 million, respectively.

21. Income Taxes:

The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992. To qualify as a REIT, the Company must meet several organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income to its stockholders. Management intends to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that dividends to its stockholders equal at least the amount of its REIT taxable income. If the Company failed to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be permitted to elect REIT status for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through TRSs is subject to federal, state and local income taxes. The Company is also subject to local taxes on certain Non-U.S. investments.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Reconciliation between GAAP Net Income and Federal Taxable Income

The following table reconciles GAAP net income to taxable income for the years ended December 31, 2017, 2016 and 2015 (in thousands):

	2017			2016			2015
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	426,075		$	378,850		$	894,115
GAAP net (income)/loss attributable to TRSs		(12,164	)		12,708			(6,073	)
GAAP net income from REIT operations (a)		413,911			391,558			888,042
Net book depreciation in excess of tax depreciation		116,106			65,194			21,515
Capitalized leasing/legal commissions		-			(11,984	)		(14,246	)
Deferred/prepaid/above-market and below-market rents, net		(30,303	)		(34,097	)		(32,848	)
Fair market value debt amortization		(8,495	)		(15,901	)		(19,723	)
Book/tax differences from restricted stock		676			(4,490	)		(3,094	)
Book/tax differences from non-qualified stock options		(172	)		(11,301	)		(4,786	)
Book/tax differences from investments in and advances to real estate joint ventures		(15,196	)		(20,739	)		(294	)
Book/tax difference on sale of properties		(85,856	)		(93,704	)		(64,270	)
Foreign income tax from capital gains		-			3,976			5,873
Cumulative foreign currency translation adjustment and deferred tax adjustment		(1,300	)		-			-
Book adjustment to property carrying values and marketable equity securities		53,893			11,161			4,484
Taxable currency exchange gains/(losses), net		221			(8,962	)		(47,297	)
Tangible property regulation deduction (b)		(52,237	)		(28,954	)		(126,957	)
GAAP gain on change in control of interests		(71,160	)		(57,385	)		(149,407	)
Valuation allowance against net deferred tax assets		-			51,939			-
Other book/tax differences, net		(6,893	)		542			(2,971	)
Adjusted REIT taxable income	$	313,195		$	236,853		$	454,021

Certain amounts in the prior periods have been reclassified to conform to the current year presentation, in the table above.

(a) All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interest and TRSs.

(b) In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers must deduct such costs as repairs. Pursuant to these Regulations the Company deducted certain expenditures that would previously have been capitalized for tax purposes. The Regulations also allowed the Company to make an election to immediately deduct certain amounts that were capitalized in previous years but qualify as repairs under the new Regulations. The Company made such election in 2015 and deducted approximately $85.9 million.

Characterization of Distributions

The following characterizes distributions paid for tax purposes for the years ended December 31, 2017, 2016 and 2015, (amounts in thousands):

	2017				2016				2015
Preferred H Dividends
Ordinary income	$	-	-		$	-	-		$	-	-
Capital gain		-	-			-	-			13,417	100	%
	$	-	-		$	-	-		$	13,417	100	%
Preferred I Dividends
Ordinary income	$	21,636	96	%	$	16,320	68	%	$	-	-
Capital gain		902	4	%		7,680	32	%		24,000	100	%
	$	22,538	100	%	$	24,000	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	11,880	96	%	$	8,415	68	%	$	-	-
Capital gain		495	4	%		3,960	32	%		12,375	100	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	9,450	96	%	$	6,694	68	%	$	-	-
Capital gain		394	4	%		3,150	32	%		9,844	100	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Preferred L Dividends
Ordinary income	$	1,814	96	%	$	-	-		$	-	-
Capital gain		76	4	%		-	-			-	-
	$	1,890	100	%	$	-	-		$	-	-
Common Dividends
Ordinary income	$	260,573	57	%	$	263,892	62	%	$	-	-
Capital gain		9,143	2	%		127,689	30	%		394,400	100	%
Return of capital		187,430	41	%		34,050	8	%		-	-
	$	457,146	100	%	$	425,631	100	%	$	394,400	100	%
Total dividends distributed for tax purposes	$	503,793			$	471,850			$	454,036

For the years ended December 31, 2017, 2016 and 2015 cash dividends paid for tax purposes were equivalent to, or in excess of, the dividends paid deduction.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Taxable REIT Subsidiaries and Taxable Entities

The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly-owned subsidiaries of the Company. The Company’s TRSs included KRS, FNC Realty Corporation, Kimco Insurance Company (collectively “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. As part of the Company’s overall strategy to simplify its business model, the Company merged KRS, a TRS holding REIT-qualifying real estate and the Company’s investment in Albertsons, into a wholly-owned LLC and KRS was dissolved effective August 1, 2016. Any non-REIT qualifying assets or activities received by the Company in the Merger were transferred to a newly formed TRS, Kimco Realty Services II, Inc.

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, making significant changes to taxation of corporations and individuals. Effective for tax years beginning on January 1, 2018, this tax reform law reduces the federal statutory income tax rate from 35% to 21% for corporations and changed other certain tax provisions and deductions. ASC 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. As a result, the Company remeasured its deferred tax assets and liabilities and recorded a tax provision of $1.1 million during 2017.

The Company is also subject to local non-U.S. taxes on certain investments located outside the U.S.  In general, under local country law applicable to the entity ownership structures the Company has in place and applicable tax treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally is not subject to withholding tax. The Company is subject to and includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are primarily held by the Company at the REIT level and not in the Company’s taxable REIT subsidiary. Accordingly, the Company does not expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

Income taxes have been provided for on the asset and liability method as required by the FASB’s Income Tax guidance. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities.

The Company’s pre-tax book income/(loss) and (provision)/benefit for income taxes relating to the Company’s TRS and taxable entities which have been consolidated for accounting reporting purposes, for the years ended December 31, 2017, 2016 and 2015, are summarized as follows (in thousands):

	2017			2016			2015
Income/(loss) before income taxes – U.S.	$	1,487		$	(23,810	)	$	23,729
(Provision)/benefit for income taxes, net:
Federal:
Current		(704	)		2,199			(638	)
Deferred		(632	)		(45,097	)		(7,355	)
Federal tax provision		(1,336	)		(42,898	)		(7,993	)
State and local:
Current		(66	)		1,057			(2,535	)
Deferred		(190	)		(8,812	)		(1,474	)
State tax provision		(256	)		(7,755	)		(4,009	)
Total tax provision – U.S.		(1,592	)		(50,653	)		(12,002	)
Net (loss)/income from U.S. TRSs	$	(105)		$	(74,463	)	$	11,727
(Loss)/income before taxes – Non-U.S.	$	(11,483)		$	138,253		$	381,999
Benefit/(provision) for Non-U.S. income taxes:
Current (1)	$	2,425		$	(24,393	)	$	(58,365	)
Deferred		47			(3,537	)		4,331
Non-U.S. tax benefit/(provision)	$	2,472		$	(27,930	)	$	(54,034	)

(1) The year ended December 31, 2016 includes $24.9 million, in expense related to the sale of interests in properties located in Canada.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Provision differs from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows (in thousands):

	2017			2016			2015
Federal provision at statutory tax rate (35%) (1)	$	(520	)	$	(47,155	)	$	(8,304	)
State and local provision, net of federal benefit (2)		(1,072	)		(3,498	)		(3,698	)
Total tax provision – U.S.	$	(1,592	)	$	(50,653	)	$	(12,002	)

(1) The year ended December 31, 2016, includes a $55.6 million charge related to the recording of a deferred tax valuation allowance.

(2) The year ended December 31, 2016, includes a $7.9 million charge related to the recording of a deferred tax valuation allowance.

Deferred Tax Assets, Liabilities and Valuation Allowances

The Company’s deferred tax assets and liabilities at December 31, 2017 and 2016, were as follows (in thousands):

	2017			2016
Deferred tax assets:
Tax/GAAP basis differences	$	35,839		$	63,167
Net operating losses (1)		22,137			44,833
Tax credit carryforwards (2)		6,064			5,368
Capital loss carryforwards		4,648			3,659
Related party deferred losses		619			952
Charitable contribution carryforwards		23			35
Non-U.S. tax/GAAP basis differences		-			513
Valuation allowance – U.S.		(54,155	)		(95,126	)
Total deferred tax assets		15,175			23,401
Deferred tax liabilities – U.S.		(12,739	)		(19,599	)
Deferred tax liabilities – Non-U.S.		-			(559	)
Net deferred tax assets	$	2,436		$	3,243

(1) Expiration dates ranging from 2021 to 2032.

(2) Expiration dates ranging from 2027 to 2035 and includes alternative minimum tax credit carryovers of $3.5 million that do not expire.

The major differences between the GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of impairment charges recorded for GAAP purposes, but not recognized for tax purposes, depreciation and amortization, rental revenue recognized on the straight-line method for GAAP, reserves for doubtful accounts, above-market and below-market lease amortization, differences in GAAP and tax basis of assets sold, and the period in which certain gains were recognized for tax purposes, but not yet recognized under GAAP.

Deferred tax assets and deferred tax liabilities are included in the captions Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at December 31, 2017 and 2016. Operating losses and the valuation allowance are related primarily to the Company’s consolidation of its taxable REIT subsidiaries for accounting and reporting purposes. For the tax year ended August 1, 2016, KRS Consolidated produced $8.1 million of taxable income and utilized $8.1 million of its $44.0 million of available net operating loss carryovers.

Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized.  The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. As a result of the Merger, the Company determined that the realization of $63.5 million of its net deferred tax assets was not deemed more likely than not and as such, the Company recorded a full valuation allowance against these net deferred tax assets that existed at the time of the Merger.

The Company prepared an analysis of the tax basis built-in tax gain or built-in loss inherent in each asset acquired from KRS in the Merger. Assets of a TRS that become REIT assets in a merger transaction of the type entered into by the Company and KRS are subject to corporate tax on the aggregate net built-in gain (built-in gains in excess of built-in losses) during a recognition period. Accordingly, the Company is subject to corporate-level taxation on the aggregate net built-in gain from the sale of KRS assets within 60 months from the Merger date (the recognition period). The maximum taxable amount with respect to all merged assets disposed within 60 months of the Merger is limited to the aggregate net built-in gain at the Merger date. The Company compared fair value to tax basis for each property or asset to determine its built-in gain (value over basis) or built-in loss (basis over value) which could be subject to corporate level taxes if the Company disposed of the asset previously held by KRS during the 60 months following the Merger date. In the event that sales of KRS assets during the recognition period result in corporate level tax, the unrecognized tax benefits reported as deferred tax assets from KRS will be utilized to reduce the corporate level tax for GAAP purposes.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

Uncertain Tax Positions

The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico. The statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities. The Company is currently under audit by the Canadian Revenue Agency and Mexican Tax Authority. The resolution of these audits are not expected to have a material effect on the Company’s financial statements. The Company does not believe that the total amount of unrecognized tax benefits as of December 31, 2017, will significantly increase or decrease within the next 12 months.

The liability for uncertain tax benefits principally consists of estimated foreign, federal and state income tax liabilities in years for which the statute of limitations is open. Open years range from 2011 through 2017 and vary by jurisdiction and issue. The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2017 and 2016 were as follows (in thousands):

	2017			2016
Balance at January 1,	$	4,962		$	4,263
Increases for tax positions related to current year (1)		339			41
Increase for tax position due to ASU 2013-11		-			4,930
Decreases relating to settlements with taxing authorities		-			(2,000	)
Reductions due to lapsed statute of limitations		(1,310	)		(2,272	)
Balance at December 31,	$	3,991		$	4,962

      (1)     Amounts relate to increases resulting from foreign currency translation adjustments.

The Company previously had unrecognized tax benefits reported as deferred tax assets primarily related to book to tax timing differences for depreciation expense on its Canadian real estate operating properties. With respect to the Company’s uncertain tax positions in Canada and in accordance with ASU 2013-11 "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," (“ASU 2013-11”), the uncertain tax position liabilities in Canada were netted against these deferred tax assets. As of December 31, 2016, the Company, due to the sale of certain operating real estate properties in Canada, no longer had these related deferred tax assets to net against the related deferred tax liability and thus, the amount of its liability increased for uncertain tax positions associated with its Canadian operations. As of December 31, 2017 and 2016, the Company’s Canadian uncertain tax positions aggregated $4.0 million and $5.0 million, respectively.

The Company and its subsidiaries had been under audit by the U.S. Internal Revenue Service (“IRS”) with respect to taxable years 2004-2009. The IRS proposed, pursuant to Section 482 of the Code, to disallow a capital loss claimed by KRS on the disposition of common shares of Valad Property Ltd., an Australian publicly listed company, and to assert a 100 percent “penalty” tax on the Company pursuant to Section 857(b)(7) of the Code in the amount of $40.9 million with respect to its 2009 taxable year. During 2016, the Company and its subsidiaries favorably settled all matters relating to the audit, agreeing to a net refund of $0.1 million, and in connection with this favorable settlement, the Company released its uncertain tax position liability of $2.0 million.

During August 2016, the Mexican Tax Authority issued tax assessments for various wholly-owned entities of the Company that had previously held interests in operating properties in Mexico. These assessments relate to certain interest expense and withholding tax items subject to the United States-Mexico Income Tax Convention (the “Treaty”). The assessments are for the 2010 tax year and include amounts for taxes aggregating $33.7 million, interest aggregating $16.5 million and penalties aggregating $11.4 million. The Company believes that it has operated in accordance with the Treaty provisions and has therefore concluded that no amounts are payable with respect to this matter. The Company has submitted appeals for these assessments and the U.S. Competent Authority (Department of Treasury) is representing the Company regarding this matter with the Mexican Competent Authority. The Company intends to vigorously defend its position and believes it will prevail, however this outcome cannot be assured.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

22. Accumulated Other Comprehensive Income:

The following table displays the change in the components of AOCI for the years ended December 31, 2017 and 2016:

	Foreign Currency Translation Adjustments			Unrealized Gains/(Losses) Related to Available-for-Sale Securities			Unrealized Gains/(Losses) on Interest Rate Swaps			Total
Balance as of January 1, 2016	$	6,616		$	398		$	(1,426	)	$	5,588
Other comprehensive income before reclassifications		(281	)		8			451			178
Amounts reclassified from AOCI		-			-			-			-
Net current-period other comprehensive income		(281	)		8			451			178
Balance as of December 31, 2016	$	6,335		$	406		$	(975	)	$	5,766
Other comprehensive income before reclassifications		3,711			(1,542	)		631			2,800
Amounts reclassified from AOCI (1)		(10,046	)		-			-			(10,046	)
Net current-period other comprehensive income		(6,335	)		(1,542	)		631			(7,246	)
Balance as of December 31, 2017	$	-		$	(1,136	)	$	(344	)	$	(1,480	)

(1) During 2015, the Company began selling properties within its Canadian portfolio and has continued to liquidate its investments over the last two years. During the year ended December 31, 2017, the Company was deemed to have substantially liquidated its investment in Canada, triggered primarily by the receipt of various tax refunds, and as a result, recognized a net cumulative foreign currency translation gain. Amounts were reclassified to the Company’s Consolidated Statements of Income as follows (i) $14.8 million of gain was reclassified to Equity in income of other real estate investments, net, and (ii) $4.8 million of loss was reclassified to Equity in income of joint ventures, net.

23. Earnings Per Share:

The following table sets forth the reconciliation of earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):

	For the Year Ended December 31,
	2017			2016			2015
Computation of Basic and Diluted Earnings Per Share:
Income from continuing operations	$	346,133		$	299,353		$	774,405
Gain on sale of operating properties, net, net of tax		93,538			86,785			125,813
Net income attributable to noncontrolling interests		(13,596	)		(7,288	)		(6,028	)
Preferred stock redemption charge		(7,014	)		-			(5,816	)
Preferred dividends		(46,600	)		(46,220	)		(57,084	)
Earnings attributable to participating securities		(2,132	)		(2,018	)		(4,134	)
Income from continuing operations available to the Company’s common shareholders	$	370,329		$	330,612		$	827,156
Loss from discontinued operations available to the Company’s common shareholders		-			-			(75	)
Net income available to the Company’s common shareholders for basic earnings per share	$	370,329		$	330,612			827,081
Distributions on convertible units		-			-			192
Net income available to the Company’s common shareholders for diluted earnings per share	$	370,329		$	330,612		$	827,273
Weighted-average common shares outstanding – basic		423,614			418,402			411,319
Effect of dilutive securities (1):
Equity awards		405			1,307			1,414
Assumed conversion of convertible units		-			-			118
Weighted-average common shares outstanding – diluted		424,019			419,709			412,851
Basic Earnings Per Share:
Income from continuing operations	$	0.87		$	0.79		$	2.01
Net income available to the Company’s common shareholders	$	0.87		$	0.79		$	2.01
Diluted Earnings Per Share:
Income from continuing operations	$	0.87		$	0.79		$	2.00
Net income available to the Company’s common shareholders	$	0.87		$	0.79		$	2.00

(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,082,106, 3,490,400 and 5,300,680 stock options that were not dilutive as of December 31, 2017, 2016 and 2015, respectively.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

24. Supplemental Financial Information (Unaudited):

The following represents the quarterly results of operations, expressed in thousands except per share amounts, for the years ended December 31, 2017 and 2016:

	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues from rental properties	$	289,391	$	292,843	$	290,919	$	310,632
Net income attributable to the Company	$	76,733	$	143,416	$	121,030	$	84,566
Net income per common share:
Basic	$	0.15	$	0.31	$	0.24	$	0.17
Diluted	$	0.15	$	0.31	$	0.24	$	0.17

	2016
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Revenues from rental properties	$	293,091	$	287,115	$	279,286		$	292,909
Net income attributable to the Company	$	140,713	$	203,409	$	(43,545	)	$	78,273
Net income per common share:
Basic	$	0.31	$	0.46	$	(0.13	)	$	0.16
Diluted	$	0.31	$	0.46	$	(0.13	)	$	0.16

25. Captive Insurance Company:

In October 2007, the Company formed a wholly-owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company’s third-party liability insurance policy. The Company created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms.

KIC assumes occurrence basis general liability coverage (not including casualty loss or business interruption) for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.

From October 1, 2007 through October 1, 2018, KIC assumes 100% of the first $250,000 per occurrence risk layer. This coverage is subject to annual aggregates ranging between $7.8 million and $11.5 million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between 8.0% and 12.2% of incurred losses for the policy periods ending September 30, 2008 through September 30, 2018. These amounts do not erode the Company’s per occurrence or aggregate limits.

93

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued

As of December 31, 2017 and 2016, the Company maintained a letter of credit in the amount of $23.0 million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreement with the reinsurance provider. The letter of credit maintained as of December 31, 2017, has an expiration date of February 15, 2018, with automatic renewals for one year.

Activity in the liability for unpaid losses and loss adjustment expenses for the years ended December 31, 2017 and 2016, is summarized as follows (in thousands):

	2017			2016
Balance at the beginning of the year	$	19,515		$	20,046
Incurred related to:
Current year		5,915			6,247
Prior years		(727	)		(67	)
Total incurred		5,188			6,180
Paid related to:
Current year		(742	)		(962	)
Prior years		(4,996	)		(5,749	)
Total paid		(5,738	)		(6,711	)
Balance at the end of the year	$	18,965		$	19,515

For the years ended December 31, 2017 and 2016, the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in a decrease of $0.7 million and an increase of $0.1 million, respectively, which was primarily due to continued regular favorable loss development on the general liability coverage assumed.

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SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For Years Ended December 31, 2017, 2016 and 2015

(in thousands)

	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2017
Allowance for uncollectable accounts (1)	$	24,175	$	6,641	$	-		$	(13,750	)	$	17,066
Allowance for deferred tax asset	$	95,126	$	-	$	(40,971	)	$	-		$	54,155
Year Ended December 31, 2016
Allowance for uncollectable accounts (1)	$	31,820	$	7,982	$	-		$	(15,627	)	$	24,175
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126
Year Ended December 31, 2015
Allowance for uncollectable accounts (1)	$	32,509	$	11,174	$	-		$	(11,863	)	$	31,820
Allowance for deferred tax asset	$	34,302	$	-	$	(6,397	)	$	-		$	27,905

(1)     Includes allowances on accounts receivable and straight-line rents.

95

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2017

		INITIAL COST				COST
						CAPTIALIZED SUBSEQUENT													TOTAL COST,
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND			BUILDING AND IMPROVEMENTS			TOTAL		ACCUMULATED DEPRECIATION		NET OF ACCUMULATED DEPRECIATION		ENCUMBRANCES (2)		DATE OF ACQUISITION(A)		DATE OF CONSTRUCTION(C)
SHOPPING CENTERS
DISTRICT AT TUSTIN	CA		$106,128,741		$208,876,066		$724,025			$106,128,741			$209,600,091			$315,728,832		$8,983,313		$306,745,519		$204,468,426		2017
THE GROVE	AL		18,951,763		6,403,809		3,070,025			6,793,454			21,632,143			28,425,597		6,959,991		21,465,606		-				2007
TALAVI TOWN CENTER	AZ		8,046,677		17,291,542		(25,338,219	)		-			-			-		-		-		-		2007
MESA PAVILIONS NORTH	AZ		6,060,018		35,955,005		867,624			6,060,018			36,822,629			42,882,647		8,815,702		34,066,945		-		2009
MESA RIVERVIEW	AZ		15,000,000		-		142,768,268			307,992			157,460,276			157,768,268		53,514,318		104,253,950		-				2005
MESA PAVILLIONS - SOUTH	AZ		-		148,508		100,577			-			249,085			249,085		118,929		130,156		-		2011
METRO SQUARE	AZ		4,101,017		16,410,632		1,357,963			4,101,017			17,768,595			21,869,612		8,875,277		12,994,335		-		1998
HAYDEN PLAZA NORTH	AZ		2,015,726		4,126,509		(5,588,937	)		122,085			431,213			553,298		197,517		355,781		-		1998
PLAZA DEL SOL	AZ		5,324,501		21,269,943		2,030,572			4,577,869			24,047,147			28,625,016		8,739,179		19,885,837		-		1998
PLAZA AT MOUNTAINSIDE	AZ		2,450,341		9,802,046		2,092,808			2,450,341			11,894,854			14,345,195		6,103,826		8,241,369		-		1997
VILLAGE CROSSROADS	AZ		5,662,554		24,981,223		688,411			5,662,554			25,669,634			31,332,188		4,876,413		26,455,775		-		2011
NORTH VALLEY	AZ		6,861,564		18,200,901		6,384,423			3,861,272			27,585,616			31,446,888		4,969,361		26,477,527		-		2011
CHRISTOWN SPECTRUM	AZ		33,831,348		91,004,070		15,350,895			76,638,511			63,547,802			140,186,313		8,849,280		131,337,033		61,850,278		2015
BELL CAMINO CENTER	AZ		2,427,465		6,439,065		449,983			2,427,465			6,889,048			9,316,513		1,826,375		7,490,138		-		2012
COLLEGE PARK SHOPPING CENTER	AZ		3,276,951		7,741,323		1,112,006			3,276,951			8,853,329			12,130,280		2,316,908		9,813,372		-		2011
COSTCO PLAZA - 541	CA		4,995,639		19,982,557		534,161			4,995,639			20,516,718			25,512,357		10,476,795		15,035,562		-		1998
BROOKHURST CENTER	CA		10,492,714		31,357,512		838,456			22,299,852			20,388,830			42,688,682		1,737,221		40,951,461		-		2016
LAKEWOOD PLAZA	CA		1,294,176		3,669,266		50,291			-			5,013,733			5,013,733		1,686,188		3,327,545		-		2014
MADISON PLAZA	CA		5,874,396		23,476,190		2,128,333			5,874,396			25,604,523			31,478,919		12,534,740		18,944,179		-		1998
BROADWAY PLAZA	CA		6,460,743		25,863,153		12,142,497			6,460,743			38,005,650			44,466,393		16,786,365		27,680,028		-		1998
CORONA HILLS PLAZA	CA		13,360,965		53,373,453		8,024,150			13,360,965			61,397,603			74,758,568		32,234,761		42,523,807		-		1998
280 METRO CENTER	CA		38,734,566		94,903,403		1,922,348			38,734,566			96,825,751			135,560,317		10,563,254		124,997,063		-		2015
LABAND VILLAGE SHOPPING CENTER	CA		5,600,000		13,289,347		450,236			5,607,237			13,732,346			19,339,583		7,289,456		12,050,127		-		2008
CUPERTINO VILLAGE	CA		19,886,099		46,534,919		24,291,806			19,886,099			70,826,725			90,712,824		19,498,273		71,214,551		-		2006
NORTH COUNTY PLAZA	CA		10,205,305		28,934,219		(1,000,334	)		20,894,811			17,244,379			38,139,190		3,159,099		34,980,091		-		2014
CHICO CROSSROADS	CA		9,975,810		30,534,524		1,363,692			9,985,652			31,888,374			41,874,026		9,649,420		32,224,606		-		2008
CHICO EAST & ESPLANADE	CA		2,508,716		12,886,184		(1,312,383	)		2,508,716			11,573,801			14,082,517		1,046,152		13,036,365		3,544,259		2015
CORONA HILLS MARKETPLACE	CA		9,727,446		24,778,390		703,539			9,727,446			25,481,929			35,209,375		8,709,352		26,500,023		-		2007
CREEKSIDE CENTER	CA		3,870,823		11,562,580		(477,027	)		5,154,061			9,802,315			14,956,376		577,653		14,378,723		-		2016
GOLD COUNTRY CENTER	CA		3,272,212		7,864,878		29,687			3,278,290			7,888,487			11,166,777		3,737,079		7,429,698		-		2008
LA MIRADA THEATRE CENTER	CA		8,816,741		35,259,965		(3,325,358	)		6,888,680			33,862,668			40,751,348		15,984,250		24,767,098		-		1998
KENNETH HAHN PLAZA	CA		4,114,863		7,660,855		1,478,281			4,114,863			9,139,136			13,253,999		3,158,669		10,095,330		-		2010
LA VERNE TOWN CENTER	CA		8,414,328		23,856,418		10,759,800			16,362,169			26,668,377			43,030,546		3,263,071		39,767,475		-		2014
LINCOLN HILLS TOWN CENTER	CA		8,228,587		26,127,322		132,829			8,228,587			26,260,151			34,488,738		3,199,334		31,289,404		-		2015
NOVATO FAIR S.C.	CA		9,259,778		15,599,790		997,511			9,259,778			16,597,301			25,857,079		6,336,610		19,520,469		-		2009
SOUTH NAPA MARKET PLACE	CA		1,100,000		22,159,086		20,615,121			23,119,071			20,755,136			43,874,207		10,843,098		33,031,109		-		2006
PLAZA DI NORTHRIDGE	CA		12,900,000		40,574,842		1,665,373			12,900,000			42,240,215			55,140,215		15,177,905		39,962,310		-		2005
LINDA MAR SHPPING CENTER	CA		16,548,592		37,521,194		1,776,093			16,548,592			39,297,287			55,845,879		7,472,546		48,373,333		-		2014
POWAY CITY CENTRE	CA		5,854,585		13,792,470		8,516,118			7,247,814			20,915,359			28,163,173		8,448,941		19,714,232		-		2005
REDWOOD CITY PLAZA	CA		2,552,000		6,215,168		5,900,877			2,552,000			12,116,045			14,668,045		1,463,911		13,204,134		-		2009
STANFORD RANCH	CA		10,583,764		30,007,231		3,430,053			9,982,626			34,038,422			44,021,048		3,539,167		40,481,881		14,191,062		2014
TYLER STREET PLAZA	CA		3,020,883		7,811,339		83,425			3,200,516			7,715,131			10,915,647		2,746,206		8,169,441		-		2008
CROCKER RANCH	CA		7,526,146		24,877,611		104,542			7,526,146			24,982,153			32,508,299		2,355,316		30,152,983		10,445,001		2015
HOME DEPOT PLAZA	CA		4,592,364		18,345,257		-			4,592,364			18,345,257			22,937,621		9,354,408		13,583,213		-		1998
SANTEE TROLLEY SQUARE	CA		40,208,683		62,963,757		292,910			40,208,683			63,256,667			103,465,350		15,500,852		87,964,498		-		2015
SAN/DIEGO CARMEL MOUNTAIN	CA		5,322,600		8,873,991		121,022			5,322,600			8,995,013			14,317,613		2,307,020		12,010,593		-		2009
FULTON MARKET PLACE	CA		2,966,018		6,920,710		16,305,019			6,518,924			19,672,823			26,191,747		3,192,067		22,999,680		-		2005
BLACK MOUNTAIN VILLAGE	CA		4,678,015		11,913,344		756,865			4,678,015			12,670,209			17,348,224		4,508,096		12,840,128		-		2007
RANCHO PENASQUITOS TOWNE CTR I	CA		14,851,595		20,342,165		247,359			14,851,595			20,589,524			35,441,119		2,374,587		33,066,532		13,884,779		2015
RANCHO PENASQUITOS TWN CTR II	CA		12,944,972		20,323,961		608,243			12,944,972			20,932,204			33,877,176		2,445,136		31,432,040		10,654,756		2015
CITY HEIGHTS	CA		10,687,472		28,324,896		(732,313	)		13,908,563			24,371,492			38,280,055		3,404,559		34,875,496		-		2012
TRUCKEE CROSSROADS	CA		2,140,000		8,255,753		1,619,484			2,140,000			9,875,237			12,015,237		5,557,970		6,457,267		2,074,100		2006
GATEWAY AT DONNER PASS	CA		4,515,688		8,318,667		237,945			4,515,688			8,556,612			13,072,300		1,156,392		11,915,908		2,356,820		2015
WESTLAKE SHOPPING CENTER	CA		16,174,307		64,818,562		100,795,455			16,174,307			165,614,017			181,788,324		52,777,883		129,010,441		-		2002
LAKEWOOD VILLAGE	CA		8,597,100		24,374,615		(1,119,844	)		11,683,364			20,168,507			31,851,871		3,499,437		28,352,434		-		2014
WHITTWOOD TOWN CENTER	CA		57,135,695		105,814,560		79,752			57,137,989			105,892,018			163,030,007		1,408,261		161,621,746		45,117,369		2017
SAVI RANCH	CA		7,295,646		29,752,511		(188,067	)		7,295,646			29,564,444			36,860,090		5,529,067		31,331,023		-		2012
VILLAGE ON THE PARK	CO		2,194,463		8,885,987		9,895,270			3,018,391			17,957,329			20,975,720		7,731,431		13,244,289		-		1998
QUINCY PLACE S.C.	CO		1,148,317		4,608,249		1,645,217			1,148,317			6,253,466			7,401,783		3,132,940		4,268,843		-		1998
EAST BANK S.C.	CO		1,500,568		6,180,103		2,359,399			1,500,568			8,539,502			10,040,070		3,945,851		6,094,219		-		1998
NORTHRIDGE SHOPPING CENTER	CO		4,932,690		16,496,175		1,865,017			8,934,385			14,359,497			23,293,882		2,274,998		21,018,884		-		2013
SPRING CREEK S.C.	CO		1,423,260		5,718,813		(1,539,783	)		592,896			5,009,394			5,602,290		3,734,127		1,868,163		-		1998
DENVER WEST 38TH STREET	CO		161,167		646,983		41,853			161,167			688,836			850,003		330,384		519,619		-		1998
ENGLEWOOD PLAZA	CO		805,837		3,232,650		564,167			805,837			3,796,817			4,602,654		1,925,245		2,677,409		-		1998
FORT COLLINS S.C.	CO		1,253,497		7,625,278		1,599,608			1,253,497			9,224,886			10,478,383		3,882,582		6,595,801		-		2000
GREELEY COMMONS	CO		3,313,095		20,069,559		104,137			3,313,095			20,173,696			23,486,791		4,108,294		19,378,497		-		2012
HIGHLANDS RANCH VILLAGE S.C.	CO		8,135,427		21,579,936		(544,584	)		5,337,081			23,833,698			29,170,779		4,184,418		24,986,361		-		2011
VILLAGE CENTER WEST	CO		2,010,519		8,361,084		203,885			2,010,519			8,564,969			10,575,488		1,448,222		9,127,266		-		2011
HIGHLANDS RANCH II	CO		3,514,837		11,755,916		354,284			3,514,837			12,110,200			15,625,037		2,729,678		12,895,359		-		2013
VILLAGE CENTER - HIGHLAND RANCH	CO		1,140,000		2,660,000		277,159			1,140,000			2,937,159			4,077,159		184,584		3,892,575		-		2014
HERITAGE WEST S.C.	CO		1,526,576		6,124,074		1,702,094			1,526,576			7,826,168			9,352,744		3,555,249		5,797,495		-		1998
MARKET AT SOUTHPARK	CO		9,782,769		20,779,522		541,956			9,782,769			21,321,478			31,104,247		4,557,442		26,546,805		-		2011
NEWTOWN S.C.	CT		-		15,635,442		-			-			15,635,442			15,635,442		1,763,731		13,871,711		7,889,936		2014
WEST FARM SHOPPING CENTER	CT		5,805,969		23,348,024		15,727,758			7,585,116			37,296,635			44,881,751		14,349,914		30,531,837		-		1998
HAMDEN MART	CT		13,668,167		40,890,166		4,224,199			14,225,573			44,556,959			58,782,532		2,984,228		55,798,304		21,498,278		2016
HOME DEPOT PLAZA	CT		7,704,968		30,797,640		3,061,389			7,704,968			33,859,029			41,563,997		14,718,770		26,845,227		-		1998
WILTON RIVER PARK SHOPPING CTR	CT		7,154,585		27,509,279		(56,109	)		7,154,584			27,453,171			34,607,755		4,329,368		30,278,387		-		2012
BRIGHT HORIZONS	CT		1,211,748		4,610,610		9,499			1,211,748			4,620,109			5,831,857		839,744		4,992,113		-		2012
WILTON CAMPUS	CT		10,168,872		31,893,016		317,485			10,168,872			32,210,501			42,379,373		7,466,715		34,912,658		-		2013
CAMDEN SQUARE	DE		122,741		66,738		4,502,409			3,024,375			1,667,513			4,691,888		181,042		4,510,846		-		2003
PROMENADE AT CHRISTIANA (3)	DE		14,371,686		-		18,503,592			32,875,278			-			32,875,278		-		32,875,278		-				2014
BRANDYWINE COMMONS	DE		-		36,057,487		1,823,593			-			37,881,080			37,881,080		4,486,979		33,394,101		-		2014
CAMINO SQUARE	FL		573,875		2,295,501		2,714,483			733,875			4,849,984			5,583,859		3,872,616		1,711,243		-		1992
BONITA GRANDE CROSSINGS	FL		3,370,941		8,179,481		234,356			3,370,941			8,413,837			11,784,778		993,508		10,791,270		-		2015
HOLLYWOOD VIDEO BONITA GRANDE	FL		341,958		771,935		-			341,958			771,935			1,113,893		93,941		1,019,952		-		2015
CORAL SQUARE PROMENADE	FL		710,000		2,842,907		4,023,496			710,000			6,866,403			7,576,403		3,791,207		3,785,196		-		1994
MAPLEWOOD PLAZA	FL		1,649,000		6,626,301		1,306,059			1,649,000			7,932,360			9,581,360		3,792,560		5,788,800		-		1997
CURLEW CROSSING SHOPPING CTR	FL		5,315,955		12,529,467		2,393,045			5,315,955			14,922,512			20,238,467		5,962,584		14,275,883		-		2005
SHOPS AT SANTA BARBARA PHASE 1	FL		743,463		5,373,994		80,505			743,463			5,454,499			6,197,962		647,135		5,550,827		-		2015
SHOPS AT SANTA BARBARA PHASE 2	FL		331,692		2,488,832		-			331,692			2,488,832			2,820,524		303,632		2,516,892		-		2015
SHOPS AT SANTA BARBARA PHASE 3	FL		329,726		2,358,700		61,618			329,726			2,420,318			2,750,044		276,810		2,473,234		-		2015
CORAL POINTE S.C.	FL		2,411,608		20,507,735		213,166			2,411,608			20,720,901			23,132,509		2,362,743		20,769,766		-		2015
PUBLIX AT ADDISON	FL		3,211,156		6,747,895		-			3,211,156			6,747,895			9,959,051		533,669		9,425,382		-		2015
ADDISON CENTER PROF.BUILDING	FL		802,789		1,310,012		(61,362	)		802,789			1,248,650			2,051,439		105,019		1,946,420		-		2015
DANIA POINTE (3)	FL		105,113,024		-		47,727,558			152,840,582			-			152,840,582		-		152,840,582		-		2016		2016
FT.LAUDERDALE/CYPRESS CREEK	FL		14,258,760		28,042,390		1,982,805			14,258,760			30,025,195			44,283,955		9,170,634		35,113,321		-		2009
HOMESTEAD-WACHTEL LAND LEASE	FL		150,000		-		-			150,000			-			150,000		-		150,000		-		2013
OAKWOOD PLAZA NORTH	FL		35,300,961		141,731,019		162,764			35,300,961			141,893,783			177,194,744		9,869,863		167,324,881		100,000,000		2016
OAKWOOD PLAZA SOUTH	FL		11,126,609		40,592,103		200,905			11,126,609			40,793,008			51,919,617		3,187,414		48,732,203		-		2016
OAKWOOD BUSINESS CTR-BLDG 1	FL		6,792,500		18,662,565		3,065,679			6,792,500			21,728,244			28,520,744		6,216,521		22,304,223		-		2009
AMELIA CONCOURSE	FL		7,600,000		-		2,279,068			498,680			9,380,388			9,879,068		3,063,630		6,815,438		-				2003
KIMCO AVENUES WALK, LLC (3)	FL		26,984,546		-		21,588,299			-			48,572,845			48,572,845		-		48,572,845		-				2005
AVENUES WALK	FL		8,169,933		20,173,468		(18,870,745	)		2,711,057			6,761,599			9,472,656		395,121		9,077,535		-		2017
DUVAL STATION S.C.	FL		1,807,792		11,863,692		114,840			1,807,792			11,978,532			13,786,324		1,244,732		12,541,592		-		2015
RIVERPLACE SHOPPING CTR.	FL		7,503,282		31,011,027		1,662,341			7,200,050			32,976,600			40,176,650		9,409,835		30,766,815		-		2010
MERCHANTS WALK	FL		2,580,816		10,366,090		6,681,476			2,580,816			17,047,566			19,628,382		8,173,678		11,454,704		-		2001
CENTER AT MISSOURI AVENUE	FL		293,686		792,119		6,291,221			293,686			7,083,340			7,377,026		1,647,444		5,729,582		-				1968
TRI-CITY PLAZA	FL		2,832,296		11,329,185		20,422,836			2,832,296			31,752,021			34,584,317		3,569,889		31,014,428		-		1992
FT LAUDERDALE #1, FL	FL		1,002,733		2,602,415		13,141,950			1,774,443			14,972,655			16,747,098		9,967,674		6,779,424		-				1974
NASA PLAZA	FL		-		1,754,000		3,347,355			-			5,101,355			5,101,355		3,941,287		1,160,068		-				1968
GROVE GATE S.C.	FL		365,893		1,049,172		792,700			365,893			1,841,872			2,207,765		1,567,731		640,034		-				1968
CHEVRON OUTPARCEL	FL		530,570		1,253,410		-			530,570			1,253,410			1,783,980		356,499		1,427,481		-		2010
IVES DAIRY CROSSING	FL		732,914		4,080,460		11,183,306			720,852			15,275,828			15,996,680		9,421,495		6,575,185		-		1985
MILLER ROAD S.C.	FL		1,138,082		4,552,327		4,560,187			1,138,082			9,112,514			10,250,596		5,883,832		4,366,764		-		1986
TRI-CITIES SHOPPING PLAZA	FL		1,011,000		4,062,890		3,202,734			1,011,000			7,265,624			8,276,624		796,633		7,479,991		-		1997
KENDALE LAKES PLAZA	FL		18,491,461		28,496,001		(1,996,609	)		15,362,227			29,628,626			44,990,853		7,300,120		37,690,733		-		2009
CENTRE OF MERRITT	FL		1,806,275		9,592,435		-			1,806,275			9,592,435			11,398,710		939,539		10,459,171		-		2015
MILLER WEST PLAZA	FL		6,725,660		10,661,419		228,663			6,725,660			10,890,082			17,615,742		1,159,951		16,455,791		-		2015
CORSICA SQUARE S.C.	FL		7,225,100		10,757,386		129,489			7,225,100			10,886,875			18,111,975		1,263,335		16,848,640		-		2015
FLAGLER PARK	FL		26,162,980		80,737,041		3,628,420			26,725,480			83,802,961			110,528,441		22,448,579		88,079,862		-		2007
PARK HILL PLAZA	FL		10,763,612		19,264,248		262,118			10,763,612			19,526,366			30,289,978		4,215,691		26,074,287		-		2011
WINN DIXIE-MIAMI	FL		2,989,640		9,410,360		(51,872	)		3,544,297			8,803,831			12,348,128		896,776		11,451,352		-		2013
MARATHON SHOPPING CENTER	FL		2,412,929		8,069,450		1,045,327			1,514,731			10,012,975			11,527,706		1,505,904		10,021,802		-		2013
SODO S.C.	FL		-		68,139,271		8,516,523			142,195			76,513,599			76,655,794		18,774,702		57,881,092		-		2008
RENAISSANCE CENTER	FL		9,104,379		36,540,873		14,919,342			9,122,758			51,441,836			60,564,594		18,762,491		41,802,103		-		1998
MILLENIA PLAZA PHASE II	FL		7,711,000		20,702,992		1,506,264			7,698,200			22,222,056			29,920,256		8,248,249		21,672,007		-		2009
RIVERSIDE LANDINGS S.C.	FL		3,512,202		14,439,668		276,235			3,512,202			14,715,903			18,228,105		1,495,774		16,732,331		-		2015
GRAND OAKS VILLAGE	FL		7,409,319		19,653,869		(683,921	)		5,846,339			20,532,928			26,379,267		3,936,281		22,442,986		-		2011
PLANTATION CROSSING	FL		2,782,030		8,077,260		3,606,250			2,782,030			11,683,510			14,465,540		351,464		14,114,076		-		2017
POMPANO POINTE S.C.	FL		10,516,500		14,078,456		530,900			10,516,500			14,609,356			25,125,856		726,848		24,399,008		-		2012
UNIVERSITY TOWN CENTER	FL		5,515,265		13,041,400		477,832			5,515,265			13,519,232			19,034,497		2,831,595		16,202,902		-		2011
PALM BEACH GARDENS	FL		2,764,953		11,059,812		826,309			2,764,953			11,886,121			14,651,074		1,776,729		12,874,345		-		2009
OAK TREE PLAZA	FL		-		917,360		1,562,194			-			2,479,554			2,479,554		1,345,760		1,133,794		-				1968
TUTTLEBEE PLAZA	FL		254,961		828,465		1,676,908			254,961			2,505,373			2,760,334		1,805,032		955,302		-		2008
SOUTH MIAMI S.C.	FL		1,280,440		5,133,825		3,452,430			1,280,440			8,586,255			9,866,695		4,492,631		5,374,064		-		1995
CARROLLWOOD COMMONS	FL		5,220,445		16,884,228		2,855,466			5,220,445			19,739,694			24,960,139		9,563,475		15,396,664		-		1997
VILLAGE COMMONS SHOPPING CENT.	FL		2,192,331		8,774,158		4,605,195			2,192,331			13,379,353			15,571,684		5,647,685		9,923,999		-		1998
MISSION BELL SHOPPING CENTER	FL		5,056,426		11,843,119		8,681,231			5,067,033			20,513,743			25,580,776		6,924,869		18,655,907		-		2004
VILLAGE COMMONS S.C.	FL		2,026,423		5,106,476		2,031,564			2,026,423			7,138,040			9,164,463		1,408,765		7,755,698		-		2013
BELMART PLAZA	FL		1,656,097		3,394,420		5,648,437			1,656,097			9,042,857			10,698,954		665,211		10,033,743		-		2014
MARKET AT HAYNES BRIDGE	GA		4,880,659		21,549,424		1,168,508			4,889,863			22,708,728			27,598,591		7,296,311		20,302,280		-		2008
EMBRY VILLAGE	GA		18,147,054		33,009,514		1,143,200			18,160,525			34,139,243			52,299,768		24,236,617		28,063,151		-		2008
PERIMETER EXPO PROPERTY	GA		14,770,275		44,295,457		(867,262	)		16,142,152			42,056,318			58,198,470		2,323,047		55,875,423		-		2016
RIVERWALK MARKETPLACE	GA		3,512,202		18,862,571		(25,121	)		3,512,202			18,837,450			22,349,652		1,407,453		20,942,199		-		2015
VILLAGE SHOPPES-FLOWERY BRANCH	GA		4,444,148		10,510,657		361,219			4,444,148			10,871,876			15,316,024		2,865,087		12,450,937		-		2011
LAWRENCEVILLE MARKET	GA		8,878,266		29,691,191		297,965			9,060,436			29,806,986			38,867,422		5,116,031		33,751,391		-		2013
FIVE FORKS CROSSING	GA		2,363,848		7,906,257		391,047			2,363,848			8,297,304			10,661,152		1,801,564		8,859,588		-		2013
BRAELINN VILLAGE	GA		7,314,719		20,738,792		1,684,923			6,342,926			23,395,508			29,738,434		2,948,266		26,790,168		-		2014
SAVANNAH CENTER	GA		2,052,270		8,232,978		4,034,349			2,052,270			12,267,327			14,319,597		6,940,835		7,378,762		-		1993
CHATHAM PLAZA	GA		13,390,238		35,115,882		969,942			13,403,262			36,072,800			49,476,062		12,411,308		37,064,754		-		2008
CLIVE PLAZA	IA		500,525		2,002,101		-			500,525			2,002,101			2,502,626		1,125,113		1,377,513		-		1996
DUBUQUE CENTER	IA		-		2,152,476		239,217			-			2,391,693			2,391,693		1,778,184		613,509		-		1997
87TH STREET CENTER	IL		-		2,687,046		11,446,720			6,992,648			7,141,118			14,133,766		2,620,820		11,512,946		-		1997
ELSTON CHICAGO	IL		1,010,374		5,692,212		498,828			1,010,374			6,191,040			7,201,414		2,930,108		4,271,306		-		1997
DOWNERS PARK PLAZA	IL		2,510,455		10,164,494		2,025,382			2,510,455			12,189,876			14,700,331		5,738,993		8,961,338		-		1999
DOWNERS PARK PLAZA	IL		811,778		4,322,956		3,475,523			811,778			7,798,479			8,610,257		3,908,642		4,701,615		-		1997
TOWN & COUNTRY S.C.	IL		842,555		2,108,674		3,902,011			500,927			6,352,313			6,853,240		4,456,553		2,396,687		-				1972
FAIRVIEW CITY CENTRE	IL		-		11,866,880		16,189,869			1,900,000			26,156,749			28,056,749		2,424,561		25,632,188		-		1998
PLAZA DEL PRADO	IL		10,203,960		28,409,786		1,032,958			10,203,960			29,442,744			39,646,704		2,027,639		37,619,065		-		2017
SHOPS AT KILDEER	IL		5,259,542		28,141,501		2,673,272			5,259,542			30,814,773			36,074,315		5,575,517		30,498,798		-		2013
MOUNT PROSPECT CENTER	IL		1,017,345		6,572,176		4,100,013			1,017,345			10,672,189			11,689,534		6,096,302		5,593,232		-		1997
MUNDELEIN SHOPPING CENTER	IL		1,127,720		5,826,129		(2,606,024	)		366,184			3,981,641			4,347,825		2,954,890		1,392,935		-		1998
OAK LAWN CENTER	IL		1,530,111		8,776,631		709,090			1,530,111			9,485,721			11,015,832		4,920,379		6,095,453		-		1997
22ND STREET PLAZA	IL		1,527,188		8,679,108		4,880,654			1,527,188			13,559,762			15,086,950		5,954,279		9,132,671		-		1997
SKOKIE POINTE	IL		-		2,276,360		9,564,305			2,628,440			9,212,225			11,840,665		3,925,602		7,915,063		-		1997
HAWTHORN HILLS SQUARE	IL		6,783,928		33,033,624		2,814,620			6,783,928			35,848,244			42,632,172		6,962,156		35,670,016		-		2012
WOODGROVE FESTIVAL	IL		5,049,149		20,822,993		5,345,619			4,805,866			26,411,895			31,217,761		13,423,088		17,794,673		-		1998
GROVE PARCEL	IL		907,291		2,240,810		134,130			907,291			2,374,940			3,282,231		307,428		2,974,803		-		2016
WOODRIDGE PAD	IL		702,757		1,746,223		-			702,757			1,746,223			2,448,980		136,201		2,312,779		-		2016
GREENWOOD S.C.	IN		423,371		1,883,421		12,488,773			1,640,748			13,154,817			14,795,565		7,376,514		7,419,051		-				1970
SOUTH PARK S.C.	KY		1,675,031		6,848,209		6,546,359			1,551,079			13,518,520			15,069,599		8,250,684		6,818,915		-		1993
ABINGTON PLAZA	MA		10,457,183		494,652		-			10,457,183			494,652			10,951,835		122,964		10,828,871		3,990,344		2014
WASHINGTON ST.PLAZA	MA		11,007,593		5,652,368		8,961,280			12,957,593			12,663,648			25,621,241		1,482,715		24,138,526		5,733,076		2014
MEMORIAL PLAZA	MA		16,411,388		27,553,908		743,083			16,411,388			28,296,991			44,708,379		3,059,584		41,648,795		15,809,216		2014
MAIN ST. PLAZA	MA		555,898		2,139,494		-			555,898			2,139,494			2,695,392		296,143		2,399,249		1,324,212		2014
MORRISSEY PLAZA	MA		4,097,251		3,751,068		-			4,097,251			3,751,068			7,848,319		695,001		7,153,318		3,033,988		2014
GLENDALE SQUARE	MA		4,698,891		7,141,090		276,270			4,698,891			7,417,360			12,116,251		1,140,566		10,975,685		5,474,019		2014
FALMOUTH PLAZA	MA		2,361,071		13,065,817		847,281			2,361,071			13,913,098			16,274,169		1,696,974		14,577,195		7,703,065		2014
WAVERLY PLAZA	MA		1,215,005		3,622,911		60,809			1,203,205			3,695,520			4,898,725		611,406		4,287,319		2,231,974		2014
FESTIVAL OF HYANNIS S.C.	MA		15,038,197		40,682,853		1,488,072			15,038,197			42,170,925			57,209,122		7,155,488		50,053,634		-		2014
FELLSWAY PLAZA	MA		5,300,388		11,013,543		127,563			5,300,388			11,141,106			16,441,494		1,536,348		14,905,146		6,535,377		2014
DEL ALBA PLAZA	MA		3,163,033		8,967,874		19,995			3,163,033			8,987,869			12,150,902		908,085		11,242,817		7,628,034		2014
NORTH QUINCY PLAZA	MA		6,332,542		17,954,110		(991,929	)		3,894,436			19,400,287			23,294,723		2,035,103		21,259,620		-		2014
ADAMS PLAZA	MA		2,089,363		3,226,648		(40,155	)		2,089,363			3,186,493			5,275,856		391,361		4,884,495		1,813,396		2014
BROADWAY PLAZA	MA		6,485,065		343,422		-			6,485,065			343,422			6,828,487		92,703		6,735,784		2,782,925		2014
VINNIN SQUARE PLAZA	MA		5,545,425		16,324,060		(150,434	)		5,545,425			16,173,626			21,719,051		2,699,267		19,019,784		8,834,315		2014
PARADISE PLAZA	MA		4,183,038		12,194,885		1,151,422			4,183,038			13,346,307			17,529,345		2,027,671		15,501,674		8,537,656		2014
BELMONT PLAZA	MA		11,104,983		848,844		-			11,104,983			848,844			11,953,827		154,335		11,799,492		5,044,171		2014
VINNIN SQUARE IN-LINE	MA		582,228		2,094,560		(38,716	)		582,228			2,055,844			2,638,072		234,248		2,403,824		-		2014
LINDEN PLAZA	MA		4,628,215		3,535,431		655,320			4,628,215			4,190,751			8,818,966		759,317		8,059,649		3,418,968		2014
NORTH AVE. PLAZA	MA		1,163,875		1,194,673		15,933			1,163,875			1,210,606			2,374,481		205,892		2,168,589		869,967		2014
WASHINGTON ST. S.C.	MA		7,380,918		9,987,119		1,786,055			7,380,918			11,773,174			19,154,092		1,233,520		17,920,572		6,053,938		2014
MILL ST. PLAZA	MA		4,195,024		6,203,410		136,079			4,195,024			6,339,489			10,534,513		914,061		9,620,452		3,958,596		2014
FULLERTON PLAZA	MD		14,237,901		6,743,980		524,940			14,237,901			7,268,920			21,506,821		1,006,841		20,499,980		-		2014
GREENBRIER S.C.	MD		8,891,468		30,304,760		149,632			8,891,468			30,454,392			39,345,860		3,668,094		35,677,766		-		2014
INGLESIDE S.C.	MD		10,416,726		17,889,235		(2,058	)		10,416,726			17,887,177			28,303,903		2,712,912		25,590,991		-		2014
ROLLING ROAD PLAZA	MD		2,510,395		11,930,217		(4,309,151	)		1,694,305			8,437,156			10,131,461		1,239,336		8,892,125		-		2015
SECURITY SQUARE SHOPPING CTR.	MD		5,342,463		15,147,024		(3,326,568	)		4,550,533			12,612,386			17,162,919		1,779,927		15,382,992		-		2014
WILKENS BELTWAY PLAZA	MD		9,948,235		22,125,942		280,251			9,948,235			22,406,193			32,354,428		5,095,879		27,258,549		-		2014
YORK ROAD PLAZA	MD		4,276,715		37,205,757		80,167			4,276,715			37,285,924			41,562,639		4,110,990		37,451,649		-		2014
PUTTY HILL PLAZA	MD		4,192,152		11,112,111		555,260			4,192,152			11,667,371			15,859,523		2,728,389		13,131,134		-		2013
SNOWDEN SQUARE S.C.	MD		1,929,402		4,557,934		5,155,349			3,326,422			8,316,263			11,642,685		1,577,155		10,065,530		-		2012
COLUMBIA CROSSING	MD		3,612,550		34,344,509		336,277			3,612,550			34,680,786			38,293,336		3,391,814		34,901,522		-		2015
DORSEY'S SEARCH VILLAGE CENTER	MD		6,321,963		27,996,087		83,766			6,321,963			28,079,853			34,401,816		2,501,718		31,900,098		-		2015
HICKORY RIDGE	MD		7,183,646		26,947,776		486,138			7,183,646			27,433,914			34,617,560		3,037,925		31,579,635		-		2015
HICKORY RIDGE (SUNOCO)	MD		543,197		2,122,234		-			543,197			2,122,234			2,665,431		266,003		2,399,428		-		2015
KINGS CONTRIVANCE	MD		9,308,349		31,759,940		503,400			9,308,349			32,263,340			41,571,689		3,907,886		37,663,803		-		2014
HARPER'S CHOICE	MD		8,429,284		18,373,994		434,377			8,429,284			18,808,371			27,237,655		2,194,028		25,043,627		-		2015
WILDE LAKE	MD		1,468,038		5,869,862		25,718,069			2,577,073			30,478,896			33,055,969		8,989,662		24,066,307		-		2002
RIVERHILL VILLAGE CENTER	MD		16,825,496		23,282,222		171,904			16,825,496			23,454,126			40,279,622		4,064,952		36,214,670		-		2014
OLD BRANCH PLAZA	MD		39,779		130,716		2,117,165			121,747			2,165,913			2,287,660		431,151		1,856,509		-		2003
COLUMBIA CROSSING OUTPARCELS	MD		1,279,200		2,870,800		19,241,721			6,147,248			17,244,473			23,391,721		2,576,298		20,815,423		-		2011
COLUMBIA CROSSING II SHOP.CTR.	MD		3,137,628		19,868,075		2,632,554			3,137,628			22,500,629			25,638,257		4,218,320		21,419,937		-		2013
SHOPS AT DISTRICT HEIGHTS	MD		8,165,638		21,970,661		(1,272,892	)		7,298,215			21,565,192			28,863,407		1,442,361		27,421,046		13,604,533		2015
ENCHANTED FOREST S.C.	MD		20,123,946		34,345,102		400,985			20,123,946			34,746,087			54,870,033		5,046,478		49,823,555		-		2014
SHOPPES AT EASTON	MD		6,523,713		16,402,204		(2,576,752	)		5,687,500			14,661,665			20,349,165		2,061,372		18,287,793		-		2014
VILLAGES AT URBANA	MD		3,190,074		6,067		18,075,503			4,828,774			16,442,870			21,271,644		1,717,904		19,553,740		-		2003
GAITHERSBURG S.C.	MD		244,890		6,787,534		1,549,116			244,890			8,336,650			8,581,540		3,411,441		5,170,099		-		1999
KENTLANDS MARKET SQUARE	MD		20,167,048		84,615,052		359,626			20,167,048			84,974,678			105,141,726		6,980,403		98,161,323		33,484,213		2016
SHAWAN PLAZA	MD		4,466,000		20,222,367		(571,103	)		4,466,000			19,651,264			24,117,264		11,145,763		12,971,501		2,998,379		2008
LAUREL PLAZA	MD		349,562		1,398,250		4,277,983			1,571,288			4,454,507			6,025,795		1,904,201		4,121,594		-		1995
LAUREL PLAZA	MD		274,580		1,100,968		173,969			274,580			1,274,937			1,549,517		1,173,495		376,022		-				1972
MILL STATION THEATER/RSTRNTS (3)	MD		23,378,543		1,089,760		25,751,974			49,084,509			1,135,768			50,220,277		119,049		50,101,228		-		2015		2016
CENTRE COURT-RETAIL/BANK	MD		1,035,359		7,785,830		65,996			1,035,359			7,851,826			8,887,185		1,332,233		7,554,952		1,705,341		2011
CENTRE COURT-GIANT	MD		3,854,099		12,769,628		-			3,854,099			12,769,628			16,623,727		2,396,262		14,227,465		5,827,854		2011
CENTRE COURT-OLD COURT/COURTYD	MD		2,279,177		5,284,577		(177	)		2,279,177			5,284,400			7,563,577		1,037,897		6,525,680		-		2011
RADCLIFFE CENTER	MD		12,042,713		21,187,946		-			12,042,713			21,187,946			33,230,659		2,746,518		30,484,141		-		2014
TIMONIUM CROSSING	MD		2,525,377		14,862,817		540,195			2,525,377			15,403,012			17,928,389		2,144,459		15,783,930		-		2014
TIMONIUM SQUARE	MD		6,000,000		24,282,998		14,432,527			7,331,195			37,384,330			44,715,525		15,963,855		28,751,670		-		2003
TOWSON PLACE	MD		43,886,876		101,764,931		1,168,691			43,270,792			103,549,706			146,820,498		19,056,834		127,763,664		-		2012
WHITE LAKE COMMONS	MI		2,300,050		9,249,607		2,569,183			2,300,050			11,818,790			14,118,840		6,805,501		7,313,339		-		1996
DOWNTOWN FARMINGTON CENTER	MI		1,098,426		4,525,723		5,620,128			1,098,426			10,145,851			11,244,277		3,285,643		7,958,634		-		1993
CENTURY PLAZA	MI		178,785		925,818		893,501			178,785			1,819,319			1,998,104		1,391,481		606,623		-				1968
CROSS CREEK S.C.	MI		1,451,397		5,806,263		653,261			1,451,397			6,459,524			7,910,921		3,862,120		4,048,801		-		1993
GREEN ORCHARD SHOPPING CENTER	MI		3,682,478		14,730,060		5,961,459			3,682,478			20,691,519			24,373,997		10,568,412		13,805,585		-		1993
THE FOUNTAINS AT ARBOR LAKES	MN		28,585,296		66,699,024		13,518,386			29,485,296			79,317,410			108,802,706		27,021,705		81,781,001		-		2006
ROSEVILLE PLAZA	MN		132,842		957,340		9,881,853			1,675,667			9,296,368			10,972,035		1,826,063		9,145,972		-		2005
CREVE COUER SHOPPING CENTER	MO		1,044,598		5,475,623		1,095,602			960,814			6,655,009			7,615,823		3,135,156		4,480,667		-		1998
KIRKWOOD CROSSING	MO		-		9,704,005		14,520,796			-			24,224,801			24,224,801		15,172,754		9,052,047		-		1998
LEMAY S.C.	MO		125,879		503,510		3,673,917			451,155			3,852,151			4,303,306		1,562,794		2,740,512		-				1974
GRAVOIS PLAZA	MO		1,032,416		4,455,514		11,398,264			1,032,413			15,853,781			16,886,194		9,612,922		7,273,272		-		2008
PRIMROSE MARKET PLACE	MO		2,745,595		10,985,778		8,738,775			2,904,022			19,566,126			22,470,148		10,835,691		11,634,457		-		1994
PRIMROSE MARKETPLACE	MO		905,674		3,666,386		5,324,000			905,674			8,990,386			9,896,060		3,457,177		6,438,883		-		2002
CENTER POINT S.C.	MO		-		550,204		-			-			550,204			550,204		423,712		126,492		-		1998
KINGS HIGHWAY S.C.	MO		809,087		4,430,514		2,776,341			809,087			7,206,855			8,015,942		3,564,339		4,451,603		-		1998
OVERLAND CROSSING	MO		-		4,928,677		740,346			-			5,669,023			5,669,023		3,479,162		2,189,861		-		1997
CAVE SPRINGS S.C.	MO		1,182,194		7,423,459		7,112,686			1,563,694			14,154,645			15,718,339		10,368,503		5,349,836		-		1997
WOODLAWN MARKETPLACE	NC		919,251		3,570,981		2,740,450			919,251			6,311,431			7,230,682		3,476,390		3,754,292		-		2008
TYVOLA SQUARE	NC		-		4,736,345		7,612,562			-			12,348,907			12,348,907		9,299,343		3,049,564		-		1986
CROSSROADS PLAZA	NC		767,864		3,098,881		1,233,350			767,864			4,332,231			5,100,095		1,744,160		3,355,935		-		2000
JETTON VILLAGE SHOPPES	NC		3,875,224		10,292,231		444,020			2,143,695			12,467,780			14,611,475		2,121,243		12,490,232		-		2011
MOUNTAIN ISLAND MARKETPLACE	NC		3,318,587		7,331,413		749,369			3,818,587			7,580,782			11,399,369		1,452,069		9,947,300		-		2012
WOODLAWN SHOPPING CENTER	NC		2,010,725		5,833,626		1,691,133			2,010,725			7,524,759			9,535,484		1,204,350		8,331,134		-		2012
CROSSROADS PLAZA	NC		13,405,529		86,455,763		(198,549	)		13,405,529			86,257,214			99,662,743		13,895,239		85,767,504		-		2014
QUAIL CORNERS	NC		7,318,321		26,675,644		1,361,806			7,318,321			28,037,450			35,355,771		3,168,511		32,187,260		16,323,912		2014
OAKCREEK VILLAGE	NC		1,882,800		7,551,576		(9,434,376	)		-			-			-		-		-		-		1996
DAVIDSON COMMONS	NC		2,978,533		12,859,867		633,088			2,978,533			13,492,955			16,471,488		2,287,031		14,184,457		-		2012
PARK PLACE SC	NC		5,461,478		16,163,494		(484,835	)		5,469,809			15,670,328			21,140,137		6,444,538		14,695,599		-		2008
MOORESVILLE CROSSING	NC		12,013,727		30,604,173		193,886			11,625,801			31,185,985			42,811,786		11,327,237		31,484,549		-		2007
PLEASANT VALLEY PROMENADE	NC		5,208,885		20,885,792		13,481,663			5,208,885			34,367,455			39,576,340		19,878,739		19,697,601		-		1993
BRENNAN STATION	NC		7,749,751		20,556,891		(637,688	)		6,321,923			21,347,031			27,668,954		5,245,854		22,423,100		-		2011
BRENNAN STATION OUTPARCEL	NC		627,906		1,665,576		(162,856	)		450,232			1,680,394			2,130,626		333,323		1,797,303		-		2011
CLOVERDALE PLAZA	NC		540,667		719,655		6,293,580			540,667			7,013,235			7,553,902		3,506,463		4,047,439		-				1969
WEBSTER SQUARE	NH		11,683,145		41,708,383		5,103,293			11,683,145			46,811,676			58,494,821		6,511,086		51,983,735		-		2014
WEBSTER SQUARE - DSW	NH		1,346,391		3,638,397		124,707			1,346,391			3,763,104			5,109,495		48,056		5,061,439		-		2017
WEBSTER SQUARE NORTH	NH		2,163,138		6,511,424		3,574			2,163,138			6,514,998			8,678,136		577,393		8,100,743		-		2016
ROCKINGHAM PLAZA	NH		2,660,915		10,643,660		15,108,605			3,148,715			25,264,465			28,413,180		12,080,600		16,332,580		-		2008
SHOP RITE PLAZA	NJ		2,417,583		6,364,094		1,646,439			2,417,583			8,010,533			10,428,116		7,207,932		3,220,184		-				1985
MARLTON PLAZA	NJ		-		4,318,534		105,215			-			4,423,749			4,423,749		2,376,127		2,047,622		-		1996
HILLVIEW SHOPPING CENTER	NJ		16,007,647		32,607,423		(1,255,385	)		16,007,647			31,352,038			47,359,685		4,765,750		42,593,935		-		2014
GARDEN STATE PAVILIONS	NJ		7,530,709		10,801,949		20,648,695			12,203,841			26,777,512			38,981,353		6,391,860		32,589,493		-		2011
CLARK SHOPRITE 70 CENTRAL AVE	NJ		3,496,673		11,693,769		994,829			13,959,593			2,225,678			16,185,271		678,560		15,506,711		-		2013
COMMERCE CENTER WEST	NJ		385,760		1,290,080		160,534			793,595			1,042,779			1,836,374		236,451		1,599,923		-		2013
COMMERCE CENTER EAST	NJ		1,518,930		5,079,690		1,753,865			7,235,196			1,117,289			8,352,485		355,825		7,996,660		-		2013
CENTRAL PLAZA	NJ		3,170,465		10,602,845		(52,188	)		5,145,167			8,575,955			13,721,122		1,835,056		11,886,066		-		2013
EAST WINDSOR VILLAGE	NJ		9,335,011		23,777,978		112,050			9,335,011			23,890,028			33,225,039		6,110,077		27,114,962		-		2008
HOLMDEL TOWNE CENTER	NJ		10,824,624		43,301,494		9,397,795			10,824,624			52,699,289			63,523,913		19,878,655		43,645,258		-		2002
COMMONS AT HOLMDEL	NJ		16,537,556		38,759,952		3,475,560			16,537,556			42,235,512			58,773,068		16,945,466		41,827,602		-		2004
PLAZA AT HILLSDALE	NJ		7,601,596		6,994,196		1,432,319			7,601,596			8,426,515			16,028,111		1,088,251		14,939,860		5,836,506		2014
MAPLE SHADE	NJ		-		9,957,611		(845,233	)		-			9,112,378			9,112,378		1,084,452		8,027,926		-		2009
PLAZA AT SHORT HILLS	NJ		20,155,471		11,061,984		501,894			20,155,471			11,563,878			31,719,349		1,955,992		29,763,357		9,362,130		2014
NORTH BRUNSWICK PLAZA	NJ		3,204,978		12,819,912		25,982,405			3,204,978			38,802,317			42,007,295		18,853,759		23,153,536		-		1994
PISCATAWAY TOWN CENTER	NJ		3,851,839		15,410,851		1,251,418			3,851,839			16,662,269			20,514,108		8,445,408		12,068,700		-		1998
RIDGEWOOD S.C.	NJ		450,000		2,106,566		1,124,923			450,000			3,231,489			3,681,489		1,737,901		1,943,588		-		1993
UNION CRESCENT III	NJ		7,895,483		3,010,640		28,918,367			8,696,579			31,127,911			39,824,490		14,324,046		25,500,444		-		2007
WESTMONT PLAZA	NJ		601,655		2,404,604		12,309,854			601,655			14,714,458			15,316,113		6,544,416		8,771,697		-		1994
WILLOWBROOK PLAZA	NJ		15,320,436		40,996,874		5,392,418			15,320,436			46,389,292			61,709,728		6,087,587		55,622,141		-		2009
DEL MONTE PLAZA	NV		2,489,429		5,590,415		624,647			2,210,000			6,494,491			8,704,491		3,368,154		5,336,337		2,303,167		2006
DEL MONTE PLAZA ANCHOR PARCEL	NV		6,512,745		17,599,602		43,051			6,520,017			17,635,381			24,155,398		306,920		23,848,478		-		2017
REDFIELD PROMENADE	NV		4,415,339		32,035,192		216,060			4,415,339			32,251,252			36,666,591		4,692,954		31,973,637		-		2015
MCQUEEN CROSSINGS	NV		5,017,431		20,779,024		230,274			5,017,431			21,009,298			26,026,729		3,063,391		22,963,338		-		2015
GALENA JUNCTION	NV		8,931,027		17,503,387		130,381			8,931,027			17,633,768			26,564,795		2,425,512		24,139,283		-		2015
D'ANDREA MARKETPLACE	NV		11,556,067		29,435,364		317,620			11,556,067			29,752,984			41,309,051		8,059,654		33,249,397		11,101,966		2007
SPARKS MERCANTILE	NV		6,221,614		17,069,172		(118,794	)		6,221,614			16,950,378			23,171,992		2,263,396		20,908,596		-		2015
BRIDGEHAMPTON COMMONS-W&E SIDE	NY		1,811,752		3,107,232		30,455,727			1,858,188			33,516,523			35,374,711		20,217,516		15,157,195		-				1972
OCEAN PLAZA	NY		564,097		2,268,768		8,468			564,097			2,277,236			2,841,333		860,895		1,980,438		-		2003
KINGS HIGHWAY	NY		2,743,820		6,811,268		1,841,513			2,743,820			8,652,781			11,396,601		3,442,272		7,954,329		-		2004
RALPH AVENUE PLAZA	NY		4,414,466		11,339,857		3,659,611			4,414,467			14,999,467			19,413,934		5,210,918		14,203,016		-		2004
BELLMORE S.C.	NY		1,272,269		3,183,547		1,590,605			1,272,269			4,774,152			6,046,421		1,723,088		4,323,333		-		2004
MARKET AT BAY SHORE	NY		12,359,621		30,707,802		2,944,895			12,359,621			33,652,697			46,012,318		12,244,461		33,767,857		11,915,580		2006
KEY FOOD - ATLANTIC AVE	NY		2,272,500		5,624,589		509,458			4,808,822			3,597,725			8,406,547		589,607		7,816,940		-		2012
VETERANS MEMORIAL PLAZA	NY		5,968,082		23,243,404		7,173,073			5,980,130			30,404,429			36,384,559		14,525,614		21,858,945		-		1998
BIRCHWOOD PLAZA COMMACK	NY		3,630,000		4,774,791		1,145,649			3,630,000			5,920,440			9,550,440		1,878,367		7,672,073		-		2007
ELMONT S.C.	NY		3,011,658		7,606,066		5,972,835			3,011,658			13,578,901			16,590,559		3,517,433		13,073,126		-		2004
ELMONT PLAZA	NY		-		5,119,714		-			-			5,119,714			5,119,714		574,489		4,545,225		-		2015
ELMSFORD CENTER 1	NY		4,134,273		1,193,084		-			4,134,273			1,193,084			5,327,357		153,946		5,173,411		-		2013
ELMSFORD CENTER 2	NY		4,076,403		15,598,504		949,902			4,076,403			16,548,406			20,624,809		2,454,445		18,170,364		-		2013
FRANKLIN SQUARE S.C.	NY		1,078,541		2,516,581		3,937,137			1,078,541			6,453,718			7,532,259		2,455,482		5,076,777		-		2004
AIRPORT PLAZA	NY		22,711,189		107,011,500		4,104,309			22,711,189			111,115,809			133,826,998		15,307,408		118,519,590		-		2015
KISSENA BOULEVARD SHOPPING CTR	NY		11,610,000		2,933,487		203,655			11,610,000			3,137,142			14,747,142		1,064,757		13,682,385		-		2007
HAMPTON BAYS PLAZA	NY		1,495,105		5,979,320		3,267,379			1,495,105			9,246,699			10,741,804		7,108,782		3,633,022		-		1989
HICKSVILLE PLAZA	NY		3,542,739		8,266,375		3,173,411			3,542,739			11,439,786			14,982,525		4,059,222		10,923,303		-		2004
WOODBURY CENTRE	NY		4,314,991		32,585,508		2,118,687			4,314,991			34,704,195			39,019,186		4,055,102		34,964,084		-		2015
TURNPIKE PLAZA	NY		2,471,832		5,839,416		569,888			2,471,832			6,409,304			8,881,136		1,823,043		7,058,093		-		2011
JERICHO COMMONS SOUTH	NY		12,368,330		33,071,495		3,069,537			12,368,330			36,141,032			48,509,362		10,614,231		37,895,131		8,072,228		2007
501 NORTH BROADWAY	NY		-		1,175,543		228,522			-			1,404,065			1,404,065		696,458		707,607		-		2007
MILLERIDGE INN	NY		7,500,330		481,316		11,226			7,500,000			492,872			7,992,872		23,088		7,969,784		-		2015
FAMILY DOLLAR UNION TURNPIKE	NY		909,000		2,249,775		258,033			1,056,709			2,360,099			3,416,808		461,119		2,955,689		-		2012
LITTLE NECK PLAZA	NY		3,277,254		13,161,218		5,969,866			3,277,253			19,131,085			22,408,338		6,807,167		15,601,171		-		2003
KEY FOOD - 21ST STREET	NY		1,090,800		2,699,730		(159,449	)		1,669,153			1,961,928			3,631,081		262,759		3,368,322		-		2012
MANHASSET CENTER	NY		4,567,003		19,165,808		29,319,555			3,471,939			49,580,427			53,052,366		23,360,482		29,691,884		-		1999
MANHASSET CENTER(residential)	NY		950,000		-		-			950,000			-			950,000		-		950,000		-		2012
MASPETH QUEENS-DUANE READE	NY		1,872,013		4,827,940		1,036,886			1,872,013			5,864,826			7,736,839		2,060,806		5,676,033		1,698,785		2004
NORTH MASSAPEQUA S.C.	NY		1,880,816		4,388,549		(895,655	)		1,623,601			3,750,109			5,373,710		2,132,828		3,240,882		-		2004
MINEOLA CROSSINGS	NY		4,150,000		7,520,692		213,964			4,150,000			7,734,656			11,884,656		2,188,151		9,696,505		-		2007
SMITHTOWN PLAZA	NY		3,528,000		7,364,098		458,948			3,528,000			7,823,046			11,351,046		2,608,077		8,742,969		-		2009
MANETTO HILL PLAZA	NY		263,693		584,031		10,728,178			263,693			11,312,209			11,575,902		6,444,252		5,131,650		-				1969
SYOSSET S.C.	NY		106,655		76,197		2,068,924			106,655			2,145,121			2,251,776		1,093,703		1,158,073		-				1990
RICHMOND S.C.	NY		2,280,000		9,027,951		19,898,449			2,280,000			28,926,400			31,206,400		12,926,031		18,280,369		-		1989
GREENRIDGE PLAZA	NY		2,940,000		11,811,964		6,443,810			3,148,424			18,047,350			21,195,774		7,549,862		13,645,912		-		1997
THE BOULEVARDE	NY		28,723,536		38,232,267		505,997			28,723,536			38,738,264			67,461,800		13,948,276		53,513,524		-		2006
FOREST AVENUE PLAZA	NY		4,558,592		10,441,408		157,648			4,558,592			10,599,056			15,157,648		3,886,146		11,271,502		-		2005
INDEPENDENCE PLAZA	NY		12,279,093		34,813,852		(2,029,722	)		16,131,632			28,931,591			45,063,223		6,069,593		38,993,630		27,966,942		2014
KEY FOOD - CENTRAL AVE.	NY		2,787,600		6,899,310		(394,910	)		2,603,321			6,688,679			9,292,000		936,676		8,355,324		-		2012
WHITE PLAINS S.C.	NY		1,777,775		4,453,894		2,469,097			1,777,775			6,922,991			8,700,766		2,400,611		6,300,155		-		2004
CHAMPION FOOD SUPERMARKET	NY		757,500		1,874,813		(24,388	)		2,241,118			366,807			2,607,925		134,761		2,473,164		-		2012
SHOPRITE S.C.	NY		871,977		3,487,909		-			871,977			3,487,909			4,359,886		2,236,943		2,122,943		-		1998
ROMAINE PLAZA	NY		782,459		1,825,737		588,133			782,459			2,413,870			3,196,329		701,315		2,495,014		-		2005
OREGON TRAIL CENTER	OR		5,802,422		12,622,879		596,890			5,802,422			13,219,769			19,022,191		5,044,777		13,977,414		-		2009
POWELL VALLEY JUNCTION	OR		5,062,500		3,152,982		(2,508,712	)		2,035,125			3,671,645			5,706,770		1,497,193		4,209,577		-		2009
JANTZEN BEACH CENTER	OR		57,575,244		102,844,429		94,230			57,578,800			102,935,103			160,513,903		2,421,022		158,092,881		-		2017
SUBURBAN SQUARE	PA		70,679,871		166,351,381		36,662,888			71,279,871			202,414,269			273,694,140		48,095,352		225,598,788		-		2007
CHIPPEWA PLAZA	PA		2,881,525		11,526,101		(2,900,632	)		1,917,139			9,589,855			11,506,994		5,435,992		6,071,002		-		2000
CARNEGIE PLAZA	PA		-		3,298,908		17,747			-			3,316,655			3,316,655		1,530,764		1,785,891		-		1999
CENTER SQUARE SHOPPING CENTER	PA		731,888		2,927,551		1,200,573			691,297			4,168,715			4,860,012		2,740,132		2,119,880		-		1996
WAYNE PLAZA	PA		6,127,623		15,605,012		677,938			6,135,670			16,274,903			22,410,573		4,466,242		17,944,331		-		2008
DEVON VILLAGE	PA		4,856,379		25,846,910		4,044,439			4,856,379			29,891,349			34,747,728		6,192,928		28,554,800		-		2012
POCONO PLAZA	PA		1,050,000		2,372,628		1,539,736			1,050,000			3,912,364			4,962,364		3,219,610		1,742,754		-				1973
RIDGE PIKE PLAZA	PA		1,525,337		4,251,732		(2,602,921	)		914,299			2,259,849			3,174,148		1,002,912		2,171,236		-		2008
WHITELAND - HOBBY LOBBY	PA		176,666		4,895,360		1,447,703			176,666			6,343,063			6,519,729		2,463,869		4,055,860		-		1999
WHITELAND TOWN CENTER	PA		731,888		2,927,551		59,067			731,888			2,986,618			3,718,506		1,601,396		2,117,110		-		1996
HARRISBURG EAST SHOPPING CTR.	PA		452,888		6,665,238		10,257,296			3,002,888			14,372,534			17,375,422		7,041,882		10,333,540		-		2002
TOWNSHIP LINE S.C.	PA		731,888		2,927,551		-			731,888			2,927,551			3,659,439		1,601,396		2,058,043		-		1996
HORSHAM POINT	PA		3,813,247		18,189,450		133,911			3,813,247			18,323,361			22,136,608		1,704,650		20,431,958		-		2015
HOLIDAY CENTER	PA		7,726,844		20,014,243		(4,612,312	)		6,165,085			16,963,690			23,128,775		2,883,114		20,245,661		-		2015
NORRITON SQUARE	PA		686,134		2,664,535		3,940,037			774,084			6,516,622			7,290,706		4,817,076		2,473,630		-		1984
NEW KENSINGTON S.C	PA		521,945		2,548,322		862,730			521,945			3,411,052			3,932,997		3,169,521		763,476		-		1986
SEARS HARDWARE	PA		10,000		-		-			10,000			-			10,000		-		10,000		-				2015
FRANKFORD AVENUE S.C.	PA		731,888		2,927,551		-			731,888			2,927,551			3,659,439		1,601,396		2,058,043		-		1996
WEXFORD PLAZA	PA		6,413,635		9,774,600		10,074,686			6,299,299			19,963,622			26,262,921		4,282,319		21,980,602		-		2010
LINCOLN SQUARE (3)	PA		90,478,522		-		-			90,478,522			-			90,478,522		-		90,478,522		-		2017		2017
CRANBERRY TOWNSHIP-PARCEL 1&2	PA		10,270,846		30,769,592		(905,158	)		6,070,254			34,065,026			40,135,280		1,950,427		38,184,853		-		2016
CROSSROADS PLAZA	PA		788,761		3,155,044		12,878,677			976,439			15,846,043			16,822,482		9,924,589		6,897,893		-		1986
SPRINGFIELD S.C.	PA		919,998		4,981,589		12,875,672			920,000			17,857,259			18,777,259		9,743,110		9,034,149		-		1983
SHREWSBURY SQUARE S.C.	PA		8,066,107		16,997,997		(1,696,030	)		6,534,966			16,833,108			23,368,074		2,199,516		21,168,558		-		2014
WHITEHALL MALL	PA		-		5,195,577		-			-			5,195,577			5,195,577		2,842,026		2,353,551		-		1996
WHOLE FOODS AT WYNNEWOOD	PA		15,042,165		-		11,770,283			13,772,394			13,040,054			26,812,448		326,435		26,486,013		-				2014
SHOPPES AT WYNNEWOOD	PA		7,478,907		-		3,605,920			7,478,907			3,605,920			11,084,827		153,010		10,931,817		-				2015
WEST MARKET ST. PLAZA	PA		188,562		1,158,307		41,712			188,562			1,200,019			1,388,581		1,173,254		215,327		-		1986
REXVILLE TOWN CENTER	PR		24,872,982		48,688,161		7,302,027			25,678,064			55,185,106			80,863,170		33,091,221		47,771,949		-		2006
PLAZA CENTRO - COSTCO	PR		3,627,973		10,752,213		1,564,471			3,866,206			12,078,451			15,944,657		6,657,483		9,287,174		-		2006
PLAZA CENTRO - MALL	PR		19,873,263		58,719,179		5,962,924			19,408,112			65,147,254			84,555,366		34,622,838		49,932,528		-		2006
PLAZA CENTRO - RETAIL	PR		5,935,566		16,509,748		480,595			6,026,070			16,899,839			22,925,909		9,827,855		13,098,054		-		2006
PLAZA CENTRO - SAM'S CLUB	PR		6,643,224		20,224,758		2,375,805			6,520,090			22,723,697			29,243,787		21,967,992		7,275,795		-		2006
LOS COLOBOS - BUILDERS SQUARE	PR		4,404,593		9,627,903		1,387,483			4,461,145			10,958,834			15,419,979		9,669,563		5,750,416		-		2006
LOS COLOBOS - KMART	PR		4,594,944		10,120,147		752,678			4,402,338			11,065,431			15,467,769		10,058,014		5,409,755		-		2006
LOS COLOBOS I	PR		12,890,882		26,046,669		1,071,029			13,613,375			26,395,205			40,008,580		15,815,395		24,193,185		-		2006
LOS COLOBOS II	PR		14,893,698		30,680,556		5,395,942			15,142,300			35,827,896			50,970,196		19,767,195		31,203,001		-		2006
WESTERN PLAZA - MAYAQUEZ ONE	PR		10,857,773		12,252,522		1,308,357			11,241,993			13,176,659			24,418,652		9,284,389		15,134,263		-		2006
WESTERN PLAZA - MAYAGUEZ TWO	PR		16,874,345		19,911,045		2,174,474			16,872,647			22,087,217			38,959,864		15,126,846		23,833,018		-		2006
MANATI VILLA MARIA SC	PR		2,781,447		5,673,119		344,813			2,606,588			6,192,791			8,799,379		3,866,240		4,933,139		-		2006
PONCE TOWN CENTER	PR		14,432,778		28,448,754		4,768,662			14,903,024			32,747,170			47,650,194		16,750,683		30,899,511		-		2006
TRUJILLO ALTO PLAZA	PR		12,053,673		24,445,858		2,591,978			12,289,288			26,802,221			39,091,509		16,210,974		22,880,535		-		2006
ST. ANDREWS CENTER	SC		730,164		3,132,092		19,199,359			730,164			22,331,451			23,061,615		10,681,625		12,379,990		-				1978
WESTWOOD PLAZA	SC		1,744,430		6,986,094		9,204,220			1,726,833			16,207,911			17,934,744		4,720,254		13,214,490		-		1995
CHERRYDALE POINT	SC		5,801,948		32,055,019		1,947,764			5,801,948			34,002,783			39,804,731		8,648,264		31,156,467		-		2009
WOODRUFF SHOPPING CENTER	SC		3,110,439		15,501,117		1,146,585			3,465,199			16,292,942			19,758,141		3,332,158		16,425,983		-		2010
FOREST PARK	SC		1,920,241		9,544,875		214,354			1,920,241			9,759,229			11,679,470		1,693,776		9,985,694		-		2012
OLD TOWNE VILLAGE	TN		-		4,133,904		4,046,503			-			8,180,407			8,180,407		6,050,033		2,130,374		-				1978
CENTER OF THE HILLS	TX		2,923,585		11,706,145		1,337,767			2,923,585			13,043,912			15,967,497		5,613,606		10,353,891		-		2008
DOWLEN TOWN CENTER-II	TX		2,244,581		-		(722,251	)		484,828			1,037,502			1,522,330		194,761		1,327,569		-				2002
GATEWAY STATION	TX		1,373,692		28,145,158		1,105,295			1,374,880			29,249,265			30,624,145		3,945,577		26,678,568		-		2011
LAS TIENDAS PLAZA	TX		8,678,107		-		27,150,696			7,943,925			27,884,878			35,828,803		5,860,115		29,968,688		-				2005
GATEWAY STATION PHASE II	TX		4,140,176		12,020,460		75,694			4,143,385			12,092,945			16,236,330		130,258		16,106,072		-		2017
ISLAND GATE PLAZA	TX		-		944,562		1,903,963			-			2,848,525			2,848,525		1,124,081		1,724,444		-		1997
ISLAND GATE PLAZA	TX		4,343,000		4,723,215		3,659,997			4,292,636			8,433,576			12,726,212		2,403,829		10,322,383		-		2011
CONROE MARKETPLACE	TX		18,869,087		50,756,554		(2,993,250	)		10,841,611			55,790,780			66,632,391		6,209,948		60,422,443		-		2015
MONTGOMERY PLAZA	TX		10,739,067		63,065,333		(385,751	)		10,738,796			62,679,853			73,418,649		8,479,431		64,939,218		28,105,799		2015
PRESTON LEBANON CROSSING	TX		13,552,180		-		26,071,137			12,163,694			27,459,623			39,623,317		6,909,545		32,713,772		-				2006
LAKE PRAIRIE TOWN CROSSING	TX		7,897,491		-		28,638,126			6,783,464			29,752,153			36,535,617		5,767,928		30,767,689		-				2006
CENTER AT BAYBROOK	TX		6,941,017		27,727,491		10,958,643			6,928,120			38,699,031			45,627,151		16,641,823		28,985,328		-		1998
CYPRESS TOWNE CENTER	TX		6,033,932		-		1,692,407			2,251,666			5,474,673			7,726,339		1,054,421		6,671,918		-				2003
CYPRESS TOWNE CENTER	TX		12,329,195		36,836,381		1,247,724			8,644,145			41,769,155			50,413,300		2,253,375		48,159,925		-		2016
CYPRESS TOWNE CENTER (PHASE II)	TX		2,061,477		6,157,862		(1,361,233	)		270,374			6,587,732			6,858,106		431,425		6,426,681		-		2016
THE CENTRE AT COPPERFIELD	TX		6,723,267		22,524,551		535,094			6,723,357			23,059,555			29,782,912		2,669,083		27,113,829		-		2015
COPPERWOOD VILLAGE	TX		13,848,109		84,183,731		794,874			13,848,109			84,978,605			98,826,714		11,166,622		87,660,092		-		2015
ATASCOCITA COMMONS SHOP.CTR.	TX		16,322,636		54,587,066		625,724			16,099,004			55,436,422			71,535,426		8,061,999		63,473,427		28,528,637		2013
TOMBALL CROSSINGS	TX		8,517,427		28,484,450		573,139			7,964,894			29,610,122			37,575,016		4,373,334		33,201,682		-		2013
COPPERFIELD VILLAGE SHOP.CTR.	TX		7,827,639		34,864,441		429,207			7,827,639			35,293,648			43,121,287		4,112,160		39,009,127		-		2015
SHOPS AT VISTA RIDGE	TX		3,257,199		13,029,416		2,315,052			3,257,199			15,344,468			18,601,667		7,331,260		11,270,407		-		1998
VISTA RIDGE PLAZA	TX		2,926,495		11,716,483		2,600,033			2,926,495			14,316,516			17,243,011		7,236,985		10,006,026		-		1998
VISTA RIDGE PLAZA	TX		2,276,575		9,106,300		1,399,033			2,276,575			10,505,333			12,781,908		5,372,115		7,409,793		-		1998
KROGER PLAZA	TX		520,340		2,081,356		1,444,953			520,340			3,526,309			4,046,649		1,898,157		2,148,492		-		1995
ACCENT PLAZA	TX		500,414		2,830,835		-			500,414			2,830,835			3,331,249		1,537,166		1,794,083		-		1996
SOUTHLAKE OAKS PHASE II-480 W.	TX		3,011,260		7,703,844		103,968			3,016,617			7,802,455			10,819,072		2,779,262		8,039,810		-		2008
WOODBRIDGE SHOPPING CENTER	TX		2,568,705		6,813,716		107,746			2,568,705			6,921,462			9,490,167		1,374,785		8,115,382		-		2012
GRAND PARKWAY MARKETPLACE	TX		25,363,548		-		60,529,604			21,937,009			63,956,143			85,893,152		372,156		85,520,996		-				2014
GRAND PARKWAY MARKET PLACE II (3)	TX		13,436,447		-		29,966,997			43,403,444			-			43,403,444		-		43,403,444		-				2015
TEMPLE TOWNE CENTER	TX		609,317		2,983,262		(89,332	)		609,317			2,893,930			3,503,247		305,746		3,197,501		-		2015
TEMPLE TOWNE CENTER	TX		4,909,857		25,882,414		(4,385,108	)		4,105,739			22,301,424			26,407,163		4,017,296		22,389,867		-		2015
BURKE TOWN PLAZA	VA		-		43,240,068		83,175			-			43,323,243			43,323,243		6,042,467		37,280,776		-		2014
OLD TOWN PLAZA	VA		4,500,000		41,569,735		(15,697,554	)		3,052,800			27,319,381			30,372,181		5,498,436		24,873,745		-		2007
SKYLINE VILLAGE	VA		10,145,283		28,764,045		225,352			10,573,875			28,560,805			39,134,680		3,390,576		35,744,104		-		2014
SUDLEY TOWNE PLAZA	VA		4,114,293		15,988,465		(9,023,711	)		2,204,943			8,874,104			11,079,047		1,317,102		9,761,945		-		2015
BURLINGTON COAT CENTER	VA		670,500		2,751,375		2,661,127			670,500			5,412,502			6,083,002		1,784,315		4,298,687		-		1995
TOWNE SQUARE	VA		8,499,373		24,302,141		1,908,469			8,858,432			25,851,551			34,709,983		3,137,543		31,572,440		-		2014
POTOMAC RUN PLAZA	VA		27,369,515		48,451,209		(2,332,371	)		27,369,515			46,118,838			73,488,353		13,090,432		60,397,921		-		2008
DULLES TOWN CROSSING	VA		53,285,116		104,175,738		(355,523	)		53,285,116			103,820,215			157,105,331		14,810,943		142,294,388		-		2015
DOCSTONE COMMONS	VA		3,839,249		11,468,264		441,201			3,903,963			11,844,751			15,748,714		540,782		15,207,932		-		2016
DOCSTONE O/P - STAPLES	VA		1,425,307		4,317,552		(883,709	)		1,167,588			3,691,562			4,859,150		210,701		4,648,449		-		2016
STAFFORD MARKETPLACE	VA		26,893,429		86,449,614		36,364			26,893,429			86,485,978			113,379,407		9,382,013		103,997,394		-		2015
GORDON PLAZA	VA		-		3,330,621		40,921			-			3,371,542			3,371,542		108,863		3,262,679		-		2017
AUBURN NORTH	WA		7,785,841		18,157,625		7,542,304			7,785,841			25,699,929			33,485,770		7,113,252		26,372,518		-		2007
THE MARKETPLACE AT FACTORIA	WA		60,502,358		92,696,231		4,443,162			60,502,358			97,139,393			157,641,751		18,626,509		139,015,242		56,189,197		2013
FRONTIER VILLAGE SHOPPING CTR.	WA		10,750,863		35,671,801		96,299			10,750,863			35,768,100			46,518,963		6,231,338		40,287,625		-		2012
GATEWAY SHOPPING CENTER	WA		6,937,929		11,270,322		303,983			6,937,929			11,574,305			18,512,234		689,626		17,822,608		-		2016
OLYMPIA WEST OUTPARCEL	WA		360,000		799,640		100,360			360,000			900,000			1,260,000		125,262		1,134,738		-		2012
FRANKLIN PARK COMMONS	WA		5,418,825		11,988,657		1,031,639			5,418,825			13,020,296			18,439,121		1,691,466		16,747,655		-		2015
SILVERDALE PLAZA	WA		3,875,013		32,894,027		86,051			3,755,613			33,099,478			36,855,091		5,485,432		31,369,659		-		2012
OTHER PROPERTY INTERESTS
KEY BANK BUILDING	NY		1,500,000		40,486,755		(11,999,846	)		655,798			29,331,111			29,986,909		19,024,009		10,962,900		-		2006
EL MIRAGE	AZ		6,786,441		503,987		130,064			6,786,441			634,051			7,420,492		86,961		7,333,531		-				2008
ASANTE RETAIL CENTER	AZ		8,702,635		3,405,683		2,866,808			11,039,472			3,935,654			14,975,126		501,713		14,473,413		-				2004
SURPRISE SPECTRUM	AZ		4,138,760		94,572		1,035			4,138,760			95,607			4,234,367		13,456		4,220,911		-				2008
LAKE WALES S.C.	FL		601,052		-		-			601,052			-			601,052		-		601,052		-		2009
PLANTATION CROSSING	FL		7,524,800		-		(5,516,183	)		2,008,617			-			2,008,617		-		2,008,617		-				2005
MILTON, FL	FL		1,275,593		-		(423,450	)		852,143			-			852,143		-		852,143		-		2007
LOWES S.C.	FL		1,620,203		-		(406,657	)		507,530			706,016			1,213,546		706,016		507,530		-		2007
TREASURE VALLEY	ID		6,501,240		-		(4,426,611	)		962,721			1,111,908			2,074,629		1,106,073		968,556		-				2005
TOWN & COUNTRY S.C.	IL		315,387		422,905		(85,154	)		230,233			422,905			653,138		386,014		267,124		-		1972
22ND STREET PLAZA OUTPARCEL	IL		-		99,640		1,071,530			-			1,171,170			1,171,170		81,873		1,089,297		-		2001
MARKETPLACE OF OAKLAWN	IL		-		678,668		108,483			-			787,151			787,151		748,798		38,353		-		1998
LINWOOD-INDIANAPOLIS	IN		31,045		-		-			31,045			-			31,045		-		31,045		-		1991
BAYOU WALK	LA		4,586,895		10,836,007		(4,291,095	)		2,993,728			8,138,079			11,131,807		2,830,013		8,301,794		12,414,563		2010
FLINT - VACANT LAND	MI		101,424		-		-			101,424			-			101,424		-		101,424		-		2012
CHARLOTTE SPORTS & FITNESS CTR	NC		500,754		1,858,643		479,046			500,754			2,337,689			2,838,443		1,760,102		1,078,341		-		1986
SENATE/HILLSBOROUGH CROSSI	NC		519,395		-		-			519,395			-			519,395		-		519,395		-		2003
WAKEFIELD COMMONS III	NC		6,506,450		-		(5,397,400	)		1,475,214			(366,164	)		1,109,050		197,785		911,265		-				2001
WAKEFIELD CROSSINGS	NC		3,413,932		-		(3,017,959	)		336,236			59,737			395,973		8,287		387,686		-				2001
HILLSBOROUGH PROMENADE	NJ		11,886,809		-		(6,632,045	)		5,006,054			248,710			5,254,764		30,796		5,223,968		-				2001
NORTHPORT LAND PARCEL	NY		-		14,460		49,179			-			63,639			63,639		-		63,639		-		2012
MERRY LANE (PARKING LOT)	NY		1,485,531		1,749		288,651			1,485,531			290,400			1,775,931		-		1,775,931		-		2007
JERICHO ATRIUM	NY		10,624,099		20,065,496		364,026			10,624,099			20,429,522			31,053,621		3,284,297		27,769,324		-		2016
BIRCHWOOD PARK	NY		3,507,162		4,126		(1,510,445	)		2,000,000			843			2,000,843		843		2,000,000		-		2007
STATEN ISLAND PLAZA	NY		5,600,744		6,788,460		(2,981,672	)		9,407,532			-			9,407,532		-		9,407,532		-		2005
KENT CENTER	OH		2,261,530		-		(1,826,497	)		435,033			-			435,033		-		435,033		-		1995
HIGH PARK CTR RETAIL	OH		3,783,875		-		(2,778,460	)		921,704			83,711			1,005,415		37,907		967,508		-				2001
MCMINNVILLE PLAZA	OR		4,062,327		-		991,482			4,062,327			991,482			5,053,809		96,213		4,957,596		-				2006
HOSPITAL GARAGE & MED. OFFICE	PA		-		30,061,177		59,094			-			30,120,271			30,120,271		9,096,746		21,023,525		-		2004
COULTER AVE. PARCEL	PA		577,630		1,348,019		11,877,439			13,444,154			358,934			13,803,088		10,436		13,792,652		-		2015
MORRISVILLE S.C.	PA		340,000		1,360,000		(1,669,238	)		30,762			-			30,762		-		30,762		-		1996
HICKORY RIDGE COMMONS	TN		596,347		2,545,033		(2,457,560	)		683,820			-			683,820		-		683,820		-		2000
BLUE RIDGE	Various		12,346,900		71,529,796		(35,874,424	)		6,069,109			41,933,163			48,002,272		20,764,707		27,237,565		6,595,242		2005
MICROPROPERTIES	Various		528,534		1,090,980		-			528,534			1,090,980			1,619,514		211,709		1,407,805		-		2012
BALANCE OF PORTFOLIO (4)	Various		1,907,182		65,127,208		(9,296,277	)		(99,898	)		57,838,011			57,738,113		30,663,071		27,075,042		-
TOTALS			$3,232,368,780		$7,876,947,274		$1,544,128,944			$3,366,655,421			$9,286,789,577			$12,653,444,998		$2,433,052,747		$10,220,392,251		$882,787,275

(1) The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment.

(2) Includes fair market value of debt adjustments, net and deferred financing costs, net.

(3) Shopping center includes active real estate under development project or land held for development.

(4) Includes fixtures, leasehold improvements and other costs capitalized.

96

KIMCO REALTY CORPORATION AND SUBSIDIARIES 

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION 

December 31, 2017

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows:

Buildings and building improvements (in years)	15	to	50
Fixtures, building and leasehold improvements (including certain identified intangible assets)	Terms of leases or useful lives, whichever is shorter

The aggregate cost for Federal income tax purposes was approximately $10.3 billion at December 31, 2017.

The changes in total real estate assets for the years ended December 31, 2017, 2016 and 2015 are as follows:

	2017			2016			2015
Balance, beginning of period	$	12,008,075,148		$	11,568,809,126		$	10,018,225,775
Additions during period:
Acquisitions		438,125,265			181,719,189			278,401,182
Improvements		414,955,609			217,668,292			191,662,698
Transfers from unconsolidated joint ventures		329,194,717			615,511,560			1,673,542,610
Change in exchange rate		1,035,816			598,744			-
Deductions during period:
Sales		(315,954,464	)		(391,758,149	)		(507,185,370	)
Assets held for sale		(56,187,719	)		(12,608,829	)		(587,007	)
Adjustment of fully depreciated assets		(107,660,366	)		(80,660,536	)		(56,774,522	)
Adjustment of property carrying values		(58,139,008	)		(91,204,249	)		(18,432,226	)
Change in exchange rate		-			-			(10,044,014	)
Balance, end of period	$	12,653,444,998		$	12,008,075,148		$	11,568,809,126

The changes in accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 are as follows:

	2017			2016			2015
Balance, beginning of period	$	2,278,291,645		$	2,115,319,888		$	1,955,405,720
Additions during period:
Depreciation for year		368,919,387			344,179,201			333,948,605
Change in exchange rate		-			366,068			-
Deductions during period:
Sales		(86,798,173	)		(97,888,608	)		(116,864,875	)
Assets held for sale		(19,699,746	)		(3,482,974	)		-
Adjustment of fully depreciated assets		(107,660,366	)		(80,660,536	)		(56,774,522	)
Change in exchange rate		-			-			(395,040	)
Balance, end of period	$	2,433,052,747		$	2,278,291,645		$	2,115,319,888

Reclassifications:

Certain Amounts in the Prior Period Have Been Reclassified in Order to Conform with the Current Period's Presentation.

97

KIMCO REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

As of December 31, 2017

(in thousands)

Description	Interest Rate	Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Original Face Amount of Mortgages (b)		Carrying Amount of Mortgages (b) (c)		Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail
Toronto, ON	7.00%	May-18	P& I	$	-	$	5,319	$	5,058	$	-
Westport, CT	6.50%	Mar-33	I		-		5,014		5,014		-
Las Vegas, NV	12.00%	May-33	I		-		3,075		3,075		-
Miami, FL	7.57%	Jun-19	P& I		-		3,966		1,919		-
Miami, FL	7.57%	Jun-19	P& I		-		4,201		1,850		-
Miami, FL	7.57%	Jun-19	P& I		-		3,678		1,775		-
Nonretail
Oakbrook Terrace, IL	6.00%	Dec-24	I		-		1,950		1,950		-
Individually < 3% (d)	(e)	(f)	P&I		-		2,475		828		-
				$	-	$	29,678	$	21,469	$	-
Other Financing Loans:
Nonretail
Individually < 3%	2.28%	Apr-27	P&I	$	-	$	600	$	369	$	-
				$	-	$	30,278	$	21,838	$	-

(a)	I = Interest only; P&I = Principal & Interest.
(b)	The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above
(c)	The aggregate cost for Federal income tax purposes was approximately $21.8 million as of December 31, 2017.
(d)	Comprised of three separate loans with original loan amounts ranging from $0.1 million to $0.4 million.
(e)	Interest rates range from 6.88% to 7.41%.
(f)	Maturity dates range from October 2019 to December 2030.

For a reconciliation of mortgage and other financing receivables from January 1, 2015 to December 31, 2017, see Footnote 10 of the Notes to Consolidated Financial Statements included in this Form 10-K.

The Company feels it is not practicable to estimate the fair value of each receivable as quoted market prices are not available.

The cost of obtaining an independent valuation on these assets is deemed excessive considering the materiality of the total receivables.

98

EX-10.7

Exhibit 10.7

AMENDMENT NO. 1 TO THE

KIMCO REALTY CORPORATION
2010 EQUITY PARTICIPATION PLAN

THIS AMENDMENT NO. 1 TO THE KIMCO REALTY CORPORATION 2010 EQUITY PARTICIPATION PLAN (this “Amendment”), is made and adopted as of February 20, 2018 (the “Effective Date”), by the Executive Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Kimco Realty Corporation (the “Company”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Plan (as defined below).

WHEREAS, the Company maintains the Kimco Realty Corporation 2010 Equity Participation Plan (as it may be amended or restated from time to time, the “Plan”);

WHEREAS, pursuant to the Plan, the Plan may be amended by the Board or the Committee at any time or from time to time; and

WHEREAS, the Committee desires to amend the Plan as set forth herein.

NOW, THEREFORE, BE IT RESOLVED, that the Plan be and hereby is amended as follows:

1. With respect to Awards (as defined in the Plan) granted on or after the Effective Date, Section 2.45 of the Plan is hereby amended by deleting such section in its entirety and replacing it with the following:

“‘Retirement’ of a Holder shall mean his Termination of Service on or after his sixty-fifth (65th) birthday or his completion of thirty (30) full (not necessarily consecutive) years of employment, consultancy or directorship, as the case may be, with the Company.”

2. This Amendment shall be and is hereby incorporated in and forms a part of the Plan.

3. Except as set forth herein, the Plan shall remain in full force and effect.

*     *     *

Executed February 20, 2018.

KIMCO REALTY CORPORATION

By:/s/ Paul Westbrook                                

Name:     Paul Westbrook

Title:       Vice President and Chief Accounting

 Officer

EX-12.1

Exhibit 12.1

KIMCO REALTY CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

For the year ended December 31, 2017

(in thousands, except for ratio)

Pretax earnings from continuing operations before adjustment for noncontrolling interests or income loss from equity investees	$	239,867
Add:
Interest on indebtedness (excluding capitalized interest)		191,483
Amortization of debt premiums, discounts and capitalized expenses		8,118
Amortization of capitalized interest		5,208
Portion of rents representative of the interest factor		7,287
		451,963
Distributed income from equity investees		58,189
Pretax earnings from continuing operations, as adjusted	$	510,152
Fixed charges -
Interest on indebtedness (excluding capitalized interest)	$	191,483
Capitalized interest		14,480
Amortization of debt premiums, discounts and capitalized expenses		8,118
Portion of rents representative of the interest factor		7,287
Fixed charges	$	221,368
Ratio of earnings to fixed charges		2.3

EX-12.2

Exhibit 12.2

KIMCO REALTY CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

For the year ended December 31, 2017

(in thousands, except for ratio)

Pretax earnings from continuing operations before adjustment for noncontrolling interests or income loss from equity investees	$	239,867
Add:
Interest on indebtedness (excluding capitalized interest)		191,483
Amortization of debt premiums, discounts and capitalized expenses		8,118
Amortization of capitalized interest		5,208
Portion of rents representative of the interest factor		7,287
		451,963
Distributed income from equity investees		58,189
Pretax earnings from continuing operations, as adjusted	$	510,152
Combined fixed charges and preferred stock dividends -
Interest on indebtedness (excluding capitalized interest)	$	191,483
Capitalized interest		14,480
Preferred dividend factor		46,599
Amortization of debt premiums, discounts and capitalized expenses		8,118
Portion of rents representative of the interest factor		7,287
Combined fixed charges and preferred stock dividends	$	267,967
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.9

EX-21.1

Exhibit 21.1

SIGNIFICANT SUBSIDIARIES

None.

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-202389) and Form S-8 (Nos. 333-61323, 333-85659, 333-62626, 333-135087, 333-167265, and 333-184776) of Kimco Realty Corporation of our report dated February 23, 2018 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP
New York, New York
February 23, 2018

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Conor C. Flynn, certify that:

1. I have reviewed this Annual Report on Form 10-K of Kimco Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 23, 2018
	/s/ Conor C. Flynn
	Conor C. Flynn
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Glenn G. Cohen, certify that:

1. I have reviewed this Annual Report on Form 10-K of Kimco Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 23, 2018
	/s/ Glenn G. Cohen
	Glenn G. Cohen
	Chief Financial Officer

EX-32.1

Exhibit 32.1

Section 1350 Certification

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Kimco Realty Corporation (the “Company”) hereby certifies, to such officer’s knowledge, that:

(i) the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 23, 2018
	/s/ Conor C. Flynn
	Conor C. Flynn
	Chief Executive Officer
Date: February 23, 2018
	/s/ Glenn G. Cohen
	Glenn G. Cohen
	Chief Financial Officer

EX-99.1

Exhibit 99.1

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
ALABAMA
	HOOVER		2007	141,614	91.5	MARSHALLS	25,000	PETCO	15,000	TARGET (8)	191,814
ARIZONA
	GLENDALE		2008	118,377	100.0	MOR FURNITURE FOR LESS	40,000	MICHAELS	17,500	WALMART	196,671
	MESA		2009	227,627	99.4	FLOOR & DECOR	92,904	PETSMART	25,339	WINCO FOODS (8)	101,060
	MESA		2005	1,104,912	95.8	BASS PRO SHOPS OUTDOOR WORLD	170,000	HOME DEPOT	102,589	WALMART	208,000
	MESA		2011	79,790	100.0	MOR FURNITURE FOR LESS	33,234	MICHAELS	25,520	TARGET (8)	128,972
	PEORIA		2011	167,986	97.2	JCPENNEY	53,984	JO-ANN FABRICS	40,734	TARGET (8)	151,457
	PHOENIX		1998	218,608	95.8	BURLINGTON	98,054	MICHAELS	23,190
	PHOENIX		1998	7,250	100.0
	PHOENIX		1998	229,707	95.2	COSTCO	141,659	FALLAS PAREDES	24,390	RANCH MARKET (8)	103,909
	PHOENIX		1997	131,621	100.0	TRADER JOE'S	11,145			SAFEWAY	62,573
	PHOENIX		2011	184,292	100.0	MICHAELS	25,666			WALMART	110,627
	PHOENIX		2015	827,136	97.3	WALMART	251,361	JCPENNEY	98,000	COSTCO	154,809
	SUN CITY		2012	62,559	100.0	CVS	24,519			SAFEWAY (8)	48,500
	TEMPE		2011	62,285	98.6					WHOLE FOODS MARKET	32,306
CALIFORNIA
	ALHAMBRA		1998	195,473	100.0	JO-ANN FABRICS	13,472			COSTCO	157,019
	ANAHEIM	PRU	2006	348,524	99.5	FOREVER 21	80,000	SMART & FINAL EXTRA!	30,000	EL SUPER	54,087
	ANAHEIM		2016	154,043	100.0	RITE AID	18,235	BLINK FITNESS	16,310	RALPHS	45,000
	ANAHEIM	PRU	2006	105,338	94.5	HARBOR FREIGHT TOOLS	17,459	DOLLAR TREE	10,797	STATER BROTHERS	37,440
	BELLFLOWER		2014	113,233	97.1	PLANET FITNESS	29,025			STATER BROTHERS	64,039
	CARLSBAD (7)		2014	149,513	93.4	MARSHALLS	27,000	DOLLAR TREE	16,610
	CARMICHAEL (7)		1998	200,499	100.0	HOME DEPOT	110,861	FALLAS PAREDES	21,890	WALMART NEIGHBORHOOD MARKET	44,257
	CHICO		2008	264,335	98.6	EVANS FURNITURE GALLERIES	57,635	BED BATH & BEYOND	25,002	FOOD MAXX	54,239
	CHICO		2015	69,812	92.9					RALEY'S	62,098
	CHINO (7)	PRU	2006	315,957	81.2	LA CURACAO	104,465	ROSS DRESS FOR LESS	30,730	TARGET (8)	112,062
	CHINO	PRU	2006	168,264	98.1	DOLLAR TREE	25,060	PETSMART	24,225	ALBERTSONS (8)	43,440
	CHINO HILLS		2008	73,352	97.6					STATER BROTHERS	43,235
	CHULA VISTA		1998	356,335	100.0	WALMART	153,578	NAVCARE	14,580	COSTCO	154,569
	COLMA		2015	227,941	81.9	MARSHALLS	32,000	ROSS DRESS FOR LESS	24,759
	CORONA		1998	491,898	97.9	COSTCO	114,112	HOME DEPOT	100,000	99 RANCH MARKET (8)	42,630
	CORONA		2007	146,005	100.0	PETSMART	24,515	HOWARD'S APPLIANCES, TV'S & M	15,120	VONS	55,650
	COVINA	KIR	2000	277,957	95.3	LOWE'S HOME CENTER	111,348	SKYZONE	25,608	ALDI	17,508
	CUPERTINO (7)		2006	127,594	92.5					99 RANCH MARKET	29,657
	DALY CITY (7)		2002	592,330	95.7	HOME DEPOT	109,000	BURLINGTON	55,000	SAFEWAY	57,817
	DUBLIN	PRU	2006	155,070	100.0	ORCHARD SUPPLY HARDWARE (6)	35,829	MARSHALLS	32,000
	EL CAJON	CPP	2010	98,316	98.6	RITE AID	27,642	ROSS DRESS FOR LESS	24,000
	ELK GROVE	PRU	2006	137,035	99.1	24 HOUR FITNESS	22,000			BEL AIR MARKET	56,435
	ENCINITAS	PRU	2006	118,804	100.0	KOHL'S	58,004	LAWRANCE FURNITURE	13,000
	ESCONDIDO (7)	PRU	2006	208,074	90.9	LA FITNESS	40,000	CVS	22,880	VONS	40,000
	FAIR OAKS	PRU	2006	98,625	84.8					RALEY'S	59,231
	FREMONT (7)	PRU	2007	496,924	91.1	BED BATH & BEYOND	39,830	MARSHALLS	30,028	SAFEWAY	54,741
	FREMONT (7)	PRU	2006	127,938	98.7	CVS	24,437	24 HOUR FITNESS	24,145	SAVE MART	48,000
	GARDENA	PRU	2006	65,987	100.0	DAISO JAPAN	19,300			99 RANCH MARKET	22,000
	HAYWARD		2016	80,311	92.4	99 CENTS ONLY STORE	29,300	BIG LOTS	23,334
	HUNTINGTON BEACH	PRU	2006	148,805	96.8	CVS	20,120	CRUNCH FITNESS	16,609	VONS	40,800
	JACKSON		2008	67,665	100.0					RALEY'S	62,625
	LA MIRADA		1998	264,513	97.1	UFC GYMS	45,388	U.S. POSTAL SERVICE	26,577	ALBERTSONS (8)	47,199
	LA VERNE		2014	226,872	92.5	MARSHALLS	27,764	STAPLES	15,661	TARGET	114,732
	LINCOLN		2015	119,559	95.2	CVS	23,077			SAFEWAY	55,342
	LIVERMORE	PRU	2006	104,165	98.6	ROSS DRESS FOR LESS	24,000	DOLLAR TREE	12,061	TARGET (8)	112,739
	LOS ANGELES (7)		2010	152,204	98.2	DD'S DISCOUNTS	22,224	RITE AID	18,160	RALPHS/FOOD 4 LESS	38,950
	LOS ANGELES (7)	PRU	2006	138,175	100.0	ROSS DRESS FOR LESS	29,356	CVS	25,487	SUPERIOR MARKETS	34,420
	MONTEBELLO	KIR	2000	251,489	100.0	SEARS	105,000	TOYS R US/BABIES R US	46,270
	NAPA		2006	349,530	100.0	TARGET	116,000	HOME DEPOT	100,238	RALEY'S	60,890
	NORTHRIDGE		2005	163,941	100.0	DSW SHOE WAREHOUSE	32,400	MONKEY SPORTS	24,053	SUPER KING MARKET	39,348

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
	NOVATO		2009	133,485	96.3	RITE AID	24,769	DOLLAR TREE	15,708	SAFEWAY	51,199
	OCEANSIDE	PRU	2006	353,004	97.4	SEARS OUTLET	38,902	ROSS DRESS FOR LESS	30,000
	OCEANSIDE	PRU	2006	93,786	96.8	LAMPS PLUS	11,000			TRADER JOE'S	12,881
	PACIFICA		2014	168,231	93.3	ROSS DRESS FOR LESS	24,246	RITE AID	19,085	SAFEWAY	45,892
	PACIFICA	PRU	2006	102,982	96.4	RITE AID	23,064			SAFEWAY	31,781
	POWAY		2005	121,512	90.4	STEIN MART	40,000	HOMEGOODS	26,210
	REDWOOD CITY		2009	45,870	100.0	ORCHARD SUPPLY HARDWARE	42,509			COSTCO (8)	132,067
	RIVERSIDE		2008	86,108	100.0	BURLINGTON	67,104
	ROSEVILLE		2014	188,493	100.0	DICK'S SPORTING GOODS	55,377	ROSS DRESS FOR LESS	27,471	SPROUTS FARMERS MARKET	36,041
	ROSEVILLE		2015	81,171	100.0					SAFEWAY	55,146
	SAN DIEGO	OJV	2007	225,919	100.0	NORDSTROM	225,919
	SAN DIEGO	KIR	2000	117,410	100.0	24 HOUR FITNESS	66,851			H MART	38,359
	SAN DIEGO	CPP	2010	412,674	100.0	PRICE SELF STORAGE	120,962	COSTCO REGIONAL OFFICE	50,000	COSTCO	153,095
	SAN DIEGO		2009	35,000	100.0	CLAIM JUMPER	10,600			COSTCO (8)	133,087
	SAN DIEGO	PRU	2006	205,853	99.3	TJ MAXX	31,152	HOMEGOODS	30,619	SPROUTS FARMERS MARKET	19,225
	SAN DIEGO		2007	48,169	100.0					NAMASTE PLAZA SUPERMARKET	10,439
	SAN DIEGO		2015	116,794	93.8					VONS (8)	40,000
	SAN DIEGO		2012	108,741	100.0					ALBERTSONS	66,284
	SAN DIMAS	PRU	2006	154,000	100.0	STEIN MART	30,000	ROSS DRESS FOR LESS	27,200	TRADER JOE'S	8,500
	SAN JOSE (7)	PRU	2006	117,147	84.9	LA FITNESS	35,467	DOLLAR TREE	14,000	FOOD MAXX (8)	48,971
	SAN LEANDRO	PRU	2006	95,255	90.8	ROSS DRESS FOR LESS	26,706	MICHAELS	19,020
	SAN RAMON	KIR	1999	45,938	88.5	ULTA	10,500	PETCO	10,000
	SANTA ANA		1998	134,400	100.0	HOME DEPOT	134,400
	SANTA ROSA		2005	102,478	98.1	ACE HARDWARE	12,100			RALEY'S	60,913
	SANTEE		2015	312,698	97.6	24 HOUR FITNESS	36,000	BED BATH & BEYOND	30,000	TARGET (8)	126,587
	TEMECULA	KIR	1999	340,497	99.2	KMART	86,479	TRISTONE THEATRES	29,650	FOOD 4 LESS	52,640
	TEMECULA	CPP	2010	519,018	98.4	WALMART	221,639	KOHL'S	88,728	SPROUTS FARMERS MARKET	25,647
	TORRANCE	KIR	2000	270,546	99.4	BURLINGTON	43,595	UFC GYMS	42,575	TRADER JOE'S	10,004
	TRUCKEE		2006	26,553	90.7					SAVE-MART (8)	29,572
	TRUCKEE		2015	38,749	96.9					SAFEWAY (8)	38,794
	TUSTIN		2017	687,590	97.9	TARGET	134,639	AMC THEATERS	68,159	WHOLE FOODS MARKET	60,550
	TUSTIN	PRU	2006	193,415	95.4	RITE AID	19,072	CRUNCH FITNESS	16,520	HAGGEN (6)	41,430
	TUSTIN	PRU	2006	137,899	89.5	MICHAELS	22,364	TRADER JOE'S	14,888	RALPHS	36,400
	UPLAND	PRU	2006	273,149	97.7	HOME DEPOT	98,064	HOBBY LOBBY	63,748
	VALENCIA	PRU	2006	143,070	98.0	CVS	25,500			RALPHS	45,579
	VISTA	PRU	2006	122,563	95.8	CVS	22,154			ALBERTSONS	46,819
	WALNUT CREEK	PRU	2006	114,627	100.0	CENTURY THEATRES	57,017	COST PLUS WORLD MARKET	19,044
	WESTMINSTER	PRU	2006	209,749	96.9	HOWARD'S APPLIANCES & FLAT SCR	17,962			PAVILIONS	69,445
	WHITTIER		2017	683,727	97.8	TARGET	141,900	SEARS	137,985	VONS	51,011
	WINDSOR		2014	126,187	96.1	CVS	19,950			SAFEWAY	52,610
	YORBA LINDA		2012	160,773	96.0	DICK'S SPORTING GOODS	50,000	BED BATH & BEYOND	43,000
COLORADO
	ARVADA		2013	144,315	84.4	RITE AID	56,674			TARGET (8)	128,000
	AURORA (7)		1998	106,983	98.9	ROSS DRESS FOR LESS	30,187	TJ MAXX	28,140
	AURORA		1998	42,977	91.4					KING SOOPERS (8)	56,959
	AURORA		1998	141,275	92.2	ALBERTSONS	41,896	COLORADO FABRICS	40,421
	COLORADO SPRINGS		1998	107,310	87.4	CAMERONS PRODUCTS	65,280	DOLLAR TREE	12,000
	DENVER		1998	18,405	100.0					LOCAVORE	18,405
	ENGLEWOOD		1998	80,330	100.0	HOBBY LOBBY	50,690	DART MANIA	10,000
	FORT COLLINS		2000	115,862	100.0	KOHL'S	105,862	GUITAR CENTER	10,000	SAM'S CLUB (8)	104,972
	GREELEY (7)		2012	130,253	100.0	BED BATH & BEYOND	27,974	MICHAELS	21,323	SPROUTS FARMERS MARKET	21,236
	HIGHLANDS RANCH		2011	208,127	95.8	ACE HARDWARE	33,450	TJ MAXX	30,000
	LAKEWOOD		1998	82,581	97.1					SAFEWAY	49,788
	LITTLETON		2011	190,104	94.7	OFFICE DEPOT	25,267	TUESDAY MORNING	19,831	KING SOOPERS	64,532
CONNECTICUT
	BRANFORD	KIR	2000	190,738	98.0	KOHL'S	86,830			BIG Y	46,669
	DANBURY		2014	136,209	100.0	WALMART	105,255	MARSHALLS	30,954

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
	ENFIELD	KIR	2000	148,517	96.6	KOHL'S	88,000	BEST BUY	30,048
	FARMINGTON		1998	210,372	99.2	BURLINGTON	51,240	NORDSTROM RACK	35,834
	HAMDEN (7)		2016	322,720	100.0	WALMART	89,750	BOB'S STORES	49,133	ALDI	19,927
	NORTH HAVEN		1998	338,716	99.2	HOME DEPOT	111,500	DICK'S SPORTING GOODS	48,265	BJ'S WHOLESALE CLUB	109,920
	WILTON		2012	134,329	88.3	BOW TIE CINEMAS	14,248			STOP & SHOP	46,764
DELAWARE
	DOVER		2003	4,835	100.0
	NEWARK (2)		2014
	WILMINGTON		2014	165,792	100.0	BURLINGTON	42,443	RAYMOUR & FLANIGAN FURNITURE	36,000	SHOPRITE	58,236
FLORIDA
	ALTAMONTE SPRINGS		1998	192,128	99.4	PGA TOUR SUPERSTORE	38,292	DSW SHOE WAREHOUSE	23,990	WHOLE FOODS MARKET	40,000
	BOCA RATON (7)		1967
	BONITA SPRINGS		2015	79,676	98.2					PUBLIX	54,376
	BOYNTON BEACH (7)	KIR	1999	192,776	98.0	BEALLS	103,479	ALBERTSONS	51,195
	BRANDON	KIR	2001	143,785	100.0	BED BATH & BEYOND	40,000	ROSS DRESS FOR LESS	25,106	TARGET (8)	107,648
	CAPE CORAL		2015	42,030	84.1
	CAPE CORAL		2015	125,108	100.0	ROSS DRESS FOR LESS	32,265	STAPLES	20,347	PUBLIX	44,684
	CLEARWATER		2005	212,388	99.0	HOME DEPOT	100,200	JO-ANN FABRICS	49,865
	CORAL SPRINGS		1994	55,089	100.0	BIG LOTS	33,517
	CORAL SPRINGS		1997	86,342	100.0	TJ MAXX	29,500	DISCOVERY CLOTHING CO.	15,000
	DANIA BEACH (2)		2016
	DELRAY BEACH		2015	50,906	97.6					PUBLIX	44,840
	FORT LAUDERDALE		2009	229,034	88.7	REGAL CINEMAS	52,936	LA FITNESS	48,479
	HOLLYWOOD		2016	898,913	99.8	HOME DEPOT	142,280	KMART	114,764	BJ'S WHOLESALE CLUB	120,251
	HOMESTEAD	OJV	1972	205,614	100.0	MARSHALLS	29,575	OFFICEMAX	23,500	PUBLIX	56,077
	HOMESTEAD		1972	3,600	100.0					PUBLIX (8)	56,077
	JACKSONVILLE		2015	72,840	98.1					PUBLIX	44,840
	JACKSONVILLE		2010	256,980	98.6	STEIN MART	36,000	SEARS OUTLET	28,020
	JACKSONVILLE (3)		2005	102,979		HAVERTY'S	44,916	CHUCK E CHEESE	14,500	Walmart (8)	203,000
	KEY LARGO	KIR	2000	207,365	95.6	KMART	108,842			PUBLIX	48,555
	LAKELAND		2001	241,256	97.8	HOBBY LOBBY	53,271	STEIN MART	39,500
	LARGO		1968	131,067	92.8	OLD TIME POTTERY	58,374	YOUFIT HEALTH CLUBS	25,121	ALDI	20,800
	LARGO		1992	221,462	77.5	LA FITNESS	33,490	ROSS DRESS FOR LESS	24,895	PUBLIX	42,112
	LAUDERHILL		1974	181,576	93.4	BABIES R US	44,450	STAPLES	23,500	PRESIDENTE SUPERMARKET	22,772
	MARATHON		2013	106,398	89.5	KMART	52,571			WINN DIXIE	38,400
	MELBOURNE		1968	168,737	82.8	RADIAL	69,900	WALGREENS	15,525
	MERRITT ISLAND		2015	60,103	100.0					PUBLIX	44,840
	MIAMI	OJV	2003	87,305	100.0	ORCHARD SUPPLY HARDWARE	29,111			FRESCO Y MAS	55,944
	MIAMI	OJV	2016	1,615	100.0					FRESCO Y MAS (8)	55,944
	MIAMI		1968	107,000	100.0	HOME DEPOT	105,154
	MIAMI	OJV	1965	74,810	100.0	BABIES R US	40,214			FRESCO Y MAS (8)	55,944
	MIAMI		1986	87,069	100.0	WALGREENS	14,468			PUBLIX	46,810
	MIAMI		2009	293,001	96.0	KMART	114,000	HOBBY LOBBY	40,000
	MIAMI		2015	63,563	100.0					PUBLIX	44,271
	MIAMI		2015	60,280	97.7					PUBLIX	45,600
	MIAMI		2007	352,734	91.9	BUY BUY BABY	29,953	MICHAELS	24,000	PUBLIX	56,000
	MIAMI		2011	112,423	100.0	LITTLE VILLAGE LEARNING CENTER	10,000			WINN DIXIE	34,890
	MIAMI		2013	61,837	100.0					WINN DIXIE	61,837
	MIAMI		1995	64,007	100.0	PETCO	22,418	PARTY CITY	15,611
	MOUNT DORA		1997	78,452	94.0	ROSS DRESS FOR LESS	25,500	TJ MAXX	23,000
	NORTH MIAMI BEACH		1985	108,795	100.0	WALGREENS	15,930			PUBLIX	51,420
	ORLANDO	KIR	2000	184,362	98.2	FITNESS CF	56,000	PGA TOUR SUPERSTORE	50,239
	ORLANDO		2008	179,074	88.4	24 HOUR FITNESS	49,875	TJ MAXX	26,843	TARGET (8)	184,782
	ORLANDO		2009	154,356	86.9	MARSHALLS	30,027	HOMEGOODS	24,991	TARGET (8)	187,166
	ORLANDO		2011	86,321	98.8					FRESH MARKET	18,400
	OVIEDO		2015	78,093	98.2					PUBLIX	44,270
	PENSACOLA		2011	101,377	98.6					PUBLIX	61,389

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
	PLANTATION		2017	60,414	95.9					LUCKY'S MARKET	41,440
	POMPANO BEACH		2012	77,352	100.0	HOMEGOODS	20,280	ULTA	11,224	WHOLE FOODS MARKET	40,100
	SAINT PETERSBURG		1968	118,574	78.9	YOUFIT HEALTH CLUBS	22,000	DOLLAR TREE	12,000	KASH N' KARRY (6)	45,871
	SARASOTA		2008	100,237	90.0	TJ MAXX	29,825	OFFICEMAX	23,800
	TALLAHASSEE		1998	188,996	98.4	STEIN MART	31,920	HOMEGOODS	24,471	THE FRESH MARKET	22,300
	TAMPA	KIR	2001	340,541	83.5	BEST BUY	46,121	JO-ANN FABRICS	45,965
	TAMPA		1997	206,564	100.0	AMERICAN SIGNATURE	49,106	ROSS DRESS FOR LESS	26,250	SPROUTS FARMERS MARKET	27,000
	TAMPA		2004	197,181	100.0	LOWE'S HOME CENTER	167,000
	WEST PALM BEACH (7)		2009	23,350	100.0	FLORIDA SCHOOL FOR DANCE EDUCA	23,350
	WEST PALM BEACH		2014	66,440	95.5					PUBLIX	28,800
	WEST PALM BEACH		1997	3,787	100.0					PUBLIX (8)	28,800
	WINTER HAVEN	OJV	1973	91,160	96.9	BIG LOTS	41,200	JO-ANN FABRICS	12,375	SAVE-A-LOT (8)	16,102
	YULEE		2003	59,426	84.5	PETCO	15,335	DOLLAR TREE	10,220	TARGET (8)	126,842
GEORGIA
	ALPHARETTA		2008	130,407	97.2					KROGER	62,000
	ATLANTA (7)		2008	160,384	95.5	PLANET FITNESS	19,838	MR. CUE'S BILLIARDS & BURGERS	14,870	KROGER	56,647
	ATLANTA		2016	175,835	100.0	ONELIFE ATLANTA FITNESS	53,851	MARSHALLS	36,598
	AUGUSTA	KIR	2001	537,445	91.8	HOBBY LOBBY	65,864	BURLINGTON	44,118	TARGET (8)	123,000
	DULUTH		2015	78,025	100.0					WHOLE FOODS MARKET	70,125
	FLOWERY BRANCH		2011	92,985	98.9					PUBLIX	54,340
	LAWRENCEVILLE		2013	285,656	100.0	HOBBY LOBBY	67,400	AMC THEATERS	65,442	TARGET (8)	116,400
	LILBURN		2013	73,910	100.0					KROGER	62,000
	PEACHTREE CITY		2014	266,045	96.4	KMART	86,479			KROGER	108,127
	SAVANNAH		1993	186,526	97.6	BED BATH & BEYOND	35,005	TJ MAXX	33,067
	SAVANNAH		2008	197,605	79.5	ROSS DRESS FOR LESS	30,187	COST PLUS WORLD MARKET	21,000
	SNELLVILLE	KIR	2001	311,093	96.8	KOHL'S	86,584	BELK	58,416
ILLINOIS
	BATAVIA	KIR	2002	274,282	88.4	KOHL'S	86,584	HOBBY LOBBY	51,214	ALDI	17,330
	CHAMPAIGN	KIR	2001	111,720	100.0	BEST BUY	45,350	ROSS DRESS FOR LESS	30,247
	CHICAGO		1997	125,499	88.4	BURLINGTON	75,623	RAINBOW SHOPS	13,770	JEWEL/OSCO (8)	67,648
	CHICAGO		1997	86,894	100.0					SEAFOOD CITY	86,894
	DOWNERS GROVE		1997	283,280	92.2	TJ MAXX	54,850	BEST BUY	54,400	SHOP N SAVE	42,610
	ELGIN		1972	178,920	99.1	ELGIN MALL	81,550	AARON SALES & LEASE OWNERSHIP	10,000	ELGIN FARMERS PRODUCTS	31,358
	FAIRVIEW HEIGHTS		1998	193,217	100.0	HOBBY LOBBY	55,089	DICK'S SPORTING GOODS	45,085	FRESH THYME FARMERS MARKET	28,194
	GLENVIEW		2017	142,300	88.2					JEWEL/OSCO	59,171
	KILDEER		2013	171,339	100.0	BED BATH & BEYOND	35,000	MICHAELS	31,578
	MOUNT PROSPECT		1997	192,547	70.6	KOHL'S	101,097	TRUE VALUE	27,619
	MUNDELEIN		1998	89,692	97.6	BURLINGTON	87,547			JEWEL/OSCO (8)	51,997
	OAK LAWN		1997	183,893	100.0	KMART (6)	140,580	CHUCK E CHEESE	15,934
	OAKBROOK TERRACE		1997	176,164	100.0	HOME DEPOT	121,903	BIG LOTS	30,000
	SKOKIE		1997	58,455	100.0	MARSHALLS	30,406	OLD NAVY	28,049	JEWEL/OSCO (8)	70,630
	VERNON HILLS		2012	192,624	96.4	DICK'S SPORTING GOODS	54,997	PETSMART	27,518
	WOODRIDGE		1998	157,276	93.4	HOLLYWOOD BLVD CINEMA	48,118	SHOE CARNIVAL	15,000
INDIANA
	GREENWOOD		1970	186,036	100.0	TOYS R US	47,000	BABIES R US	40,556	FRESH THYME FARMERS MARKET	29,979
	INDIANAPOLIS	OJV	1964	165,255	78.1	CVS	12,800	DOLLAR GENERAL	10,686	KROGER	63,468
IOWA
	CLIVE		1996	90,000	100.0	KMART	90,000
	DUBUQUE		1997	82,979	100.0	SHOPKO	82,979
KENTUCKY
	LEXINGTON		1993	216,235	98.5	BEST BUY	45,750	BED BATH & BEYOND	43,072
MARYLAND
	BALTIMORE (7)		2014	124,422	90.0	SALVO AUTO PARTS	12,000			WEIS MARKETS	67,520
	BALTIMORE		2014	114,045	100.0	RITE AID	11,868	DOLLAR TREE	10,000	SAFEWAY	54,200
	BALTIMORE		2015	58,879	88.2	CORT FURNITURE RENTAL	14,856
	BALTIMORE		2014	79,391	97.5					WEIS MARKETS	58,187
	BALTIMORE		2014	81,777	97.4					GIANT FOOD	55,108

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
	BALTIMORE		2014	90,903	97.6					GIANT FOOD	56,892
	BALTIMORE		2013	90,830	98.7					GIANT FOOD	43,136
	BEL AIR		2014	130,193	92.6	CVS	10,125	DOLLAR TREE	10,000	SAFEWAY	55,032
	CLARKSVILLE		2014	105,907	100.0					GIANT FOOD	62,943
	CLINTON		2003	29,027	100.0	PLANET FITNESS	26,412
	COLUMBIA		2012	75,000	100.0	MICHAELS	26,706	PETSMART	25,000	BJ'S WHOLESALE CLUB (8)	109,384
	COLUMBIA		2015	298,387	99.2	TOYS R US/BABIES R US	63,062	NORDSTROM RACK	40,750	TARGET (8)	130,604
	COLUMBIA (7)		2015	94,919	96.1					GIANT FOOD	57,994
	COLUMBIA		2014	98,399	96.5					HARRIS TEETER	56,905
	COLUMBIA		2015	91,165	95.7					SAFEWAY	55,164
	COLUMBIA		2002	66,050	100.0	CVS	13,225			DAVID'S NATURAL MARKET	15,079
	DISTRICT HEIGHTS		2015	90,929	100.0					GIANT FOOD	64,333
	EASTON		2014	113,330	91.7	DOLLAR TREE	10,000			GIANT FOOD	64,885
	ELLICOTT CITY (7)		2015	82,456	98.5					GIANT FOOD	55,000
	ELLICOTT CITY		2014	139,898	97.7	PETCO	12,400			SAFEWAY	50,093
	ELLICOTT CITY	PRU	2007	433,467	100.0	TARGET	146,773	KOHL'S	106,889	SAFEWAY	55,164
	FREDERICK		2003	105,891	100.0					GIANT FOOD	56,166
	GAITHERSBURG		1999	88,277	93.2	FLOOR & DECOR	60,102	MATTRESS & FURNITURE MART	10,026
	GAITHERSBURG (7)		2016	222,920	83.7	CINEPOLIS	34,052	MICHAELS	23,296	WHOLE FOODS MARKET	35,868
	HUNT VALLEY		2008	94,653	91.5					GIANT FOOD	55,330
	LAUREL (7)		1964	157,474	92.2	2ND AVE. VALUE STORES	81,550	PLANET FITNESS	21,000
	OWINGS MILLS (4)		2015	101,297	93.1	AMC Theatres	67,700
	PASADENA	OJV	2003	38,766	90.7	DAVITA	10,496
	PIKESVILLE		2011	105,223	96.8					GIANT FOOD	63,529
	TIMONIUM		2014	59,799	92.6	AMERICAN RADIOLOGY	13,573
	TIMONIUM		2003	191,561	94.9	STAPLES	15,000			GIANT FOOD	61,941
	TOWSON		2014	88,405	100.0	AAA	11,500	CVS	10,125	SAFEWAY	59,180
	TOWSON		2012	679,843	93.6	WALMART	154,828	TARGET	132,608	WEIS MARKETS	55,452
MASSACHUSETTS
	ABINGTON		2014	102,000	100.0	LOWE'S HOME CENTER	102,000
	BRIGHTON		2014	27,550	100.0					WHOLE FOODS MARKET	20,350
	CAMBRIDGE		2014	62,555	100.0	MICRO CENTER	41,724			TRADER JOE'S	11,065
	CHATHAM		2014	24,432	100.0	OCEAN STATE JOB LOT	24,432
	DORCHESTER		2014	84,470	100.0					NATIONAL WHOLESALE LIQUIDATORS	84,470
	EVERETT		2014	41,278	100.0	WALGREENS	14,707
	FALMOUTH		2014	85,544	92.7	STAPLES	24,652	PLANET FITNESS	12,368
	FRAMINGHAM		2014	26,482	100.0					AJ SEABRA SUPERMARKET	9,615
	HYANNIS		2014	231,546	98.8	TOYS R US/BABIES R US	46,932	HOMEGOODS	24,904	SHAW'S SUPERMARKET	54,712
	MEDFORD		2014	56,215	100.0	OFF BROADWAY SHOE	22,478			ALDI	21,952
	PITTSFIELD		2014	72,014	92.3					STOP & SHOP	61,935
	QUINCY		2014	80,510	82.3					BIG Y	55,087
	QUINCY		2014	24,469	100.0	WALGREENS	12,607
	REVERE		2014	15,272	100.0	WALGREENS	15,272
	SALEM		2014	48,587	95.8	STAPLES	17,001
	SPRINGFIELD		2014	19,287	100.0	CVS	19,287
	SWAMPSCOTT		2014	63,975	100.0	CVS	11,060	PETCO	10,250
	WAKEFIELD		2014	15,984	100.0	MG FITNESS	15,984
	WALTHAM		2014	24,284	100.0	PETCO	13,650
	WOBURN		2014	123,878	100.0	KOHL'S	104,385	DOLLAR TREE	10,470
	WORCESTER		2014	66,281	100.0	HARBOR FREIGHT TOOLS	18,859	DOLLAR TREE	10,541	99 ASIAN SUPERMARKET	21,521
MICHIGAN
	CLARKSTON		1996	151,201	86.1	OFFICE DEPOT	19,605	FORT CLARKSTON	11,155	NEIMAN'S FAMILY MARKET	45,092
	FARMINGTON		1993	96,194	100.0	TUESDAY MORNING	14,610	FITNESS 19	10,250	FRESH THYME FARMERS MARKET	26,086
	LIVONIA		1968	33,121	67.1	CVS	13,810
	TAYLOR		1993	141,468	95.4	KOHL'S	93,310	BABIES R US	37,459
	WALKER		1993	387,210	100.0	RUBY-15-WALKER, LLC	156,366	KOHL'S	104,508

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
MINNESOTA
	MAPLE GROVE	KIR	2001	466,825	92.4	BEST BUY	45,953	JO-ANN FABRICS	45,940	BYERLY'S	55,043
	MAPLE GROVE		2006	481,032	98.0	LOWE'S HOME CENTER	137,933	DICK'S SPORTING GOODS	51,182	COSTCO (8)	139,262
	MINNETONKA	KIR	1998	120,231	97.7	TOYS R US/BABIES R US	61,369	TOTAL WINE & MORE	25,775
	ROSEVILLE		2005	108,213	38.8	PLANET FITNESS	32,283
MISSOURI
	KIRKWOOD		1990	251,775	92.4	HOBBY LOBBY	64,876	BURLINGTON	58,400
	LEMAY		1974	79,747	98.0	DOLLAR GENERAL	10,500			SHOP N SAVE	56,198
	MANCHESTER	KIR	1998	89,305	100.0	KOHL'S	89,305
	SAINT CHARLES		1998	84,460	100.0	KOHL'S	84,460
	SAINT LOUIS		1998	113,781	100.0	KOHL'S	92,870	CLUB FITNESS	20,911
	SAINT LOUIS		1972	129,093	95.7					SHOP N SAVE	68,307
	SAINT LOUIS		1998	176,273	85.1	BURLINGTON	80,000	BIG LOTS	35,040
	SAINT LOUIS		1997	169,982	100.0	HOME DEPOT	122,540	PLANET FITNESS	27,000
	SAINT PETERS		1997	176,804	68.5	HOBBY LOBBY	57,028	OFFICE DEPOT	24,500
	SPRINGFIELD		1994	367,748	100.0	BEST BUY	48,150	JCPENNEY	46,144
NEVADA
	RENO		2006	119,377	100.0	SIERRA TRADING POST	31,000	PIER 1 IMPORTS	10,542	WHOLE FOODS MARKET	51,758
	RENO		2015	152,601	100.0	BED BATH & BEYOND	35,185	NORDSTROM RACK	31,000	WILD OATS MARKET (6)	28,788
	RENO		2015	104,319	98.8					RALEY'S	65,519
	RENO		2015	118,012	100.0	SHELL OIL	10,000			RALEY'S	61,570
	SPARKS		2007	119,601	98.2	CVS	18,990			SAFEWAY	56,061
	SPARKS		2015	113,759	93.5					RALEY'S	63,476
NEW HAMPSHIRE
	NASHUA		2014	219,445	97.8	TJ MAXX	25,219	MICHAELS	24,300	TRADER JOE'S	13,800
	SALEM		1994	346,201	100.0	KOHL'S	91,282	BOB'S STORES	43,905	SHAW'S SUPERMARKET (6)	51,507
NEW JERSEY
	BRIDGEWATER	KIR	2001	241,997	95.6	BED BATH & BEYOND	40,415	MARSHALLS	39,562	COSTCO (8)	136,570
	CHERRY HILL (7)		1985	41,637	66.7	RETRO FITNESS	10,366
	CHERRY HILL		1996	129,809	95.5	KOHL'S	96,629	PLANET FITNESS	22,320
	CHERRY HILL		2014	209,035	100.0	KOHL'S	86,770	EDGE FITNESS CLUB	40,000	TARGET (8)	130,915
	CHERRY HILL		2011	381,799	93.3	BURLINGTON	70,500	SEARS OUTLET	40,000	SHOPRITE	71,676
	CLARK		2013	85,000	100.0					SHOPRITE	85,000
	CLARK		2013	52,812	100.0					BRIXMORE	52,812
	CLARK		2013	41,537	100.0	24 HOUR FITNESS	28,000	RITE AID	13,537
	EAST WINDSOR		2008	248,727	100.0	TARGET	126,200	KOHL'S	30,257	PATEL BROTHERS	22,310
	EDGEWATER (7)	PRU	2007	413,998	100.0	TARGET	113,156	TJ MAXX	35,000	ACME	63,966
	HILLSDALE		2014	60,432	100.0	WALGREENS	16,332			KING'S SUPER MARKET	30,811
	HOLMDEL		2007	299,723	99.3	HOBBY LOBBY	56,021	MARSHALLS	48,833
	HOLMDEL		2007	234,557	100.0	BEST BUY	30,109	MICHAELS	25,482	BEST MARKET	37,500
	MILLBURN		2014	89,321	95.3	WALGREENS (6)	17,139	PET SUPPLIES PLUS	10,158	KING'S SUPER MARKET	40,024
	MOORESTOWN		2009	201,351	90.4	LOWE'S HOME CENTER	135,198	SKYZONE	42,173
	NORTH BRUNSWICK		1994	429,379	100.0	BURLINGTON	64,676	MARSHALLS	52,440	WALMART	134,202
	PISCATAWAY		1998	97,348	96.2					SHOPRITE	54,100
	RIDGEWOOD		1994	24,280	100.0					WHOLE FOODS MARKET	24,280
	UNION		2007	98,193	100.0	BEST BUY	30,225			WHOLE FOODS MARKET	60,000
	WAYNE		2009	351,574	98.9	FLOOR & DECOR	89,933	LIFE STORAGE LP	85,063
	WESTMONT		1994	173,259	85.9	SUPER FITNESS	15,000	TUESDAY MORNING	13,271	TARGET	48,142
NEW YORK
	AMHERST	OJV	2009	101,066	100.0					TOPS SUPERMARKET	101,066
	BAYSHORE		2006	176,831	100.0	BEST BUY	45,499	TOYS R US/BABIES R US	43,123	ALDI	18,635
	BELLMORE		2004	15,445	100.0	PETSMART	12,052
	BRIDGEHAMPTON		2009	287,507	96.2	KMART	89,935	TJ MAXX	33,800	KING KULLEN	61,892
	BRONX	OJV	2013	224,959	100.0	NATIONAL AMUSEMENTS	58,860	BLINK FITNESS	18,119	FOOD BAZAAR	51,680
	BROOKLYN	KIR	2000	80,708	100.0	HOME DEPOT	58,200	WALGREENS	11,050
	BROOKLYN		2003	10,000	100.0	RITE AID	10,000
	BROOKLYN		2004	29,671	100.0	CENTER FOR ALLIED HEALTH EDUCA	19,371	DUANE READE	10,300
	BROOKLYN		2004	40,373	100.0	DUANE READE	15,638	PARTY CITY	13,424

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
	BROOKLYN HEIGHTS		2012	7,200	100.0					KEY FOOD	7,200
	BUFFALO	OJV	2009	141,466	100.0	PETSMART	20,165	CITI TRENDS	11,186	TOPS SUPERMARKET	84,000
	CENTEREACH	OJV	1993	381,241	97.1	BIG LOTS	33,600	MODELL'S	20,315	WALMART	151,067
	COMMACK (7)		1998	246,454	100.0	TOYS R US/BABIES R US	63,296	HOBBY LOBBY	42,970	WHOLE FOODS MARKET	45,000
	COMMACK		2007	24,617	100.0	DEAL$	14,137
	COPIAGUE	KIR	1998	135,436	100.0	HOME DEPOT	112,000			TARGET (8)	130,417
	ELMONT		2004	27,078	86.2	TJ MAXX	21,178
	ELMONT		2015	12,900	100.0	CVS	12,900
	ELMSFORD		2013	143,288	100.0	ELMSFORD 119	84,450	AUTONATION	58,838
	FARMINGDALE		2015	437,105	98.4	HOME DEPOT	116,790	SUNRISE CREDIT SERVICES	34,821	STEW LEONARD'S	60,000
	FLUSHING		2007	22,416	100.0					FRUIT VALLEY PRODUCE	17,300
	FRANKLIN SQUARE		2004	17,789	100.0	PETCO	11,857
	FREEPORT	KIR	2000	13,905	100.0	WALGREENS	13,905
	FREEPORT	KIR	2000	173,002	100.0	VORNADO REALTY TRUST	37,328	MARSHALLS	27,540	TARGET	46,753
	GLEN COVE	KIR	2000	49,212	100.0	STAPLES	24,880	PETSMART	13,482
	HAMPTON BAYS		1989	70,990	100.0	MACY'S	50,000	PETCO	11,890
	HARRIMAN		2015	227,939	94.6	KOHL'S	86,584	MICHAELS	24,008
	HICKSVILLE		2004	35,736	100.0	PETCO	12,919	DOLLAR TREE	10,481
	HUNTINGTON STATION		2011	52,973	97.0	RITE AID	11,010			BEST MARKET	30,700
	JERICHO		2007	171,180	100.0	MARSHALLS	33,600	MILLERIDGE	20,466	WHOLE FOODS MARKET	38,304
	KEW GARDENS HILLS		2012	10,790	100.0
	LATHAM	KIR	1999	617,810	88.6	SAM'S CLUB	134,900	DICK'S SPORTING GOODS	116,097	HANNAFORD	63,664
	LITTLE NECK		2003	48,275	100.0
	LONG ISLAND CITY		2012	6,065	100.0					KEY FOOD	5,621
	MANHASSET		1999	155,321	100.0	MARSHALLS	40,114	NORDSTROM RACK	34,257	KING KULLEN	37,570
	MASPETH		2004	22,500	100.0	DUANE READE (6)	22,500
	MERRICK	KIR	2000	108,296	98.5	HOMEGOODS	24,836	ANNIE SEZ	15,038	BEST MARKET	44,478
	MINEOLA		2007	26,747	79.4					NORTHSHORE FARMS	10,000
	MUNSEY PARK	KIR	2000	72,748	100.0	BED BATH & BEYOND	41,393			WHOLE FOODS MARKET	20,000
	NESCONSET		2009	55,968	100.0	PETSMART	28,916	BOB'S DISCOUNT FURNITURE	27,052	COSTCO (8)	122,475
	NORTH MASSAPEQUA		2004	29,599	100.0	EASY DAY	13,965
	PLAINVIEW		1969	88,222	98.6					FAIRWAY STORES	55,162
	SELDEN		2014	236,130	99.6	HOME DEPOT	102,220	RITE AID	14,673	TARGET	52,250
	STATEN ISLAND (7)	KIR	2000	177,179	95.0	TJ MAXX	34,798	LA FITNESS	34,000
	STATEN ISLAND		1989	268,362	100.0	SI FURNITURE INC.	29,216	HOMEGOODS	26,375	TARGET	139,839
	STATEN ISLAND		1997	100,977	99.2	LA FITNESS	33,180
	STATEN ISLAND (7)		2006	73,217	100.0	CVS	13,044	MANDEE	11,146	SHOPRITE	68,107
	STATEN ISLAND		2005	47,270	100.0	STAPLES	47,270
	SYOSSET		1967	32,124	92.5	NEW YORK SPORTS CLUB	16,664
	VALLEY STREAM		2012	27,924	100.0					KEY FOOD	27,924
	WHITE PLAINS (7)		2004	17,649	100.0	DOLLAR TREE	14,450
	WOODSIDE		2012	7,500	100.0					CHAMPION FOOD SUPERMARKET	7,500
	YONKERS		1995	43,560	100.0					SHOPRITE	43,560
	YONKERS		2005	10,329	100.0	ADVANCE AUTO PARTS	10,329
NORTH CAROLINA
	CARY	KIR	2001	315,797	100.0	KOHL'S	86,584	PETSMART	26,040	BJ'S WHOLESALE CLUB	108,532
	CARY		2000	581,668	95.8	DICK'S SPORTING GOODS	55,000	BEST BUY	51,259
	CHARLOTTE		1968	241,235	88.6	HOME DEPOT	85,600	BURLINGTON	48,000
	CHARLOTTE		1986	233,939	92.6	ROSS DRESS FOR LESS	32,003	K&G FASHION SUPERSTORE	31,577
	CHARLOTTE		2012	73,174	100.0					HARRIS TEETER	50,627
	CHARLOTTE		2014	114,179	100.0					HARRIS TEETER	51,486
	CORNELIUS		2011	80,600	100.0					HARRIS TEETER	57,260
	DAVIDSON		2012	82,055	100.0					HARRIS TEETER	48,000
	DURHAM	KIR	2002	408,065	100.0	BEST BUY	45,000	BUY BUY BABY	31,772	WALMART	149,929
	DURHAM		1996	116,186	81.8	TJ MAXX	31,303	JO-ANN FABRICS	16,051
	KNIGHTDALE	OJV	2011	323,049	89.4	DICK'S SPORTING GOODS	45,000	ROSS DRESS FOR LESS	30,144	TARGET (8)	124,163
	MOORESVILLE		2007	165,798	99.3	BEST BUY	30,000	BED BATH & BEYOND	28,000

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
	MORRISVILLE		2008	169,901	95.1	CARMIKE CINEMAS	60,124	O2 FITNESS CLUBS	36,000	FOOD LION	36,427
	RALEIGH		1993	358,058	76.7	GOLF GALAXY	59,719	BED BATH & BEYOND	35,335
	RALEIGH		2011	136,047	100.0	OFFICE DEPOT	22,391	02 FITNESS	20,006
	WINSTON-SALEM		1969	132,190	100.0	DOLLAR TREE	14,849			HARRIS TEETER	60,279
OREGON
	CLACKAMAS	PRU	2007	236,641	95.8	NORDSTROM RACK	27,766	HOBBY LOBBY	45,121	TARGET (8)	125,923
	GRESHAM	PRU	2006	263,686	87.9	MADRONA WATUMULL	55,120	ROSS DRESS FOR LESS	26,832
	GRESHAM		2009	208,276	89.4	MARSHALLS	27,500	OFFICE DEPOT	26,706
	GRESHAM		2009	107,583	96.0	CASCADE ATHLETIC CLUB	21,633			WALMART NEIGHBORHOOD MARKET	60,000
	HILLSBORO	PRU	2008	210,941	96.6	RITE AID	27,465	DSW SHOE WAREHOUSE	19,949	SAFEWAY	53,000
	MILWAUKIE	PRU	2007	185,760	93.8	RITE AID	31,472	JO-ANN FABRICS	13,775	HAGGEN (6)	42,630
	PORTLAND	PRU	2006	113,721	100.0	DOLLAR TREE	11,660			SAFEWAY	48,000
	PORTLAND		2017	746,171	96.0	HOME DEPOT	106,500	BURLINGTON	70,501	TARGET	138,700
PENNSYLVANIA
	ARDMORE		2007	314,158	87.5	LIFE TIME FITNESS	78,363	WEST ELM	10,543	TRADER JOE'S	12,548
	BEAVER FALLS		2000	215,206	100.0	KMART (6)	107,806	HOME DEPOT	107,400	GIANT EAGLE (8)	66,640
	BLUE BELL		1996	120,211	100.0	KOHL'S	93,444	HOMEGOODS	26,767	MCCAFFREY'S FOOD MARKETS (8)	88,842
	CHAMBERSBURG		2008	131,623	93.6	WINE & SPIRITS SHOPPE	11,309			GIANT FOOD	67,521
	DEVON		2012	68,935	100.0	WINE & SPIRITS SHOPPE	10,394			WHOLE FOODS MARKET	33,504
	EAGLEVILLE		2008	59,536	37.2	DOLLAR TREE	10,263
	EAST NORRITON		1984	131,794	98.5	RETRO FITNESS	18,025	JO-ANN FABRICS	12,250	SHOPRITE	66,506
	EAST STROUDSBURG (7)		1973	99,662	97.7					GIANT FOOD	66,479
	EXTON		1996	145,869	100.0	KOHL'S	85,184	HOBBY LOBBY	60,685
	HARRISBURG (7)		1972	174,991	100.0	AMERICAN SIGNATURE	48,884	TOUCH OF COLOR FLOORING	25,606	GIANT FOOD	72,251
	HAVERTOWN		1996	80,938	100.0	KOHL'S	80,938
	HORSHAM		2015	71,737	100.0					GIANT FOOD	48,820
	MONROEVILLE		2015	143,200	92.1	PETSMART	29,650	BED BATH & BEYOND	25,312
	MONTGOMERYVILLE	KIR	2002	256,951	97.4	BED BATH & BEYOND	32,037	GABE'S	28,892	GIANT FOOD	67,179
	NEW KENSINGTON		1986	108,950	100.0					GIANT EAGLE	101,750
	NORRISTOWN		2015	60,160	100.0	SEARS HARDWARE	60,160
	PHILADELPHIA (7)	OJV	1983	177,362	100.0	BURLINGTON	70,723	TOYS R US	33,000
	PHILADELPHIA (7)	OJV	1995	330,237	95.4	TARGET	137,000	PEP BOYS	20,800	ACME	66,703
	PHILADELPHIA		1996	82,345	100.0	KOHL'S (6)	82,345
	PHILADELPHIA	OJV	2006	293,322	97.9	SEARS	237,151			ACME (8)	66,703
	PHILADELPHIA (2)		2017
	PITTSBURGH		2010	150,078	92.3	THE TILE SHOP	16,059	RITE AID	15,000	WHOLE FOODS MARKET	38,613
	PITTSBURGH		2016	166,495	95.3	TJ MAXX	30,000	STAPLES	23,884	FRESH THYME FARMERS MARKET	31,296
	RICHBORO		1986	111,982	100.0					ACME	55,537
	SCOTT TOWNSHIP		1999	69,288	100.0	WALMART	69,288			SHOP N SAVE (8)	48,000
	SHREWSBURY		2014	94,706	97.9					GIANT FOOD	54,785
	SPRINGFIELD		1983	171,277	97.5	STAPLES	26,535	EMPIRE BEAUTY SCHOOL	11,472	GIANT FOOD	66,825
	WHITEHALL		1996	84,524	100.0	KOHL'S	84,524
	WYNNEWOOD		2014	55,911	100.0					WHOLE FOODS MARKET	45,453
	YORK		1986	35,500	14.1
PUERTO RICO
	BAYAMON		2006	186,421	96.8	PLANET FITNESS	18,100	CHUCK E CHEESE	13,600	AMIGO SUPERMARKET	35,588
	CAGUAS		2006	599,681	95.1	COSTCO	134,881	JCPENNEY	98,348	SAM'S CLUB	138,622
	CAROLINA		2006	570,621	90.6	KMART	118,242	HOME DEPOT	109,800	ECONO RIAL	56,372
	MANATI		2006	69,640	88.9	PLANET FITNESS	20,350	FARMACIA SAVIA	11,525
	MAYAGUEZ		2006	354,830	97.2	HOME DEPOT	109,800	CARIBBEAN CINEMA	45,126	SAM'S CLUB	100,408
	PONCE		2006	191,680	96.1	2000 CINEMA CORP.	60,000	PETSMART	13,279	SUPERMERCADOS MAXIMO	35,651
	TRUJILLO ALTO		2006	198,815	99.7	KMART	80,100	FARMACIA SAVIA	11,895	PUEBLO SUPERMARKET	26,869
SOUTH CAROLINA
	CHARLESTON		1978	189,554	100.0	STEIN MART	37,000	PETCO	15,314	HARRIS TEETER	52,334
	CHARLESTON (7)		1995	149,007	96.8	BARNES & NOBLE	25,389	TJ MAXX	25,240	HARRIS TEETER	53,000
	GREENVILLE		2009	294,336	96.1	GOLD'S GYM	35,000	TJ MAXX	30,300	INGLES	65,000
	GREENVILLE		2010	118,452	97.7	ACADEMY SPORTS & OUTDOORS	89,510			TRADER JOE'S	12,836
	GREENVILLE		2012	51,672	87.6					THE FRESH MARKET	20,550

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
TENNESSEE
	MADISON		1978	175,593	96.6	OLD TIME POTTERY	99,400			WALMART NEIGHBORHOOD MARKET	39,687
TEXAS
	AMARILLO	KIR	1997	486,522	99.1	HOME DEPOT	109,800	KOHL'S	94,680
	AUSTIN	OJV	2011	54,651	100.0	PLANET FITNESS	16,650	BUFFET KING	10,000
	AUSTIN	OJV	2011	88,829	90.9	BARNES & NOBLE	24,685	PETCO	12,350
	AUSTIN	OJV	2011	131,039	99.1	GATTI LAND EATER-TAINMENT	31,094	24 HOUR FITNESS	29,678
	AUSTIN	OJV	2011	207,614	100.0	ACADEMY SPORTS & OUTDOORS	61,452	PACIFIC RESOURCES ASSOCIATES	46,690
	AUSTIN	KIR	1998	191,760	99.2	TOYS R US/BABIES R US	55,000	BED BATH & BEYOND	44,846
	AUSTIN		1998	145,337	94.0	PETCO	13,108			HEB GROCERY	64,310
	AUSTIN	PRU	2007	213,274	97.7	BED BATH & BEYOND	42,098	BUY BUY BABY	28,730
	BEAUMONT		2005	9,600	100.0
	BROWNSVILLE		2005	238,683	96.7	BURLINGTON	80,274	TJ MAXX	28,460
	BURLESON		2011	367,552	98.0	KOHL'S	86,584	ROSS DRESS FOR LESS	30,187	ALBERTSONS (8)	54,340
	CONROE		2015	289,322	100.0	ASHLEY FURNITURE HOMESTORE	48,000	TJ MAXX	32,000
	CORPUS CHRISTI		1997	159,329	98.7	BEST BUY	47,616	ROSS DRESS FOR LESS	34,000
	DALLAS	KIR	1998	83,926	100.0	ROSS DRESS FOR LESS	28,160	OFFICEMAX	23,500	TARGET (8)	130,715
	DALLAS	PRU	2007	171,143	87.8	CVS	16,799	ULTA	10,800	VITAMIN COTTAGE NATURAL FOOD	11,110
	FORT WORTH		2015	286,737	93.8	MARSHALLS	38,032	ROSS DRESS FOR LESS	30,079	TARGET (8)	173,890
	FRISCO		2006	239,197	98.5	HOBBY LOBBY	81,392	HEMISPHERES	50,000	SPROUTS FARMERS MARKET	26,043
	GEORGETOWN	OJV	2011	114,598	83.4	DOLLAR TREE	13,250	CVS	10,080
	GRAND PRAIRIE		2006	243,900	94.4	24 HOUR FITNESS	30,000	ROSS DRESS FOR LESS	29,931	TARGET (8)	173,890
	HOUSTON		2005	279,210	100.0	TJ MAXX	32,000	ROSS DRESS FOR LESS	30,187	TARGET (8)	125,400
	HOUSTON		2015	144,055	100.0	BEST BUY	35,317	HOMEGOODS	31,620
	HOUSTON		2015	350,836	88.2	MARSHALLS	30,382	BED BATH & BEYOND	26,535	FOOD TOWN (8)	57,539
	HOUSTON		2013	149,065	95.3	ROSS DRESS FOR LESS	30,176	OLD NAVY	19,222
	HOUSTON		2015	165,268	97.8	ROSS DRESS FOR LESS	26,000	TOTAL WINE & MORE	23,608	SPROUTS FARMERS MARKET	29,582
	HUMBLE		2013	316,624	98.0	KOHL'S	88,827	TJ MAXX	50,035	TARGET (8)	180,000
	LEWISVILLE		1998	292,065	96.5	BABIES R US	42,420	BED BATH & BEYOND	34,030
	MESQUITE		1974	79,550	93.5					KROGER	51,000
	PASADENA	KIR	1999	410,071	99.5	BEST BUY	36,896	ROSS DRESS FOR LESS	30,187
	PLANO		1996	100,598	100.0	HOME DEPOT EXPO (6)	97,798
	SOUTHLAKE		2008	37,447	77.3
	SPRING (5)		2015	536,444		ACADEMY SPORTS & OUTDOORS	63,182	HOBBY LOBBY	55,000	TARGET (8)	126,844
	SUGAR LAND		2012	96,623	91.2					KROGER	64,842
	TEMPLE		2015	262,799	93.2	HOBBY LOBBY	56,125	ROSS DRESS FOR LESS	30,187
	WEBSTER		2006	363,830	100.0	HOBBY LOBBY	100,086	BEL FURNITURE	58,842
VIRGINIA
	BURKE		2014	124,148	96.5	CVS	12380			SAFEWAY	53,495
	FAIRFAX	KIR	1998	341,727	100.0	HOME DEPOT	126,290	24 HOUR FITNESS	42,837	COSTCO	139,658
	FAIRFAX	PRU	2007	101,332	98.5	WALGREENS	40,000	TJ MAXX	27,888
	FAIRFAX		2007	52,946	70.1
	HARRISONBURG		2014	190,484	98.5	KOHL'S	88,248			MARTIN'S	73,396
	LEESBURG	PRU	2007	318,775	97.8	DICK'S SPORTING GOODS	43,149	BIG LOTS	36,958
	MANASSAS		2015	107,233	100.0	BURLINGTON	69,960	ELITE FURNITURE AND MATTRESS	10,852
	PENTAGON CITY	CPP	2010	328,957	100.0	MARSHALLS	42,142	BEST BUY	36,532	COSTCO	171,286
	RICHMOND		1995	128,144	100.0	BURLINGTON	75,831	OFFICEMAX	24,975	ALDI	20,276
	ROANOKE		2014	302,134	96.4	MICHAELS	40,002	MARSHALLS	35,134	SAM'S CLUB (8)	102,570
	STAFFORD		2016	101,042	98.8	STAPLES	23,942	PETCO	12,000	GIANT FOOD	61,500
	STAFFORD		2015	331,139	98.4	TJ MAXX	30,545	ROSS DRESS FOR LESS	30,179	SHOPPERS FOOD	67,995
	STERLING		2008	361,110	90.1	TOYS R US	45,210	MICHAELS	35,333	TARGET (8)	125,204
	STERLING		2015	808,442	99.6	WALMART	209,613	LOWE'S HOME CENTER	135,197	SAM'S CLUB	135,193
	WOODBRIDGE (7)		2017	148,293	98.3	REGENCY FURNITURE	73882	THE SALVATION ARMY	17,070	ALDI	16,530
	WOODBRIDGE	KIR	1998	499,288	99.3	HOBBY LOBBY	63,971	DICK'S SPORTING GOODS	57,437

			YEAR			MAJOR LEASES				GROCER
			DEVELOPED OR	LEASABLE AREA	PERCENT LEASED
LOCATION		PORTFOLIO	ACQUIRED	(SQ.FT.)	(1)	TENANT NAME	GLA	TENANT NAME	GLA	TENANT NAME	GLA
WASHINGTON
	AUBURN		2007	174,470	82.2	LA FITNESS	34,500	OFFICE DEPOT	23,070
	BELLEVUE		2013	507,849	93.2	TARGET	101,495	WALMART	76,207	SAFEWAY	36,992
	BELLINGHAM	KIR	1998	188,885	93.6	MACY'S FURNITURE	40,000	BEST BUY	30,000	COSTCO (8)	120,507
	BELLINGHAM	PRU	2007	378,621	95.0	KMART	103,950	GOODWILL INDUSTRIES	35,735	SAFEWAY	67,070
	FEDERAL WAY	KIR	2000	199,642	100.0	JO-ANN FABRICS	43,506	BARNES & NOBLE	24,987	H MART	55,069
	KENT	PRU	2006	86,909	82.4	ROSS DRESS FOR LESS	27,200			TARGET (8)	115,900
	LAKE STEVENS (7)		2012	129,924	99.2	BARTELL DRUGS	17,622			SAFEWAY	61,000
	MILL CREEK		2016	96,671	93.2	PLANET FITNESS	25,333			SPROUTS FARMERS MARKET	29,942
	OLYMPIA	PRU	2006	69,212	100.0	BARNES & NOBLE	20,779	PETCO	16,459	TRADER JOE'S	12,593
	OLYMPIA		2012	6,243	100.0					TRADER JOE'S (8)	12,593
	SEATTLE	PRU	2006	86,060	93.1	BARTELL DRUGS	13,327			SAFEWAY	39,556
	SILVERDALE		2012	170,406	94.0	JO-ANN FABRICS	29,903	RITE AID	23,470	SAFEWAY	55,003
	SILVERDALE	PRU	2006	67,287	96.4	ROSS DRESS FOR LESS	29,020
	SPOKANE		2015	113,464	81.0	BED BATH & BEYOND	36,692	ROSS DRESS FOR LESS	25,000	TRADER JOE'S	12,052
	TACOMA	PRU	2006	111,611	98.9	TJ MAXX	25,160	OFFICE DEPOT	22,880	TARGET (8)	124,042
	TUKWILA	KIR	2003	468,857	100.0	DICK'S SPORTING GOODS	53,545	MACY'S FURNITURE	48,670
CANADA
ONTARIO
	BROCKVILLE	UJV	2010	279,580		GALAXY	20,000	SHOPPERS DRUG MART	18,040
TOTAL 499 SHOPPING CENTER PROPERTY INTERESTS (9)				83,822,364

(1)	Percent leased information as of December 31, 2017.
(2)	Denotes ground-up development project.
(3)	Denotes ground-up development project. The square footage shown represents completed leaseable area pending stabilization.
(4)	Denotes ground-up development project. The square footage shown represents completed leaseable area included in occupancy.
(5)	Denotes ground-up development project.The square footage shown represents completed leaseable area, of which approximately 311,000 square feet is pending stabilization
(6)	Denotes tenants who are Dark & Paying.
(7)	Denotes projects which exclude GLA of units being held for redevelopment.
(8)	Denotes tenants who are Shadow Anchors.
(9)	Does not include 366 properties, primarily through the Company’s preferred equity investments, other real estate investments and non-retail properties, totaling approximately 5.2 million square feet of GLA.
CPP	Denotes property interest in Canada Pension Plan.
KIR	Denotes property interest in Kimco Income REIT.
OJV	Denotes property interest in Other US Joint Ventures.
PRU	Denotes property interest in Prudential Investment Program.
UJV	Denotes property interest in Unconsolidated Joint Venture.

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Document And Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 20, 2018	Jun. 30, 2017
Document Information [Line Items]
Entity Registrant Name	KIMCO REALTY CORP
Entity Central Index Key	0000879101
Trading Symbol	kim
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		425,455,523
Entity Public Float			$ 7.6
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false

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Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Rental property
Land		$ 3,019,284	$ 2,845,186
Buildings and improvements		9,231,644	8,827,861
		12,250,928	11,673,047
Accumulated depreciation and amortization (1)	[1]	(2,433,053)	(2,278,292)
		9,817,875	9,394,755
Real estate under development		402,518	335,028
Real estate, net		10,220,393	9,729,783
Investments in and advances in real estate joint ventures		483,861	504,209
Other real estate investments		217,584	209,146
Mortgages and other financing receivables		21,838	23,197
Cash and cash equivalents		238,513	142,486
Marketable securities		13,265	8,101
Accounts and notes receivable, net		189,757	181,823
Deferred charges and prepaid expenses		155,472	147,694
Other assets		223,043	284,161
Total assets	[2]	11,763,726	11,230,600
Liabilities:
Notes payable, net		4,596,140	3,927,251
Mortgages payable, net		882,787	1,139,117
Accounts payable and accrued expenses		185,702	145,751
Declaration of dividends paid in succeeding period		128,892	124,517
Other liabilities		431,915	404,137
Total liabilities	[3]	6,225,436	5,740,773
Redeemable noncontrolling interests		16,143	86,953
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $1.00 par value, authorized 5,996,240 and 6,029,100 shares, respectively, 41,200 and 32,000 shares issued and outstanding (in series), respectively; Aggregate liquidation preference $1,030,000 and $800,000, respectively		41	32
Common stock, $.01 par value, authorized 750,000,000 shares issued and outstanding 425,646,380 and 425,034,113 shares, respectively		4,256	4,250
Paid-in capital		6,152,764	5,922,958
Cumulative distributions in excess of net income		(761,337)	(676,867)
Accumulated other comprehensive (loss)/income		(1,480)	5,766
Total stockholders' equity		5,394,244	5,256,139
Noncontrolling interests		127,903	146,735
Total equity		5,522,147	5,402,874
Total liabilities and equity		$ 11,763,726	$ 11,230,600

[1] At December 31, 2017 and 2016, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $459,211 and $409,062, respectively.

[2] Includes restricted assets of consolidated variable interest entities ("VIEs") at December 31, 2017 and December 31, 2016 of $644,990 and $333,705, respectively. See Footnote 9 of the Notes to Consolidated Financial Statements.

[3] Includes non-recourse liabilities of consolidated VIEs at December 31, 2017 and December 31, 2016 of $417,688 and $176,216, respectively. See Footnote 9 of the Notes to Consolidated Financial Statements.

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Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets of consolidated variable interest entities	$ 644,990	$ 333,705
Liabilities of consolidated variable interest entities	$ 417,688	$ 176,216
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	5,996,240	6,029,100
Preferred stock, shares issued (in shares)	41,200	32,000
Preferred stock, shares outstanding (in shares)	41,200	32,000
Preferred stock, aggregate liquidation preference	$ 1,030,000	$ 800,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	425,646,380	425,034,113
Common stock, shares outstanding (in shares)	425,646,380	425,034,113

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Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues
Revenues from rental properties		$ 1,183,785	$ 1,152,401	$ 1,144,474
Management and other fee income		17,049	18,391	22,295
Total revenues		1,200,834	1,170,792	1,166,769
Operating expenses
Rent		11,145	10,993	12,347
Real estate taxes		157,196	146,615	147,150
Operating and maintenance		142,787	140,910	144,980
General and administrative		118,455	117,302	122,735
Provision for doubtful accounts		5,630	5,563	6,075
Impairment charges		67,331	93,266	45,383
Depreciation and amortization		360,811	355,320	344,527
Total operating expenses		863,355	869,969	823,197
Operating income		337,479	300,823	343,572
Other income/(expense)
Interest, dividends and other investment income		2,809	1,478	39,061
Other (expense)/income, net		(250)	3,947	5,174
Interest expense		(191,956)	(192,549)	(218,891)
Early extinguishment of debt charges		(1,753)	(45,674)
Income from continuing operations before income taxes, net, equity in income of joint ventures, net, gain on change in control of interests and equity in income from other real estate investments, net		146,329	68,025	168,916
Benefit/(provision) for income taxes, net		880	(72,545)	(60,230)
Equity in income of joint ventures, net		60,763	218,714	480,395
Gain on change in control of interests		71,160	57,386	149,234
Income from continuing operations		346,133	299,353	774,405
Discontinued operations
Loss from discontinued operating properties, net of tax				(15)
Impairment/loss on operating properties, net of tax				(60)
Loss from discontinued operations				(75)
Gain on sale of operating properties, net, net of tax		93,538	86,785	125,813
Net income		439,671	386,138	900,143
Net income attributable to noncontrolling interests		(13,596)	(7,288)	(6,028)
Net income attributable to the Company		426,075	378,850	894,115
Preferred stock redemption charge		(7,014)		(5,816)
Preferred dividends		(46,600)	(46,220)	(57,084)
Net income available to the Company's common shareholders		$ 372,461	$ 332,630	$ 831,215
Per common share:
-Basic (in dollars per share)		$ 0.87	$ 0.79	$ 2.01
-Diluted (in dollars per share)		0.87	0.79	2
Net income available to the Company:
-Basic (in dollars per share)		0.87	0.79	2.01
-Diluted (in dollars per share)		$ 0.87	$ 0.79	$ 2
Weighted average shares:
-Basic (in shares)		423,614	418,402	411,319
-Diluted (in shares)	[1]	424,019	419,709	412,851
Amounts available to the Company's common shareholders:
Income from continuing operations		$ 372,461	$ 332,630	$ 831,290
Loss from discontinued operations				(75)
Net income available to the Company's common shareholders		372,461	332,630	831,215
Joint Ventures [Member]
Other income/(expense)
Equity in income of joint ventures, net		60,763	218,714	480,395
Other Real Estate Investments [Member]
Other income/(expense)
Equity in income of joint ventures, net		$ 67,001	$ 27,773	$ 36,090

[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,082,106, 3,490,400 and 5,300,680 stock options that were not dilutive as of December 31, 2017, 2016 and 2015, respectively.

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net (loss)/income from U.S. TRSs	$ 439,671	$ 386,138	$ 900,143
Other comprehensive income:
Change in unrealized gains/losses related to available-for-sale securities	(1,542)	8	(45,799)
Change in unrealized losses on interest rate swaps	631	451	(22)
Change in foreign currency translation adjustments	(6,335)	(281)	6,287
Other comprehensive (loss)/income	(7,246)	178	(39,534)
Comprehensive income	432,425	386,316	860,609
Comprehensive income attributable to noncontrolling interests	(13,596)	(7,288)	(6,028)
Comprehensive income attributable to the Company	$ 418,829	$ 379,028	$ 854,581

XML

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2014	$ (1,006,578)	$ 45,122	$ 102	$ 4,118	$ 5,732,021	$ 4,774,785	$ 126,980	$ 4,901,765
Balance (in shares) at Dec. 31, 2014			102,000	411,820,000
Contributions/deemed contributions from noncontrolling interests							66,163	66,163
Comprehensive income:
Net income	894,115					894,115	6,028	900,143
Other comprehensive income, net of tax:
Change in unrealized gains/losses related to available-for-sale securities		(45,799)				(45,799)		(45,799)
Change in unrealized losses on interest rate swaps		(22)				(22)		(22)
Change in foreign currency translation adjustments		6,287				6,287		6,287
Redeemable noncontrolling interests income							(7,061)	(7,061)
Dividends	(459,872)					(459,872)		(459,872)
Distributions to noncontrolling interests							(8,539)	(8,539)
Net Proceeds, After Expenses				$ 8	485	493		493
Depositary Shares Issued (in shares)				824,000
Surrender of restricted stock				$ (2)	(5,680)	(5,682)		(5,682)
Surrender of restricted stock (in shares)				(232,000)
Exercise of common stock options				$ 10	18,698	18,708		$ 18,708
Exercise of common stock options (in shares)				1,019,000				1,019,240
Sale of interests in investments, net of tax of $16.0 million					23,993	23,993		$ 23,993
Acquisition of noncontrolling interests					262	262	(47,920)	(47,658)
Amortization of equity awards					14,032	14,032		14,032
Redemption of preferred stock			$ (70)		(174,930)	(175,000)		(175,000)
Redemption of preferred stock (in shares)			(70,000)
Contributions/deemed contributions from noncontrolling interests							66,163	66,163
Balance at Dec. 31, 2015	(572,335)	5,588	$ 32	$ 4,134	5,608,881	5,046,300	135,651	5,181,951
Balance (in shares) at Dec. 31, 2015			32,000	413,431,000
Contributions/deemed contributions from noncontrolling interests							16,667	16,667
Comprehensive income:
Net income	378,850					378,850	7,288	386,138
Other comprehensive income, net of tax:
Change in unrealized gains/losses related to available-for-sale securities		8				8		8
Change in unrealized losses on interest rate swaps		451				451		451
Change in foreign currency translation adjustments		(281)				(281)		(281)
Redeemable noncontrolling interests income							(4,349)	(4,349)
Dividends	(483,382)					(483,382)		(483,382)
Distributions to noncontrolling interests							(8,522)	(8,522)
Net Proceeds, After Expenses				$ 107	286,314	286,421		286,421
Depositary Shares Issued (in shares)				10,711,000
Surrender of restricted stock				$ (3)	(7,005)	(7,008)		(7,008)
Surrender of restricted stock (in shares)				(276,000)
Exercise of common stock options				$ 12	21,048	21,060		$ 21,060
Exercise of common stock options (in shares)				1,168,000				1,167,819
Amortization of equity awards					13,720	13,720		$ 13,720
Contributions/deemed contributions from noncontrolling interests							16,667	16,667
Balance at Dec. 31, 2016	(676,867)	5,766	$ 32	$ 4,250	5,922,958	5,256,139	146,735	5,402,874
Balance (in shares) at Dec. 31, 2016			32,000	425,034,000
Contributions/deemed contributions from noncontrolling interests							48,877	48,877
Comprehensive income:
Net income	426,075					426,075	13,596	439,671
Other comprehensive income, net of tax:
Change in unrealized gains/losses related to available-for-sale securities		(1,542)				(1,542)		(1,542)
Change in unrealized losses on interest rate swaps		631				631		631
Change in foreign currency translation adjustments		(6,335)				(6,335)		(6,335)
Redeemable noncontrolling interests income							(1,297)	(1,297)
Dividends	(510,545)					(510,545)		(510,545)
Distributions to noncontrolling interests							(13,995)	(13,995)
Net Proceeds, After Expenses				$ 8	(8)
Depositary Shares Issued (in shares)				776,000
Surrender of restricted stock				$ (2)	(5,697)	(5,699)		(5,699)
Surrender of restricted stock (in shares)				(248,000)
Exercise of common stock options					1,526	1,526		$ 1,526
Exercise of common stock options (in shares)				84,000				83,863
Amortization of equity awards					18,983	18,983		$ 18,983
Redemption of preferred stock			$ (9)		(224,991)	(225,000)		(225,000)
Redemption of preferred stock (in shares)			(9,000)
Contributions/deemed contributions from noncontrolling interests							48,877	48,877
Issuance of preferred stock			$ 18		439,401	439,419		439,419
Issuance of preferred stock (in shares)			18,000
Redemption/conversion of noncontrolling interests					592	592	(66,013)	(65,421)
Balance at Dec. 31, 2017	$ (761,337)	$ (1,480)	$ 41	$ 4,256	$ 6,152,764	$ 5,394,244	$ 127,903	$ 5,522,147
Balance (in shares) at Dec. 31, 2017			41,000	425,646,000

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Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Series H Preferred Stock [Member]
Dividends per depository share (in dollars per share)			$ 1.485
Series I Preferred Stock [Member]
Dividends per depository share (in dollars per share)	$ 1.50	$ 1.50	1.50
Series J Preferred Stock [Member]
Dividends per depository share (in dollars per share)	1.375	1.375	1.375
Series K Preferred Stock [Member]
Dividends per depository share (in dollars per share)	1.40625	1.40625	$ 1.40625
Series I Preferred Stock Redeemed [Member]
Dividends per depository share (in dollars per share)	0.9625
Series L Preferred Stock [Member]
Dividends per depository share (in dollars per share)	0.48047
Series M Preferred Stock [Member]
Dividends per depository share (in dollars per share)	0.0401
Additional Paid-in Capital [Member]
Sale of interests in investments, tax			$ 16
Dividends per common share (in dollars per share)	$ 1.09	$ 1.035	$ 0.975

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flow from operating activities:
Net income	$ 439,671	$ 386,138	$ 900,143
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	360,811	355,320	344,527
Impairment charges	67,331	93,266	45,464
Deferred taxes	807	55,068	4,498
Early extinguishment of debt charges	1,753	45,674
Equity award expense	21,563	19,071	18,465
Gain on sale of operating properties, net, net of tax	(93,538)	(92,823)	(132,907)
Gain on sale of marketable securities			(39,852)
Gain on change in control of interests	(71,160)	(57,386)	(149,234)
Equity in income of joint ventures, net	(60,763)	(218,714)	(480,395)
Equity in income from other real estate investments, net	(67,001)	(27,773)	(36,090)
Distributions from joint ventures and other real estate investments	58,189	90,589	126,263
Change in accounts and notes receivable	(7,934)	(6,571)	(2,867)
Change in accounts payable and accrued expenses	4,417	(7,886)	164
Change in Canadian withholding tax receivable	12,996	23,571	(37,040)
Change in other operating assets and liabilities	(52,961)	(65,448)	(67,438)
Net cash flow provided by operating activities	614,181	592,096	493,701
Cash flow from investing activities:
Acquisition of operating real estate and other related net assets	(153,854)	(203,190)	(661,423)
Improvements to operating real estate	(206,800)	(143,489)	(166,670)
Acquisition of real estate under development	(10,010)	(51,588)	(16,355)
Improvements to real estate under development	(160,257)	(72,759)	(16,861)
Investment in marketable securities	(9,822)	(2,466)	(257)
Proceeds from sale/repayments of marketable securities	3,146	1,937	76,170
Investments in and advances to real estate joint ventures	(35,291)	(86,453)	(91,609)
Reimbursements of investments and advances to real estate joint ventures	55,839	71,656	94,053
Distributions from liquidation of real estate joint ventures		138,475	373,833
Return of investment from liquidation of real estate joint ventures		191,902	88,672
Investment in other real estate investments	(666)	(233)	(641)
Reimbursements of investments and advances to other real estate investments	40,709	11,019	40,556
Collection of mortgage loans receivable	1,405	921	55,145
Investment in other investments			(190,278)
Reimbursements of other investments		500
Proceeds from sale of operating properties	181,321	304,600	437,030
Proceeds from sale of development properties		4,551
Net cash flow (used for)/provided by investing activities	(294,280)	165,383	21,365
Cash flow from financing activities:
Principal payments on debt, excluding normal amortization of rental property debt	(687,117)	(700,853)	(555,627)
Principal payments on rental property debt	(15,186)	(19,039)	(28,632)
Proceeds from mortgage loan financings	206,000
(Repayments)/proceeds under the unsecured revolving credit facility, net	(17,143)	26,445	(100,000)
Proceeds from issuance of unsecured term loan/notes	1,250,000	1,400,000	1,500,030
Repayments under unsecured term loan/notes	(550,000)	(1,261,850)	(750,000)
Financing origination costs	(23,305)	(25,679)	(19,017)
Payment of early extinguishment of debt charges	(2,631)	(45,674)
Change in tenants' security deposits	911	1,367	2,116
Contributions from noncontrolling interests	1,422		106,154
Conversion/distribution of noncontrolling interests	(96,599)	(12,594)	(55,753)
Dividends paid	(506,172)	(474,045)	(455,833)
Proceeds from issuance of stock, net	440,946	307,395	18,708
Redemption of preferred stock	(225,000)		(175,000)
Net cash flow used for financing activities	(223,874)	(804,527)	(512,854)
Net change in cash and cash equivalents	96,027	(47,048)	2,212
Cash and cash equivalents, beginning of year	142,486	189,534	187,322
Cash and cash equivalents, end of year	238,513	142,486	189,534
Interest paid during the year (net of capitalized interest of $14,480, $9,247 and $5,618, respectively)	192,155	252,482	232,950
Income taxes (received)/paid during the year (net of refunds received of $16,118, $113,934 and $0, respectively)	$ (14,456)	$ 6,090	$ 100,366

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Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash paid for capitalized interest	$ 14,480	$ 9,247	$ 5,618
Refunds received	$ 16,118	$ 113,934	$ 0

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Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. Summary of Significant Accounting Policies :

Business

and Organization

Kimco Realty Corporation

and its subsidiaries (the "Company" or "Kimco"), operate as a Real Estate Investment Trust (“REIT”) and are engaged principally in the ownership, management, development and operation of open-air shopping centers, which are anchored generally by grocery stores, discount department stores or drugstores. Additionally, the Company provides complementary services that capitalize on the Company’s established retail real estate expertise. The Company evaluates performance on a property specific or transactional basis and does

not

distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").

The Company

has elected to be taxed as a REIT for federal income tax purposes under the Internal Revenue Code, as amended (the "Code"). The Company is organized and operates in a manner that enables it to qualify as a REIT under the Code.

Basis of Presentation

The accompanying Consolidated Financial Statements include the accounts of the Company

. The Company’s subsidiaries include subsidiaries which are wholly-owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.

Use of

Estimates

GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, other investments,

including the assessment of impairments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of uncertain tax positions. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in

its consolidated financial statements (see Footnotes

8

and

16

of the Notes to Consolidated Financial Statements).

Real Estate

Real estate assets are stated at cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above

-market and below-market leases, in-place leases and tenant relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value is determined based on a market approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Effective

January 1, 2017,

the Company early adopted

Accounting Standard Update (“ASU”)

2017

-

01,

Business Combinations (Topic

805

): Clarifying the Definition of a Business, including its interim periods within the year, and applied the guidance to its asset acquisitions of operating properties, including the capitalization of acquisition costs, which was previously expensed prior to the adoption of this standard.

In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate

below-market lease renewal options, to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings and building improvements (in years)	15	to	50
Fixtures, leasehold and tenant improvements (including certain identified intangible assets)	Terms of leases or useful lives, whichever is shorter

The Company periodically assesses the useful lives of its depreciable real estate assets

, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.

When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the

fair value. If the fair value of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, less estimated costs of sale and the asset is classified as other assets.

On a continuous basis, management assesses whether there are any indicators, including property operating performance

, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities)

may

be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its remaining hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property.

Real Estate Under Development

Real estate under development represents the development of

open-air shopping center projects, which

may

include residential and mixed-use components, that the Company plans to hold as long-term investments. These properties are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, 

insurance, legal costs, 

salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy and placed into service. This usually occurs upon substantial completion of all costs necessary to bring the property to the condition needed for its intended use, but

no

later than

one

year from the completion of major construction activity. However, the Company

may

continue to capitalize costs even though a project is substantially completed if construction is still ongoing at the site. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value plus estimated costs to complete the development, the carrying value would be adjusted to an amount that reflects the estimated fair value of the property.

Investments in Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does

not

control these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions

, distributions and our share of earnings and losses. Earnings or losses for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company

’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in open-air shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse

third

-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings

may

be guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make. As of

December 31, 2017,

the Company did

not

guaranty any unsecured joint venture debt.

To recognize the character of distributions from equity investees within its consolidated statements of cash flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless

the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company

’s investments in unconsolidated joint ventures

may

be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

The Company

’s estimated fair values are based upon a discounted cash flow model for each joint venture that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Other Real Estate Investments

Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to

owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company

’s Other real estate investments

may

be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

The Company

’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Mortgages and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company

’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors.

Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower

may

be unable to meet interest payments as they become due. Generally, loans

90

days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved

and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

The Company has determined that it has

one

portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.

The Company considers a loan to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under the existing contractual terms. A reserve allowance is established for an impaired loan when the estimated fair value of the underlying collateral (for collateralized loans) or the present value of expected future cash flows is lower than the carrying value of the loan. An internal valuation is performed generally using the income approach to estimate the fair value of the collateral at the time a loan is determined to be impaired. The model is updated if circumstances indicate a significant change in value has occurred. The Company does

not

provide for an additional allowance for loan losses based on the grouping of loans as the Company believes the characteristics of the loans are

not

sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of the Company

’s loans are evaluated individually for impairment purposes.

Cash and Cash Equivalents

Cash and cash equivalents

include demand deposits in banks, commercial paper and certificates of deposit with original maturities of

three

months or less. Cash and cash equivalent balances

may,

at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers.

Marketable Securities

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB

’s Investments-Debt and Equity Securities guidance. These securities are carried at fair market value with unrealized gains and losses reported in stockholders’ equity as a component of Accumulated other comprehensive income ("AOCI"). 

Effective

January 1, 2018,

in accordance with the adoption of ASU

2016

-

01,

Financial Instruments

—Overall (Subtopic

825

-

10

): Recognition and Measurement of Financial Assets and Financial Liabilities, the Company will recognize

changes in fair value of equity investments with readily determinable fair values in net income.

  Gains or losses on securities sold are based on the specific identification method and are recognized in Interest, dividends and other investment income on the Company’s Consolidated Statements of Income.

All debt securities are generally classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity

. It is more likely than

not

that the Company will

not

be required to sell the debt security before its anticipated recovery and the Company expects to recover the security’s entire amortized cost basis even if the entity does

not

intend to sell. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Debt securities which contain conversion features generally are classified as available-for-sale.

On a continuous basis, management assesses whether there are any indicators that the value of the Company

’s marketable securities

may

be impaired, which includes reviewing the underlying cause of any decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company’s evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis. A marketable security is impaired if the fair value of the security is less than the carrying value of the security and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security.

Deferred Leasing Costs

Costs incurred in obtaining tenant leases, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized

on a straight-line basis, over the terms of the related leases, as applicable. Such capitalized costs include salaries, lease incentives and related costs of personnel directly involved in successful leasing efforts. Deferred leasing costs are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.

Software Development Costs

Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a

three

to

five

-year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.  As of

December 31, 2017

and

2016,

the Company had unamortized software development costs of

$6.2

million and

$10.2

million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed

$4.6

million,

$8.0

million and

$10.7

million in amortization of software development costs during the years ended

December 31, 2017,

2016

and

2015,

respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in

Notes payable, net and Mortgages payable, net in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

Revenue

,

Gain

Recognition and Accounts Receivable

Base rental revenues from rental propert

ies are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee.  These percentage rents are recognized once the required sales level is achieved.  Rental income

may

also include payments received in connection with lease termination agreements.  In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned.

Management and other fee income consists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with

third

parties or with entities in which the Company has a noncontrolling interest. Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest.

Gains and losses from the sale of depreciated operating property and

real estate under development projects are recognized using the full accrual method in accordance with the FASB’s real estate sales guidance, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met.

Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of the FASB

’s real estate sales guidance.

The Company makes estimates of the

uncollectable accounts receivables related to base rents, straight-line rent, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets

are net of estimated unrecoverable amounts of

$9.2

million and

$12.3

million of billed accounts receivable at

December 31, 2017

and

2016,

respectively. Additionally, Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of

$7.9

million and

$11.9

million of straight-line rent receivable at

December 31, 2017

and

2016,

respectively.

Income Taxes

The Company elected status as a REIT for federal income tax purposes beginning in its taxable year

January 1, 1992

and operates in a manner that enables the Company to qualify and maintain its status as a REIT

. Accordingly, the Company generally will

not

be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section

856

through

860

of the Code. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  

Additionally, in connection with the Tax Relief Extension Act of

1999

(the "RMA"), which became effective

January 1, 2001,

the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable

REIT subsidiaries (“TRS”) under the Code, subject to certain limitations. Certain subsidiaries of the Company have made a joint election with the Company to be treated as TRSs.  A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements.  As such, the Company, through its wholly-owned TRS, has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company

may

consider other investments through its TRS should suitable opportunities arise. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and

not

in the Company’s taxable REIT subsidiaries. Accordingly, the Company does

not

expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does

not

consider realization of such assets to be more likely than

not.

The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as

future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.

The Company applies

the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company

may

recognize the tax benefit from an uncertain tax position only if it is more likely than

not

that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than

fifty

percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Foreign Currency Translation and Transactions

Assets and liabilities of the Company

’s foreign operations, where it has been determined that the local currency is the functional currency, are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in AOCI, as a separate component of the Company’s stockholders’ equity. Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions. The effect of the transaction’s gain or loss is included in the caption Other (expense)/income, net in the Consolidated Statements of Income. The Company is required to release cumulative translation adjustment (“CTA”) balances into earnings when the Company has substantially liquidated its investment in a foreign entity. As of

December 31, 2017,

the Company has exited South America and substantially liquidated its investments in Mexico and Canada.

Derivative/Financial Instruments

The Company is exposed to certain risk

s arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risk through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company

may

use derivatives to manage exposures that arise from changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives.

The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Company

’s rights or obligations under the applicable derivative contract.  The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives

may

also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company

may

enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does

not

apply or the Company elects

not

to apply hedge accounting under the Derivatives and Hedging guidance issued by the FASB.

The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges

is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During

2017,

2016

and

2015,

the Company had

no

hedge ineffectiveness.

Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does

not

own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company

’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income. 

Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company

’s common stock and provides the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after

one

year from issuance. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.

The Company evaluates the terms of the partnership units issued in accordance with the FASB

’s Distinguishing Liabilities from Equity guidance.  Units which embody a conditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is

not

solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interest and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.  Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interest within the equity section on the Company’s Consolidated Balance Sheets.

Stock Compensation

The Company maintains

two

equity participation plans, the Second Amended and Restated

1998

Equity Participation Plan (the “Prior Plan”) and the

2010

Equity Participation Plan (the

“2010

Plan”) (collectively, the “Plans”). The Prior Plan provides for a maximum of

47,000,000

shares of the Company

’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants. Effective

May 1, 2012,

the

2010

Plan provides for a maximum of

10,000,000

shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are

not

thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans generally vest ratably over a range of

three

to

five

years, expire

ten

years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants generally vest (i)

100%

on the

fourth

or

fifth

anniversary of the grant, (ii) ratably over

three

,

four

and

five

years or (iii) over

ten

years at

20%

per year commencing after the

fifth

year. Performance share awards, which vest over a period of

one

to

three

years,

may

provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permit such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company accounts for

equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date (see Footnote

20

of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

New Accounting Pronouncements

The following table represents ASUs to the FASB

’s Accounting Standards Codification (“ASC”) that, as of the year ended

December 31, 2017,

are

not

yet effective for the Company and for which the Company has

not

elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2017 - 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied  prospectively to awards modified on or after the adoption date.	January 1, 2018; Early adoption permitted	The adoption is not expected to have a material effect on the Company ’s financial position and/or results of operations.
ASU 2017 - 05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610 - 20” ): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610 - 20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017 - 05 also clarifies that nonfinancial assets within the scope of Subtopic 610 - 20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610 - 20, which was issued in May 2014 as part of ASU 2014 - 09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017 - 05 at the same time it applies the amendments in ASU 2014 - 09 discussed below. An entity may elect to apply the amendments in ASU 2017 - 05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10 - 45 - 5 through 10 - 45 - 10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017 - 05 and ASU 2014 - 09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018; Early adoption is permitted if adopted with ASU 2014 - 09	The Company will adopt the provisions of Subtopic 610 - 20 in the first quarter of fiscal 2018, using the modified retrospective approach. Upon adoption, the Company will appropriately apply the guidance to prospective disposals of nonfinancial assets within the scope of Subtopic 610 - 20.
ASU 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments	The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016 - 13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity ’s assumptions, models, and methods for estimating the allowance for losses.	January 1, 2020; Early adoption permitted	The Company is still assessing the  impact on its financial position and/or results of operations.

ASU 2014 - 09, Revenue from Contracts with Customers (Topic 606 )   ASU 2015 - 14, Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date   ASU 2016 - 08, Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations   ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 ): Identifying performance obligations and licensing   ASU 2016 - 12, Revenue from Contracts with Customers (Topic 606 ): Narrow-scope improvements and practical expedients ASU 2014 - 09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014 - 09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014 - 09 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted.   In August 2015, the FASB issued ASU 2015 - 14, which delayed the effective date of ASU 2014 - 09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017.   Subsequently, in March 2016, the FASB issued ASU 2016 - 08, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016 - 10, an update on identifying performance obligations and accounting for licenses of intellectual property.   Additionally, in May 2016, the FASB issued ASU 2016 - 12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date. January 1, 2018; Early adoption permitted as of original effective date, which was January 1, 2017 The Company ’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016 - 02, Leases (Topic 842 ) discussed below.   The revenues which will be within the scope of this standard include other ancillary income earned through the Company ’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. These revenues represented approximately  3% of the Company’s consolidated revenue for both the years ended December 31, 2017 and 2016. The Company believes the timing of recognition and amount of these revenues will be generally consistent with the current recognition and measurement.   The Company plans to adopt this standard effective January 1, 2018,  using the modified retrospective approach, which requires a cumulative effect adjustment, if any, as of the date of adoption. The Company has determined that the adoption of this standard will not require any material adjustments to the consolidated financial statements but will result in additional disclosures related to disaggregation of revenue streams beginning in the first quarter of 2018.  

ASU 2016 - 02, Leases (Topic 842 ) This ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016 - 02 supersedes the previous leases standard, Leases (Topic 840 ). January 1, 2019; Early adoption permitted The Company continues to evaluate the effect the adoption will have on the Company ’s financial position and/or results of operations. However, the Company currently believes that the adoption will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of the Company’s leases where the Company is the lessor, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016 - 12  Revenue from Contracts with Customers (Topic 606 ). The Company continues to evaluate the effect the adoption will have on this source of revenue. However, the Company currently does not believe the adoption will significantly affect the timing of the recognition of the Company’s CAM reimbursement revenue.  

ASU 2016 - 01, Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and  Financial Liabilities The amendment  addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following:  (i) Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii) Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments (v) Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. January 1, 201 8; Early adoption permitted for certain disclosure requirements Currently, changes in fair value of these equity investments with readily determinable fair values are recognized in AOCI. This ASU states that these changes will be recognized in net income. The Company anticipates the implementation of this guidance will affect how changes in the fair value of available-for-sale marketable securities are presented in the Company’s consolidated financial statements. In addition, the Company will record a cumulative-effect adjustment to beginning retained earnings in the year of adoption (effective as of January 1, 2018) to reclassify unrealized gains and losses previously reported in AOCI for available-for-sale marketable securities. As of December 31, 2017, the Company had unrealized losses related to its available-for-sale marketable securities of $1.1 million.  

The following ASU

s to the FASB’s ASC have been adopted by the Company

during the year ended

December 31, 2017

:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017 - 01, Business Combinations (Topic 805 ): Clarifying the Definition of a Business	The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation.	January 1, 2017; Elected early adoption	The Company ’s operating property acquisitions during 2017 qualified for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations, and resulted in the capitalization of asset acquisition costs rather than directly expensing these costs.
ASU 2016 - 09, Compensation – Stock Compensation (Topic 718 ): Improvements to Employee Share-Based Payment Accounting	The update simplifies several aspects of accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.	January 1, 2017	The adoption did not have a material effect on the Company ’s financial position and/or results of operations.

XML

Note 2 - Real Estate

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Real Estate Disclosure [Text Block]

2. Real Estate :

The Company

’s components of Rental property consist of the following (in thousands):

	December 31,
	201 7			201 6
Land	$	2,971,020		$	2,786,255
Undeveloped land		48,264			58,931
Buildings and improvements:
Buildings		6,047,413			5,790,681
Building improvements		1,653,581			1,562,439
Tenant improvements		753,501			733,993
Fixtures and leasehold improvements		45,795			47,199
Above -market leases		153,484			150,207
In- place leases and tenant relationships		577,870			543,342
		12,250,928			11,673,047
Accumulated depreciation and amortization (1)		(2,433,053	)		(2,278,292	)
Total	$	9,817,875		$	9,394,755

( 1 ) At December 31, 2017 and 2016, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $459,211 and $409,062, respectively.

In addition, at

December 31,

2017

and

2016,

the Company had intangible liabilities relating to below-market leases from property acquisitions of

$329.3

million and

$292.6

million, respectively, net of accumulated amortization of

$184.5

million and

$193.9

million, respectively. These amounts are included in the caption Other liabilities on the Company’s Consolidated Balance Sheets.  

The Company

’s amortization associated with above-market and below-market leases for the years ended

December 31, 2017,

2016

and

2015,

resulted in net increases to revenue of

$15.5

million,

$21.4

million and

$18.5

million, respectively. The Company’s amortization expense associated with in-place leases and tenant relationships, which is included in depreciation and amortization, for the years ended

December 31, 2017,

2016

and

2015

was

$62.7

million,

$66.6

million and

$68.3

million, respectively.

The estimated net amortization

income/(expense) associated with the Company’s above-market and below-market leases, tenant relationships and in-place leases for the next

five

years are as follows (in millions):

	2018			2019			2020			202 1			202 2
Above -market and below-market leases amortization, net	$	13.2		$	14.0		$	14.1		$	14.3		$	13.4
In-place leases and t enant relationships amortization	$	(43.7	)	$	(34.6	)	$	(26.5	)	$	(20.7	)	$	(15.9	)

XML

Note 3 - Property Acquisitions, Developments and Other Investments

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Business Combination Disclosure [Text Block]

3. Property Acquisitions, Developments and Other Investments :

Acquisition/Consolidation of Operating Properties

During the

year ended

December 31, 2017,

the Company acquired the following operating properties, in separate transactions, through direct asset purchases or consolidation due to change in control resulting from the purchase of additional interests or obtaining control through the modification of a joint venture investment:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired / Consolidated	Cash*		Debt		Other Consideration**		Total		GLA***
Plantation Commons	Plantation, FL (1) (3)	Jan-17	$	-	$	-	$	12,300	$	12,300		60
Gordon Plaza	Woodbridge, VA (1) (3)	Jan-17		-		-		3,100		3,100		184
Plaza del Prado	Glenview, IL	Jan-17		39,063		-		-		39,063		142
Columbia Crossing Parcel	Columbia Crossing, MD	Jan-17		5,100		-		-		5,100		25
The District at Tustin Legacy	Tustin, CA (2) (3)	Apr-17		-		206,000		98,698		304,698		688
Jantzen Beach Center	Portland, OR	Jul-17		131,927		-		-		131,927		722
Del Monte Plaza Parcel	Reno, NV	Jul-17		24,152		-		-		24,152		83
Gateway Station Phase II	Burleson, TX	Aug-17		15,355		-		-		15,355		79
Jantzen Beach Center Parcel	Portland, OR	Sep-17		6,279		-		-		6,279		25
Webster Square Outparcel	Nashua, NH	Sep-17		4,985		-		-		4,985		22
Whittwood Town Center	Whittier, CA	Oct-17		80,397		43,000		-		123,397		783
123 Coulter Avenue Parcel	Ardmore, PA	Oct-17		4,808		-		-		4,808		1
Fulton Marketplace Parcel	Santa Rosa, CA	Nov-17		13,162		-		-		13,162		61
			$	325,228	$	249,000	$	114,098	$	688,326		2,875

* The Company utilized

an aggregate

$162.4

million associated with Internal Revenue Code

§1031

sales proceeds.

** Includes the Company

’s previously held equity interest investment.

*** Gross leasable area ("GLA")

( 1 ) The Company acquired from its partners, their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company now has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and now consolidates these assets.

( 2 ) Effective April 1, 2017, the Company and its partner amended its joint venture agreement relating to the Company ’s investment in this property. As a result of this amendment, the Company now controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary.

( 3 ) The Company evaluated these transactions pursuant to the FASB ’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other Consideration. The Company’s current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

Property Name	Previous Ownership Interest			Gain on change in control of interests
Plantation Commons		76.25	%	$	9,793
Gordon Plaza		40.62	%		395
The District at Tustin Legacy			(a)		60,972
				$	71,160

(a) The Company ’s share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement ( 54.27% as of date of consolidation).

During the year ended

December 31,

201

6,

the Company acquired the following operating properties, in separate transactions:

			Purchase Price (in thousands)
Property Name	Location	Month Acquired	Cash*		Debt		Other Consideration **		Total		GLA
Jericho Atrium	Jericho, NY	Apr-16	$	29,750	$	-	$	-	$	29,750		147
Oakwood Plaza	Hollywood, FL (1)	Apr-16		53,412		100,000		61,588		215,000		899
Webster Square North	Nashua, NH	Jul-16		8,200		-		-		8,200		21
Gateway Plaza	Mill Creek, WA (1)	Jul-16		493		17,500		-		17,993		97
Kentlands Market Square	Gaithersburg, MD	Aug-16		61,826		33,174		-		95,000		221
GEPT Portfolio (4 properties)	Various (1)	Sep-16		79,974		76,989		10,882		167,845		681
Coulter Avenue (2 parcels)	Ardmore, PA	Various		6,750		-		-		6,750		20
KimPru Portfolio (2 properties)	Various (1)	Oct-16		15,505		35,700		3,218		54,423		234
Hamden Mart	Hamden, CT (1)	Nov-16		-		21,369		29,294		50,663		345
			$	255,910	$	284,732	$	104,982	$	645,624		2,665

* The Company utilized

an aggregate

$66.0

million associated with Internal Revenue Code

§1031

sales proceeds.

** Includes the Company

’s previously held equity interest investment.

( 1 ) The Company acquired from its partners their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company evaluated these transactions pursuant to the FASB ’s Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company’s previously held equity interests, which are included in the purchase price above in Other Consideration. The Company’s previous ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

Property Name	Previous Ownership Interest			Gain on change in control of interests
Oakwood Plaza		55.0	%	$	46,512
Gateway Plaza		15.0	%		-
GEPT Portfolio (4 properties)		15.0	%		6,583
KimPru Portfolio (2 properties)		15.0	%		832
Hamden Mart		47.95	%		3,459
				$	57,386

Included in the Company

’s Consolidated Statements of Income are

$31.0

million,

$23.8

million and

$112.2

million in revenues from rental properties from the date of acquisition through

December 31, 2017,

2016

and

2015,

respectively, for operating properties acquired during each of the respective years.

Purchase Price Allocations

The Company adopted ASU

2017

-

01

effective

January 1, 2017

and applied the guidance to its operating property acquisitions during the

year ended

December 31, 2017.

The purchase price for these acquisitions is allocated to real estate and related intangible assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for asset acquisitions. The purchase price allocations for properties acquired/consolidated during the year ended

December 31, 2017,

are as follows (in thousands):

	Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	255,715			n/a
Buildings		379,148			50.0
Building improvements		46,613			41.5
Tenant improvements		14,520			7.2
In-place leases		56,200			7.2
Above-market leases		12,197			7.8
Below-market leases		(77,027	)		29.5
Mortgage fair value adjustment		(8,521	)		1.3
Tax increment financing (TIF) contracts		8,342			19.0
Other assets		5,090			n/a
Other liabilities		(3,951	)		n/a
Net assets acquired/consolidated	$	688,326

As of

December 31, 2017,

the allocation adjustments and revised allocations for properties accounted for as business combinations during the year ended

December 31, 2016,

are as follows (in thousands):

	Allocation as of December 31, 2016			Allocation Adjustments			Revised Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	179,150		$	(5,150	)	$	174,000			n/a
Buildings		309,493			(30,696	)		278,797			50.0
Building improvements		124,105			41,895			166,000			45.0
Tenant improvements		12,788			(1,155	)		11,633			7.1
In-place leases		44,094			(1,063	)		43,031			6.4
Above-market leases		11,982			885			12,867			8.1
Below-market leases		(31,903	)		(4,716	)		(36,619	)		19.1
Mortgage fair value adjustment		(4,292	)		-			(4,292	)		4.1
Other assets		234			-			234			n/a
Other liabilities		(27	)		-			(27	)		n/a
Net assets acquired	$	645,624		$	-		$	645,624

Hurricane Impact

The impact of Hurricanes Harvey, which struck Texas on

August 25, 2017,

and Irma, which struck Florida on

September 10, 2017,

resulted in minimal damage to the Company

’s properties located in Texas and Florida, with the majority of the impact related to debris removal.

On

September 20, 2017,

Hurricane Maria struck Puerto Rico as a Category

4

hurricane which resulted in widespread damage, flooding, and power outages. The Company has interests in

seven

operating properties located throughout Puerto Rico, aggregating

2.2

million square feet of GLA, which were variously impacted by the hurricane. The Company maintains a comprehensive property insurance policy on these properties with total coverage of up to

$62.0

million, as well as business interruption insurance with coverage up to

$39.3

million in the aggregate, subject to a collective deductible of

$1.2

million.

As of

December 31, 2017,

the Company

’s assessment of the damages sustained to its properties from Hurricane Maria resulted in a write-off to depreciation expense of

$16.0

million, representing the estimated net book value of damaged assets. The Company also recorded a corresponding receivable and credit to depreciation expense of

$16.0

million for estimated property insurance recoveries related to the write-off.

 As such, there was

no

impact to net income during

2017

resulting from these adjustments. 

The Company expects to collect property insurance proceeds (net of deductible) equal to the replacement cost of its damaged property, currently estimated to be approximately

$26.0

million. As of

December 31, 2017,

the Company received property insurance proceeds of

$4.0

million and has a remaining receivable balance of

$12.0

million which is included in Other assets on the Company’s Consolidated Balance Sheets.

The Company

’s business interruption insurance covers lost revenues as a result of the hurricane for a period of up

one

year. After the expiration of

one

year following the loss, the policy has

365

days of extended period of indemnity which provides business interruption coverage in the event the properties have

not

fully recovered from the storm. For the year ended

December 31, 2017,

the Company had a reduction in revenues from rental properties of

$3.4

million related to lost tenant revenue and rent abatements resulting from the impact of Hurricane Maria. During

December 2017,

the Company received 

$1.6

million from its insurance provider for business interruption claims. The Company is still in the process of assessing current and future business interruption insurance losses and will submit insurance claims for its estimated losses under its business interruption insurance policy.

XML

Note 4 - Real Estate Under Development

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Real Estate Under Development [Text Block]

4. Real Estate Under Development :

The Company is engaged in

various real estate development projects for long-term investment. As of

December 31, 2017,

the Company had in progress a total of

four

real estate development projects and

two

additional projects held for future development. The costs incurred to date for these projects are as follows (in thousands):

		December 31,
Property Name	Location	201 7		2016
Grand Parkway Marketplace (1)	Spring, TX	$	43,403	$	94,841
Dania Pointe	Dania Beach, FL		152,841		107,113
Mill Station	Owings Mills, MD		34,347		25,119
Lincoln Square ( 2)	Philadelphia, PA		90,479		-
Avenues Walk (3)	Jacksonville, FL		48,573		73,048
Promenade at Christiana (4)	New Castle, DE		32,875		25,521
Staten Island Plaza ( 5)	Staten Island, NY		-		9,386
		$	402,518	$	335,028

( 1 ) During 2017, the Company sold a land parcel at this development project for a sales price of $2.9 million. Additionally, effective as of September 30, 2017, certain aspects of this development project, aggregating $91.0 million, were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion relates to the second phase of this project which is under development.

( 2 ) During 2017, KIM Lincoln, LLC (“KIM Lincoln”), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP (“Lincoln Member”) entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest. The joint venture acquired land parcels in Philadelphia, PA to be held for development for a gross purchase price of $10.0 million. Based upon the Company ’s intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote 9 ).

( 3 ) Effective April 1, 2017, certain aspects of this development project, aggregating $24.5 million, were placed in service and reclassified into Land and Building and improvements on the Company’s Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use project to be developed in the future.

( 4 ) T he Company is assessing the development model for this asset, which may include a mixed-use component, and anticipates a near term delay in the timing of development. As such, the Company considers this project as land held for future development effective December 31, 2017.

( 5 ) During 2017, the Company reclassified this project to undeveloped land on the Company’s Consolidated Balance Sheets, as it is no longer anticipated to be developed by the Company.

D

uring the years ended

December 31, 2017

and

2016,

the Company capitalized (i) interest of

$11.0

million and

$6.9

million, (ii) real estate taxes, insurance and legal costs of

$5.7

million and

$5.2

million and (iii) payroll of

$3.3

million and

$1.8

million, respectively, in connection with these real estate development projects.

During

2016,

the Company acquired from its partner the remaining ownership interest in

Dania Pointe, which was held in a joint venture in which the Company has a

55.0%

noncontrolling interest for a gross purchase price of

$84.2

million. The Company evaluated this transaction pursuant to the FASB’s Consolidation guidance and as a result,

no

gain on change in control of interest was recognized as there was

no

fair value adjustment associated with the Company’s previously held equity interest. Based upon the Company’s intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company’s Consolidated Balance Sheets.

During

2016,

the Company acquired, in separate transactions,

three

additional land parcels adjacent to

two

existing development projects for an aggregate purchase price of

$13.8

million.

XML

Note 5 - Dispositions of Real Estate and Assets Held-for-sale

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

5. D ispositions of Real Estate and Assets Held - for - Sale :

Operating Real Estate

T

he table below summarizes the Company's disposition activity relating to consolidated operating properties and parcels, in separate transactions (dollars in millions):

	Year Ended December 31 ,
	201 7		2016		2015
Aggregate sales price	$	352.2	$	378.7	$	492.5
Gain on sale, net of tax	$	93.5	$	86.8	$	143.6
Impairment charges	$	17.1	$	37.2	$	10.2
Number of operating properties sold		25		30		89
Number of parcels/out-parcels sold		9		2		8

Additionally, during

2015,

the Company disposed of its remaining operating property in Chile for a sales price of

$51.3

million. This transaction resulted in the release of a cumulative foreign currency translation loss of

$19.6

million due to the Company

’s liquidation of its investment in Chile, offset by a gain on sale of

$1.8

million, after income tax expense.

Land

S

ales

During

2016

and

2015,

the Company sold

six

and

13

land parcels, respectively, for an aggregate sales price of

$3.9

million and

$31.5

million, respectively. These transactions resulted in an aggregate gain of

$1.9

million and

$4.3

million, before income taxes expense and noncontrolling interest for the years ended

December 31, 2016

and

2015,

respectively. The gains from these transactions are recorded as other income, which is included in Other (expense)/income, net, in the Company’s Consolidated Statements of Income.

Held-for-Sale

At

December 31,

2017,

the Company had

three

consolidated properties classified as held-for-sale at an aggregate carrying amount of

$22.4

million, net of accumulated depreciation of

$16.8

million, which are included in Other assets on the Company’s Consolidated Balance Sheets. The Company’s determination of the fair value of the properties was based upon executed contracts of sale with

third

parties, which are in excess of the carrying values of the properties.

XML

Note 6 - Impairments

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Asset Impairment Charges [Text Block]

6. Impairments :

M

anagement assesses on a continuous basis whether there are any indicators, including property operating performance, changes in anticipated holding period and general market conditions, that the value of the Company’s assets (including any related amortizable intangible assets or liabilities)

may

be impaired. To the extent impairment has occurred, the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset.

The Company has an active capital recycling program which provides for the disposition of certain properties

, typically of lesser quality assets in more undesirable locations. The Company has adjusted the anticipated hold period for these properties and as a result the Company recognized impairment charges on certain consolidated operating properties (see Footnote

15

of the Notes to Consolidated Financial Statements for fair value disclosure).

The

Company’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions and/or the property hold period resulted in the Company recognizing impairment charges for the years ended

December 31, 2017,

2016

and

2015

as follows (in millions):

	201 7		201 6			201 5
Impairment of property carrying values* (1) (2) (3)	$	67.3	$	93.3		$	30.3
Impairment of i nvestments in other real estate investments (4)		-		-			5.3
Impairment of m arketable securities and other investments (5)		-		-			9.8
Total Impairment charges included in operating expenses		67.3		93.3			45.4
Impairment of property carrying values in cluded in discontinued operations		-		-			0.1
Total gross impairment charges		67.3		93.3			45.5
Noncontrolling interests		-		(0.4	)		(5.6	)
Income tax benefit		-		(21.1	)		(9.0	)
Total net impairment charges	$	67.3	$	71.8		$	30.9

*

See Footnote

15

of the Notes to Consolidated Financial Statements for additional disclosure on fair value

( 1 ) During 2017, the Company recognized aggregate impairment charges of $67.3 million . These impairment charges consist of (i) $34.0 million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties, (ii) $17.1 million related to the sale of certain operating properties (as discussed in Footnote 5 of the Notes to Consolidated Financial Statements) and (iii) $16.2 million related to a property for which the Company has re-evaluated its long-term plan for the property due to unfavorable local market conditions.

( 2 ) During 2016, the Company recognized aggregate impairment charges of $ 93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties, certain properties maintained in the Company’s TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company’s efforts to market certain properties and management’s assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.

( 3 ) During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $ 5.4 million and noncontrolling interests of $5.6 million.

( 4 ) Impairment charges were primarily based upon a review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company’s preferred equity investments during 2015. The Company believed it would not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.

( 5 ) During 2015, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments’ estimated fair value.

In addition to the impairment charges above, the Company recognized

pretax impairment charges during

2017,

2016

and

2015

of

$4.8

million,

$15.0

million, and

$22.2

million, respectively, relating to certain properties held by various unconsolidated joint ventures in which the Company holds noncontrolling interests. These impairment charges are included in Equity in income of joint ventures, net in the Company’s Consolidated Statements of Income (see Footnote

7

of the Notes to Consolidated Financial Statements).

The Company will continue to assess

the value of its assets on an on-going basis. Based on these assessments, the Company

may

determine that

one

or more of its assets

may

be impaired and would therefore write-down its carrying basis accordingly.

XML

Note 7 - Investments and Advances In Real Estate Joint Ventures

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Investments and Advances In Real Estate Joint Ventures [Text Block]

7. Investment in and Advances to Real Estate Joint Ventures :

The Company and its subsidiaries have investments in and advances to

 various real estate joint ventures. These joint ventures are engaged primarily in the operation of shopping centers which are either owned or held under long-term operating leases. The Company and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. As such, the Company holds noncontrolling interests in these joint ventures and accounts for them under the equity method of accounting. The table below presents unconsolidated joint venture investments for which the Company held an ownership interest at

December 31, 2017

and

2016

(in millions, except number of properties):

	December 31 , 201 7					December 31 , 2016
Venture	Ownership Interest	Number of Properties		The Company's Investment		Ownership Interest	Number of Properties		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)	15.0%		46	$	179.5	15.0%		48	$	182.5
Kimco Income Opportunity Portfolio (“KIR”) (2)	48.6%		42		154.1	48.6%		45		145.2
Canada Pension Plan Investment Board (“CPP”) (2) (3)	55.0%		4		105.0	55.0%		5		111.8
Other Joint Venture Programs	Various		26		45.3	Various		37		64.7
Total *			118	$	483.9			135	$	504.2

* Representing 23.5 million and 26.2 million square feet of GLA as of December 31, 2017 and 2016, respectively.

( 1 ) Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

( 2 ) The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

( 3 ) During the year ended December 31, 2016, the CPP joint venture acquired a property interest adjacent to an existing operating property in Temecula, CA for a gross purchase price of $27.5 million.

The table below presents the Company

’s share of net income for these investments which is included in Equity in income of joint ventures, net on the Company’s Consolidated Statements of Income (in millions):

	Year Ended December 31,
	201 7		2016		2015
KimPru and KimPru II	$	13.0	$	16.4	$	7.1
KIR		36.7		44.0		41.0
CPP		7.2		7.7		9.6
Other Joint Venture Programs (1) (2)		3.9		150.6		422.7
Total	$	60.8	$	218.7	$	480.4

( 1 ) During the year ended December 31, 2017, the Company recognized a cumulative foreign currency translation loss of $4.8 million due to the substantial liquidation of the Company’s investments in Canada during 2017.

( 2 ) During the year ended December 31, 2017, a joint venture recognized an impairment charge related to the pending sale of a property, of which the Company’s share was $3.4 million.

During

the year ended

December 31, 2017,

the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in

13

operating properties and a portion of

one

property, in separate transactions, for an aggregate sales price of

$180.8

million. These transactions resulted in an aggregate net gain to the Company of

$7.5

million, before income taxes. In addition, during

2017,

the Company acquired a controlling interest in

three

operating properties from certain joint ventures, in separate transactions, with an aggregate gross fair value of

$320.1

million. See Footnote

3

of the Notes to Consolidated Financial Statements for the operating properties acquired by the Company.

During

the year ended

December 31, 2016,

the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in

45

operating properties and

one

land parcel, in separate transactions, for an aggregate sales price of

$1.1

billion. These transactions resulted in an aggregate net gain to the Company of

$151.2

million, before income taxes. In addition, during

2016,

the Company acquired a controlling interest in

nine

operating properties and

one

development project from certain joint ventures, in separate transactions, with an aggregate gross fair value of

$590.1

million. See Footnotes

3

and

4

of the Notes to Consolidated Financial Statements for the operating properties and development projects acquired by the Company.

During

the year ended

December 31, 2015,

the Company’s real estate joint ventures disposed of or transferred interest to joint venture partners in

98

operating properties and

11

land parcels, in separate transactions, for an aggregate sales price of

$1.8

billion. These transactions resulted in an aggregate net gain to the Company of

$380.6

million, before income taxes. In addition, during

2015,

the Company acquired a controlling interest in

43

operating properties from certain joint ventures, in separate transactions with an aggregate gross fair value of

$1.6

billion.

The table below presents debt balances within the Company

’s unconsolidated joint venture investments for which the Company held noncontrolling ownership interests at

December 31, 2017

and

2016

(dollars in millions):

	December 31 , 201 7							December 31, 201 6
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	625.7		3.59	%		59.8	$	647.4		3.07	%		67.5
KIR		702.0		4.60	%		47.5		746.5		4.64	%		54.9
CPP		84.9		2.91	%		4.0		84.8		2.17	%		16.0
Other Joint Venture Programs		287.6		4.41	%		27.2		584.3		5.40	%		23.4
Total	$	1,700.2						$	2,063.0

* Average

remaining term includes extensions

Summarized financial information for the Company

’s investment and advances in real estate joint ventures is as follows (in millions):

	December 31,
	201 7		201 6
Assets:
Real estate, net	$	3,402.1	$	3,741.9
Other assets		208.9		224.6
	$	3,611.0	$	3,966.5
Liabilities and Partners ’/Members’ Capital:
Notes payable , net	$	233.1	$	214.5
M ortgages payable, net		1,467.1		1,848.5
Other liabilities		52.5		82.3
Noncontrolling interests		15.5		15.9
Partners ’/Members’ capital		1,842.8		1,805.3
	$	3,611.0	$	3,966.5

	Year Ended December 31,
	201 7			201 6			2015
Revenues from rental propert ies	$	516.0		$	597.5		$	842.5
Operating expenses		(150.7	)		(178.1	)		(265.9	)
Impairment charges		(12.9	)		(38.6	)		(63.4	)
Depreciation and amortization		(116.1	)		(138.1	)		(191.9	)
Interest expense		(81.9	)		(117.3	)		(202.8	)
Other (expense)/income, net		(3.0	)		20.1			4.4
Income from continuing operations		151.4			145.5			122.9
Gain on sale of operating properties , net		26.0			296.2			1,166.7
Net income	$	177.4		$	441.7		$	1,289.6

Other liabilities included in the Company

’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling

$2.1

million and

$11.0

million at

December 31, 2017

and

2016,

respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which

may

differ from their proportionate share of net income or loss recognized in accordance with GAAP.

The Company

’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. Generally, such investments contain operating properties and the Company has determined these entities do

not

contain the characteristics of a VIE. As of

December 31, 2017

and

2016,

the Company’s carrying value in these investments was

$483.9

million and

$504.2

million, respectively.

XML

Note 8 - Other Real Estate Investments and Other Assets

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Other Real Estate Investments and Other Assets [Text Block]

8. Other Real Estate Investments and Other Assets :

Other Real Estate Investments

Preferred Equity Capital-

The Company previously provided capital to owners and developers of real estate properties through its Preferred Equity program

. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its net investment. As of

December 31, 2017,

the Company’s net investment under the Preferred Equity program was

$201.9

million relating to

357

properties, including

344

net leased properties which are accounted for as direct financing leases. For the year ended

December 31, 2017,

the Company earned

$32.2

million from its preferred equity investments, including

$14.8

million of cumulative foreign currency translation gain recognized as a result of the substantial liquidation of the Company’s investments in Canada during

2017.

As of

December 31, 2016,

the Company’s net investment under the Preferred Equity program was

$193.7

million relating to

365

properties, including

346

net leased properties which are accounted for as direct financing leases. For the year ended

December 31, 2016,

the Company earned

$27.5

million from its preferred equity investments, including

$10.5

million in profit participation earned from

five

capital transactions.

As of

December 31,

2017,

these preferred equity investment properties had non-recourse mortgage loans aggregating

$361.0

million. These loans have scheduled maturities ranging from

eight

months to

seven

years and bear interest at rates ranging from

4.19%

to

10.47%.

Due to the Company’s preferred position in these investments, the Company’s share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is limited to its invested capital.

Summarized financial information relating to the Company

’s preferred equity investments is as follows (in millions):

	December 31,
	201 7		201 6
Assets:
Real estate, net	$	142.3	$	187.0
Other assets		581.2		587.1
	$	723.5	$	774.1
Liabilities and Partners ’/Members’ Capital:
Mortgages payable, net	$	381.9	$	454.7
Other liabilities		6.0		8.3
Partners ’/Members’ capital		335.6		311.1
	$	723.5	$	774.1

	Year Ended December 31,
	201 7			201 6			2015
Revenues from rental propert ies	$	75.4		$	102.6		$	122.1
Operating expenses		(14.7	)		(27.4	)		(35.6	)
Depreciation and amortization		(4.6	)		(6.7	)		(11.4	)
Interest expense		(20.4	)		(26.7	)		(35.7	)
Other expense, net		(5.9	)		(11.5	)		(9.2	)
Income from continuing operations		29.8			30.3			30.2
Gain on sale of properties , net		4.3			5.3			6.0
Net income	$	34.1		$	35.6		$	36.2

Other Assets

Kimsouth (Albertsons) –

Kimsouth Realty Inc. (“Kimsouth”) is a wholly-owned subsidiary of the Company. KRS AB Acquisition, LLC (the “ABS Venture”) was a subsidiary of Kimsouth that ha

d a combined

14.35%

noncontrolling interest (of which the Company held

9.8%

and 

the

two

other noncontrolling members in the partnership, including

Colony NorthStar, Inc. (“Colony NorthStar”) held a

4.3%

ownership interest), in AB Acquisition, LLC (“AB Acquisition”). 

AB Acquisition was

 a joint venture which owned grocery operators Albertsons LLC (“Albertsons”), NAI Group Holdings Inc. (“NAI”) and Safeway Inc. (“Safeway”).  The Company held a controlling interest in the ABS Venture and consolidated this entity. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar. 

As of

December 31, 2016,

the ABS Venture was reflected on the Company

’s Consolidated Balance Sheets as a gross investment of

$205.1

million which was included in Other assets and

$64.9

million which was included in noncontrolling interest.

During

June 2017,

the Company and ABS Venture received an aggregate cash distribution of

$34.6

million from Albertsons, of which the Company

’s combined share was

$23.7

million with the remaining

$10.9

million distributed to the

two

noncontrolling interest members in the ABS Venture. This distribution exceeded the Company’s carrying basis 

in its Albertson

’s investment

and as such was recognized as income and is included in Equity in income from other real estate investments, net on the Company’s Consolidated Statements of Income.

During

December 2017,

Albertsons, NAI and Safeway were merged into a single corporate entity Albertsons Companies, Inc. (“

ACI”).  In addition, the Company liquidated the ABS Venture, its consolidated partnership with Colony NorthStar and its other noncontrolling member, which held investments in Albertsons, NAI and Safeway.  As a result of these transactions, the Company now owns

9.74%

of the common stock of ACI through

two

newly formed wholly-owned partnerships and accounts for this investment on the cost method. 

The liquidation of the ABS Venture resulted in the elimination of the previous noncontrolling member

’s, including Colony NorthStar’s noncontrolling interest of

$64.9

million, and a corresponding reduction in other assets to reflect the Company’s net investment in ACI of

$140.2

million.  The Company’s net investment in ACI is included in Other assets on the Company’s Consolidated Balance Sheets. The previous

two

noncontrolling members now own their respective interests in ACI directly and are

no

longer in a joint venture partnership with the Company.

On

February 20, 2018,

ACI announced the execution of a definitive merger agreement under which ACI will acquire all the outstanding shares of Rite Aid Corp. (NYSE: RAD). This agreement is subject to customary closing conditions.

XML

Note 9 - Variable Interest Entities ("VIE")

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

9. Variable Interest Entities (“VIE”) :

Included within the Company

’s consolidated operating properties at

December 31, 2017,

are

24

consolidated entities that are VIEs, for which the Company is the primary beneficiary. These entities have been established to own and operate real estate property. The Company’s involvement with these entities is through its majority ownership and management of the properties. The entities were deemed VIEs primarily because the unrelated investors do

not

have substantive kick-out rights to remove the general or managing partner by a vote of a simple majority or less and they do

not

have substantive participating rights. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At

December 31, 2017,

total assets of these VIEs were

$1.2

billion and total liabilities were

$383.5

million.

The majority of the operations of these VIEs are funded with cash flows generated from the properties. The Company has

not

provided financial support to any of these VIEs that it was

not

previously contractually required to provide, which consists primarily of funding any capital expenditures, including tenant improvements, which are deemed necessary to continue to operate the entity and any operating cash shortfalls that the enti

ty

may

experience.

Additionally, included within the Company

’s real estate development projects at

December 31, 2017,

are

three

consolidated entities that are VIEs, for which the Company is the primary beneficiary. These entities have been established to develop real estate properties to hold as long-term investments. The Company’s involvement with these entities is through its majority ownership and management of the properties. These entities were deemed VIEs primarily because the equity investments at risk are

not

sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was

not

sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was the primary beneficiary of these VIEs as a result of its controlling financial interest. At

December 31, 2017,

total assets of these real estate development VIEs were

$307.9

million and total liabilities were

$34.2

million.

Substantially all the projected

remaining development costs to be funded for these real estate development projects, aggregating

$147.7

million, will be funded with capital contributions from the Company, when contractually obligated. The Company has

not

provided financial support to these VIEs that it was

not

previously contractually required to provide.

All liabilities of these VIEs are non-recourse to the Company (“VIE Liabilities”). Of the

27

total VIEs,

22

are unencumbered and the assets of these VIEs are

not

restricted for use to settle only the obligations of these VIEs. The remaining

five

VIEs are encumbered by

third

party non-recourse mortgage debt. The assets associated with these encumbered VIEs (“Restricted Assets”) are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The classification of the Restricted Assets and VIE Liabilities on the Company’s Consolidated Balance Sheets are as follows (in millions):

	December 31, 2017		December 31, 2016
Restricted Assets:
Real estate, net	$	627.5	$	326.9
Cash and cash equivalents		9.8		3.8
Accounts and notes receivable, net		3.2		1.6
Other assets		4.5		1.4
Total Restricted Assets	$	645.0	$	333.7
VIE Liabilities:
Mortgages payable , net	$	340.9	$	138.6
Other liabilities		76.8		37.6
Total VIE Liabilities	$	417.7	$	176.2

XML

Note 10 - Mortgages and Other Financing Receivables

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

10. Mortgages and Other Financing Receivables :

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company. For a complete listing of the Company

’s mortgages and other financing receivables at

December 31, 2017,

see Financial Statement Schedule IV included in this annual report on Form

10

-K.

The following table reconciles mortgage loans and other financing receivables from

January 1,

2015

to

December 31, 2017 (

in thousands):

	201 7			201 6			2015
Balance at January 1 ,	$	23,197		$	23,824		$	74,013
Additions:
New mortgage loans		-			-			5,730
Foreign currency translation		385			397			-
Amortization of loan discounts		112			112			112
Deductions:
Loan repayments		-			-			(53,646	)
Charge off/foreign currency translation		(449	)		(213	)		(884	)
Collections of principal		(1,405	)		(921	)		(1,499	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31 ,	$	21,838		$	23,197		$	23,824

The Company reviews payment

status to identify performing versus non-performing loans. As of

December 31, 2017,

the Company had a total of

11

loans, all of which were identified as performing loans.

XML

Note 11 - Marketable Securities

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

11. Marketable Securities :

The amortized cost and

gross unrealized gains/(losses) of securities available-for-sale and held-to-maturity at

December 31, 2017

and

2016,

are as follows (in thousands):

	December 31, 201 7
	Amortized Cost		Gross Unrealized Losses			Total
Available-for-sale:
Equity securities	$	13,072	$	(1,136	)	$	11,936
Held-to-maturity:
Debt securities		1,329		-			1,329
Total marketable securities	$	14,401	$	(1,136	)	$	13,265

	December 31, 201 6
	Amortized Cost		Gross Unrealized Gains		Total
Available-for-sale:
Equity securities	$	6,096	$	406	$	6,502
Held-to-maturity:
Debt securities		1,599		-		1,599
Total marketable securities	$	7,695	$	406	$	8,101

During

2017,

the Company acquired available-for-sale marketable equity securities for an aggregate purchase price of

$9.8

million.

During

2015,

the Company received

$76.2

million in proceeds from the sale or redemption of certain marketable securities and recognized

$39.9

million of realizable gains.

As of

December 31,

2017,

the contractual maturities of debt securities classified as held-to-maturity are within the next

five

years. Actual maturities

may

differ from contractual maturities as issuers

may

have the right to prepay debt obligations with or without prepayment penalties.

XML

Note 12 - Notes Payable

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

12. Notes Payable :

As of

December 31,

2017

and

2016

the Company’s Notes payable, net consisted of the following (dollars in millions):

	Carrying Amount a t December 31 ,						Interest Rate a t December 31 ,						Maturity Date at
	201 7			201 6			201 7			2016			December 31, 201 7
Senior Unsecured Notes	$	4,650.0		$	3,400.0		2.70%	-	6.88%	2.70%	-	6.88%	Oct-2019	–	Sep-2047
Credit Facilit y		8.0			25.0			(a)			(a)			Mar-2021
Medium Term Notes (“ MTN”)		-			300.0			-			4.30%			n/a
Term Loa n		-			250.0			-			(b)			n/a
Deferred financing costs, ne t		(61.9	)		(47.7	)		n/a			n/a			n/a
	$	4,596.1		$	3,927.3			3.70%*			3.58%*

* Weighted-average interest rate

(a) During February 2017, the Company repaid the outstanding balance on the Company’s $1.75 billion credit facility and terminated the agreement. Interest rate was equal to LIBOR plus 0.925% ( 1.67% at December 31, 2016). The Company then closed on a $2.25 billion unsecured revolving credit facility which is scheduled to mature in March 2021, with two additional six -month options to extend the maturity date, and accrues interest at a rate of LIBOR plus 0.875% ( 2.28% at December 31, 2017).

(b) During January 2017, the Company repaid the remaining $250.0 million balance and terminated the agreement. Interest rate was equal to LIBOR plus 0.95% ( 1.60% at December 31, 2016).

During the years ended

December 31,

2017

and

2016,

the Company issued the following Senior Unsecured Notes (dollars in millions):

Date Issued	Maturity Date	Amount Issued		Interest Rate
Aug-17	Feb-25	$	500.0		3.30%
Aug-17	Sep-47	$	350.0		4.45%
Mar-17	Apr-27	$	400.0		3.80%
Nov-16	Mar-24	$	400.0		2.70%
Nov-16	Dec-46	$	350.0		4.125%
Aug-16	Oct-26	$	500.0		2.80%
May-16	Apr-45	$	150.0		4.25%

During the years ended

December 31,

2017

and

2016,

the Company repaid the following notes (dollars in millions):

Type	Date Paid	Amount Repaid (USD)		Interest Rate	Maturity Date
MTN (1)	Aug-17 & Nov-17	$	300.0	4.300%	Feb-18
Term Loan	Jan-17	$	250.0	LIBOR + 0.95%	Jan-17
Canadian Notes Payable ( 2)	Aug-16	$	270.9	(2)	(2)
Senior Unsecured Note (3)	Aug-16	$	290.9	5.700%	May-17
MTN	Mar-16	$	300.0	5.783%	Mar-16

( 1 ) On August 1, 2017, the Company made a tender offer to purchase any and all of these MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of the MTN notes. In addition, in November 2017, the Company redeemed the remaining $89.0 million outstanding MTN notes.

( 2 ) On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated (“CAD”) $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

( 3 ) The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.

The scheduled maturities of all unsecured notes

payable excluding unamortized debt issuance costs of

$61.9

million, as of

December 31, 2017,

were as follows (in millions):

	2018		2019		2020		2021		2022		Thereafter		Total
Principal payments	$	-	$	300.0	$	-	$	508.0	$	500.0	$	3,350.0	$	4,658.0

T

he Company’s supplemental indentures governing its

Senior Unsecured Notes contain covenants whereby the Company

is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition, the Company is restricted from paying dividends in amounts that exceed by more than

$26.0

million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does

not

apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the covenants as of

December 31, 2017.   

Interest on the

Company’s fixed-rate Senior Unsecured Notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

Credit Facility

In

February 2017,

the Company closed on a

$2.25

billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in

March 2021,

with

two

additional

six

-month options to extend the maturity date, at the Company’s discretion, to

March 2022.

This Credit Facility, which accrues interest at a rate of LIBOR plus

87.5

basis points (

2.28%

as of

December 31, 2017),

can be increased to

$2.75

billion through an accordion feature. The Credit Facility replaced the Company’s

$1.75

billion unsecured revolving credit facility that was scheduled to mature in

March 2018.

In addition, the Credit Facility includes a

$500.0

million sub-limit which provides the Company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. As of

December 31, 2017,

the Credit Facility had a balance of CAD

10.0

million (USD

$8.0

million) outstanding and

$0.5

million appropriated for letters of credit.

Term Loan

The Company had a

$650.0

million unsecured term loan (“Term Loan”

) which was scheduled to mature in

January 2017,

with

three one

-year extension options at the Company’s discretion. The Term Loan accrued interest at LIBOR plus

95

basis points. During

November 2016,

the Company repaid

$400.0

million of borrowings under the Company’s Term Loan and in

January 2017,

the Company repaid the remaining

$250.0

million balance and terminated the agreement.

XML

Note 13 - Mortgages Payable

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Mortgage Notes Payable Disclosure [Text Block]

13. Mortgages Payable :

Mortgages payable, collateralized by certain shopping center properties (see Financial Statement Schedule III included in this annual report on Form

10

-K) and related tenants' leases, are generally due in monthly installments of principal and/or interest. As of

December 31, 2017

and

2016,

the Company’s Mortgages payable, net consisted of the following (in millions):

	Carrying Amount a t December 31 ,						Interest Rate a t December 31 ,						Maturity Date at
	201 7			201 6			201 7			201 6			December 31, 201 7
Mortgages payabl e	$	867.1		$	1,114.4		2.60%	-	9.75%	1.91%	-	9.41%	Jan-2018	–	Aug-2031
Fair value debt adjustments, net		19.3			27.7			n/a			n/a			n/a
Deferred financing costs, ne t		(3.6	)		(3.0	)		n/a			n/a			n/a
	$	882.8		$	1,139.1			4.57%*			4.94%*

* Weighted-average interest rate

During

2017,

the Company (i) assumed/consolidated

$257.5

million of individual non-recourse mortgage debt (including a fair market value adjustment of

$8.5

million) related to

two

operating properties, (ii) paid off

$692.9

million of mortgage debt (including fair market value adjustments of

$5.8

million) that encumbered

27

operating properties and (iii) obtained a

$206.0

million non-recourse mortgage relating to

one

operating property.

During

2016,

the Company (i) assumed

$289.0

million of individual non-recourse mortgage debt relating to the acquisition of

10

properties, including

$4.3

million associated with fair value debt adjustments and (ii) paid off

$703.0

million of mortgage debt (including fair market value adjustment of

$2.1

million) that encumbered

47

operating properties. In connection with the early prepayment of certain of these mortgage

s, the Company recorded an early extinguishment of debt charge of

$9.2

million.

Additionally, during

2016,

the Company disposed of an encumbered property through foreclosure. This transaction resulted in a net decrease in mortgage debt of

$25.6

million (including fair market value adjustment of

$0.4

million) and a gain on forgiveness of debt of

$3.1

million, which is included in Other

(expense)/income, net in the Company’s Consolidated Statements of Income.

The

scheduled principal payments (excluding any extension options available to the Company) of all mortgages payable, excluding unamortized fair value debt adjustments and unamortized debt issuance costs, as of

December 31, 2017,

were as follows (in millions):

	2018		2019		2020		2021		2022		Thereafter		Total
Principal payments	$	98.4	$	115.7	$	136.4	$	145.4	$	140.6	$	230.6	$	867.1

XML

Note 14 - Noncontrolling Interests

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Noncontrolling Interest Disclosure [Text Block]

14. Noncontrolling Interests :

Noncontrolling interests represent the portion of equity that the Company does

not

own in those entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a VIE in accordance with the provisions of the FASB

’s Consolidation guidance.  The Company accounts and reports for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income.  During the year ended

December 31, 2017,

there were various acquisitions and dispositions/liquidations of entities that had an impact on noncontrolling interest. See Footnotes

3,

4,

and

8

of the Notes to Consolidated Financial Statements for additional information regarding specific transactions.

Included within noncontrolling interests are u

nits that were determined to be contingently redeemable that are classified as Redeemable noncontrolling interests and presented in the mezzanine section between Total liabilities and Stockholder’s equity on the Company’s Consolidated Balance Sheets.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the year

s ended

December 31, 2017

and

2016

(in thousands):

	2017			2016
Balance at January 1,	$	86,953		$	86,709
Issuance of redeemable partnership interests (1)		10,000			-
Income (2)		1,297			4,349
Redemption/conversion of redeemable units (3)		(79,569	)		-
Distributions		(2,538	)		(4,105	)
Balance at December 31,	$	16,143		$	86,953

( 1 ) During 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (See Footnote 4 of the Notes to Consolidated Financial Statements).

( 2 ) Includes $1.0 million in fair market value remeasurement for the year ended December 31, 2017.

( 3 ) During 2017, the Company redeemed the remaining 79,642,697 Preferred A Units for a total redemption price of $79.9 million, including an accrued preferred return of $0.4 million. These units, which had a par value of $1.00 and return per annum of 5.0%, were issued along with Puerto Rico shopping center acquisitions discussed below.

The Company

owns

seven

shopping center properties located throughout Puerto Rico. These properties were acquired partially through the issuance of

$158.6

million of non-convertible units and

$45.8

million of convertible units. Noncontrolling interests related to these acquisitions totaled

$233.0

million of units, including premiums of

$13.5

million and a fair market value adjustment of

$15.1

million (collectively, the "Units"). Noncontrolling interests relating to the remaining units were 

$5.2

million and

$86.2

million as of

December 31, 2017

and

2016,

respectively. The Units, related annual cash distribution rates and related conversion features consisted of the following as of

December 31, 2017:

Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Class B-1 Preferred Units (1)	$	10,000		189	7.0%
Class B-2 Preferred Units (2)	$	10,000		42	7.0%
Class C DownReit Units (1)	$	30.52		52,797	Equal to the Company ’s common stock dividend

( 1 ) These units are redeemable for cash by the holder or at the Company ’s option, shares of the Company’s common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets.

( 2 ) These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets.

T

he Company owns a shopping center located in Bay Shore, NY, which was acquired in

2006

with the issuance of

647,758

redeemable Class B Units at a par value of

$37.24

per unit. The units accrue a return equal to the Company’s common stock dividend and are redeemable for cash by the holder or at the Company’s option, shares of the Company’s common stock at a ratio of

1:1.

These units are callable by the Company any time after

April 3, 2026,

and are included in Noncontrolling interests on the Company’s Consolidated Balance Sheets. During

2007,

30,000

units, or

$1.1

million par value, of the Class B Units were redeemed and at the Company’s option settled in cash. In addition, during

2017,

25,000

units, or

$0.9

million par value, of the Class B Units were redeemed and at the Company’s option settled in cash. As of

December 31, 2017

and

2016,

noncontrolling interest relating to the remaining Class B Units was

$25.4

million and

$26.5

million, respectively.

Noncontrolling interests also includes

138,015

convertible units issued during

2006

by the Company, which

were valued at

$5.3

million, including a fair market value adjustment of

$0.3

million, related to an interest acquired in an office building located in Albany, NY. These units are currently redeemable at the option of the holder for cash or at the option of the Company for the Company’s common stock at a ratio of

1:1.

The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock. The Company was restricted from disposing of these assets, other than through a tax-free transaction, through

January 2017.

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Note 15 - Fair Value Disclosure of Financial Instruments

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Fair Value Disclosures [Text Block]

15. Fair Value Disclosure of Financial Instruments :

All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets

at amounts which, in management’s estimation, based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are disclosed. The valuation method used to estimate fair value for fixed-rate and variable-rate debt is based on discounted cash flow analyses, with assumptions that include credit spreads, market yield curves, trading activity, loan amounts and debt maturities. The fair values for marketable securities are based on published values, securities dealers’ estimated market values or comparable market sales. Such fair value estimates are

not

necessarily indicative of the amounts that would be realized upon disposition.

As a basis for considering market participant assumptions in fair value measurements, the FASB

’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels

1

and

2

of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level

3

of the hierarchy).

The following are financial instruments for which the Company

’s estimate of fair value differs from the carrying amounts (in thousands):

	December 31,
	201 7				201 6
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable (1)	$	4,596,140	$	4,601,479	$	3,927,251	$	3,890,797
Mortgages payable (2)	$	882,787	$	881,427	$	1,139,117	$	1,141,047

( 1 ) The Company determined that the valuation of its Senior Unsecured Notes and MTN notes were classified within Level 2 of the fair value hierarchy and its Term Loan and Credit Facility were classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of December 31, 2017 and 2016, were $4.6 billion and $3.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of December 31, 2017 and 2016, were $1.9 million and $272.5 million, respectively.

( 2 ) The Company determined that its valuation of these Mortgages payable was classified within Level 3 of the fair value hierarchy. 

The Company has certain financial instruments that must be measured under the FASB

’s Fair Value Measurements and Disclosures guidance, including available for sale securities. The Company currently does

not

have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company

’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The Company

from time to time has used interest rate swaps to manage its interest rate risk. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts).  The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.  Based on these inputs, the Company has determined that interest rate swap valuations are classified within Level

2

of the fair value hierarchy.

The tables below present the Company

’s financial assets and liabilities measured at fair value on a recurring basis as of

December 31, 2017

and

2016,

aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

	Balance at December 31, 201 7		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

	Balance at December 31, 201 6		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	6,502	$	6,502	$	-	$	-
Liabilities:
Interest rate swaps	$	975	$	-	$	975	$	-

Assets measured at fair value on a non-recurring basis at

December 31,

2017

and

2016

are as follows (in thousands):

	Balance at December 31, 201 7		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

	Balance at December 31, 201 6		Level 1		Level 2		Level 3
Real estate	$	117,930	$	-	$	-	$	117,930

During the year

ended

December 31, 2017,

the Company recognized impairment charges related to adjustments to property carrying values of

$67.3

million. The Company’s estimated fair values of these properties were primarily based upon estimated sales prices from (i) signed contracts or letters of intent from

third

party offers or (ii) discounted cash flow models. The Company does

not

have access to the unobservable inputs used to determine the estimated fair values of

third

party offers. For the discounted cash flow models, the capitalization rates primarily range from

8.50%

to

9.50%

and discount rates primarily range from

9.00%

to

10.50%

which were utilized in the models based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. Based on these inputs, the Company determined that its valuation of these investments was classified within Level

3

of the fair value hierarchy.

During the year ended

December 31, 2016,

the Company recognized impairment charges related

to adjustments to property carrying values of

$93.3

million. The Company’s estimated fair values were primarily based upon estimated sales prices from

third

party offers that were based on signed contracts, appraisals or letters of intent for which the Company does

not

have access to the unobservable inputs used to determine these estimated fair values. For the appraisals, the capitalization rates primarily range from

7.75%

to

9.00%

and discount rates primarily range from

9.25%

to

12.17%

which were utilized in the models based upon unobservable rates that the Company believes to be within a reasonable range of current market rates for each respective investment. Based on these inputs, the Company determined that its valuation of these investments was classified within Level

3

of the fair value hierarchy.

The property carrying value impairment charges resulted from the Company

’s efforts to market certain assets and management’s assessment as to the likelihood and timing of such potential transactions.

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

16. Preferred Stock, Common Stock and Convertible Unit Transactions :

Preferred Stock

The Company

’s outstanding Preferred Stock is detailed below (in thousands, except share information and par values):

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares I ssued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate	Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000	5.125%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000	5.250%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

As of December 31, 201 6
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate	Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		16,000	$	400,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
				32,000	$	800,000

The following Preferred Stock classes w

ere issued during the year ended

December 31, 2017:

Class of Preferred Stock	Date Issued	Depositary Shares Issued	Fractional Interest per Share	Net Proceeds, Before Expenses (in millions)		Offering Price
Class L	8/16/2017	9,000,000	1/1000	$	218.1		25.00
Class M	12/20/2017	9,200,000	1/1000	$	222.8		25.00

During

January 2018,

the underwriting financial institutions for the Class M issuance elected to exercise the over-allotment option and as a result, the Company issued an additional

1,380,000

Class M Depositary Shares, each representing a

one

-thousandth fractional interest in a share of the Company's

5.250%

Class M Cumulative Redeemable Preferred Stock,

$1.00

par value per share. The Company received net proceeds before expenses of

$33.4

million from this offering.

The following Preferred Stock classes were redeemed or partially redeemed during the years ended

December 31, 2017,

2016

and

2015:

Classes of Preferred Stock	Redemption Date	Depositary Shares Redeemed	Redemption Price		Redemption Amount (in millions)		Redemption Charges (in millions) (1)
Class I ( 2)	9/6/2017	9,000,000	$	25.00	$	225.0	$	7.0
Class H	11/25/2015	7,000,000	$	25.00	$	175.0	$	5.8

( 1 ) Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company’s Consolidated Balance Sheets are accounted for in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income/(loss) attributable to the Company to arrive at net income/(loss) available to the Company’s common shareholders and used in the calculation of earnings per share.

( 2 ) T he Company partially redeemed 9,000,000 depositary shares of its issued and outstanding Class I Preferred Stock, representing 56.25% of the issued and outstanding Class I Preferred Stock.

The Company

’s Preferred Stock Depositary Shares for all classes are

not

convertible or exchangeable for any other property or securities of the Company. 

Voting Rights - The

Class I, J, K, L and M Preferred Stock rank pari passu as to voting rights, priority for receiving dividends and liquidation preference as set forth below.

As to any matter on which the

Class I, J, K, L or M Preferred Stock

may

vote, including any actions by written consent, each share of the Class I, J, K, L or M Preferred Stock shall be entitled to

1,000

votes, each of which

1,000

votes

may

be directed separately by the holder thereof. With respect to each share of Class I, J, K, L or M Preferred Stock, the holder thereof

may

designate up to

1,000

proxies, with each such proxy having the right to vote a whole number of votes (totaling

1,000

votes per share of Class I, J, K, L, or M Preferred Stock). As a result, each Class I, J, K, L or M Depositary Share is entitled to

one

vote.

Liquidation Rights

In the event of any liquidation, dissolution or winding up of the affairs of the Company, preferred stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of

$25,000.00

Class I Preferred Stock per share,

$25,000.00

Class J Preferred Stock per share,

$25,000.00

Class K Preferred Stock per share,

$25,000.00

Class L Preferred Stock per share and

$25,000.00

Class M Preferred Stock per share (

$25.00

per each Class I, Class J, Class K, Class L and Class M Depositary Share), plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the preferred stock as to liquidation rights.

Common Stock

During

February 2018,

the Company’s Board of Directors authorized a share repurchase program, pursuant to which the Company

may

repurchase shares of its common stock, par value

$0.01

per share, with an aggregate gross purchase price of up to

$300.0

million.

During

February 2015,

the Company established an

at the market continuous offering program (the “ATM program”), which is effective for a term of

three

years, pursuant to which the Company

may

offer and sell shares of its common stock, par value

$0.01

per share, with an aggregate gross sales price of up to

$500.0

million through a consortium of banks acting as sales agents. Sales of the shares of common stock

may

be made, as needed, from time to time in “at the market” offerings as defined in Rule

415

of the Securities Act of

1933,

including by means of ordinary brokers’ transactions on the New York Stock Exchange (the “NYSE”) or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the year ended

December 31, 2016,

the Company issued

9,806,377

shares and received proceeds of

$285.2

million, net of commissions and fees of

$2.9

million. The Company did

not

offer for sale any shares of common stock under the ATM program during the year ended

December 31, 2017.

As of

December 31, 2017,

the Company had

$211.9

million available under this ATM program.

The Company, from time to time, repurchases shares of its common stock in amounts that offset new issuances of common shares

relating to the exercise of stock options or the issuance of restricted stock awards. These repurchases

may

occur in open market purchases, privately negotiated transactions or otherwise subject to prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. During

2017,

2016

and

2015,

the Company repurchased

232,304

shares,

257,477

shares and

179,696

shares, respectively, relating to common shares surrendered to the Company to satisfy statutory minimum tax withholding obligations relating to the vesting of restricted stock awards under the Company’s equity-based compensation plans.

Convertible Units

The

Company has various types of convertible units that were issued in connection with the purchase of operating properties (see Footnote

14

of the Notes to Consolidated Financial Statements). The amount of consideration that would be paid to unaffiliated holders of units issued from the Company’s consolidated subsidiaries which are

not

mandatorily redeemable, as if the termination of these consolidated subsidiaries occurred on

December 31, 2017,

is

$18.3

million. The Company has the option to settle such redemption in cash or shares of the Company’s common stock. If the Company exercised its right to settle in common stock, the unit holders would receive

1.0

million shares of common stock.   

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Note 17 - Supplemental Schedule of Non-cash Investing / Financing Activities

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

17. Supplemental Schedule of Non-Cash Investing/Financing Activities :

The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended

December 31,

2017,

2016

and

2015

(in thousands):

	201 7			201 6			201 5
Acquisition of real estate interests by assumption of mortgage debt	$	45,299		$	33,174		$	84,699
Acquisition of real estate interests through proceeds held in escrow	$	162,396		$	66,044		$	89,504
Proceeds deposited in escrow through sale of real estate interests	$	162,396		$	66,044		$	71,623
Disposition of real estate interest s by assignment of debt	$	-		$	-		$	47,742
Disposition of real estate interests through the issuance of mortgage receivable	$	-		$	-		$	5,730
Disposition of real estate interests by foreclosure of debt	$	-		$	22,080		$	-
Forgiveness of debt due to foreclosure	$	-		$	26,000		$	-
C apital expenditures accrual	$	74,123		$	38,044		$	22,967
Issuance of common stock	$	-		$	85		$	493
Surrender of restricted common stock	$	(5,699	)	$	(7,008	)	$	(5,682	)
Declaration of dividends paid in succeeding period	$	128,892		$	124,517		$	115,182
Change in non controlling interest due to liquidation of partnership	$	64,948		$	-		$	-
Deemed contribution from noncontrolling interest	$	10,000		$	-		$	-
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	325,981		$	407,813		$	1,039,335
Increase in mortgages pay able, other liabilities and noncontrolling interests	$	258,626		$	268,194		$	750,135

XML

Note 18 - Transactions With Related Parties

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

18. Transactions with Related Parties :

The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers

. Substantially all of the Management and other fee income on the Company’s Consolidated Statements of Income constitute fees earned from affiliated entities. Reference is made to Footnotes

3,

7

and

8

of the Notes to Consolidated Financial Statements for additional information regarding transactions with related parties.

Ripco

Ripco Real Estate Corp. (“Ripco”) business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohl

’s and many others, providing real estate brokerage services and principal real estate investing. Todd Cooper, an officer and

50%

shareholder of Ripco, is a son of Milton Cooper, Executive Chairman of the Board of Directors of the Company. During

2017,

2016

and

2015,

the Company paid brokerage commissions of

$0.4

million,

$0.2

million and

$0.6

million, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company.

ProHEALTH

ProHEALTH is a multi-specialty physician group practice offering

one

-stop health care.

ProHEALTH’s CEO, Dr. David Cooper, M.D. is a son of Milton Cooper, Executive Chairman of the Board of Directors of the Company,

and the father of Ross Cooper, President and Chief Investment Officer of the Company

.  ProHEALTH and/or its affiliates (“ProHEALTH”) have leasing arrangements with the Company whereby

two

consolidated property locations are currently under lease. Total annual base rent for these properties leased to ProHEALTH for each of the years ended

December 31, 2017,

2016

and

2015

aggregated to

$0.4

million.

Colony NorthStar

During

January 2015,

Colony Capital, Inc. 

(predecessor to Colony NorthStar) and affiliates contributed

$100.0

million, to the ABS Venture, which was subsequently contributed to AB Acquisition to facilitate the acquisition of all of the outstanding shares of Safeway. The ABS Venture held a combined

14.35%

interest in AB Acquisition, of which the Company held a combined

9.8%

ownership interest, Colony NorthStar held a

4.3%

ownership interest and an unrelated

third

party held a

0.25%

ownership interest. Richard B. Saltzman, a member of the Board of Directors of the Company, is the chief executive officer and president of Colony NorthStar.

During

December 2017,

the AB Acquisition structure was reorganized such that all interests in Albertsons, NAI and Safeway are owned by a

single new corporation, ACI. In connection with this transaction, the ABS Venture was dissolved and the equity interests were distributed to the owning entities. As such, the Company now owns

9.74%

of the common stock of ACI through

two

newly formed, wholly-owned partnerships. The Company’s previous

two

noncontrolling members, including Colony NorthStar, now own their respective interests directly and are

no

longer in a joint venture with the Company (see Footnote

8

of the Notes to Consolidated Financial Statements).

XML

Note 19 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

19. Commitments and Contingencies :

Operations

The Company and its subsidiaries are primarily engaged in the operation of shopping centers

that are either owned or held under long-term leases that expire at various dates through

2109.

The Company and its subsidiaries, in turn, lease premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from

5

to

25

years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels and percentage rents comprised

98%

of total revenues from rental properties for each of the

three

years ended

December 31, 2017,

2016

and

2015.

The minimum revenues from rental propert

ies under the terms of all non-cancelable tenant leases for future years, assuming

no

new or renegotiated leases are executed for such premises, are as follows (in millions):

	2018		2019		2020		2021		2022		Thereafter
Minimum revenues	$	875.5	$	820.3	$	735.4	$	643.6	$	536.3	$	2,683.2

Base rental revenues from rental propert

ies are recognized on a straight-line basis over the terms of the related leases. The difference between the amount of rental income contracted through leases and rental income recognized on a straight-line basis before allowances for the years ended

December 31, 2017,

2016

and

2015

was

$15.7

million,

$16.5

million and

$14.8

million, respectively.

Minimum rental payments

to be made by the Company under the terms of all non-cancelable operating ground leases for future years are as follows (in millions):

	2018		2019		2020		2021		2022		Thereafter
Minimum rental payments	$	9.1	$	9.1	$	8.6	$	8.6	$	8.5	$	138.5

Letters of Credit

The Company has issued letters of credit in connection with the completion and repayment guarantees for loans encumbering certain of the Company

’s development and redevelopment projects and guaranty of payment related to the Company’s insurance program. At

December 31, 2017,

these letters of credit aggregated

$40.4

million.

Other

In connection with the construction of its development

and redevelopment projects and related infrastructure, certain public agencies require posting of performance and surety bonds to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of

December 31, 2017,

there were

$20.0

million in performance and surety bonds outstanding.

The Company is subject to various

other legal proceedings and claims that arise in the ordinary course of business. Management believes that the final outcome of such matters will

not

have a material adverse effect on the financial position, results of operations or liquidity of the Company as of

December 31, 2017.

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Note 20 - Incentive Plans

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

20. Incentive Plans :

The Company accounts for

equity awards in accordance with FASB’s Compensation – Stock Compensation guidance which requires that all share based payments to employees, including grants of employee stock options, restricted stock and performance shares, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Monte Carlo method for performance shares or the Black-Scholes option pricing formula, both of which are intended to estimate the fair value of the awards at the grant date. Fair value of restricted shares is calculated based on the price on the date of grant.

The Company recognized expense associated with its equity awards

of

$21.6

million,

$19.1

million and

$18.5

million, for the years ended

December 31, 2017,

2016

and

2015,

respectively.  As of

December 31, 2017,

the Company had

$27.5

million of total unrecognized compensation cost related to unvested stock compensation granted under the Plans.  That cost is expected to be recognized over a weighted-average period of

2.7

years. The Company had

10,410,343,

10,015,040

and

9,095,416

shares of the Company’s common stock available for issuance under the Plans at

December 31, 2017,

2016

and

2015,

respectively.

Stock Options

During

2017,

2016

and

2015,

the Company did

not

grant any stock options. Information with respect to stock options outstanding under the Plan for the years ended

December 31, 2017,

2016

and

2015

are as follows:

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic V alue (in millions)
Options outstanding, January 1, 2015		11,893,761		$	30.23	$	29.8
Exercised		(1,019,240	)	$	18.36	$	7.4
Forfeited		(1,862,080	)	$	32.55
Options outstanding, December 31, 2015		9,012,441		$	31.09	$	27.4
Exercised		(1,167,819	)	$	18.03	$	12.4
Forfeited		(1,830,893	)	$	39.69
Options outstanding, December 31, 2016		6,013,729		$	32.09	$	12.1
Exercised		(83,863	)	$	18.20	$	3.4
Forfeited		(2,464,920	)	$	35.91
Options outstanding, December 31, 201 7		3,464,946		$	27.81	$	-
Options exercisable (fully vested) -
December 31, 2015		7,617,882		$	32.90	$	20.0
December 31, 2016		5,144,416		$	32.56	$	11.3
December 31, 201 7		3,464,946		$	27.81	$	4.0

The exercise price

per share for options outstanding as of

December 31, 2017

ranges from

$11.54

to

$40.79.

The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of

December 31, 2017

was

2.3

years. The weighted-average remaining contractual term of options currently exercisable as of

December 31, 2017,

was

2.3

years. As of

December 31, 2017,

all of the Company’s outstanding options were vested. Cash received from options exercised under the Plan was

$1.5

million,

$21.1

million and

$18.7

million for the years ended

December 31, 2017,

2016

and

2015,

respectively.

Restricted Stock

Information with respect to

restricted stock under the Plan for the years ended

December 31, 2017,

2016

and

2015

are as follows:

	201 7			201 6			201 5
Restricted stock outstanding as of January 1,		1,930,732			1,712,534			1,911,145
Granted (1)		646,142			756,530			729,160
Vested		(783,872	)		(520,539	)		(875,202	)
Forfeited		(15,573	)		(17,793	)		(52,569	)
Restricted stock outstanding as of December 31,		1,777,429			1,930,732			1,712,534

(1)

   The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2017, 2016 and 2015 were $25.04, $26.15 and $25.98, respectively.

Restricted shares have the same voting rights as the Company

’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. For the years ended December 31, 2017, 2016 and 2015, the dividends paid on unvested restricted shares were $2.4 million, $2.2 million, and $1.8 million, respectively.

Performance Shares

Information with respect to performance share awards under the Plan for the years ended

December 31, 2017,

2016

and

2015

are as follows:

	2017	2016	2015
Performance share award outstanding as of January 1,	197,249	202,754	114,268
Granted (1)	135,780	100,170	145,620
Vested (2)	(97,079)	(105,675)	(57,134)
Performance share award outstanding as of December 31,	235,950	197,249	202,754

(

1

)

   The weighted-average grant date fair value for performance shares issued during the years ended

December 31, 2017,

2016

and

2015

were

$23.35,

$28.60

and

$27.87,

respectively.

(

2

)  

For the years ended

December 31, 2017,

2016

and

2015,

the corresponding common stock equivalent of these vested awards were

0,

130,080

and

91,862,

respectively.

The more significant assumptions underlying the determination of fair values for these awards granted during

2017,

2016

and

2015

were as follows:

	201 7			201 6			201 5
Stock price	$	24.91		$	26.29		$	26.83
Dividend yield (1)		0	%		0	%		0	%
Risk-free rate		1.45	%		0.87	%		0.98	%
Volatility (2)		18.93	%		18.80	%		16.81	%
Term of the award (years)		2.88			2.88			1.88, 2.88

( 1 )	Total Shareholder Returns , as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.
( 2 )	Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

Other

The Company maintains a

401

(k)-retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of

5%

of their eligible compensation, is fully vested and funded as of

December 31, 2017.

The Company’s contributions to the plan were

$2.1

million,

$2.0

million and

$2.1

million for the years ended

December 31, 2017,

2016

and

2015,

respectively.

The Company recognized severance costs associated with employee terminations during the years ended

December 31,

2017,

2016

and

2015,

of

$5.5

million,

$1.7

million and

$4.8

million, respectively.

XML

Note 21 - Income Taxes

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

21. Income Taxes :

The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began

January 1, 1992.

To qualify as a REIT, the Company must meet

several organizational and operational requirements, including a requirement that it currently distribute at least

90%

of its REIT taxable income to its stockholders. Management intends to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will

not

be subject to corporate federal income tax, provided that dividends to its stockholders equal at least the amount of its REIT taxable income. If the Company failed to qualify as a REIT in any taxable year, it would be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and

may

not

be permitted to elect REIT status for

four

subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through TRSs is subject to federal, state and local income taxes. The Company is also subject to local taxes on certain Non-U.S. investments.

Reconciliation between GAAP Net Income and Federal Taxable Income

The following table reconciles GAAP net income to taxable income for the years ended

December 31,

2017,

2016

and

2015

(in thousands):

	2017			2016			2015
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	426,075		$	378,850		$	894,115
GAAP net (income)/loss attributable to TRSs		(12,164	)		12,708			(6,073	)
GAAP net income from REIT operations (a)		413,911			391,558			888,042
Net book depreciation in excess of tax depreciation		116,106			65,194			21,515
Capitalized leasing/legal commissions		-			(11,984	)		(14,246	)
Deferred/prepaid/above-market and below-market rents, net		(30,303	)		(34,097	)		(32,848	)
Fair market value debt amortization		(8,495	)		(15,901	)		(19,723	)
Book/tax differences from restricted stock		676			(4,490	)		(3,094	)
Book/tax differences from non-qualified stock options		(172	)		(11,301	)		(4,786	)
Book/tax differences from investments in and advances to real estate joint ventures		(15,196	)		(20,739	)		(294	)
Book/tax difference on sale of properties		(85,856	)		(93,704	)		(64,270	)
Foreign income tax from capital gains		-			3,976			5,873
Cumulative foreign currency translation adjustment and deferred tax adjustment		(1,300	)		-			-
Book adjustment to property carrying values and marketable equity securities		53,893			11,161			4,484
Taxable currency exchange gains/(losses), net		221			(8,962	)		(47,297	)
Tangible property regulation deduction (b)		(52,237	)		(28,954	)		(126,957	)
GAAP gain on change in control of interests		(71,160	)		(57,385	)		(149,407	)
Valuation allowance against net deferred tax assets		-			51,939			-
Other book/tax differences, net		(6,893	)		542			(2,971	)
Adjusted REIT taxable income	$	313,195		$	236,853		$	454,021

Certain amounts in the prior periods have been reclassified to conform to the current year presentation, in the table above.

(a) All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interest and TRSs.

(b) In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers must deduct such costs as repairs. Pursuant to these Regulations the Company deducted certain expenditures that would previously have been capitalized for tax purposes. The Regulations also allowed the Company to make an election to immediately deduct certain amounts that were capitalized in previous years but qualify as repairs under the new Regulations. The Company made such election in 2015 and deducted approximately $85.9 million.

Characterization of Distributions

The following characterizes distributions paid

for tax purposes for the years ended

December 31, 2017,

2016

and

2015,

(amounts in thousands):

	201 7				201 6				2015
Preferred H Dividends
Ordinary income	$	-	-		$	-	-		$	-	-
Capital gain		-	-			-	-			13,417	100	%
	$	-	-		$	-	-		$	13,417	100	%
Preferred I Dividends
Ordinary income	$	21,636	96	%	$	16,320	68	%	$	-	-
Capital gain		902	4	%		7,680	32	%		24,000	100	%
	$	22,538	100	%	$	24,000	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	11,880	96	%	$	8,415	68	%	$	-	-
Capital gain		495	4	%		3,960	32	%		12,375	100	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	9,450	96	%	$	6,694	68	%	$	-	-
Capital gain		394	4	%		3,150	32	%		9,844	100	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Preferred L Dividends
Ordinary income	$	1,814	96	%	$	-	-		$	-	-
Capital gain		76	4	%		-	-			-	-
	$	1,890	100	%	$	-	-		$	-	-
Common Dividends
Ordinary income	$	260,573	57	%	$	263,892	62	%	$	-	-
Capital gain		9,143	2	%		127,689	30	%		394,400	100	%
Return of capital		187,430	41	%		34,050	8	%		-	-
	$	457,146	100	%	$	425,631	100	%	$	394,400	100	%
Total dividends distributed for tax purposes	$	503,793			$	471,850			$	454,036

For the years ended

December 31,

2017,

2016

and

2015

cash dividends paid for tax purposes were equivalent to, or in excess of, the dividends paid deduction.

Taxable REIT Subsidiaries

and Taxable Entities

The Company is subject to federal, state and local income taxes on income reported through its TRS activities, which include wholly-owned subsidiaries of the Company.

The Company’s TRSs included KRS, FNC Realty Corporation, Kimco Insurance Company (collectively “KRS Consolidated”) and the consolidated entity, Blue Ridge Real Estate Company/Big Boulder Corporation. As part of the Company’s overall strategy to simplify its business model, the Company merged KRS, a TRS holding REIT-qualifying real estate and the Company’s investment in Albertsons, into a wholly-owned LLC and KRS was dissolved effective

August 1, 2016.

Any non-REIT qualifying assets or activities received by the Company in the Merger were transferred to a newly formed TRS, Kimco Realty Services II, Inc.

On

December 22, 2017,

the Tax Cuts and Jobs Act was signed into law, making significant changes to taxation of corporations and individuals. Effective for tax years beginning on

January 1, 2018,

this tax reform law reduces the federal statutory income tax rate from

35%

to

21%

for corporations and changed other certain tax provisions and deductions. ASC

740,

Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. As a result, the Company remeasured its deferred tax assets and liabilities and recorded a tax provision of

$1.1

million during

2017.

The Company is

also subject to local non-U.S. taxes on certain investments located outside the U.S.  In general, under local country law applicable to the entity ownership structures the Company has in place and applicable tax treaties, the repatriation of cash to the Company from its subsidiaries and joint ventures in Canada, Puerto Rico and Mexico generally is

not

subject to withholding tax. The Company is subject to and includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are primarily held by the Company at the REIT level and

not

in the Company’s taxable REIT subsidiary. Accordingly, the Company does

not

expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

Income taxes have been provided for on the asset and liability method as required by the FASB

’s Income Tax guidance. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of taxable assets and liabilities.

The Company

’s pre-tax book income/(loss) and (provision)/benefit for income taxes relating to the Company’s TRS and taxable entities which have been consolidated for accounting reporting purposes, for the years ended

December 31, 2017,

2016

and

2015,

are summarized as follows (in thousands):

	2017			2016			2015
I ncome/(loss) before income taxes – U.S.	$	1,487		$	(23,810	)	$	23,729
( Provision)/benefit for income taxes, net:
Federal:
Current		(704	)		2,199			(638	)
Deferred		(632	)		(45,097	)		(7,355	)
Federal tax provision		(1,336	)		(42,898	)		(7,993	)
State and local:
Current		(66	)		1,057			(2,535	)
Deferred		(190	)		(8,812	)		(1,474	)
State tax provision		(256	)		(7,755	)		(4,009	)
Total tax provision – U.S.		(1,592	)		(50,653	)		(12,002	)
Net (loss)/income from U.S. TRSs	$	(105)		$	(74,463	)	$	11,727
(Loss)/income before taxes – Non-U.S.	$	(11,483)		$	138,253		$	381,999
B enefit/(provision) for Non-U.S. income taxes:
Current (1)	$	2,425		$	(24,393	)	$	(58,365	)
Deferred		47			(3,537	)		4,331
Non-U.S. tax benefit/(provision)	$	2,472		$	(27,930	)	$	(54,034	)

( 1 ) The year ended December 31, 2016 includes $24.9 million, in expense related to the sale of interests in properties located in Canada.

Provision differ

s from the amounts computed by applying the statutory federal income tax rate to taxable income before income taxes as follows (in thousands):

	201 7			201 6			201 5
Federal provision at statutory tax rate (35%) (1)	$	(520	)	$	(47,155	)	$	(8,304	)
State and local provision, net of federal benefit (2)		(1,072	)		(3,498	)		(3,698	)
Total tax provision – U.S.	$	(1,592	)	$	(50,653	)	$	(12,002	)

( 1 ) The year ended December 31, 2016, includes a $55.6 million charge related to the recording of a deferred tax valuation allowance.

( 2 ) The year ended December 31, 2016, includes a $7.9 million charge related to the recording of a deferred tax valuation allowance.

Deferred Tax Assets,

Liabilities

and Valuation Allowances

The Company

’s deferred tax assets and liabilities at

December 31, 2017

and

2016,

were as follows (in thousands):

	201 7			201 6
Deferred tax assets:
Tax/GAAP basis differences	$	35,839		$	63,167
Net operating losses (1)		22,137			44,833
Tax credit carryforwards (2)		6,064			5,368
Capital loss carryforwards		4,648			3,659
Related party deferred losses		619			952
Charitable contribution carryforwards		23			35
Non-U.S. tax/GAAP basis differences		-			513
Valuation allowance – U.S.		(54,155	)		(95,126	)
Total deferred tax assets		15,175			23,401
Deferred tax liabilities – U.S.		(12,739	)		(19,599	)
Deferred tax liabilities – Non-U.S.		-			(559	)
Net deferred tax assets	$	2,436		$	3,243

( 1 ) Expiration dates ranging from 2021 to 2032 .

( 2 ) Expiration dates ranging from 2027 to 2035 and includes alternative minimum tax credit carryovers of $3.5 million that do not expire.

The major differences between

the GAAP basis of accounting and the basis of accounting used for federal and state income tax reporting consist of impairment charges recorded for GAAP purposes, but

not

recognized for tax purposes, depreciation and amortization, rental revenue recognized on the straight-line method for GAAP, reserves for doubtful accounts,

above-market and below-market lease amortization,

differences in GAAP and tax basis of assets sold, and the period in which certain gains were recognized for tax purposes, but

not

yet recognized under GAAP.

Deferred tax assets and deferred tax liabilities are included in the caption

s Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at

December 31, 2017

and

2016.

Operating losses and the valuation allowance are related primarily to the Company’s consolidation of its taxable REIT subsidiaries for accounting and reporting purposes. For the tax year ended

August 1, 2016,

KRS Consolidated produced

$8.1

million of taxable income and utilized

$8.1

million of its

$44.0

million of available net operating loss carryovers.

Under

GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than

not

(a likelihood of more than

50

percent) that some portion or all of the deferred tax assets will

not

be realized.  The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than

not

to be realized. As a result of the Merger, the Company determined that the realization of

$63.5

million of its net deferred tax assets was

not

deemed more likely than

not

and as such, the Company recorded a full valuation allowance against these net deferred tax assets that existed at the time of the Merger.

T

he Company prepared an analysis of the tax basis built-in tax gain or built-in loss inherent in each asset acquired from KRS in the Merger. Assets of a TRS that become REIT assets in a merger transaction of the type entered into by the Company and KRS are subject to corporate tax on the aggregate net built-in gain (built-in gains in excess of built-in losses) during a recognition period. Accordingly, the Company is subject to corporate-level taxation on the aggregate net built-in gain from the sale of KRS assets within

60

months from the Merger date (the recognition period). The maximum taxable amount with respect to all merged assets disposed within

60

months of the Merger is limited to the aggregate net built-in gain at the Merger date. The Company compared fair value to tax basis for each property or asset to determine its built-in gain (value over basis) or built-in loss (basis over value) which could be subject to corporate level taxes if the Company disposed of the asset previously held by KRS during the

60

months following the Merger date. In the event that sales of KRS assets during the recognition period result in corporate level tax, the unrecognized tax benefits reported as deferred tax assets from KRS will be utilized to reduce the corporate level tax for GAAP purposes.

Uncertain Tax Positions

The Company is subject to income tax in certain jurisdictions outside the U.S., principally Canada and Mexico. The statute of limitations on assessment of tax varies from

three

to

seven

years depending on the jurisdiction and tax issue. Tax returns filed in each jurisdiction are subject to examination by local tax authorities. The Company is currently under audit by the Canadian Revenue Agency and Mexican Tax Authority

. The resolution of these audits are

not

expected to have a material effect on the Company’s financial statements. The Company does

not

believe that the total amount of unrecognized tax benefits as of

December 31, 2017,

will significantly increase or decrease within the next

12

months.

The liability for uncertain tax benefits principally consists of estimated foreign, federal and state income tax liabilities in years for which the statute of limitations is open. Open years

range from

2011

through

2017

and vary by jurisdiction and issue. The aggregate changes in the balance of unrecognized tax benefits for the years ended

December 31, 2017

and

2016

were as follows (in thousands):

	201 7			201 6
Balance at January 1,	$	4,962		$	4,263
Increases for tax positions related to current year (1)		339			41
Increase for tax position due to ASU 2013-11		-			4,930
Decreases relating to settlements with taxing authorities		-			(2,000	)
Reductions due to lapsed statute of limitations		(1,310	)		(2,272	)
Balance at December 31,	$	3,991		$	4,962

      (1)

     Amounts relate to increases resulting from foreign currency translation adjustments.

The Company

previously had unrecognized tax benefits reported as deferred tax assets primarily related to book to tax timing differences for depreciation expense on its Canadian real estate operating properties. With respect to the Company’s uncertain tax positions in Canada and in accordance with ASU

2013

-

11

"

Income Taxes (Topic

740

): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists

," (“ASU

2013

-

11”

), the uncertain tax position liabilities in Canada were netted against these deferred tax assets. As of

December 31, 2016,

the Company, due to the sale of certain operating real estate properties in Canada,

no

longer had these related deferred tax assets to net against the related deferred tax liability and thus, the amount of its liability increased for uncertain tax positions associated with its Canadian operations. As of

December 31, 2017

and

2016,

the Company’s Canadian uncertain tax positions aggregated

$4.0

million and

$5.0

million, respectively.

The Company and its subsidiaries had been under audit by the U.S. Internal Revenue Service (“IRS”) with respect to taxable years

2004

-

2009.

The IRS proposed, pursuant to Section

482

of the Code, to disallow a capital loss claimed by KRS on the disposition of common shares of Valad Property Ltd., an Australian publicly listed company, and to assert a

100

percent “penalty” tax on the Company pursuant to Section

857

(b)(

7

) of the Code in the amount of

$40.9

million with respect to its

2009

taxable year.

During

2016,

the Company and its subsidiaries favorably settled all matters relating to the audit, agreeing to a net refund of

$0.1

million, and in connection with this favorable settlement, the Company released its uncertain tax position liability of

$2.0

million.

During

August 2016,

the Mexican Tax Authority issued tax assessments for various wholly-owned entities of the Company that had previously held interests in operating properties in Mexico. These assessments relate to certain interest expense and withholding tax items subject to the United States-Mexico Income Tax Convention (the “Treaty”). The assessments are for the

2010

tax year and include amounts for taxes aggregating

$33.7

million, interest aggregating

$16.5

million and penalties aggregating

$11.4

million. The Company believes that it has operated in accordance with the Treaty provisions and has therefore concluded that

no

amounts are payable with respect to this matter. The Company has submitted appeals for these assessments and the U.S. Competent Authority (Department of Treasury) is representing the Company regarding this matter with the Mexican Competent Authority. The Company intends to vigorously defend its position and believes it will prevail, however this outcome cannot be assured.

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Note 22 - Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

22. Accumulated Other Comprehensive Income :

The following table displays the change in the components of

AOCI for the years ended

December 31, 2017

and

2016:

	Foreign Currency Translation Adjustments			Unrealized Gains/(Losses) R elated to Available-for-Sale Securities			Unrealized Gains/(Losses) on Interest Rate Swaps			Total
Balance as of January 1, 2016	$	6,616		$	398		$	(1,426	)	$	5,588
Other comprehensive income before reclassifications		(281	)		8			451			178
Amounts reclassified from AOCI		-			-			-			-
Net current-period other comprehensive income		(281	)		8			451			178
Balance as of December 31, 2016	$	6,335		$	406		$	(975	)	$	5,766
Other comprehensive income before reclassifications		3,711			(1,542	)		631			2,800
Amounts reclassified from AOCI (1)		(10,046	)		-			-			(10,046	)
Net current-period other comprehensive income		(6,335	)		(1,542	)		631			(7,246	)
Balance as of December 31, 2017	$	-		$	(1,136	)	$	(344	)	$	(1,480	)

( 1 ) During 2015, the Company began selling properties within its Canadian portfolio and has continued to liquidate its investments over the last two years. During the year ended December 31, 2017, the Company was deemed to have substantially liquidated its investment in Canada, triggered primarily by the receipt of various tax refunds, and as a result, recognized a net cumulative foreign currency translation gain. Amounts were reclassified to the Company’s Consolidated Statements of Income as follows (i) $14.8 million of gain was reclassified to Equity in income of other real estate investments, net, and (ii) $4.8 million of loss was reclassified to Equity in income of joint ventures, net.

XML

Note 23 - Earnings Per Share

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

23. Earnings Per Share :

The following table sets forth the reconciliation of earnings and the weighted

-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):

	For the Year Ended December 31,
	2017			2016			2015
Computation of Basic and Diluted Earnings Per Share:
Income from continuing operations	$	346,133		$	299,353		$	774,405
Gain on sale of operating properties, net, net of tax		93,538			86,785			125,813
Net income attributable to noncontrolling interests		(13,596	)		(7,288	)		(6,028	)
Preferred stock redemption charge		(7,014	)		-			(5,816	)
Preferred dividends		(46,600	)		(46,220	)		(57,084	)
Earnings attributable to participating securities		(2,132	)		(2,018	)		(4,134	)
Income from continuing operations available to the Company ’s common shareholders	$	370,329		$	330,612		$	827,156
Loss from discontinued operations available to the Company ’s common shareholders		-			-			(75	)
Net income available to the Company ’s common shareholders for basic earnings per share	$	370,329		$	330,612			827,081
Distributions on convertible units		-			-			192
Net income available to the Company ’s common shareholders for diluted earnings per share	$	370,329		$	330,612		$	827,273
Weighted -average common shares outstanding – basic		423,614			418,402			411,319
Effect of dilutive securities ( 1):
Equity awards		405			1,307			1,414
Assumed conversion of convertible units		-			-			118
Weighted -average common shares outstanding – diluted		424,019			419,709			412,851
Basic Earnings Per Share:
Income from continuing operations	$	0.87		$	0.79		$	2.01
Net income available to the Company ’s common shareholders	$	0.87		$	0.79		$	2.01
Diluted Earnings Per Share:
Income from continuing operations	$	0.87		$	0.79		$	2.00
Net income available to the Company ’s common shareholders	$	0.87		$	0.79		$	2.00

( 1 ) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,082,106, 3,490,400 and 5,300,680 stock options that were not dilutive as of December 31, 2017, 2016 and 2015, respectively.

Th

e Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the

two

-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.

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Note 24 - Supplemental Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Quarterly Financial Information [Text Block]

24. Supplemental Financial Information (Unaudited) :

The following represents the

quarterly results of operations, expressed in thousands except per share amounts, for the years ended

December 31, 2017

and

2016:

	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues from rental properties	$	289,391	$	292,843	$	290,919	$	310,632
Net income attributable to the Company	$	76,733	$	143,416	$	121,030	$	84,566
Net income per common share:
Basic	$	0.15	$	0.31	$	0.24	$	0.17
Diluted	$	0.15	$	0.31	$	0.24	$	0.17

	2016
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Revenues from rental properties	$	293,091	$	287,115	$	279,286		$	292,909
Net income attributable to the Company	$	140,713	$	203,409	$	(43,545	)	$	78,273
Net income per common share:
Basic	$	0.31	$	0.46	$	(0.13	)	$	0.16
Diluted	$	0.31	$	0.46	$	(0.13	)	$	0.16

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Note 25 - Captive Insurance Company

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Captive Insurance Disclosure [Text Block]

25. Captive Insurance Company :

In

October 2007,

the Company formed a wholly-owned captive insurance company, KIC, which provides general liability insurance coverage for all losses below the deductible under the Company

’s

third

-party liability insurance policy. The Company created KIC as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent

third

party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC

may

be adjusted based on this estimate. Like premiums paid to

third

-party insurance companies, premiums paid to KIC

may

be reimbursed by tenants pursuant to specific lease terms.

KIC

assumes occurrence basis general liability coverage

(

not

including casualty loss or business interruption)

for the Company and its affiliates under the terms of a reinsurance agreement entered into by KIC and the reinsurance provider.

From

October 1, 2007

through

October 1, 2018,

KIC assumes

100%

of the

first

$250,000

per occurrence risk layer. This coverage is subject to annual aggregates ranging between

$7.8

million and

$11.5

million per policy year. The annual aggregate is adjustable based on the amount of audited square footage of the insureds

’ locations and can be adjusted for subsequent program years. Defense costs erode the stated policy limits. KIC is required to pay the reinsurance provider for unallocated loss adjustment expenses an amount ranging between

8.0%

and

12.2%

of incurred losses for the policy periods ending

September 30, 2008

through

September 30, 2018.

These amounts do

not

erode the Company’s per occurrence or aggregate limits.

As of

December 31,

2017

and

2016,

the Company maintained a letter of credit in the amount of

$23.0

million issued in favor of the reinsurance provider to provide security for the Company’s obligations under its agreement with the reinsurance provider. The letter of credit maintained as of

December 31, 2017,

has an expiration date of

February 15, 2018,

with automatic renewals for

one

year.

Activity in the liability for unpaid losses and loss adjustment expenses for the years ended

December 31,

2017

and

2016,

is summarized as follows (in thousands):

	201 7			201 6
Balance at the beginning of the year	$	19,515		$	20,046
Incurred related to:
Current year		5,915			6,247
Prior years		(727	)		(67	)
Total incurred		5,188			6,180
Paid related to:
Current year		(742	)		(962	)
Prior years		(4,996	)		(5,749	)
Total paid		(5,738	)		(6,711	)
Balance at the end of the year	$	18,965		$	19,515

For the years ended

December 31,

2017

and

2016,

the changes in estimates in insured events in the prior years, incurred losses and loss adjustment expenses resulted in a decrease of

$0.7

million and an increase of

$0.1

million, respectively, which was primarily due to continued regular favorable loss development on the general liability coverage assumed.

XML

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

KIMCO REALTY CORPORATION AND SUBSIDIARIE

S

SCHEDULE II

– VALUATION AND QUALIFYING ACCOUNTS

For Years Ended

December 31, 2017,

2016

and

201

5

(in thousands

)

	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2017
Allowance for uncollectable accounts (1)	$	24,175	$	6,641	$	-		$	(13,750	)	$	17,066
Allowance for deferred tax asset	$	95,126	$	-	$	(40,971	)	$	-		$	54,155
Year Ended December 31, 201 6
Allowance for uncollectable accounts (1)	$	31,820	$	7,982	$	-		$	(15,627	)	$	24,175
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126
Year Ended December 31, 2015
Allowance for uncollectable accounts (1)	$	32,509	$	11,174	$	-		$	(11,863	)	$	31,820
Allowance for deferred tax asset	$	34,302	$	-	$	(6,397	)	$	-		$	27,905

(1)

     Includes allowances on accounts receivable and straight-line rents.

XML

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]

KIMCO REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2017

		INITIAL COST				COST
						CAPTIALIZED SUBSEQUENT													TOTAL COST,
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND			BUILDING AND IMPROVEMENTS			TOTAL		ACCUMULATED DEPRECIATION		NET OF ACCUMULATED DEPRECIATION		ENCUMBRANCES (2)		DATE OF ACQUISITION(A)		DATE OF CONSTRUCTION(C)
SHOPPING CENTERS
DISTRICT AT TUSTIN	CA		$106,128,741		$208,876,066		$724,025			$106,128,741			$209,600,091			$315,728,832		$8,983,313		$306,745,519		$204,468,426		2017
THE GROVE	AL		18,951,763		6,403,809		3,070,025			6,793,454			21,632,143			28,425,597		6,959,991		21,465,606		-				2007
TALAVI TOWN CENTER	AZ		8,046,677		17,291,542		(25,338,219	)		-			-			-		-		-		-		2007
MESA PAVILIONS NORTH	AZ		6,060,018		35,955,005		867,624			6,060,018			36,822,629			42,882,647		8,815,702		34,066,945		-		2009
MESA RIVERVIEW	AZ		15,000,000		-		142,768,268			307,992			157,460,276			157,768,268		53,514,318		104,253,950		-				2005
MESA PAVILLIONS - SOUTH	AZ		-		148,508		100,577			-			249,085			249,085		118,929		130,156		-		2011
METRO SQUARE	AZ		4,101,017		16,410,632		1,357,963			4,101,017			17,768,595			21,869,612		8,875,277		12,994,335		-		1998
HAYDEN PLAZA NORTH	AZ		2,015,726		4,126,509		(5,588,937	)		122,085			431,213			553,298		197,517		355,781		-		1998
PLAZA DEL SOL	AZ		5,324,501		21,269,943		2,030,572			4,577,869			24,047,147			28,625,016		8,739,179		19,885,837		-		1998
PLAZA AT MOUNTAINSIDE	AZ		2,450,341		9,802,046		2,092,808			2,450,341			11,894,854			14,345,195		6,103,826		8,241,369		-		1997
VILLAGE CROSSROADS	AZ		5,662,554		24,981,223		688,411			5,662,554			25,669,634			31,332,188		4,876,413		26,455,775		-		2011
NORTH VALLEY	AZ		6,861,564		18,200,901		6,384,423			3,861,272			27,585,616			31,446,888		4,969,361		26,477,527		-		2011
CHRISTOWN SPECTRUM	AZ		33,831,348		91,004,070		15,350,895			76,638,511			63,547,802			140,186,313		8,849,280		131,337,033		61,850,278		2015
BELL CAMINO CENTER	AZ		2,427,465		6,439,065		449,983			2,427,465			6,889,048			9,316,513		1,826,375		7,490,138		-		2012
COLLEGE PARK SHOPPING CENTER	AZ		3,276,951		7,741,323		1,112,006			3,276,951			8,853,329			12,130,280		2,316,908		9,813,372		-		2011
COSTCO PLAZA - 541	CA		4,995,639		19,982,557		534,161			4,995,639			20,516,718			25,512,357		10,476,795		15,035,562		-		1998
BROOKHURST CENTER	CA		10,492,714		31,357,512		838,456			22,299,852			20,388,830			42,688,682		1,737,221		40,951,461		-		2016
LAKEWOOD PLAZA	CA		1,294,176		3,669,266		50,291			-			5,013,733			5,013,733		1,686,188		3,327,545		-		2014
MADISON PLAZA	CA		5,874,396		23,476,190		2,128,333			5,874,396			25,604,523			31,478,919		12,534,740		18,944,179		-		1998
BROADWAY PLAZA	CA		6,460,743		25,863,153		12,142,497			6,460,743			38,005,650			44,466,393		16,786,365		27,680,028		-		1998
CORONA HILLS PLAZA	CA		13,360,965		53,373,453		8,024,150			13,360,965			61,397,603			74,758,568		32,234,761		42,523,807		-		1998
280 METRO CENTER	CA		38,734,566		94,903,403		1,922,348			38,734,566			96,825,751			135,560,317		10,563,254		124,997,063		-		2015
LABAND VILLAGE SHOPPING CENTER	CA		5,600,000		13,289,347		450,236			5,607,237			13,732,346			19,339,583		7,289,456		12,050,127		-		2008
CUPERTINO VILLAGE	CA		19,886,099		46,534,919		24,291,806			19,886,099			70,826,725			90,712,824		19,498,273		71,214,551		-		2006
NORTH COUNTY PLAZA	CA		10,205,305		28,934,219		(1,000,334	)		20,894,811			17,244,379			38,139,190		3,159,099		34,980,091		-		2014
CHICO CROSSROADS	CA		9,975,810		30,534,524		1,363,692			9,985,652			31,888,374			41,874,026		9,649,420		32,224,606		-		2008
CHICO EAST & ESPLANADE	CA		2,508,716		12,886,184		(1,312,383	)		2,508,716			11,573,801			14,082,517		1,046,152		13,036,365		3,544,259		2015
CORONA HILLS MARKETPLACE	CA		9,727,446		24,778,390		703,539			9,727,446			25,481,929			35,209,375		8,709,352		26,500,023		-		2007
CREEKSIDE CENTER	CA		3,870,823		11,562,580		(477,027	)		5,154,061			9,802,315			14,956,376		577,653		14,378,723		-		2016
GOLD COUNTRY CENTER	CA		3,272,212		7,864,878		29,687			3,278,290			7,888,487			11,166,777		3,737,079		7,429,698		-		2008
LA MIRADA THEATRE CENTER	CA		8,816,741		35,259,965		(3,325,358	)		6,888,680			33,862,668			40,751,348		15,984,250		24,767,098		-		1998
KENNETH HAHN PLAZA	CA		4,114,863		7,660,855		1,478,281			4,114,863			9,139,136			13,253,999		3,158,669		10,095,330		-		2010
LA VERNE TOWN CENTER	CA		8,414,328		23,856,418		10,759,800			16,362,169			26,668,377			43,030,546		3,263,071		39,767,475		-		2014
LINCOLN HILLS TOWN CENTER	CA		8,228,587		26,127,322		132,829			8,228,587			26,260,151			34,488,738		3,199,334		31,289,404		-		2015
NOVATO FAIR S.C.	CA		9,259,778		15,599,790		997,511			9,259,778			16,597,301			25,857,079		6,336,610		19,520,469		-		2009
SOUTH NAPA MARKET PLACE	CA		1,100,000		22,159,086		20,615,121			23,119,071			20,755,136			43,874,207		10,843,098		33,031,109		-		2006
PLAZA DI NORTHRIDGE	CA		12,900,000		40,574,842		1,665,373			12,900,000			42,240,215			55,140,215		15,177,905		39,962,310		-		2005
LINDA MAR SHPPING CENTER	CA		16,548,592		37,521,194		1,776,093			16,548,592			39,297,287			55,845,879		7,472,546		48,373,333		-		2014
POWAY CITY CENTRE	CA		5,854,585		13,792,470		8,516,118			7,247,814			20,915,359			28,163,173		8,448,941		19,714,232		-		2005
REDWOOD CITY PLAZA	CA		2,552,000		6,215,168		5,900,877			2,552,000			12,116,045			14,668,045		1,463,911		13,204,134		-		2009
STANFORD RANCH	CA		10,583,764		30,007,231		3,430,053			9,982,626			34,038,422			44,021,048		3,539,167		40,481,881		14,191,062		2014
TYLER STREET PLAZA	CA		3,020,883		7,811,339		83,425			3,200,516			7,715,131			10,915,647		2,746,206		8,169,441		-		2008
CROCKER RANCH	CA		7,526,146		24,877,611		104,542			7,526,146			24,982,153			32,508,299		2,355,316		30,152,983		10,445,001		2015
HOME DEPOT PLAZA	CA		4,592,364		18,345,257		-			4,592,364			18,345,257			22,937,621		9,354,408		13,583,213		-		1998
SANTEE TROLLEY SQUARE	CA		40,208,683		62,963,757		292,910			40,208,683			63,256,667			103,465,350		15,500,852		87,964,498		-		2015
SAN/DIEGO CARMEL MOUNTAIN	CA		5,322,600		8,873,991		121,022			5,322,600			8,995,013			14,317,613		2,307,020		12,010,593		-		2009
FULTON MARKET PLACE	CA		2,966,018		6,920,710		16,305,019			6,518,924			19,672,823			26,191,747		3,192,067		22,999,680		-		2005
BLACK MOUNTAIN VILLAGE	CA		4,678,015		11,913,344		756,865			4,678,015			12,670,209			17,348,224		4,508,096		12,840,128		-		2007
RANCHO PENASQUITOS TOWNE CTR I	CA		14,851,595		20,342,165		247,359			14,851,595			20,589,524			35,441,119		2,374,587		33,066,532		13,884,779		2015
RANCHO PENASQUITOS TWN CTR II	CA		12,944,972		20,323,961		608,243			12,944,972			20,932,204			33,877,176		2,445,136		31,432,040		10,654,756		2015
CITY HEIGHTS	CA		10,687,472		28,324,896		(732,313	)		13,908,563			24,371,492			38,280,055		3,404,559		34,875,496		-		2012
TRUCKEE CROSSROADS	CA		2,140,000		8,255,753		1,619,484			2,140,000			9,875,237			12,015,237		5,557,970		6,457,267		2,074,100		2006
GATEWAY AT DONNER PASS	CA		4,515,688		8,318,667		237,945			4,515,688			8,556,612			13,072,300		1,156,392		11,915,908		2,356,820		2015
WESTLAKE SHOPPING CENTER	CA		16,174,307		64,818,562		100,795,455			16,174,307			165,614,017			181,788,324		52,777,883		129,010,441		-		2002
LAKEWOOD VILLAGE	CA		8,597,100		24,374,615		(1,119,844	)		11,683,364			20,168,507			31,851,871		3,499,437		28,352,434		-		2014
WHITTWOOD TOWN CENTER	CA		57,135,695		105,814,560		79,752			57,137,989			105,892,018			163,030,007		1,408,261		161,621,746		45,117,369		2017
SAVI RANCH	CA		7,295,646		29,752,511		(188,067	)		7,295,646			29,564,444			36,860,090		5,529,067		31,331,023		-		2012
VILLAGE ON THE PARK	CO		2,194,463		8,885,987		9,895,270			3,018,391			17,957,329			20,975,720		7,731,431		13,244,289		-		1998
QUINCY PLACE S.C.	CO		1,148,317		4,608,249		1,645,217			1,148,317			6,253,466			7,401,783		3,132,940		4,268,843		-		1998
EAST BANK S.C.	CO		1,500,568		6,180,103		2,359,399			1,500,568			8,539,502			10,040,070		3,945,851		6,094,219		-		1998
NORTHRIDGE SHOPPING CENTER	CO		4,932,690		16,496,175		1,865,017			8,934,385			14,359,497			23,293,882		2,274,998		21,018,884		-		2013
SPRING CREEK S.C.	CO		1,423,260		5,718,813		(1,539,783	)		592,896			5,009,394			5,602,290		3,734,127		1,868,163		-		1998
DENVER WEST 38TH STREET	CO		161,167		646,983		41,853			161,167			688,836			850,003		330,384		519,619		-		1998
ENGLEWOOD PLAZA	CO		805,837		3,232,650		564,167			805,837			3,796,817			4,602,654		1,925,245		2,677,409		-		1998
FORT COLLINS S.C.	CO		1,253,497		7,625,278		1,599,608			1,253,497			9,224,886			10,478,383		3,882,582		6,595,801		-		2000
GREELEY COMMONS	CO		3,313,095		20,069,559		104,137			3,313,095			20,173,696			23,486,791		4,108,294		19,378,497		-		2012
HIGHLANDS RANCH VILLAGE S.C.	CO		8,135,427		21,579,936		(544,584	)		5,337,081			23,833,698			29,170,779		4,184,418		24,986,361		-		2011
VILLAGE CENTER WEST	CO		2,010,519		8,361,084		203,885			2,010,519			8,564,969			10,575,488		1,448,222		9,127,266		-		2011
HIGHLANDS RANCH II	CO		3,514,837		11,755,916		354,284			3,514,837			12,110,200			15,625,037		2,729,678		12,895,359		-		2013
VILLAGE CENTER - HIGHLAND RANCH	CO		1,140,000		2,660,000		277,159			1,140,000			2,937,159			4,077,159		184,584		3,892,575		-		2014
HERITAGE WEST S.C.	CO		1,526,576		6,124,074		1,702,094			1,526,576			7,826,168			9,352,744		3,555,249		5,797,495		-		1998
MARKET AT SOUTHPARK	CO		9,782,769		20,779,522		541,956			9,782,769			21,321,478			31,104,247		4,557,442		26,546,805		-		2011
NEWTOWN S.C.	CT		-		15,635,442		-			-			15,635,442			15,635,442		1,763,731		13,871,711		7,889,936		2014
WEST FARM SHOPPING CENTER	CT		5,805,969		23,348,024		15,727,758			7,585,116			37,296,635			44,881,751		14,349,914		30,531,837		-		1998
HAMDEN MART	CT		13,668,167		40,890,166		4,224,199			14,225,573			44,556,959			58,782,532		2,984,228		55,798,304		21,498,278		2016
HOME DEPOT PLAZA	CT		7,704,968		30,797,640		3,061,389			7,704,968			33,859,029			41,563,997		14,718,770		26,845,227		-		1998
WILTON RIVER PARK SHOPPING CTR	CT		7,154,585		27,509,279		(56,109	)		7,154,584			27,453,171			34,607,755		4,329,368		30,278,387		-		2012
BRIGHT HORIZONS	CT		1,211,748		4,610,610		9,499			1,211,748			4,620,109			5,831,857		839,744		4,992,113		-		2012
WILTON CAMPUS	CT		10,168,872		31,893,016		317,485			10,168,872			32,210,501			42,379,373		7,466,715		34,912,658		-		2013
CAMDEN SQUARE	DE		122,741		66,738		4,502,409			3,024,375			1,667,513			4,691,888		181,042		4,510,846		-		2003
PROMENADE AT CHRISTIANA (3)	DE		14,371,686		-		18,503,592			32,875,278			-			32,875,278		-		32,875,278		-				2014
BRANDYWINE COMMONS	DE		-		36,057,487		1,823,593			-			37,881,080			37,881,080		4,486,979		33,394,101		-		2014
CAMINO SQUARE	FL		573,875		2,295,501		2,714,483			733,875			4,849,984			5,583,859		3,872,616		1,711,243		-		1992
BONITA GRANDE CROSSINGS	FL		3,370,941		8,179,481		234,356			3,370,941			8,413,837			11,784,778		993,508		10,791,270		-		2015
HOLLYWOOD VIDEO BONITA GRANDE	FL		341,958		771,935		-			341,958			771,935			1,113,893		93,941		1,019,952		-		2015
CORAL SQUARE PROMENADE	FL		710,000		2,842,907		4,023,496			710,000			6,866,403			7,576,403		3,791,207		3,785,196		-		1994
MAPLEWOOD PLAZA	FL		1,649,000		6,626,301		1,306,059			1,649,000			7,932,360			9,581,360		3,792,560		5,788,800		-		1997
CURLEW CROSSING SHOPPING CTR	FL		5,315,955		12,529,467		2,393,045			5,315,955			14,922,512			20,238,467		5,962,584		14,275,883		-		2005
SHOPS AT SANTA BARBARA PHASE 1	FL		743,463		5,373,994		80,505			743,463			5,454,499			6,197,962		647,135		5,550,827		-		2015
SHOPS AT SANTA BARBARA PHASE 2	FL		331,692		2,488,832		-			331,692			2,488,832			2,820,524		303,632		2,516,892		-		2015
SHOPS AT SANTA BARBARA PHASE 3	FL		329,726		2,358,700		61,618			329,726			2,420,318			2,750,044		276,810		2,473,234		-		2015
CORAL POINTE S.C.	FL		2,411,608		20,507,735		213,166			2,411,608			20,720,901			23,132,509		2,362,743		20,769,766		-		2015
PUBLIX AT ADDISON	FL		3,211,156		6,747,895		-			3,211,156			6,747,895			9,959,051		533,669		9,425,382		-		2015
ADDISON CENTER PROF.BUILDING	FL		802,789		1,310,012		(61,362	)		802,789			1,248,650			2,051,439		105,019		1,946,420		-		2015
DANIA POINTE (3)	FL		105,113,024		-		47,727,558			152,840,582			-			152,840,582		-		152,840,582		-		2016		2016
FT.LAUDERDALE/CYPRESS CREEK	FL		14,258,760		28,042,390		1,982,805			14,258,760			30,025,195			44,283,955		9,170,634		35,113,321		-		2009
HOMESTEAD-WACHTEL LAND LEASE	FL		150,000		-		-			150,000			-			150,000		-		150,000		-		2013
OAKWOOD PLAZA NORTH	FL		35,300,961		141,731,019		162,764			35,300,961			141,893,783			177,194,744		9,869,863		167,324,881		100,000,000		2016
OAKWOOD PLAZA SOUTH	FL		11,126,609		40,592,103		200,905			11,126,609			40,793,008			51,919,617		3,187,414		48,732,203		-		2016
OAKWOOD BUSINESS CTR-BLDG 1	FL		6,792,500		18,662,565		3,065,679			6,792,500			21,728,244			28,520,744		6,216,521		22,304,223		-		2009
AMELIA CONCOURSE	FL		7,600,000		-		2,279,068			498,680			9,380,388			9,879,068		3,063,630		6,815,438		-				2003
KIMCO AVENUES WALK, LLC (3)	FL		26,984,546		-		21,588,299			-			48,572,845			48,572,845		-		48,572,845		-				2005
AVENUES WALK	FL		8,169,933		20,173,468		(18,870,745	)		2,711,057			6,761,599			9,472,656		395,121		9,077,535		-		2017
DUVAL STATION S.C.	FL		1,807,792		11,863,692		114,840			1,807,792			11,978,532			13,786,324		1,244,732		12,541,592		-		2015
RIVERPLACE SHOPPING CTR.	FL		7,503,282		31,011,027		1,662,341			7,200,050			32,976,600			40,176,650		9,409,835		30,766,815		-		2010
MERCHANTS WALK	FL		2,580,816		10,366,090		6,681,476			2,580,816			17,047,566			19,628,382		8,173,678		11,454,704		-		2001
CENTER AT MISSOURI AVENUE	FL		293,686		792,119		6,291,221			293,686			7,083,340			7,377,026		1,647,444		5,729,582		-				1968
TRI-CITY PLAZA	FL		2,832,296		11,329,185		20,422,836			2,832,296			31,752,021			34,584,317		3,569,889		31,014,428		-		1992
FT LAUDERDALE #1, FL	FL		1,002,733		2,602,415		13,141,950			1,774,443			14,972,655			16,747,098		9,967,674		6,779,424		-				1974
NASA PLAZA	FL		-		1,754,000		3,347,355			-			5,101,355			5,101,355		3,941,287		1,160,068		-				1968
GROVE GATE S.C.	FL		365,893		1,049,172		792,700			365,893			1,841,872			2,207,765		1,567,731		640,034		-				1968
CHEVRON OUTPARCEL	FL		530,570		1,253,410		-			530,570			1,253,410			1,783,980		356,499		1,427,481		-		2010
IVES DAIRY CROSSING	FL		732,914		4,080,460		11,183,306			720,852			15,275,828			15,996,680		9,421,495		6,575,185		-		1985
MILLER ROAD S.C.	FL		1,138,082		4,552,327		4,560,187			1,138,082			9,112,514			10,250,596		5,883,832		4,366,764		-		1986
TRI-CITIES SHOPPING PLAZA	FL		1,011,000		4,062,890		3,202,734			1,011,000			7,265,624			8,276,624		796,633		7,479,991		-		1997
KENDALE LAKES PLAZA	FL		18,491,461		28,496,001		(1,996,609	)		15,362,227			29,628,626			44,990,853		7,300,120		37,690,733		-		2009
CENTRE OF MERRITT	FL		1,806,275		9,592,435		-			1,806,275			9,592,435			11,398,710		939,539		10,459,171		-		2015
MILLER WEST PLAZA	FL		6,725,660		10,661,419		228,663			6,725,660			10,890,082			17,615,742		1,159,951		16,455,791		-		2015
CORSICA SQUARE S.C.	FL		7,225,100		10,757,386		129,489			7,225,100			10,886,875			18,111,975		1,263,335		16,848,640		-		2015
FLAGLER PARK	FL		26,162,980		80,737,041		3,628,420			26,725,480			83,802,961			110,528,441		22,448,579		88,079,862		-		2007
PARK HILL PLAZA	FL		10,763,612		19,264,248		262,118			10,763,612			19,526,366			30,289,978		4,215,691		26,074,287		-		2011
WINN DIXIE-MIAMI	FL		2,989,640		9,410,360		(51,872	)		3,544,297			8,803,831			12,348,128		896,776		11,451,352		-		2013
MARATHON SHOPPING CENTER	FL		2,412,929		8,069,450		1,045,327			1,514,731			10,012,975			11,527,706		1,505,904		10,021,802		-		2013
SODO S.C.	FL		-		68,139,271		8,516,523			142,195			76,513,599			76,655,794		18,774,702		57,881,092		-		2008
RENAISSANCE CENTER	FL		9,104,379		36,540,873		14,919,342			9,122,758			51,441,836			60,564,594		18,762,491		41,802,103		-		1998
MILLENIA PLAZA PHASE II	FL		7,711,000		20,702,992		1,506,264			7,698,200			22,222,056			29,920,256		8,248,249		21,672,007		-		2009
RIVERSIDE LANDINGS S.C.	FL		3,512,202		14,439,668		276,235			3,512,202			14,715,903			18,228,105		1,495,774		16,732,331		-		2015
GRAND OAKS VILLAGE	FL		7,409,319		19,653,869		(683,921	)		5,846,339			20,532,928			26,379,267		3,936,281		22,442,986		-		2011
PLANTATION CROSSING	FL		2,782,030		8,077,260		3,606,250			2,782,030			11,683,510			14,465,540		351,464		14,114,076		-		2017
POMPANO POINTE S.C.	FL		10,516,500		14,078,456		530,900			10,516,500			14,609,356			25,125,856		726,848		24,399,008		-		2012
UNIVERSITY TOWN CENTER	FL		5,515,265		13,041,400		477,832			5,515,265			13,519,232			19,034,497		2,831,595		16,202,902		-		2011
PALM BEACH GARDENS	FL		2,764,953		11,059,812		826,309			2,764,953			11,886,121			14,651,074		1,776,729		12,874,345		-		2009
OAK TREE PLAZA	FL		-		917,360		1,562,194			-			2,479,554			2,479,554		1,345,760		1,133,794		-				1968
TUTTLEBEE PLAZA	FL		254,961		828,465		1,676,908			254,961			2,505,373			2,760,334		1,805,032		955,302		-		2008
SOUTH MIAMI S.C.	FL		1,280,440		5,133,825		3,452,430			1,280,440			8,586,255			9,866,695		4,492,631		5,374,064		-		1995
CARROLLWOOD COMMONS	FL		5,220,445		16,884,228		2,855,466			5,220,445			19,739,694			24,960,139		9,563,475		15,396,664		-		1997
VILLAGE COMMONS SHOPPING CENT.	FL		2,192,331		8,774,158		4,605,195			2,192,331			13,379,353			15,571,684		5,647,685		9,923,999		-		1998
MISSION BELL SHOPPING CENTER	FL		5,056,426		11,843,119		8,681,231			5,067,033			20,513,743			25,580,776		6,924,869		18,655,907		-		2004
VILLAGE COMMONS S.C.	FL		2,026,423		5,106,476		2,031,564			2,026,423			7,138,040			9,164,463		1,408,765		7,755,698		-		2013
BELMART PLAZA	FL		1,656,097		3,394,420		5,648,437			1,656,097			9,042,857			10,698,954		665,211		10,033,743		-		2014
MARKET AT HAYNES BRIDGE	GA		4,880,659		21,549,424		1,168,508			4,889,863			22,708,728			27,598,591		7,296,311		20,302,280		-		2008
EMBRY VILLAGE	GA		18,147,054		33,009,514		1,143,200			18,160,525			34,139,243			52,299,768		24,236,617		28,063,151		-		2008
PERIMETER EXPO PROPERTY	GA		14,770,275		44,295,457		(867,262	)		16,142,152			42,056,318			58,198,470		2,323,047		55,875,423		-		2016
RIVERWALK MARKETPLACE	GA		3,512,202		18,862,571		(25,121	)		3,512,202			18,837,450			22,349,652		1,407,453		20,942,199		-		2015
VILLAGE SHOPPES-FLOWERY BRANCH	GA		4,444,148		10,510,657		361,219			4,444,148			10,871,876			15,316,024		2,865,087		12,450,937		-		2011
LAWRENCEVILLE MARKET	GA		8,878,266		29,691,191		297,965			9,060,436			29,806,986			38,867,422		5,116,031		33,751,391		-		2013
FIVE FORKS CROSSING	GA		2,363,848		7,906,257		391,047			2,363,848			8,297,304			10,661,152		1,801,564		8,859,588		-		2013
BRAELINN VILLAGE	GA		7,314,719		20,738,792		1,684,923			6,342,926			23,395,508			29,738,434		2,948,266		26,790,168		-		2014
SAVANNAH CENTER	GA		2,052,270		8,232,978		4,034,349			2,052,270			12,267,327			14,319,597		6,940,835		7,378,762		-		1993
CHATHAM PLAZA	GA		13,390,238		35,115,882		969,942			13,403,262			36,072,800			49,476,062		12,411,308		37,064,754		-		2008
CLIVE PLAZA	IA		500,525		2,002,101		-			500,525			2,002,101			2,502,626		1,125,113		1,377,513		-		1996
DUBUQUE CENTER	IA		-		2,152,476		239,217			-			2,391,693			2,391,693		1,778,184		613,509		-		1997
87TH STREET CENTER	IL		-		2,687,046		11,446,720			6,992,648			7,141,118			14,133,766		2,620,820		11,512,946		-		1997
ELSTON CHICAGO	IL		1,010,374		5,692,212		498,828			1,010,374			6,191,040			7,201,414		2,930,108		4,271,306		-		1997
DOWNERS PARK PLAZA	IL		2,510,455		10,164,494		2,025,382			2,510,455			12,189,876			14,700,331		5,738,993		8,961,338		-		1999
DOWNERS PARK PLAZA	IL		811,778		4,322,956		3,475,523			811,778			7,798,479			8,610,257		3,908,642		4,701,615		-		1997
TOWN & COUNTRY S.C.	IL		842,555		2,108,674		3,902,011			500,927			6,352,313			6,853,240		4,456,553		2,396,687		-				1972
FAIRVIEW CITY CENTRE	IL		-		11,866,880		16,189,869			1,900,000			26,156,749			28,056,749		2,424,561		25,632,188		-		1998
PLAZA DEL PRADO	IL		10,203,960		28,409,786		1,032,958			10,203,960			29,442,744			39,646,704		2,027,639		37,619,065		-		2017
SHOPS AT KILDEER	IL		5,259,542		28,141,501		2,673,272			5,259,542			30,814,773			36,074,315		5,575,517		30,498,798		-		2013
MOUNT PROSPECT CENTER	IL		1,017,345		6,572,176		4,100,013			1,017,345			10,672,189			11,689,534		6,096,302		5,593,232		-		1997
MUNDELEIN SHOPPING CENTER	IL		1,127,720		5,826,129		(2,606,024	)		366,184			3,981,641			4,347,825		2,954,890		1,392,935		-		1998
OAK LAWN CENTER	IL		1,530,111		8,776,631		709,090			1,530,111			9,485,721			11,015,832		4,920,379		6,095,453		-		1997
22ND STREET PLAZA	IL		1,527,188		8,679,108		4,880,654			1,527,188			13,559,762			15,086,950		5,954,279		9,132,671		-		1997
SKOKIE POINTE	IL		-		2,276,360		9,564,305			2,628,440			9,212,225			11,840,665		3,925,602		7,915,063		-		1997
HAWTHORN HILLS SQUARE	IL		6,783,928		33,033,624		2,814,620			6,783,928			35,848,244			42,632,172		6,962,156		35,670,016		-		2012
WOODGROVE FESTIVAL	IL		5,049,149		20,822,993		5,345,619			4,805,866			26,411,895			31,217,761		13,423,088		17,794,673		-		1998
GROVE PARCEL	IL		907,291		2,240,810		134,130			907,291			2,374,940			3,282,231		307,428		2,974,803		-		2016
WOODRIDGE PAD	IL		702,757		1,746,223		-			702,757			1,746,223			2,448,980		136,201		2,312,779		-		2016
GREENWOOD S.C.	IN		423,371		1,883,421		12,488,773			1,640,748			13,154,817			14,795,565		7,376,514		7,419,051		-				1970
SOUTH PARK S.C.	KY		1,675,031		6,848,209		6,546,359			1,551,079			13,518,520			15,069,599		8,250,684		6,818,915		-		1993
ABINGTON PLAZA	MA		10,457,183		494,652		-			10,457,183			494,652			10,951,835		122,964		10,828,871		3,990,344		2014
WASHINGTON ST.PLAZA	MA		11,007,593		5,652,368		8,961,280			12,957,593			12,663,648			25,621,241		1,482,715		24,138,526		5,733,076		2014
MEMORIAL PLAZA	MA		16,411,388		27,553,908		743,083			16,411,388			28,296,991			44,708,379		3,059,584		41,648,795		15,809,216		2014
MAIN ST. PLAZA	MA		555,898		2,139,494		-			555,898			2,139,494			2,695,392		296,143		2,399,249		1,324,212		2014
MORRISSEY PLAZA	MA		4,097,251		3,751,068		-			4,097,251			3,751,068			7,848,319		695,001		7,153,318		3,033,988		2014
GLENDALE SQUARE	MA		4,698,891		7,141,090		276,270			4,698,891			7,417,360			12,116,251		1,140,566		10,975,685		5,474,019		2014
FALMOUTH PLAZA	MA		2,361,071		13,065,817		847,281			2,361,071			13,913,098			16,274,169		1,696,974		14,577,195		7,703,065		2014
WAVERLY PLAZA	MA		1,215,005		3,622,911		60,809			1,203,205			3,695,520			4,898,725		611,406		4,287,319		2,231,974		2014
FESTIVAL OF HYANNIS S.C.	MA		15,038,197		40,682,853		1,488,072			15,038,197			42,170,925			57,209,122		7,155,488		50,053,634		-		2014
FELLSWAY PLAZA	MA		5,300,388		11,013,543		127,563			5,300,388			11,141,106			16,441,494		1,536,348		14,905,146		6,535,377		2014
DEL ALBA PLAZA	MA		3,163,033		8,967,874		19,995			3,163,033			8,987,869			12,150,902		908,085		11,242,817		7,628,034		2014
NORTH QUINCY PLAZA	MA		6,332,542		17,954,110		(991,929	)		3,894,436			19,400,287			23,294,723		2,035,103		21,259,620		-		2014
ADAMS PLAZA	MA		2,089,363		3,226,648		(40,155	)		2,089,363			3,186,493			5,275,856		391,361		4,884,495		1,813,396		2014
BROADWAY PLAZA	MA		6,485,065		343,422		-			6,485,065			343,422			6,828,487		92,703		6,735,784		2,782,925		2014
VINNIN SQUARE PLAZA	MA		5,545,425		16,324,060		(150,434	)		5,545,425			16,173,626			21,719,051		2,699,267		19,019,784		8,834,315		2014
PARADISE PLAZA	MA		4,183,038		12,194,885		1,151,422			4,183,038			13,346,307			17,529,345		2,027,671		15,501,674		8,537,656		2014
BELMONT PLAZA	MA		11,104,983		848,844		-			11,104,983			848,844			11,953,827		154,335		11,799,492		5,044,171		2014
VINNIN SQUARE IN-LINE	MA		582,228		2,094,560		(38,716	)		582,228			2,055,844			2,638,072		234,248		2,403,824		-		2014
LINDEN PLAZA	MA		4,628,215		3,535,431		655,320			4,628,215			4,190,751			8,818,966		759,317		8,059,649		3,418,968		2014
NORTH AVE. PLAZA	MA		1,163,875		1,194,673		15,933			1,163,875			1,210,606			2,374,481		205,892		2,168,589		869,967		2014
WASHINGTON ST. S.C.	MA		7,380,918		9,987,119		1,786,055			7,380,918			11,773,174			19,154,092		1,233,520		17,920,572		6,053,938		2014
MILL ST. PLAZA	MA		4,195,024		6,203,410		136,079			4,195,024			6,339,489			10,534,513		914,061		9,620,452		3,958,596		2014
FULLERTON PLAZA	MD		14,237,901		6,743,980		524,940			14,237,901			7,268,920			21,506,821		1,006,841		20,499,980		-		2014
GREENBRIER S.C.	MD		8,891,468		30,304,760		149,632			8,891,468			30,454,392			39,345,860		3,668,094		35,677,766		-		2014
INGLESIDE S.C.	MD		10,416,726		17,889,235		(2,058	)		10,416,726			17,887,177			28,303,903		2,712,912		25,590,991		-		2014
ROLLING ROAD PLAZA	MD		2,510,395		11,930,217		(4,309,151	)		1,694,305			8,437,156			10,131,461		1,239,336		8,892,125		-		2015
SECURITY SQUARE SHOPPING CTR.	MD		5,342,463		15,147,024		(3,326,568	)		4,550,533			12,612,386			17,162,919		1,779,927		15,382,992		-		2014
WILKENS BELTWAY PLAZA	MD		9,948,235		22,125,942		280,251			9,948,235			22,406,193			32,354,428		5,095,879		27,258,549		-		2014
YORK ROAD PLAZA	MD		4,276,715		37,205,757		80,167			4,276,715			37,285,924			41,562,639		4,110,990		37,451,649		-		2014
PUTTY HILL PLAZA	MD		4,192,152		11,112,111		555,260			4,192,152			11,667,371			15,859,523		2,728,389		13,131,134		-		2013
SNOWDEN SQUARE S.C.	MD		1,929,402		4,557,934		5,155,349			3,326,422			8,316,263			11,642,685		1,577,155		10,065,530		-		2012
COLUMBIA CROSSING	MD		3,612,550		34,344,509		336,277			3,612,550			34,680,786			38,293,336		3,391,814		34,901,522		-		2015
DORSEY'S SEARCH VILLAGE CENTER	MD		6,321,963		27,996,087		83,766			6,321,963			28,079,853			34,401,816		2,501,718		31,900,098		-		2015
HICKORY RIDGE	MD		7,183,646		26,947,776		486,138			7,183,646			27,433,914			34,617,560		3,037,925		31,579,635		-		2015
HICKORY RIDGE (SUNOCO)	MD		543,197		2,122,234		-			543,197			2,122,234			2,665,431		266,003		2,399,428		-		2015
KINGS CONTRIVANCE	MD		9,308,349		31,759,940		503,400			9,308,349			32,263,340			41,571,689		3,907,886		37,663,803		-		2014
HARPER'S CHOICE	MD		8,429,284		18,373,994		434,377			8,429,284			18,808,371			27,237,655		2,194,028		25,043,627		-		2015
WILDE LAKE	MD		1,468,038		5,869,862		25,718,069			2,577,073			30,478,896			33,055,969		8,989,662		24,066,307		-		2002
RIVERHILL VILLAGE CENTER	MD		16,825,496		23,282,222		171,904			16,825,496			23,454,126			40,279,622		4,064,952		36,214,670		-		2014
OLD BRANCH PLAZA	MD		39,779		130,716		2,117,165			121,747			2,165,913			2,287,660		431,151		1,856,509		-		2003
COLUMBIA CROSSING OUTPARCELS	MD		1,279,200		2,870,800		19,241,721			6,147,248			17,244,473			23,391,721		2,576,298		20,815,423		-		2011
COLUMBIA CROSSING II SHOP.CTR.	MD		3,137,628		19,868,075		2,632,554			3,137,628			22,500,629			25,638,257		4,218,320		21,419,937		-		2013
SHOPS AT DISTRICT HEIGHTS	MD		8,165,638		21,970,661		(1,272,892	)		7,298,215			21,565,192			28,863,407		1,442,361		27,421,046		13,604,533		2015
ENCHANTED FOREST S.C.	MD		20,123,946		34,345,102		400,985			20,123,946			34,746,087			54,870,033		5,046,478		49,823,555		-		2014
SHOPPES AT EASTON	MD		6,523,713		16,402,204		(2,576,752	)		5,687,500			14,661,665			20,349,165		2,061,372		18,287,793		-		2014
VILLAGES AT URBANA	MD		3,190,074		6,067		18,075,503			4,828,774			16,442,870			21,271,644		1,717,904		19,553,740		-		2003
GAITHERSBURG S.C.	MD		244,890		6,787,534		1,549,116			244,890			8,336,650			8,581,540		3,411,441		5,170,099		-		1999
KENTLANDS MARKET SQUARE	MD		20,167,048		84,615,052		359,626			20,167,048			84,974,678			105,141,726		6,980,403		98,161,323		33,484,213		2016
SHAWAN PLAZA	MD		4,466,000		20,222,367		(571,103	)		4,466,000			19,651,264			24,117,264		11,145,763		12,971,501		2,998,379		2008
LAUREL PLAZA	MD		349,562		1,398,250		4,277,983			1,571,288			4,454,507			6,025,795		1,904,201		4,121,594		-		1995
LAUREL PLAZA	MD		274,580		1,100,968		173,969			274,580			1,274,937			1,549,517		1,173,495		376,022		-				1972
MILL STATION THEATER/RSTRNTS (3)	MD		23,378,543		1,089,760		25,751,974			49,084,509			1,135,768			50,220,277		119,049		50,101,228		-		2015		2016
CENTRE COURT-RETAIL/BANK	MD		1,035,359		7,785,830		65,996			1,035,359			7,851,826			8,887,185		1,332,233		7,554,952		1,705,341		2011
CENTRE COURT-GIANT	MD		3,854,099		12,769,628		-			3,854,099			12,769,628			16,623,727		2,396,262		14,227,465		5,827,854		2011
CENTRE COURT-OLD COURT/COURTYD	MD		2,279,177		5,284,577		(177	)		2,279,177			5,284,400			7,563,577		1,037,897		6,525,680		-		2011
RADCLIFFE CENTER	MD		12,042,713		21,187,946		-			12,042,713			21,187,946			33,230,659		2,746,518		30,484,141		-		2014
TIMONIUM CROSSING	MD		2,525,377		14,862,817		540,195			2,525,377			15,403,012			17,928,389		2,144,459		15,783,930		-		2014
TIMONIUM SQUARE	MD		6,000,000		24,282,998		14,432,527			7,331,195			37,384,330			44,715,525		15,963,855		28,751,670		-		2003
TOWSON PLACE	MD		43,886,876		101,764,931		1,168,691			43,270,792			103,549,706			146,820,498		19,056,834		127,763,664		-		2012
WHITE LAKE COMMONS	MI		2,300,050		9,249,607		2,569,183			2,300,050			11,818,790			14,118,840		6,805,501		7,313,339		-		1996
DOWNTOWN FARMINGTON CENTER	MI		1,098,426		4,525,723		5,620,128			1,098,426			10,145,851			11,244,277		3,285,643		7,958,634		-		1993
CENTURY PLAZA	MI		178,785		925,818		893,501			178,785			1,819,319			1,998,104		1,391,481		606,623		-				1968
CROSS CREEK S.C.	MI		1,451,397		5,806,263		653,261			1,451,397			6,459,524			7,910,921		3,862,120		4,048,801		-		1993
GREEN ORCHARD SHOPPING CENTER	MI		3,682,478		14,730,060		5,961,459			3,682,478			20,691,519			24,373,997		10,568,412		13,805,585		-		1993
THE FOUNTAINS AT ARBOR LAKES	MN		28,585,296		66,699,024		13,518,386			29,485,296			79,317,410			108,802,706		27,021,705		81,781,001		-		2006
ROSEVILLE PLAZA	MN		132,842		957,340		9,881,853			1,675,667			9,296,368			10,972,035		1,826,063		9,145,972		-		2005
CREVE COUER SHOPPING CENTER	MO		1,044,598		5,475,623		1,095,602			960,814			6,655,009			7,615,823		3,135,156		4,480,667		-		1998
KIRKWOOD CROSSING	MO		-		9,704,005		14,520,796			-			24,224,801			24,224,801		15,172,754		9,052,047		-		1998
LEMAY S.C.	MO		125,879		503,510		3,673,917			451,155			3,852,151			4,303,306		1,562,794		2,740,512		-				1974
GRAVOIS PLAZA	MO		1,032,416		4,455,514		11,398,264			1,032,413			15,853,781			16,886,194		9,612,922		7,273,272		-		2008
PRIMROSE MARKET PLACE	MO		2,745,595		10,985,778		8,738,775			2,904,022			19,566,126			22,470,148		10,835,691		11,634,457		-		1994
PRIMROSE MARKETPLACE	MO		905,674		3,666,386		5,324,000			905,674			8,990,386			9,896,060		3,457,177		6,438,883		-		2002
CENTER POINT S.C.	MO		-		550,204		-			-			550,204			550,204		423,712		126,492		-		1998
KINGS HIGHWAY S.C.	MO		809,087		4,430,514		2,776,341			809,087			7,206,855			8,015,942		3,564,339		4,451,603		-		1998
OVERLAND CROSSING	MO		-		4,928,677		740,346			-			5,669,023			5,669,023		3,479,162		2,189,861		-		1997
CAVE SPRINGS S.C.	MO		1,182,194		7,423,459		7,112,686			1,563,694			14,154,645			15,718,339		10,368,503		5,349,836		-		1997
WOODLAWN MARKETPLACE	NC		919,251		3,570,981		2,740,450			919,251			6,311,431			7,230,682		3,476,390		3,754,292		-		2008
TYVOLA SQUARE	NC		-		4,736,345		7,612,562			-			12,348,907			12,348,907		9,299,343		3,049,564		-		1986
CROSSROADS PLAZA	NC		767,864		3,098,881		1,233,350			767,864			4,332,231			5,100,095		1,744,160		3,355,935		-		2000
JETTON VILLAGE SHOPPES	NC		3,875,224		10,292,231		444,020			2,143,695			12,467,780			14,611,475		2,121,243		12,490,232		-		2011
MOUNTAIN ISLAND MARKETPLACE	NC		3,318,587		7,331,413		749,369			3,818,587			7,580,782			11,399,369		1,452,069		9,947,300		-		2012
WOODLAWN SHOPPING CENTER	NC		2,010,725		5,833,626		1,691,133			2,010,725			7,524,759			9,535,484		1,204,350		8,331,134		-		2012
CROSSROADS PLAZA	NC		13,405,529		86,455,763		(198,549	)		13,405,529			86,257,214			99,662,743		13,895,239		85,767,504		-		2014
QUAIL CORNERS	NC		7,318,321		26,675,644		1,361,806			7,318,321			28,037,450			35,355,771		3,168,511		32,187,260		16,323,912		2014
OAKCREEK VILLAGE	NC		1,882,800		7,551,576		(9,434,376	)		-			-			-		-		-		-		1996
DAVIDSON COMMONS	NC		2,978,533		12,859,867		633,088			2,978,533			13,492,955			16,471,488		2,287,031		14,184,457		-		2012
PARK PLACE SC	NC		5,461,478		16,163,494		(484,835	)		5,469,809			15,670,328			21,140,137		6,444,538		14,695,599		-		2008
MOORESVILLE CROSSING	NC		12,013,727		30,604,173		193,886			11,625,801			31,185,985			42,811,786		11,327,237		31,484,549		-		2007
PLEASANT VALLEY PROMENADE	NC		5,208,885		20,885,792		13,481,663			5,208,885			34,367,455			39,576,340		19,878,739		19,697,601		-		1993
BRENNAN STATION	NC		7,749,751		20,556,891		(637,688	)		6,321,923			21,347,031			27,668,954		5,245,854		22,423,100		-		2011
BRENNAN STATION OUTPARCEL	NC		627,906		1,665,576		(162,856	)		450,232			1,680,394			2,130,626		333,323		1,797,303		-		2011
CLOVERDALE PLAZA	NC		540,667		719,655		6,293,580			540,667			7,013,235			7,553,902		3,506,463		4,047,439		-				1969
WEBSTER SQUARE	NH		11,683,145		41,708,383		5,103,293			11,683,145			46,811,676			58,494,821		6,511,086		51,983,735		-		2014
WEBSTER SQUARE - DSW	NH		1,346,391		3,638,397		124,707			1,346,391			3,763,104			5,109,495		48,056		5,061,439		-		2017
WEBSTER SQUARE NORTH	NH		2,163,138		6,511,424		3,574			2,163,138			6,514,998			8,678,136		577,393		8,100,743		-		2016
ROCKINGHAM PLAZA	NH		2,660,915		10,643,660		15,108,605			3,148,715			25,264,465			28,413,180		12,080,600		16,332,580		-		2008
SHOP RITE PLAZA	NJ		2,417,583		6,364,094		1,646,439			2,417,583			8,010,533			10,428,116		7,207,932		3,220,184		-				1985
MARLTON PLAZA	NJ		-		4,318,534		105,215			-			4,423,749			4,423,749		2,376,127		2,047,622		-		1996
HILLVIEW SHOPPING CENTER	NJ		16,007,647		32,607,423		(1,255,385	)		16,007,647			31,352,038			47,359,685		4,765,750		42,593,935		-		2014
GARDEN STATE PAVILIONS	NJ		7,530,709		10,801,949		20,648,695			12,203,841			26,777,512			38,981,353		6,391,860		32,589,493		-		2011
CLARK SHOPRITE 70 CENTRAL AVE	NJ		3,496,673		11,693,769		994,829			13,959,593			2,225,678			16,185,271		678,560		15,506,711		-		2013
COMMERCE CENTER WEST	NJ		385,760		1,290,080		160,534			793,595			1,042,779			1,836,374		236,451		1,599,923		-		2013
COMMERCE CENTER EAST	NJ		1,518,930		5,079,690		1,753,865			7,235,196			1,117,289			8,352,485		355,825		7,996,660		-		2013
CENTRAL PLAZA	NJ		3,170,465		10,602,845		(52,188	)		5,145,167			8,575,955			13,721,122		1,835,056		11,886,066		-		2013
EAST WINDSOR VILLAGE	NJ		9,335,011		23,777,978		112,050			9,335,011			23,890,028			33,225,039		6,110,077		27,114,962		-		2008
HOLMDEL TOWNE CENTER	NJ		10,824,624		43,301,494		9,397,795			10,824,624			52,699,289			63,523,913		19,878,655		43,645,258		-		2002
COMMONS AT HOLMDEL	NJ		16,537,556		38,759,952		3,475,560			16,537,556			42,235,512			58,773,068		16,945,466		41,827,602		-		2004
PLAZA AT HILLSDALE	NJ		7,601,596		6,994,196		1,432,319			7,601,596			8,426,515			16,028,111		1,088,251		14,939,860		5,836,506		2014
MAPLE SHADE	NJ		-		9,957,611		(845,233	)		-			9,112,378			9,112,378		1,084,452		8,027,926		-		2009
PLAZA AT SHORT HILLS	NJ		20,155,471		11,061,984		501,894			20,155,471			11,563,878			31,719,349		1,955,992		29,763,357		9,362,130		2014
NORTH BRUNSWICK PLAZA	NJ		3,204,978		12,819,912		25,982,405			3,204,978			38,802,317			42,007,295		18,853,759		23,153,536		-		1994
PISCATAWAY TOWN CENTER	NJ		3,851,839		15,410,851		1,251,418			3,851,839			16,662,269			20,514,108		8,445,408		12,068,700		-		1998
RIDGEWOOD S.C.	NJ		450,000		2,106,566		1,124,923			450,000			3,231,489			3,681,489		1,737,901		1,943,588		-		1993
UNION CRESCENT III	NJ		7,895,483		3,010,640		28,918,367			8,696,579			31,127,911			39,824,490		14,324,046		25,500,444		-		2007
WESTMONT PLAZA	NJ		601,655		2,404,604		12,309,854			601,655			14,714,458			15,316,113		6,544,416		8,771,697		-		1994
WILLOWBROOK PLAZA	NJ		15,320,436		40,996,874		5,392,418			15,320,436			46,389,292			61,709,728		6,087,587		55,622,141		-		2009
DEL MONTE PLAZA	NV		2,489,429		5,590,415		624,647			2,210,000			6,494,491			8,704,491		3,368,154		5,336,337		2,303,167		2006
DEL MONTE PLAZA ANCHOR PARCEL	NV		6,512,745		17,599,602		43,051			6,520,017			17,635,381			24,155,398		306,920		23,848,478		-		2017
REDFIELD PROMENADE	NV		4,415,339		32,035,192		216,060			4,415,339			32,251,252			36,666,591		4,692,954		31,973,637		-		2015
MCQUEEN CROSSINGS	NV		5,017,431		20,779,024		230,274			5,017,431			21,009,298			26,026,729		3,063,391		22,963,338		-		2015
GALENA JUNCTION	NV		8,931,027		17,503,387		130,381			8,931,027			17,633,768			26,564,795		2,425,512		24,139,283		-		2015
D'ANDREA MARKETPLACE	NV		11,556,067		29,435,364		317,620			11,556,067			29,752,984			41,309,051		8,059,654		33,249,397		11,101,966		2007
SPARKS MERCANTILE	NV		6,221,614		17,069,172		(118,794	)		6,221,614			16,950,378			23,171,992		2,263,396		20,908,596		-		2015
BRIDGEHAMPTON COMMONS-W&E SIDE	NY		1,811,752		3,107,232		30,455,727			1,858,188			33,516,523			35,374,711		20,217,516		15,157,195		-				1972
OCEAN PLAZA	NY		564,097		2,268,768		8,468			564,097			2,277,236			2,841,333		860,895		1,980,438		-		2003
KINGS HIGHWAY	NY		2,743,820		6,811,268		1,841,513			2,743,820			8,652,781			11,396,601		3,442,272		7,954,329		-		2004
RALPH AVENUE PLAZA	NY		4,414,466		11,339,857		3,659,611			4,414,467			14,999,467			19,413,934		5,210,918		14,203,016		-		2004
BELLMORE S.C.	NY		1,272,269		3,183,547		1,590,605			1,272,269			4,774,152			6,046,421		1,723,088		4,323,333		-		2004
MARKET AT BAY SHORE	NY		12,359,621		30,707,802		2,944,895			12,359,621			33,652,697			46,012,318		12,244,461		33,767,857		11,915,580		2006
KEY FOOD - ATLANTIC AVE	NY		2,272,500		5,624,589		509,458			4,808,822			3,597,725			8,406,547		589,607		7,816,940		-		2012
VETERANS MEMORIAL PLAZA	NY		5,968,082		23,243,404		7,173,073			5,980,130			30,404,429			36,384,559		14,525,614		21,858,945		-		1998
BIRCHWOOD PLAZA COMMACK	NY		3,630,000		4,774,791		1,145,649			3,630,000			5,920,440			9,550,440		1,878,367		7,672,073		-		2007
ELMONT S.C.	NY		3,011,658		7,606,066		5,972,835			3,011,658			13,578,901			16,590,559		3,517,433		13,073,126		-		2004
ELMONT PLAZA	NY		-		5,119,714		-			-			5,119,714			5,119,714		574,489		4,545,225		-		2015
ELMSFORD CENTER 1	NY		4,134,273		1,193,084		-			4,134,273			1,193,084			5,327,357		153,946		5,173,411		-		2013
ELMSFORD CENTER 2	NY		4,076,403		15,598,504		949,902			4,076,403			16,548,406			20,624,809		2,454,445		18,170,364		-		2013
FRANKLIN SQUARE S.C.	NY		1,078,541		2,516,581		3,937,137			1,078,541			6,453,718			7,532,259		2,455,482		5,076,777		-		2004
AIRPORT PLAZA	NY		22,711,189		107,011,500		4,104,309			22,711,189			111,115,809			133,826,998		15,307,408		118,519,590		-		2015
KISSENA BOULEVARD SHOPPING CTR	NY		11,610,000		2,933,487		203,655			11,610,000			3,137,142			14,747,142		1,064,757		13,682,385		-		2007
HAMPTON BAYS PLAZA	NY		1,495,105		5,979,320		3,267,379			1,495,105			9,246,699			10,741,804		7,108,782		3,633,022		-		1989
HICKSVILLE PLAZA	NY		3,542,739		8,266,375		3,173,411			3,542,739			11,439,786			14,982,525		4,059,222		10,923,303		-		2004
WOODBURY CENTRE	NY		4,314,991		32,585,508		2,118,687			4,314,991			34,704,195			39,019,186		4,055,102		34,964,084		-		2015
TURNPIKE PLAZA	NY		2,471,832		5,839,416		569,888			2,471,832			6,409,304			8,881,136		1,823,043		7,058,093		-		2011
JERICHO COMMONS SOUTH	NY		12,368,330		33,071,495		3,069,537			12,368,330			36,141,032			48,509,362		10,614,231		37,895,131		8,072,228		2007
501 NORTH BROADWAY	NY		-		1,175,543		228,522			-			1,404,065			1,404,065		696,458		707,607		-		2007
MILLERIDGE INN	NY		7,500,330		481,316		11,226			7,500,000			492,872			7,992,872		23,088		7,969,784		-		2015
FAMILY DOLLAR UNION TURNPIKE	NY		909,000		2,249,775		258,033			1,056,709			2,360,099			3,416,808		461,119		2,955,689		-		2012
LITTLE NECK PLAZA	NY		3,277,254		13,161,218		5,969,866			3,277,253			19,131,085			22,408,338		6,807,167		15,601,171		-		2003
KEY FOOD - 21ST STREET	NY		1,090,800		2,699,730		(159,449	)		1,669,153			1,961,928			3,631,081		262,759		3,368,322		-		2012
MANHASSET CENTER	NY		4,567,003		19,165,808		29,319,555			3,471,939			49,580,427			53,052,366		23,360,482		29,691,884		-		1999
MANHASSET CENTER(residential)	NY		950,000		-		-			950,000			-			950,000		-		950,000		-		2012
MASPETH QUEENS-DUANE READE	NY		1,872,013		4,827,940		1,036,886			1,872,013			5,864,826			7,736,839		2,060,806		5,676,033		1,698,785		2004
NORTH MASSAPEQUA S.C.	NY		1,880,816		4,388,549		(895,655	)		1,623,601			3,750,109			5,373,710		2,132,828		3,240,882		-		2004
MINEOLA CROSSINGS	NY		4,150,000		7,520,692		213,964			4,150,000			7,734,656			11,884,656		2,188,151		9,696,505		-		2007
SMITHTOWN PLAZA	NY		3,528,000		7,364,098		458,948			3,528,000			7,823,046			11,351,046		2,608,077		8,742,969		-		2009
MANETTO HILL PLAZA	NY		263,693		584,031		10,728,178			263,693			11,312,209			11,575,902		6,444,252		5,131,650		-				1969
SYOSSET S.C.	NY		106,655		76,197		2,068,924			106,655			2,145,121			2,251,776		1,093,703		1,158,073		-				1990
RICHMOND S.C.	NY		2,280,000		9,027,951		19,898,449			2,280,000			28,926,400			31,206,400		12,926,031		18,280,369		-		1989
GREENRIDGE PLAZA	NY		2,940,000		11,811,964		6,443,810			3,148,424			18,047,350			21,195,774		7,549,862		13,645,912		-		1997
THE BOULEVARDE	NY		28,723,536		38,232,267		505,997			28,723,536			38,738,264			67,461,800		13,948,276		53,513,524		-		2006
FOREST AVENUE PLAZA	NY		4,558,592		10,441,408		157,648			4,558,592			10,599,056			15,157,648		3,886,146		11,271,502		-		2005
INDEPENDENCE PLAZA	NY		12,279,093		34,813,852		(2,029,722	)		16,131,632			28,931,591			45,063,223		6,069,593		38,993,630		27,966,942		2014
KEY FOOD - CENTRAL AVE.	NY		2,787,600		6,899,310		(394,910	)		2,603,321			6,688,679			9,292,000		936,676		8,355,324		-		2012
WHITE PLAINS S.C.	NY		1,777,775		4,453,894		2,469,097			1,777,775			6,922,991			8,700,766		2,400,611		6,300,155		-		2004
CHAMPION FOOD SUPERMARKET	NY		757,500		1,874,813		(24,388	)		2,241,118			366,807			2,607,925		134,761		2,473,164		-		2012
SHOPRITE S.C.	NY		871,977		3,487,909		-			871,977			3,487,909			4,359,886		2,236,943		2,122,943		-		1998
ROMAINE PLAZA	NY		782,459		1,825,737		588,133			782,459			2,413,870			3,196,329		701,315		2,495,014		-		2005
OREGON TRAIL CENTER	OR		5,802,422		12,622,879		596,890			5,802,422			13,219,769			19,022,191		5,044,777		13,977,414		-		2009
POWELL VALLEY JUNCTION	OR		5,062,500		3,152,982		(2,508,712	)		2,035,125			3,671,645			5,706,770		1,497,193		4,209,577		-		2009
JANTZEN BEACH CENTER	OR		57,575,244		102,844,429		94,230			57,578,800			102,935,103			160,513,903		2,421,022		158,092,881		-		2017
SUBURBAN SQUARE	PA		70,679,871		166,351,381		36,662,888			71,279,871			202,414,269			273,694,140		48,095,352		225,598,788		-		2007
CHIPPEWA PLAZA	PA		2,881,525		11,526,101		(2,900,632	)		1,917,139			9,589,855			11,506,994		5,435,992		6,071,002		-		2000
CARNEGIE PLAZA	PA		-		3,298,908		17,747			-			3,316,655			3,316,655		1,530,764		1,785,891		-		1999
CENTER SQUARE SHOPPING CENTER	PA		731,888		2,927,551		1,200,573			691,297			4,168,715			4,860,012		2,740,132		2,119,880		-		1996
WAYNE PLAZA	PA		6,127,623		15,605,012		677,938			6,135,670			16,274,903			22,410,573		4,466,242		17,944,331		-		2008
DEVON VILLAGE	PA		4,856,379		25,846,910		4,044,439			4,856,379			29,891,349			34,747,728		6,192,928		28,554,800		-		2012
POCONO PLAZA	PA		1,050,000		2,372,628		1,539,736			1,050,000			3,912,364			4,962,364		3,219,610		1,742,754		-				1973
RIDGE PIKE PLAZA	PA		1,525,337		4,251,732		(2,602,921	)		914,299			2,259,849			3,174,148		1,002,912		2,171,236		-		2008
WHITELAND - HOBBY LOBBY	PA		176,666		4,895,360		1,447,703			176,666			6,343,063			6,519,729		2,463,869		4,055,860		-		1999
WHITELAND TOWN CENTER	PA		731,888		2,927,551		59,067			731,888			2,986,618			3,718,506		1,601,396		2,117,110		-		1996
HARRISBURG EAST SHOPPING CTR.	PA		452,888		6,665,238		10,257,296			3,002,888			14,372,534			17,375,422		7,041,882		10,333,540		-		2002
TOWNSHIP LINE S.C.	PA		731,888		2,927,551		-			731,888			2,927,551			3,659,439		1,601,396		2,058,043		-		1996
HORSHAM POINT	PA		3,813,247		18,189,450		133,911			3,813,247			18,323,361			22,136,608		1,704,650		20,431,958		-		2015
HOLIDAY CENTER	PA		7,726,844		20,014,243		(4,612,312	)		6,165,085			16,963,690			23,128,775		2,883,114		20,245,661		-		2015
NORRITON SQUARE	PA		686,134		2,664,535		3,940,037			774,084			6,516,622			7,290,706		4,817,076		2,473,630		-		1984
NEW KENSINGTON S.C	PA		521,945		2,548,322		862,730			521,945			3,411,052			3,932,997		3,169,521		763,476		-		1986
SEARS HARDWARE	PA		10,000		-		-			10,000			-			10,000		-		10,000		-				2015
FRANKFORD AVENUE S.C.	PA		731,888		2,927,551		-			731,888			2,927,551			3,659,439		1,601,396		2,058,043		-		1996
WEXFORD PLAZA	PA		6,413,635		9,774,600		10,074,686			6,299,299			19,963,622			26,262,921		4,282,319		21,980,602		-		2010
LINCOLN SQUARE (3)	PA		90,478,522		-		-			90,478,522			-			90,478,522		-		90,478,522		-		2017		2017
CRANBERRY TOWNSHIP-PARCEL 1&2	PA		10,270,846		30,769,592		(905,158	)		6,070,254			34,065,026			40,135,280		1,950,427		38,184,853		-		2016
CROSSROADS PLAZA	PA		788,761		3,155,044		12,878,677			976,439			15,846,043			16,822,482		9,924,589		6,897,893		-		1986
SPRINGFIELD S.C.	PA		919,998		4,981,589		12,875,672			920,000			17,857,259			18,777,259		9,743,110		9,034,149		-		1983
SHREWSBURY SQUARE S.C.	PA		8,066,107		16,997,997		(1,696,030	)		6,534,966			16,833,108			23,368,074		2,199,516		21,168,558		-		2014
WHITEHALL MALL	PA		-		5,195,577		-			-			5,195,577			5,195,577		2,842,026		2,353,551		-		1996
WHOLE FOODS AT WYNNEWOOD	PA		15,042,165		-		11,770,283			13,772,394			13,040,054			26,812,448		326,435		26,486,013		-				2014
SHOPPES AT WYNNEWOOD	PA		7,478,907		-		3,605,920			7,478,907			3,605,920			11,084,827		153,010		10,931,817		-				2015
WEST MARKET ST. PLAZA	PA		188,562		1,158,307		41,712			188,562			1,200,019			1,388,581		1,173,254		215,327		-		1986
REXVILLE TOWN CENTER	PR		24,872,982		48,688,161		7,302,027			25,678,064			55,185,106			80,863,170		33,091,221		47,771,949		-		2006
PLAZA CENTRO - COSTCO	PR		3,627,973		10,752,213		1,564,471			3,866,206			12,078,451			15,944,657		6,657,483		9,287,174		-		2006
PLAZA CENTRO - MALL	PR		19,873,263		58,719,179		5,962,924			19,408,112			65,147,254			84,555,366		34,622,838		49,932,528		-		2006
PLAZA CENTRO - RETAIL	PR		5,935,566		16,509,748		480,595			6,026,070			16,899,839			22,925,909		9,827,855		13,098,054		-		2006
PLAZA CENTRO - SAM'S CLUB	PR		6,643,224		20,224,758		2,375,805			6,520,090			22,723,697			29,243,787		21,967,992		7,275,795		-		2006
LOS COLOBOS - BUILDERS SQUARE	PR		4,404,593		9,627,903		1,387,483			4,461,145			10,958,834			15,419,979		9,669,563		5,750,416		-		2006
LOS COLOBOS - KMART	PR		4,594,944		10,120,147		752,678			4,402,338			11,065,431			15,467,769		10,058,014		5,409,755		-		2006
LOS COLOBOS I	PR		12,890,882		26,046,669		1,071,029			13,613,375			26,395,205			40,008,580		15,815,395		24,193,185		-		2006
LOS COLOBOS II	PR		14,893,698		30,680,556		5,395,942			15,142,300			35,827,896			50,970,196		19,767,195		31,203,001		-		2006
WESTERN PLAZA - MAYAQUEZ ONE	PR		10,857,773		12,252,522		1,308,357			11,241,993			13,176,659			24,418,652		9,284,389		15,134,263		-		2006
WESTERN PLAZA - MAYAGUEZ TWO	PR		16,874,345		19,911,045		2,174,474			16,872,647			22,087,217			38,959,864		15,126,846		23,833,018		-		2006
MANATI VILLA MARIA SC	PR		2,781,447		5,673,119		344,813			2,606,588			6,192,791			8,799,379		3,866,240		4,933,139		-		2006
PONCE TOWN CENTER	PR		14,432,778		28,448,754		4,768,662			14,903,024			32,747,170			47,650,194		16,750,683		30,899,511		-		2006
TRUJILLO ALTO PLAZA	PR		12,053,673		24,445,858		2,591,978			12,289,288			26,802,221			39,091,509		16,210,974		22,880,535		-		2006
ST. ANDREWS CENTER	SC		730,164		3,132,092		19,199,359			730,164			22,331,451			23,061,615		10,681,625		12,379,990		-				1978
WESTWOOD PLAZA	SC		1,744,430		6,986,094		9,204,220			1,726,833			16,207,911			17,934,744		4,720,254		13,214,490		-		1995
CHERRYDALE POINT	SC		5,801,948		32,055,019		1,947,764			5,801,948			34,002,783			39,804,731		8,648,264		31,156,467		-		2009
WOODRUFF SHOPPING CENTER	SC		3,110,439		15,501,117		1,146,585			3,465,199			16,292,942			19,758,141		3,332,158		16,425,983		-		2010
FOREST PARK	SC		1,920,241		9,544,875		214,354			1,920,241			9,759,229			11,679,470		1,693,776		9,985,694		-		2012
OLD TOWNE VILLAGE	TN		-		4,133,904		4,046,503			-			8,180,407			8,180,407		6,050,033		2,130,374		-				1978
CENTER OF THE HILLS	TX		2,923,585		11,706,145		1,337,767			2,923,585			13,043,912			15,967,497		5,613,606		10,353,891		-		2008
DOWLEN TOWN CENTER-II	TX		2,244,581		-		(722,251	)		484,828			1,037,502			1,522,330		194,761		1,327,569		-				2002
GATEWAY STATION	TX		1,373,692		28,145,158		1,105,295			1,374,880			29,249,265			30,624,145		3,945,577		26,678,568		-		2011
LAS TIENDAS PLAZA	TX		8,678,107		-		27,150,696			7,943,925			27,884,878			35,828,803		5,860,115		29,968,688		-				2005
GATEWAY STATION PHASE II	TX		4,140,176		12,020,460		75,694			4,143,385			12,092,945			16,236,330		130,258		16,106,072		-		2017
ISLAND GATE PLAZA	TX		-		944,562		1,903,963			-			2,848,525			2,848,525		1,124,081		1,724,444		-		1997
ISLAND GATE PLAZA	TX		4,343,000		4,723,215		3,659,997			4,292,636			8,433,576			12,726,212		2,403,829		10,322,383		-		2011
CONROE MARKETPLACE	TX		18,869,087		50,756,554		(2,993,250	)		10,841,611			55,790,780			66,632,391		6,209,948		60,422,443		-		2015
MONTGOMERY PLAZA	TX		10,739,067		63,065,333		(385,751	)		10,738,796			62,679,853			73,418,649		8,479,431		64,939,218		28,105,799		2015
PRESTON LEBANON CROSSING	TX		13,552,180		-		26,071,137			12,163,694			27,459,623			39,623,317		6,909,545		32,713,772		-				2006
LAKE PRAIRIE TOWN CROSSING	TX		7,897,491		-		28,638,126			6,783,464			29,752,153			36,535,617		5,767,928		30,767,689		-				2006
CENTER AT BAYBROOK	TX		6,941,017		27,727,491		10,958,643			6,928,120			38,699,031			45,627,151		16,641,823		28,985,328		-		1998
CYPRESS TOWNE CENTER	TX		6,033,932		-		1,692,407			2,251,666			5,474,673			7,726,339		1,054,421		6,671,918		-				2003
CYPRESS TOWNE CENTER	TX		12,329,195		36,836,381		1,247,724			8,644,145			41,769,155			50,413,300		2,253,375		48,159,925		-		2016
CYPRESS TOWNE CENTER (PHASE II)	TX		2,061,477		6,157,862		(1,361,233	)		270,374			6,587,732			6,858,106		431,425		6,426,681		-		2016
THE CENTRE AT COPPERFIELD	TX		6,723,267		22,524,551		535,094			6,723,357			23,059,555			29,782,912		2,669,083		27,113,829		-		2015
COPPERWOOD VILLAGE	TX		13,848,109		84,183,731		794,874			13,848,109			84,978,605			98,826,714		11,166,622		87,660,092		-		2015
ATASCOCITA COMMONS SHOP.CTR.	TX		16,322,636		54,587,066		625,724			16,099,004			55,436,422			71,535,426		8,061,999		63,473,427		28,528,637		2013
TOMBALL CROSSINGS	TX		8,517,427		28,484,450		573,139			7,964,894			29,610,122			37,575,016		4,373,334		33,201,682		-		2013
COPPERFIELD VILLAGE SHOP.CTR.	TX		7,827,639		34,864,441		429,207			7,827,639			35,293,648			43,121,287		4,112,160		39,009,127		-		2015
SHOPS AT VISTA RIDGE	TX		3,257,199		13,029,416		2,315,052			3,257,199			15,344,468			18,601,667		7,331,260		11,270,407		-		1998
VISTA RIDGE PLAZA	TX		2,926,495		11,716,483		2,600,033			2,926,495			14,316,516			17,243,011		7,236,985		10,006,026		-		1998
VISTA RIDGE PLAZA	TX		2,276,575		9,106,300		1,399,033			2,276,575			10,505,333			12,781,908		5,372,115		7,409,793		-		1998
KROGER PLAZA	TX		520,340		2,081,356		1,444,953			520,340			3,526,309			4,046,649		1,898,157		2,148,492		-		1995
ACCENT PLAZA	TX		500,414		2,830,835		-			500,414			2,830,835			3,331,249		1,537,166		1,794,083		-		1996
SOUTHLAKE OAKS PHASE II-480 W.	TX		3,011,260		7,703,844		103,968			3,016,617			7,802,455			10,819,072		2,779,262		8,039,810		-		2008
WOODBRIDGE SHOPPING CENTER	TX		2,568,705		6,813,716		107,746			2,568,705			6,921,462			9,490,167		1,374,785		8,115,382		-		2012
GRAND PARKWAY MARKETPLACE	TX		25,363,548		-		60,529,604			21,937,009			63,956,143			85,893,152		372,156		85,520,996		-				2014
GRAND PARKWAY MARKET PLACE II (3)	TX		13,436,447		-		29,966,997			43,403,444			-			43,403,444		-		43,403,444		-				2015
TEMPLE TOWNE CENTER	TX		609,317		2,983,262		(89,332	)		609,317			2,893,930			3,503,247		305,746		3,197,501		-		2015
TEMPLE TOWNE CENTER	TX		4,909,857		25,882,414		(4,385,108	)		4,105,739			22,301,424			26,407,163		4,017,296		22,389,867		-		2015
BURKE TOWN PLAZA	VA		-		43,240,068		83,175			-			43,323,243			43,323,243		6,042,467		37,280,776		-		2014
OLD TOWN PLAZA	VA		4,500,000		41,569,735		(15,697,554	)		3,052,800			27,319,381			30,372,181		5,498,436		24,873,745		-		2007
SKYLINE VILLAGE	VA		10,145,283		28,764,045		225,352			10,573,875			28,560,805			39,134,680		3,390,576		35,744,104		-		2014
SUDLEY TOWNE PLAZA	VA		4,114,293		15,988,465		(9,023,711	)		2,204,943			8,874,104			11,079,047		1,317,102		9,761,945		-		2015
BURLINGTON COAT CENTER	VA		670,500		2,751,375		2,661,127			670,500			5,412,502			6,083,002		1,784,315		4,298,687		-		1995
TOWNE SQUARE	VA		8,499,373		24,302,141		1,908,469			8,858,432			25,851,551			34,709,983		3,137,543		31,572,440		-		2014
POTOMAC RUN PLAZA	VA		27,369,515		48,451,209		(2,332,371	)		27,369,515			46,118,838			73,488,353		13,090,432		60,397,921		-		2008
DULLES TOWN CROSSING	VA		53,285,116		104,175,738		(355,523	)		53,285,116			103,820,215			157,105,331		14,810,943		142,294,388		-		2015
DOCSTONE COMMONS	VA		3,839,249		11,468,264		441,201			3,903,963			11,844,751			15,748,714		540,782		15,207,932		-		2016
DOCSTONE O/P - STAPLES	VA		1,425,307		4,317,552		(883,709	)		1,167,588			3,691,562			4,859,150		210,701		4,648,449		-		2016
STAFFORD MARKETPLACE	VA		26,893,429		86,449,614		36,364			26,893,429			86,485,978			113,379,407		9,382,013		103,997,394		-		2015
GORDON PLAZA	VA		-		3,330,621		40,921			-			3,371,542			3,371,542		108,863		3,262,679		-		2017
AUBURN NORTH	WA		7,785,841		18,157,625		7,542,304			7,785,841			25,699,929			33,485,770		7,113,252		26,372,518		-		2007
THE MARKETPLACE AT FACTORIA	WA		60,502,358		92,696,231		4,443,162			60,502,358			97,139,393			157,641,751		18,626,509		139,015,242		56,189,197		2013
FRONTIER VILLAGE SHOPPING CTR.	WA		10,750,863		35,671,801		96,299			10,750,863			35,768,100			46,518,963		6,231,338		40,287,625		-		2012
GATEWAY SHOPPING CENTER	WA		6,937,929		11,270,322		303,983			6,937,929			11,574,305			18,512,234		689,626		17,822,608		-		2016
OLYMPIA WEST OUTPARCEL	WA		360,000		799,640		100,360			360,000			900,000			1,260,000		125,262		1,134,738		-		2012
FRANKLIN PARK COMMONS	WA		5,418,825		11,988,657		1,031,639			5,418,825			13,020,296			18,439,121		1,691,466		16,747,655		-		2015
SILVERDALE PLAZA	WA		3,875,013		32,894,027		86,051			3,755,613			33,099,478			36,855,091		5,485,432		31,369,659		-		2012
OTHER PROPERTY INTERESTS
KEY BANK BUILDING	NY		1,500,000		40,486,755		(11,999,846	)		655,798			29,331,111			29,986,909		19,024,009		10,962,900		-		2006
EL MIRAGE	AZ		6,786,441		503,987		130,064			6,786,441			634,051			7,420,492		86,961		7,333,531		-				2008
ASANTE RETAIL CENTER	AZ		8,702,635		3,405,683		2,866,808			11,039,472			3,935,654			14,975,126		501,713		14,473,413		-				2004
SURPRISE SPECTRUM	AZ		4,138,760		94,572		1,035			4,138,760			95,607			4,234,367		13,456		4,220,911		-				2008
LAKE WALES S.C.	FL		601,052		-		-			601,052			-			601,052		-		601,052		-		2009
PLANTATION CROSSING	FL		7,524,800		-		(5,516,183	)		2,008,617			-			2,008,617		-		2,008,617		-				2005
MILTON, FL	FL		1,275,593		-		(423,450	)		852,143			-			852,143		-		852,143		-		2007
LOWES S.C.	FL		1,620,203		-		(406,657	)		507,530			706,016			1,213,546		706,016		507,530		-		2007
TREASURE VALLEY	ID		6,501,240		-		(4,426,611	)		962,721			1,111,908			2,074,629		1,106,073		968,556		-				2005
TOWN & COUNTRY S.C.	IL		315,387		422,905		(85,154	)		230,233			422,905			653,138		386,014		267,124		-		1972
22ND STREET PLAZA OUTPARCEL	IL		-		99,640		1,071,530			-			1,171,170			1,171,170		81,873		1,089,297		-		2001
MARKETPLACE OF OAKLAWN	IL		-		678,668		108,483			-			787,151			787,151		748,798		38,353		-		1998
LINWOOD-INDIANAPOLIS	IN		31,045		-		-			31,045			-			31,045		-		31,045		-		1991
BAYOU WALK	LA		4,586,895		10,836,007		(4,291,095	)		2,993,728			8,138,079			11,131,807		2,830,013		8,301,794		12,414,563		2010
FLINT - VACANT LAND	MI		101,424		-		-			101,424			-			101,424		-		101,424		-		2012
CHARLOTTE SPORTS & FITNESS CTR	NC		500,754		1,858,643		479,046			500,754			2,337,689			2,838,443		1,760,102		1,078,341		-		1986
SENATE/HILLSBOROUGH CROSSI	NC		519,395		-		-			519,395			-			519,395		-		519,395		-		2003
WAKEFIELD COMMONS III	NC		6,506,450		-		(5,397,400	)		1,475,214			(366,164	)		1,109,050		197,785		911,265		-				2001
WAKEFIELD CROSSINGS	NC		3,413,932		-		(3,017,959	)		336,236			59,737			395,973		8,287		387,686		-				2001
HILLSBOROUGH PROMENADE	NJ		11,886,809		-		(6,632,045	)		5,006,054			248,710			5,254,764		30,796		5,223,968		-				2001
NORTHPORT LAND PARCEL	NY		-		14,460		49,179			-			63,639			63,639		-		63,639		-		2012
MERRY LANE (PARKING LOT)	NY		1,485,531		1,749		288,651			1,485,531			290,400			1,775,931		-		1,775,931		-		2007
JERICHO ATRIUM	NY		10,624,099		20,065,496		364,026			10,624,099			20,429,522			31,053,621		3,284,297		27,769,324		-		2016
BIRCHWOOD PARK	NY		3,507,162		4,126		(1,510,445	)		2,000,000			843			2,000,843		843		2,000,000		-		2007
STATEN ISLAND PLAZA	NY		5,600,744		6,788,460		(2,981,672	)		9,407,532			-			9,407,532		-		9,407,532		-		2005
KENT CENTER	OH		2,261,530		-		(1,826,497	)		435,033			-			435,033		-		435,033		-		1995
HIGH PARK CTR RETAIL	OH		3,783,875		-		(2,778,460	)		921,704			83,711			1,005,415		37,907		967,508		-				2001
MCMINNVILLE PLAZA	OR		4,062,327		-		991,482			4,062,327			991,482			5,053,809		96,213		4,957,596		-				2006
HOSPITAL GARAGE & MED. OFFICE	PA		-		30,061,177		59,094			-			30,120,271			30,120,271		9,096,746		21,023,525		-		2004
COULTER AVE. PARCEL	PA		577,630		1,348,019		11,877,439			13,444,154			358,934			13,803,088		10,436		13,792,652		-		2015
MORRISVILLE S.C.	PA		340,000		1,360,000		(1,669,238	)		30,762			-			30,762		-		30,762		-		1996
HICKORY RIDGE COMMONS	TN		596,347		2,545,033		(2,457,560	)		683,820			-			683,820		-		683,820		-		2000
BLUE RIDGE	Various		12,346,900		71,529,796		(35,874,424	)		6,069,109			41,933,163			48,002,272		20,764,707		27,237,565		6,595,242		2005
MICROPROPERTIES	Various		528,534		1,090,980		-			528,534			1,090,980			1,619,514		211,709		1,407,805		-		2012
BALANCE OF PORTFOLIO (4)	Various		1,907,182		65,127,208		(9,296,277	)		(99,898	)		57,838,011			57,738,113		30,663,071		27,075,042		-
TOTALS			$3,232,368,780		$7,876,947,274		$1,544,128,944			$3,366,655,421			$9,286,789,577			$12,653,444,998		$2,433,052,747		$10,220,392,251		$882,787,275

(

1

) The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment.

(

2

) Includes fair market value of debt adjustments, net and deferred financing costs, net.

(

3

) Shopping center includes active real estate under development project or land held for development.

(

4

) Includes fixtures, leasehold improvements and other costs capitalized.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows:

Buildings and building improvements (in years)	15	to	50
Fixtures, building and leasehold improvements (including certain identified intangible assets)	Terms of leases or useful lives, whichever is shorter

The aggregate cost for Federal income tax purposes was approximately

$10.3

billion at

December 31, 2017.

The changes in total real estate assets for the years ended

December 31, 2017,

2016

and

2015

are as follows:

	2017			2016			2015
Balance, beginning of period	$	12,008,075,148		$	11,568,809,126		$	10,018,225,775
Additions during period:
Acquisitions		438,125,265			181,719,189			278,401,182
Improvements		414,955,609			217,668,292			191,662,698
Transfers from unconsolidated joint ventures		329,194,717			615,511,560			1,673,542,610
Change in exchange rate		1,035,816			598,744			-
Deductions during period:
Sales		(315,954,464	)		(391,758,149	)		(507,185,370	)
Assets held for sale		(56,187,719	)		(12,608,829	)		(587,007	)
Adjustment of fully depreciated assets		(107,660,366	)		(80,660,536	)		(56,774,522	)
Adjustment of property carrying values		(58,139,008	)		(91,204,249	)		(18,432,226	)
Change in exchange rate		-			-			(10,044,014	)
Balance, end of period	$	12,653,444,998		$	12,008,075,148		$	11,568,809,126

The changes in accumulated depreciation for the years ended

December 31, 2017,

2016

and

2015

are as follows:

	2017			2016			2015
Balance, beginning of period	$	2,278,291,645		$	2,115,319,888		$	1,955,405,720
Additions during period:
Depreciation for year		368,919,387			344,179,201			333,948,605
Change in exchange rate		-			366,068			-
Deductions during period:
Sales		(86,798,173	)		(97,888,608	)		(116,864,875	)
Assets held for sale		(19,699,746	)		(3,482,974	)		-
Adjustment of fully depreciated assets		(107,660,366	)		(80,660,536	)		(56,774,522	)
Change in exchange rate		-			-			(395,040	)
Balance, end of period	$	2,433,052,747		$	2,278,291,645		$	2,115,319,888

Reclassifications:

Certain Amounts in the Prior Period Have Been Reclassified in Order to Conform with the Current Period's Presentation.

XML

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]

KIMCO REALTY CORPORATION AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

As of

December 31, 2017

(in thousands)

Description	Interest Rate	Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Original Face Amount of Mortgages (b)		Carrying Amount of Mortgages (b) (c)		Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail
Toronto, ON	7.00%	May-18	P& I	$	-	$	5,319	$	5,058	$	-
Westport, CT	6.50%	Mar-33	I		-		5,014		5,014		-
Las Vegas, NV	12.00%	May-33	I		-		3,075		3,075		-
Miami, FL	7.57%	Jun-19	P& I		-		3,966		1,919		-
Miami, FL	7.57%	Jun-19	P& I		-		4,201		1,850		-
Miami, FL	7.57%	Jun-19	P& I		-		3,678		1,775		-
Nonretail
Oakbrook Terrace, IL	6.00%	Dec-24	I		-		1,950		1,950		-
Individually < 3% (d)	(e)	(f)	P&I		-		2,475		828		-
				$	-	$	29,678	$	21,469	$	-
Other Financing Loans:
Nonretail
Individually < 3%	2.28%	Apr-27	P&I	$	-	$	600	$	369	$	-
				$	-	$	30,278	$	21,838	$	-

(a)	I = Interest only; P&I = Principal & Interest.
(b)	The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above
(c)	The aggregate cost for Federal income tax purposes was approximately $21.8 million as of December 31, 2017.
(d)	Comprised of three separate loans with original loan amounts ranging from $0.1 million to $0.4 million.
(e)	Interest rates range from 6.88% to 7.41%.
(f)	Maturity dates range from October 2019 to December 2030.

For a reconciliation of mortgage and other financing receivables from

January 1, 2015

to

December 31, 2017,

see Footnote

10

of the Notes to Consolidated Financial Statements i

ncluded in this Form

10

-K.

The Company feels it is

not

practicable to estimate the fair value of each receivable as quoted market prices are

not

available.

The cost of obtaining an independent valuation on these assets is deemed excessive considering the materiality of the total receivables.

XML

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying Consolidated Financial Statements include the accounts of the Company

. The Company’s subsidiaries include subsidiaries which are wholly-owned or which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). All inter-company balances and transactions have been eliminated in consolidation.

Use of Estimates, Policy [Policy Text Block]

Use of

Estimates

GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, equity method investments, other investments,

including the assessment of impairments, as well as, depreciable lives, revenue recognition, the collectability of trade accounts receivable, realizability of deferred tax assets and the assessment of uncertain tax positions. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in

its consolidated financial statements (see Footnotes

8

and

16

of the Notes to Consolidated Financial Statements).

Real Estate, Policy [Policy Text Block]

Real Estate

Real estate assets are stated at cost, less accumulated depreciation and amortization. Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above

-market and below-market leases, in-place leases and tenant relationships, where applicable), assumed debt and redeemable units issued at the date of acquisition, based on evaluation of information and estimates available at that date. Fair value is determined based on a market approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Effective

January 1, 2017,

the Company early adopted

Accounting Standard Update (“ASU”)

2017

-

01,

Business Combinations (Topic

805

): Clarifying the Definition of a Business, including its interim periods within the year, and applied the guidance to its asset acquisitions of operating properties, including the capitalization of acquisition costs, which was previously expensed prior to the adoption of this standard.

In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate

below-market lease renewal options, to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases, which includes the expected renewal option period for below-market leases. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.

Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:

Buildings and building improvements (in years)	15	to	50
Fixtures, leasehold and tenant improvements (including certain identified intangible assets)	Terms of leases or useful lives, whichever is shorter

The Company periodically assesses the useful lives of its depreciable real estate assets

, including those expected to be redeveloped in future periods, and accounts for any revisions prospectively. Expenditures for maintenance, repairs and demolition costs are charged to operations as incurred. Significant renovations and replacements, which improve or extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.

When a real estate asset is identified by management as held-for-sale, the Company ceases depreciation of the asset and estimates the

fair value. If the fair value of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, less estimated costs of sale and the asset is classified as other assets.

On a continuous basis, management assesses whether there are any indicators, including property operating performance

, changes in anticipated holding period and general market conditions, that the value of the real estate properties (including any related amortizable intangible assets or liabilities)

may

be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged) of the property over its remaining hold period is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property.

Real Estate Held for Development and Sale, Policy [Policy Text Block]

Real Estate Under Development

Real estate under development represents the development of

open-air shopping center projects, which

may

include residential and mixed-use components, that the Company plans to hold as long-term investments. These properties are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. Capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, 

insurance, legal costs, 

salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy and placed into service. This usually occurs upon substantial completion of all costs necessary to bring the property to the condition needed for its intended use, but

no

later than

one

year from the completion of major construction activity. However, the Company

may

continue to capitalize costs even though a project is substantially completed if construction is still ongoing at the site. If, in management’s opinion, the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value plus estimated costs to complete the development, the carrying value would be adjusted to an amount that reflects the estimated fair value of the property.

Equity and Cost Method Investments, Policy [Policy Text Block]

Investments in Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does

not

control these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions

, distributions and our share of earnings and losses. Earnings or losses for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

The Company

’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in open-air shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse

third

-party financing on their property investments, thus contractually limiting the Company’s exposure to losses primarily to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company, on a limited selective basis, has obtained unsecured financing for certain joint ventures. These unsecured financings

may

be guaranteed by the Company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the Company is obligated to make. As of

December 31, 2017,

the Company did

not

guaranty any unsecured joint venture debt.

To recognize the character of distributions from equity investees within its consolidated statements of cash flows, all distributions received are presumed to be returns on investment and classified as cash inflows from operating activities unless

the Company’s cumulative distributions received less distributions received in prior periods that were determined to be returns of investment exceed its cumulative equity in earnings recognized by the investor (as adjusted for amortization of basis differences). When such an excess occurs, the current-period distribution up to this excess is considered a return of investment and classified as cash inflows from investing.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company

’s investments in unconsolidated joint ventures

may

be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

The Company

’s estimated fair values are based upon a discounted cash flow model for each joint venture that includes all estimated cash inflows and outflows over a specified holding period. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Investment, Policy [Policy Text Block]

Other Real Estate Investments

Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to

owners and developers of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.

On a continuous basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company

’s Other real estate investments

may

be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.

The Company

’s estimated fair values are based upon a discounted cash flow model for each investment that includes all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums. Capitalization rates, discount rates and credit spreads utilized in these models are based upon rates that the Company believes to be within a reasonable range of current market rates.

Finance, Loans and Leases Receivable, Policy [Policy Text Block]

Mortgages and Other Financing Receivables

Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Borrowers of these loans are primarily experienced owners, operators or developers of commercial real estate. The Company

’s loans are primarily mortgage loans that are collateralized by real estate. Mortgages and other financing receivables are recorded at stated principal amounts, net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. On a quarterly basis, the Company reviews credit quality indicators such as (i) payment status to identify performing versus non-performing loans, (ii) changes affecting the underlying real estate collateral and (iii) national and regional economic factors.

Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower

may

be unable to meet interest payments as they become due. Generally, loans

90

days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved

and charged against current income. Interest income on non-performing loans is generally recognized on a cash basis. Recognition of interest income on non-performing loans on an accrual basis is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

The Company has determined that it has

one

portfolio segment, primarily represented by loans collateralized by real estate, whereby it determines, as needed, reserves for loan losses on an asset-specific basis. The reserve for loan losses reflects management's estimate of loan losses as of the balance sheet date. The reserve is increased through loan loss expense and is decreased by charge-offs when losses are confirmed through the receipt of assets such as cash or via ownership control of the underlying collateral in full satisfaction of the loan upon foreclosure or when significant collection efforts have ceased.

The Company considers a loan to be impaired when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due under the existing contractual terms. A reserve allowance is established for an impaired loan when the estimated fair value of the underlying collateral (for collateralized loans) or the present value of expected future cash flows is lower than the carrying value of the loan. An internal valuation is performed generally using the income approach to estimate the fair value of the collateral at the time a loan is determined to be impaired. The model is updated if circumstances indicate a significant change in value has occurred. The Company does

not

provide for an additional allowance for loan losses based on the grouping of loans as the Company believes the characteristics of the loans are

not

sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of the Company

’s loans are evaluated individually for impairment purposes.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents

include demand deposits in banks, commercial paper and certificates of deposit with original maturities of

three

months or less. Cash and cash equivalent balances

may,

at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers.

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB

’s Investments-Debt and Equity Securities guidance. These securities are carried at fair market value with unrealized gains and losses reported in stockholders’ equity as a component of Accumulated other comprehensive income ("AOCI"). 

Effective

January 1, 2018,

in accordance with the adoption of ASU

2016

-

01,

Financial Instruments

—Overall (Subtopic

825

-

10

): Recognition and Measurement of Financial Assets and Financial Liabilities, the Company will recognize

changes in fair value of equity investments with readily determinable fair values in net income.

  Gains or losses on securities sold are based on the specific identification method and are recognized in Interest, dividends and other investment income on the Company’s Consolidated Statements of Income.

All debt securities are generally classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity

. It is more likely than

not

that the Company will

not

be required to sell the debt security before its anticipated recovery and the Company expects to recover the security’s entire amortized cost basis even if the entity does

not

intend to sell. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. Debt securities which contain conversion features generally are classified as available-for-sale.

On a continuous basis, management assesses whether there are any indicators that the value of the Company

’s marketable securities

may

be impaired, which includes reviewing the underlying cause of any decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company’s evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis. A marketable security is impaired if the fair value of the security is less than the carrying value of the security and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security.

Deferred Charges, Policy [Policy Text Block]

Deferred Leasing Costs

Costs incurred in obtaining tenant leases, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized

on a straight-line basis, over the terms of the related leases, as applicable. Such capitalized costs include salaries, lease incentives and related costs of personnel directly involved in successful leasing efforts. Deferred leasing costs are classified as operating activities on the Company’s Consolidated Statements of Cash Flows.

Software Development Costs

Expenditures for major software purchases and software developed for internal use are capitalized and amortized on a straight-line basis generally over a

three

to

five

-year period. The Company’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes certain payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of payroll costs that can be capitalized with respect to these employees is limited to the time directly spent on such projects. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.  As of

December 31, 2017

and

2016,

the Company had unamortized software development costs of

$6.2

million and

$10.2

million, respectively, which is included in Other assets on the Company’s Consolidated Balance Sheets.  The Company expensed

$4.6

million,

$8.0

million and

$10.7

million in amortization of software development costs during the years ended

December 31, 2017,

2016

and

2015,

respectively.

Deferred Financing Costs

Costs incurred in obtaining long-term financing, included in

Notes payable, net and Mortgages payable, net in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable.

Revenue Recognition, Policy [Policy Text Block]

Revenue

,

Gain

Recognition and Accounts Receivable

Base rental revenues from rental propert

ies are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee.  These percentage rents are recognized once the required sales level is achieved.  Rental income

may

also include payments received in connection with lease termination agreements.  In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses.  Operating expense reimbursements are recognized as earned.

Management and other fee income consists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with

third

parties or with entities in which the Company has a noncontrolling interest. Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities are recognized to the extent attributable to the unaffiliated interest.

Gains and losses from the sale of depreciated operating property and

real estate under development projects are recognized using the full accrual method in accordance with the FASB’s real estate sales guidance, provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met.

Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of the FASB

’s real estate sales guidance.

The Company makes estimates of the

uncollectable accounts receivables related to base rents, straight-line rent, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net earnings are directly affected by management’s estimate of the collectability of accounts receivable.

Accounts and notes receivable in the accompanying Consolidated Balance Sheets

are net of estimated unrecoverable amounts of

$9.2

million and

$12.3

million of billed accounts receivable at

December 31, 2017

and

2016,

respectively. Additionally, Accounts and notes receivable in the accompanying Consolidated Balance Sheets are net of estimated unrecoverable amounts of

$7.9

million and

$11.9

million of straight-line rent receivable at

December 31, 2017

and

2016,

respectively.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Company elected status as a REIT for federal income tax purposes beginning in its taxable year

January 1, 1992

and operates in a manner that enables the Company to qualify and maintain its status as a REIT

. Accordingly, the Company generally will

not

be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section

856

through

860

of the Code. Most states, where the Company holds investments in real estate, conform to the federal rules recognizing REITs.  

Additionally, in connection with the Tax Relief Extension Act of

1999

(the "RMA"), which became effective

January 1, 2001,

the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable

REIT subsidiaries (“TRS”) under the Code, subject to certain limitations. Certain subsidiaries of the Company have made a joint election with the Company to be treated as TRSs.  A TRS is subject to federal and state income taxes on its income, and the Company includes a provision for taxes in its consolidated financial statements.  As such, the Company, through its wholly-owned TRS, has been engaged in various retail real estate related opportunities including retail real estate management and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers. The Company

may

consider other investments through its TRS should suitable opportunities arise. The Company is subject to and also includes in its tax provision non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. These investments are held by the Company at the REIT level and

not

in the Company’s taxable REIT subsidiaries. Accordingly, the Company does

not

expect a U.S. income tax impact associated with the repatriation of undistributed earnings from the Company’s foreign subsidiaries.

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company provides a valuation allowance for deferred tax assets for which it does

not

consider realization of such assets to be more likely than

not.

The Company reviews the need to establish a valuation allowance against deferred tax assets on a quarterly basis. The review includes an analysis of various factors, such as

future reversals of existing taxable temporary differences, the capacity for the carryback or carryforward of any losses, the expected occurrence of future income or loss and available tax planning strategies.

The Company applies

the FASB’s guidance relating to uncertainty in income taxes recognized in a Company’s financial statements. Under this guidance the Company

may

recognize the tax benefit from an uncertain tax position only if it is more likely than

not

that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than

fifty

percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation and Transactions

Assets and liabilities of the Company

’s foreign operations, where it has been determined that the local currency is the functional currency, are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in AOCI, as a separate component of the Company’s stockholders’ equity. Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions. The effect of the transaction’s gain or loss is included in the caption Other (expense)/income, net in the Consolidated Statements of Income. The Company is required to release cumulative translation adjustment (“CTA”) balances into earnings when the Company has substantially liquidated its investment in a foreign entity. As of

December 31, 2017,

the Company has exited South America and substantially liquidated its investments in Mexico and Canada.

Derivatives, Policy [Policy Text Block]

Derivative/Financial Instruments

The Company is exposed to certain risk

s arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risk through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company

may

use derivatives to manage exposures that arise from changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives.

The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Company

’s rights or obligations under the applicable derivative contract.  The accounting for changes in the fair value of the derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives

may

also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company

may

enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does

not

apply or the Company elects

not

to apply hedge accounting under the Derivatives and Hedging guidance issued by the FASB.

The effective portion of the changes in fair value of derivatives designated and that qualify as cash flow hedges

is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During

2017,

2016

and

2015,

the Company had

no

hedge ineffectiveness.

Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]

Noncontrolling Interests

The Company accounts for noncontrolling interests in accordance with the Consolidation guidance and the Distinguishing Liabilities from Equity guidance issued by the FASB. Noncontrolling interests represent the portion of equity that the Company does

not

own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company

’s Consolidated Balance Sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Income. 

Noncontrolling interests also includes amounts related to partnership units issued by consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a defined redemption amount based upon the trading price of the Company

’s common stock and provides the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after

one

year from issuance. For convertible units, the Company typically has the option to settle redemption amounts in cash or common stock.

The Company evaluates the terms of the partnership units issued in accordance with the FASB

’s Distinguishing Liabilities from Equity guidance.  Units which embody a conditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is

not

solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interest and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.  Convertible units for which the Company has the option to settle redemption amounts in cash or common stock are included in the caption Noncontrolling interest within the equity section on the Company’s Consolidated Balance Sheets.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock Compensation

The Company maintains

two

equity participation plans, the Second Amended and Restated

1998

Equity Participation Plan (the “Prior Plan”) and the

2010

Equity Participation Plan (the

“2010

Plan”) (collectively, the “Plans”). The Prior Plan provides for a maximum of

47,000,000

shares of the Company

’s common stock to be issued for qualified and non-qualified stock options and restricted stock grants. Effective

May 1, 2012,

the

2010

Plan provides for a maximum of

10,000,000

shares of the Company’s common stock to be issued for qualified and non-qualified stock options and other awards, plus the number of shares of common stock which are or become available for issuance under the Prior Plan and which are

not

thereafter issued under the Prior Plan, subject to certain conditions. Unless otherwise determined by the Board of Directors at its sole discretion, stock options granted under the Plans generally vest ratably over a range of

three

to

five

years, expire

ten

years from the date of grant and are exercisable at the market price on the date of grant. Restricted stock grants generally vest (i)

100%

on the

fourth

or

fifth

anniversary of the grant, (ii) ratably over

three

,

four

and

five

years or (iii) over

ten

years at

20%

per year commencing after the

fifth

year. Performance share awards, which vest over a period of

one

to

three

years,

may

provide a right to receive shares of the Company’s common stock or restricted stock based on the Company’s performance relative to its peers, as defined, or based on other performance criteria as determined by the Board of Directors. In addition, the Plans provide for the granting of certain stock options and restricted stock to each of the Company’s non-employee directors (the “Independent Directors”) and permit such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.

The Company accounts for

equity awards in accordance with the FASB’s Stock Compensation guidance which requires that all share based payments to employees, be recognized in the Statement of Income over the service period based on their fair values. Fair value is determined, depending on the type of award, using either the Black-Scholes option pricing formula or the Monte Carlo method, both of which are intended to estimate the fair value of the awards at the grant date (see Footnote

20

of the Notes to Consolidated Financial Statements for additional disclosure on the assumptions and methodology).

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

The following table represents ASUs to the FASB

’s Accounting Standards Codification (“ASC”) that, as of the year ended

December 31, 2017,

are

not

yet effective for the Company and for which the Company has

not

elected early adoption, where permitted:

ASU	Description	Effective Date	Effect on the financial statements or other significant matters
ASU 2017 - 09, Compensation – Stock Compensation (Topic 718 ): Scope of Modification Accounting	The amendment provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will be applied  prospectively to awards modified on or after the adoption date.	January 1, 2018; Early adoption permitted	The adoption is not expected to have a material effect on the Company ’s financial position and/or results of operations.
ASU 2017 - 05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610 - 20” ): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets	The amendment clarifies that a financial asset is within the scope of Subtopic 610 - 20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017 - 05 also clarifies that nonfinancial assets within the scope of Subtopic 610 - 20 may include nonfinancial assets transferred within a legal entity to a counterparty.  Subtopic 610 - 20, which was issued in May 2014 as part of ASU 2014 - 09, discussed below, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply the amendments in ASU 2017 - 05 at the same time it applies the amendments in ASU 2014 - 09 discussed below. An entity may elect to apply the amendments in ASU 2017 - 05 either retrospectively to each period presented in the financial statements in accordance with the guidance on accounting changes in ASC Topic 250, Accounting Changes and Error Corrections, paragraphs 10 - 45 - 5 through 10 - 45 - 10 (i.e. the retrospective approach) or retrospectively with a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption (i.e. the modified retrospective approach). An entity may elect to apply all of the amendments in ASU 2017 - 05 and ASU 2014 - 09 using the same transition method, or alternatively may elect to use different transition methods.	January 1, 2018; Early adoption is permitted if adopted with ASU 2014 - 09	The Company will adopt the provisions of Subtopic 610 - 20 in the first quarter of fiscal 2018, using the modified retrospective approach. Upon adoption, the Company will appropriately apply the guidance to prospective disposals of nonfinancial assets within the scope of Subtopic 610 - 20.
ASU 2016 - 13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments	The new guidance introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016 - 13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity ’s assumptions, models, and methods for estimating the allowance for losses.	January 1, 2020; Early adoption permitted	The Company is still assessing the  impact on its financial position and/or results of operations.

ASU 2014 - 09, Revenue from Contracts with Customers (Topic 606 )   ASU 2015 - 14, Revenue from Contracts with Customers (Topic 606 ): Deferral of the Effective Date   ASU 2016 - 08, Revenue from Contracts with Customers (Topic 606 ): Principal versus Agent Considerations   ASU 2016 - 10, Revenue from Contracts with Customers (Topic 606 ): Identifying performance obligations and licensing   ASU 2016 - 12, Revenue from Contracts with Customers (Topic 606 ): Narrow-scope improvements and practical expedients ASU 2014 - 09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014 - 09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014 - 09 was anticipated to be effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption was not permitted.   In August 2015, the FASB issued ASU 2015 - 14, which delayed the effective date of ASU 2014 - 09 by one year making it effective for the first interim period within annual reporting periods beginning after December 15, 2017.   Subsequently, in March 2016, the FASB issued ASU 2016 - 08, which further clarifies the implementation guidance on principal versus agent considerations, and in April 2016, the FASB issued ASU 2016 - 10, an update on identifying performance obligations and accounting for licenses of intellectual property.   Additionally, in May 2016, the FASB issued ASU 2016 - 12, which includes amendments for enhanced clarification of the guidance. Early adoption is permitted as of the original effective date. January 1, 2018; Early adoption permitted as of original effective date, which was January 1, 2017 The Company ’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016 - 02, Leases (Topic 842 ) discussed below.   The revenues which will be within the scope of this standard include other ancillary income earned through the Company ’s operating properties as well as fees for services performed at various unconsolidated joint ventures which the Company manages. These fees primarily include property and asset management fees, leasing fees, development fees and property acquisition/disposition fees. These revenues represented approximately  3% of the Company’s consolidated revenue for both the years ended December 31, 2017 and 2016. The Company believes the timing of recognition and amount of these revenues will be generally consistent with the current recognition and measurement.   The Company plans to adopt this standard effective January 1, 2018,  using the modified retrospective approach, which requires a cumulative effect adjustment, if any, as of the date of adoption. The Company has determined that the adoption of this standard will not require any material adjustments to the consolidated financial statements but will result in additional disclosures related to disaggregation of revenue streams beginning in the first quarter of 2018.  

ASU 2016 - 02, Leases (Topic 842 ) This ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016 - 02 supersedes the previous leases standard, Leases (Topic 840 ). January 1, 2019; Early adoption permitted The Company continues to evaluate the effect the adoption will have on the Company ’s financial position and/or results of operations. However, the Company currently believes that the adoption will not have a material impact for operating leases where it is a lessor and will continue to record revenues from rental properties for its operating leases on a straight-line basis. However, for leases where the Company is a lessee, primarily for the Company’s ground leases and administrative office leases, the Company will be required to record a lease liability and a right of use asset on its Consolidated Balance Sheets at fair value upon adoption. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of the Company’s leases where the Company is the lessor, the Company is entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016 - 12  Revenue from Contracts with Customers (Topic 606 ). The Company continues to evaluate the effect the adoption will have on this source of revenue. However, the Company currently does not believe the adoption will significantly affect the timing of the recognition of the Company’s CAM reimbursement revenue.  

ASU 2016 - 01, Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and  Financial Liabilities The amendment  addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the following:  (i) Requires equity investments (excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee) with readily determinable fair values to be measured at fair value with the changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (ii) Simplifies the impairment assessment of those equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment (iii) Eliminates the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and changes the fair value calculation for those investments (iv) Changes the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments (v) Clarifies that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. January 1, 201 8; Early adoption permitted for certain disclosure requirements Currently, changes in fair value of these equity investments with readily determinable fair values are recognized in AOCI. This ASU states that these changes will be recognized in net income. The Company anticipates the implementation of this guidance will affect how changes in the fair value of available-for-sale marketable securities are presented in the Company’s consolidated financial statements. In addition, the Company will record a cumulative-effect adjustment to beginning retained earnings in the year of adoption (effective as of January 1, 2018) to reclassify unrealized gains and losses previously reported in AOCI for available-for-sale marketable securities. As of December 31, 2017, the Company had unrealized losses related to its available-for-sale marketable securities of $1.1 million.  

The following ASU

s to the FASB’s ASC have been adopted by the Company

during the year ended

December 31, 2017

:

ASU	Description	Adoption Date	Effect on the financial statements or other significant matters
ASU 2017 - 01, Business Combinations (Topic 805 ): Clarifying the Definition of a Business	The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation.	January 1, 2017; Elected early adoption	The Company ’s operating property acquisitions during 2017 qualified for asset acquisition treatment under ASC 360, Property, Plant, and Equipment, rather than business combination treatment under ASC 805 Business Combinations, and resulted in the capitalization of asset acquisition costs rather than directly expensing these costs.
ASU 2016 - 09, Compensation – Stock Compensation (Topic 718 ): Improvements to Employee Share-Based Payment Accounting	The update simplifies several aspects of accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.	January 1, 2017	The adoption did not have a material effect on the Company ’s financial position and/or results of operations.

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Note 2 - Real Estate (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Property Subject to or Available for Operating Lease [Table Text Block]

	December 31,
	201 7			201 6
Land	$	2,971,020		$	2,786,255
Undeveloped land		48,264			58,931
Buildings and improvements:
Buildings		6,047,413			5,790,681
Building improvements		1,653,581			1,562,439
Tenant improvements		753,501			733,993
Fixtures and leasehold improvements		45,795			47,199
Above -market leases		153,484			150,207
In- place leases and tenant relationships		577,870			543,342
		12,250,928			11,673,047
Accumulated depreciation and amortization (1)		(2,433,053	)		(2,278,292	)
Total	$	9,817,875		$	9,394,755

Above and Below Market Lease Tenant Relationships Future Amortization Income Expense [Table Text Block]

	2018			2019			2020			202 1			202 2
Above -market and below-market leases amortization, net	$	13.2		$	14.0		$	14.1		$	14.3		$	13.4
In-place leases and t enant relationships amortization	$	(43.7	)	$	(34.6	)	$	(26.5	)	$	(20.7	)	$	(15.9	)

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Note 3 - Property Acquisitions, Developments and Other Investments (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

			Purchase Price (in thousands)
Property Name	Location	Month Acquired / Consolidated	Cash*		Debt		Other Consideration**		Total		GLA***
Plantation Commons	Plantation, FL (1) (3)	Jan-17	$	-	$	-	$	12,300	$	12,300		60
Gordon Plaza	Woodbridge, VA (1) (3)	Jan-17		-		-		3,100		3,100		184
Plaza del Prado	Glenview, IL	Jan-17		39,063		-		-		39,063		142
Columbia Crossing Parcel	Columbia Crossing, MD	Jan-17		5,100		-		-		5,100		25
The District at Tustin Legacy	Tustin, CA (2) (3)	Apr-17		-		206,000		98,698		304,698		688
Jantzen Beach Center	Portland, OR	Jul-17		131,927		-		-		131,927		722
Del Monte Plaza Parcel	Reno, NV	Jul-17		24,152		-		-		24,152		83
Gateway Station Phase II	Burleson, TX	Aug-17		15,355		-		-		15,355		79
Jantzen Beach Center Parcel	Portland, OR	Sep-17		6,279		-		-		6,279		25
Webster Square Outparcel	Nashua, NH	Sep-17		4,985		-		-		4,985		22
Whittwood Town Center	Whittier, CA	Oct-17		80,397		43,000		-		123,397		783
123 Coulter Avenue Parcel	Ardmore, PA	Oct-17		4,808		-		-		4,808		1
Fulton Marketplace Parcel	Santa Rosa, CA	Nov-17		13,162		-		-		13,162		61
			$	325,228	$	249,000	$	114,098	$	688,326		2,875

			Purchase Price (in thousands)
Property Name	Location	Month Acquired	Cash*		Debt		Other Consideration **		Total		GLA
Jericho Atrium	Jericho, NY	Apr-16	$	29,750	$	-	$	-	$	29,750		147
Oakwood Plaza	Hollywood, FL (1)	Apr-16		53,412		100,000		61,588		215,000		899
Webster Square North	Nashua, NH	Jul-16		8,200		-		-		8,200		21
Gateway Plaza	Mill Creek, WA (1)	Jul-16		493		17,500		-		17,993		97
Kentlands Market Square	Gaithersburg, MD	Aug-16		61,826		33,174		-		95,000		221
GEPT Portfolio (4 properties)	Various (1)	Sep-16		79,974		76,989		10,882		167,845		681
Coulter Avenue (2 parcels)	Ardmore, PA	Various		6,750		-		-		6,750		20
KimPru Portfolio (2 properties)	Various (1)	Oct-16		15,505		35,700		3,218		54,423		234
Hamden Mart	Hamden, CT (1)	Nov-16		-		21,369		29,294		50,663		345
			$	255,910	$	284,732	$	104,982	$	645,624		2,665

Summary of Ownership Interest [Table Text Block]

Property Name	Previous Ownership Interest			Gain on change in control of interests
Plantation Commons		76.25	%	$	9,793
Gordon Plaza		40.62	%		395
The District at Tustin Legacy			(a)		60,972
				$	71,160

Property Name	Previous Ownership Interest			Gain on change in control of interests
Oakwood Plaza		55.0	%	$	46,512
Gateway Plaza		15.0	%		-
GEPT Portfolio (4 properties)		15.0	%		6,583
KimPru Portfolio (2 properties)		15.0	%		832
Hamden Mart		47.95	%		3,459
				$	57,386

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	255,715			n/a
Buildings		379,148			50.0
Building improvements		46,613			41.5
Tenant improvements		14,520			7.2
In-place leases		56,200			7.2
Above-market leases		12,197			7.8
Below-market leases		(77,027	)		29.5
Mortgage fair value adjustment		(8,521	)		1.3
Tax increment financing (TIF) contracts		8,342			19.0
Other assets		5,090			n/a
Other liabilities		(3,951	)		n/a
Net assets acquired/consolidated	$	688,326

	Allocation as of December 31, 2016			Allocation Adjustments			Revised Allocation as of December 31, 2017			Weighted-Average Amortization Period (in Years)
Land	$	179,150		$	(5,150	)	$	174,000			n/a
Buildings		309,493			(30,696	)		278,797			50.0
Building improvements		124,105			41,895			166,000			45.0
Tenant improvements		12,788			(1,155	)		11,633			7.1
In-place leases		44,094			(1,063	)		43,031			6.4
Above-market leases		11,982			885			12,867			8.1
Below-market leases		(31,903	)		(4,716	)		(36,619	)		19.1
Mortgage fair value adjustment		(4,292	)		-			(4,292	)		4.1
Other assets		234			-			234			n/a
Other liabilities		(27	)		-			(27	)		n/a
Net assets acquired	$	645,624		$	-		$	645,624

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Note 4 - Real Estate Under Development (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Real Estate Held for Development [Table Text Block]

		December 31,
Property Name	Location	201 7		2016
Grand Parkway Marketplace (1)	Spring, TX	$	43,403	$	94,841
Dania Pointe	Dania Beach, FL		152,841		107,113
Mill Station	Owings Mills, MD		34,347		25,119
Lincoln Square ( 2)	Philadelphia, PA		90,479		-
Avenues Walk (3)	Jacksonville, FL		48,573		73,048
Promenade at Christiana (4)	New Castle, DE		32,875		25,521
Staten Island Plaza ( 5)	Staten Island, NY		-		9,386
		$	402,518	$	335,028

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Note 5 - Dispositions of Real Estate and Assets Held-for-sale (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Year Ended December 31 ,
	201 7		2016		2015
Aggregate sales price	$	352.2	$	378.7	$	492.5
Gain on sale, net of tax	$	93.5	$	86.8	$	143.6
Impairment charges	$	17.1	$	37.2	$	10.2
Number of operating properties sold		25		30		89
Number of parcels/out-parcels sold		9		2		8

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Note 6 - Impairments (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block]

	201 7		201 6			201 5
Impairment of property carrying values* (1) (2) (3)	$	67.3	$	93.3		$	30.3
Impairment of i nvestments in other real estate investments (4)		-		-			5.3
Impairment of m arketable securities and other investments (5)		-		-			9.8
Total Impairment charges included in operating expenses		67.3		93.3			45.4
Impairment of property carrying values in cluded in discontinued operations		-		-			0.1
Total gross impairment charges		67.3		93.3			45.5
Noncontrolling interests		-		(0.4	)		(5.6	)
Income tax benefit		-		(21.1	)		(9.0	)
Total net impairment charges	$	67.3	$	71.8		$	30.9

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Note 7 - Investments and Advances In Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Equity Method Investments [Table Text Block]

	December 31 , 201 7					December 31 , 2016
Venture	Ownership Interest	Number of Properties		The Company's Investment		Ownership Interest	Number of Properties		The Company's Investment
Prudential Investment Program (“KimPru” and “KimPru II”) (1) (2)	15.0%		46	$	179.5	15.0%		48	$	182.5
Kimco Income Opportunity Portfolio (“KIR”) (2)	48.6%		42		154.1	48.6%		45		145.2
Canada Pension Plan Investment Board (“CPP”) (2) (3)	55.0%		4		105.0	55.0%		5		111.8
Other Joint Venture Programs	Various		26		45.3	Various		37		64.7
Total *			118	$	483.9			135	$	504.2

Joint Venture Investments Accounted For Under The Equity Method Debt Details [Table Text Block]

	December 31 , 201 7							December 31, 201 6
Venture	Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*		Mortgages and Notes Payable		Weighted Average Interest Rate			Weighted Average Remaining Term (months)*
KimPru and KimPru II	$	625.7		3.59	%		59.8	$	647.4		3.07	%		67.5
KIR		702.0		4.60	%		47.5		746.5		4.64	%		54.9
CPP		84.9		2.91	%		4.0		84.8		2.17	%		16.0
Other Joint Venture Programs		287.6		4.41	%		27.2		584.3		5.40	%		23.4
Total	$	1,700.2						$	2,063.0

Investments in and Advances to Affiliates [Table Text Block]

	December 31,
	201 7		201 6
Assets:
Real estate, net	$	3,402.1	$	3,741.9
Other assets		208.9		224.6
	$	3,611.0	$	3,966.5
Liabilities and Partners ’/Members’ Capital:
Notes payable , net	$	233.1	$	214.5
M ortgages payable, net		1,467.1		1,848.5
Other liabilities		52.5		82.3
Noncontrolling interests		15.5		15.9
Partners ’/Members’ capital		1,842.8		1,805.3
	$	3,611.0	$	3,966.5

Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block]

	Year Ended December 31,
	201 7			201 6			2015
Revenues from rental propert ies	$	516.0		$	597.5		$	842.5
Operating expenses		(150.7	)		(178.1	)		(265.9	)
Impairment charges		(12.9	)		(38.6	)		(63.4	)
Depreciation and amortization		(116.1	)		(138.1	)		(191.9	)
Interest expense		(81.9	)		(117.3	)		(202.8	)
Other (expense)/income, net		(3.0	)		20.1			4.4
Income from continuing operations		151.4			145.5			122.9
Gain on sale of operating properties , net		26.0			296.2			1,166.7
Net income	$	177.4		$	441.7		$	1,289.6

Income [Member]

Notes Tables

Equity Method Investments [Table Text Block]

	Year Ended December 31,
	201 7		2016		2015
KimPru and KimPru II	$	13.0	$	16.4	$	7.1
KIR		36.7		44.0		41.0
CPP		7.2		7.7		9.6
Other Joint Venture Programs (1) (2)		3.9		150.6		422.7
Total	$	60.8	$	218.7	$	480.4

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Note 8 - Other Real Estate Investments and Other Assets (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Real Estate Investment Financial Statements, Disclosure [Table Text Block]

	December 31,
	201 7		201 6
Assets:
Real estate, net	$	142.3	$	187.0
Other assets		581.2		587.1
	$	723.5	$	774.1
Liabilities and Partners ’/Members’ Capital:
Mortgages payable, net	$	381.9	$	454.7
Other liabilities		6.0		8.3
Partners ’/Members’ capital		335.6		311.1
	$	723.5	$	774.1

Preferred Equity Investments, Income Statement [Table Text Block]

	Year Ended December 31,
	201 7			201 6			2015
Revenues from rental propert ies	$	75.4		$	102.6		$	122.1
Operating expenses		(14.7	)		(27.4	)		(35.6	)
Depreciation and amortization		(4.6	)		(6.7	)		(11.4	)
Interest expense		(20.4	)		(26.7	)		(35.7	)
Other expense, net		(5.9	)		(11.5	)		(9.2	)
Income from continuing operations		29.8			30.3			30.2
Gain on sale of properties , net		4.3			5.3			6.0
Net income	$	34.1		$	35.6		$	36.2

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Note 9 - Variable Interest Entities ("VIE") (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Variable Interest Entities [Table Text Block]

	December 31, 2017		December 31, 2016
Restricted Assets:
Real estate, net	$	627.5	$	326.9
Cash and cash equivalents		9.8		3.8
Accounts and notes receivable, net		3.2		1.6
Other assets		4.5		1.4
Total Restricted Assets	$	645.0	$	333.7
VIE Liabilities:
Mortgages payable , net	$	340.9	$	138.6
Other liabilities		76.8		37.6
Total VIE Liabilities	$	417.7	$	176.2

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Note 10 - Mortgages and Other Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	201 7			201 6			2015
Balance at January 1 ,	$	23,197		$	23,824		$	74,013
Additions:
New mortgage loans		-			-			5,730
Foreign currency translation		385			397			-
Amortization of loan discounts		112			112			112
Deductions:
Loan repayments		-			-			(53,646	)
Charge off/foreign currency translation		(449	)		(213	)		(884	)
Collections of principal		(1,405	)		(921	)		(1,499	)
Amortization of loan costs		(2	)		(2	)		(2	)
Balance at December 31 ,	$	21,838		$	23,197		$	23,824

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Note 11 - Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Marketable Securities [Table Text Block]

	December 31, 201 7
	Amortized Cost		Gross Unrealized Losses			Total
Available-for-sale:
Equity securities	$	13,072	$	(1,136	)	$	11,936
Held-to-maturity:
Debt securities		1,329		-			1,329
Total marketable securities	$	14,401	$	(1,136	)	$	13,265

	December 31, 201 6
	Amortized Cost		Gross Unrealized Gains		Total
Available-for-sale:
Equity securities	$	6,096	$	406	$	6,502
Held-to-maturity:
Debt securities		1,599		-		1,599
Total marketable securities	$	7,695	$	406	$	8,101

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Note 12 - Notes Payable (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Debt Issuance [Table Text Block]

Date Issued	Maturity Date	Amount Issued		Interest Rate
Aug-17	Feb-25	$	500.0		3.30%
Aug-17	Sep-47	$	350.0		4.45%
Mar-17	Apr-27	$	400.0		3.80%
Nov-16	Mar-24	$	400.0		2.70%
Nov-16	Dec-46	$	350.0		4.125%
Aug-16	Oct-26	$	500.0		2.80%
May-16	Apr-45	$	150.0		4.25%

Schedule of Debt [Table Text Block]

Type	Date Paid	Amount Repaid (USD)		Interest Rate	Maturity Date
MTN (1)	Aug-17 & Nov-17	$	300.0	4.300%	Feb-18
Term Loan	Jan-17	$	250.0	LIBOR + 0.95%	Jan-17
Canadian Notes Payable ( 2)	Aug-16	$	270.9	(2)	(2)
Senior Unsecured Note (3)	Aug-16	$	290.9	5.700%	May-17
MTN	Mar-16	$	300.0	5.783%	Mar-16

Notes Payable [Member]

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	Carrying Amount a t December 31 ,						Interest Rate a t December 31 ,						Maturity Date at
	201 7			201 6			201 7			2016			December 31, 201 7
Senior Unsecured Notes	$	4,650.0		$	3,400.0		2.70%	-	6.88%	2.70%	-	6.88%	Oct-2019	–	Sep-2047
Credit Facilit y		8.0			25.0			(a)			(a)			Mar-2021
Medium Term Notes (“ MTN”)		-			300.0			-			4.30%			n/a
Term Loa n		-			250.0			-			(b)			n/a
Deferred financing costs, ne t		(61.9	)		(47.7	)		n/a			n/a			n/a
	$	4,596.1		$	3,927.3			3.70%*			3.58%*

Unsecured Debt [Member]

Notes Tables

Schedule of Maturities of Long-term Debt [Table Text Block]

	2018		2019		2020		2021		2022		Thereafter		Total
Principal payments	$	-	$	300.0	$	-	$	508.0	$	500.0	$	3,350.0	$	4,658.0

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Note 13 - Mortgages Payable (Tables) - Mortgages [Member]

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	Carrying Amount a t December 31 ,						Interest Rate a t December 31 ,						Maturity Date at
	201 7			201 6			201 7			201 6			December 31, 201 7
Mortgages payabl e	$	867.1		$	1,114.4		2.60%	-	9.75%	1.91%	-	9.41%	Jan-2018	–	Aug-2031
Fair value debt adjustments, net		19.3			27.7			n/a			n/a			n/a
Deferred financing costs, ne t		(3.6	)		(3.0	)		n/a			n/a			n/a
	$	882.8		$	1,139.1			4.57%*			4.94%*

Schedule of Maturities of Long-term Debt [Table Text Block]

	2018		2019		2020		2021		2022		Thereafter		Total
Principal payments	$	98.4	$	115.7	$	136.4	$	145.4	$	140.6	$	230.6	$	867.1

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Note 14 - Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Redeemable Noncontrolling Interest [Table Text Block]

	2017			2016
Balance at January 1,	$	86,953		$	86,709
Issuance of redeemable partnership interests (1)		10,000			-
Income (2)		1,297			4,349
Redemption/conversion of redeemable units (3)		(79,569	)		-
Distributions		(2,538	)		(4,105	)
Balance at December 31,	$	16,143		$	86,953

Convertible Non-convertible Units [Table Text Block]

Type	Par Value Per Unit		Number of Units Remaining		Return Per Annum
Class B-1 Preferred Units (1)	$	10,000		189	7.0%
Class B-2 Preferred Units (2)	$	10,000		42	7.0%
Class C DownReit Units (1)	$	30.52		52,797	Equal to the Company ’s common stock dividend

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Note 15 - Fair Value Disclosure of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Fair Value, by Balance Sheet Grouping [Table Text Block]

	December 31,
	201 7				201 6
	Carrying Amounts		Estimated Fair Value		Carrying Amounts		Estimated Fair Value
Notes payable (1)	$	4,596,140	$	4,601,479	$	3,927,251	$	3,890,797
Mortgages payable (2)	$	882,787	$	881,427	$	1,139,117	$	1,141,047

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	Balance at December 31, 201 7		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	11,936	$	11,936	$	-	$	-
Liabilities:
Interest rate swaps	$	344	$	-	$	344	$	-

	Balance at December 31, 201 6		Level 1		Level 2		Level 3
Assets:
Marketable equity securities	$	6,502	$	6,502	$	-	$	-
Liabilities:
Interest rate swaps	$	975	$	-	$	975	$	-

	Balance at December 31, 201 7		Level 1		Level 2		Level 3
Real estate	$	108,313	$	-	$	-	$	108,313

	Balance at December 31, 201 6		Level 1		Level 2		Level 3
Real estate	$	117,930	$	-	$	-	$	117,930

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares I ssued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate	Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000	5.125%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200		230,000	5.250%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

As of December 31, 201 6
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate	Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		16,000	$	400,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
				32,000	$	800,000

Preferred Stock Redeemed [Member]

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

Classes of Preferred Stock	Redemption Date	Depositary Shares Redeemed	Redemption Price		Redemption Amount (in millions)		Redemption Charges (in millions) (1)
Class I ( 2)	9/6/2017	9,000,000	$	25.00	$	225.0	$	7.0
Class H	11/25/2015	7,000,000	$	25.00	$	175.0	$	5.8

Preferred Stock Issued [Member]

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

Class of Preferred Stock	Date Issued	Depositary Shares Issued	Fractional Interest per Share	Net Proceeds, Before Expenses (in millions)		Offering Price
Class L	8/16/2017	9,000,000	1/1000	$	218.1		25.00
Class M	12/20/2017	9,200,000	1/1000	$	222.8		25.00

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Note 17 - Supplemental Schedule of Non-cash Investing / Financing Activities (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	201 7			201 6			201 5
Acquisition of real estate interests by assumption of mortgage debt	$	45,299		$	33,174		$	84,699
Acquisition of real estate interests through proceeds held in escrow	$	162,396		$	66,044		$	89,504
Proceeds deposited in escrow through sale of real estate interests	$	162,396		$	66,044		$	71,623
Disposition of real estate interest s by assignment of debt	$	-		$	-		$	47,742
Disposition of real estate interests through the issuance of mortgage receivable	$	-		$	-		$	5,730
Disposition of real estate interests by foreclosure of debt	$	-		$	22,080		$	-
Forgiveness of debt due to foreclosure	$	-		$	26,000		$	-
C apital expenditures accrual	$	74,123		$	38,044		$	22,967
Issuance of common stock	$	-		$	85		$	493
Surrender of restricted common stock	$	(5,699	)	$	(7,008	)	$	(5,682	)
Declaration of dividends paid in succeeding period	$	128,892		$	124,517		$	115,182
Change in non controlling interest due to liquidation of partnership	$	64,948		$	-		$	-
Deemed contribution from noncontrolling interest	$	10,000		$	-		$	-
Consolidation of Joint Ventures:
Increase in real estate and other assets	$	325,981		$	407,813		$	1,039,335
Increase in mortgages pay able, other liabilities and noncontrolling interests	$	258,626		$	268,194		$	750,135

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Note 19 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Future Minimum Rental Payments and Revenues for or From Operating Leases [Table Text Block]

	2018		2019		2020		2021		2022		Thereafter
Minimum revenues	$	875.5	$	820.3	$	735.4	$	643.6	$	536.3	$	2,683.2

	2018		2019		2020		2021		2022		Thereafter
Minimum rental payments	$	9.1	$	9.1	$	8.6	$	8.6	$	8.5	$	138.5

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Note 20 - Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Share-based Compensation, Stock Options, Activity [Table Text Block]

	Shares			Weighted-Average Exercise Price Per Share		Aggregate Intrinsic V alue (in millions)
Options outstanding, January 1, 2015		11,893,761		$	30.23	$	29.8
Exercised		(1,019,240	)	$	18.36	$	7.4
Forfeited		(1,862,080	)	$	32.55
Options outstanding, December 31, 2015		9,012,441		$	31.09	$	27.4
Exercised		(1,167,819	)	$	18.03	$	12.4
Forfeited		(1,830,893	)	$	39.69
Options outstanding, December 31, 2016		6,013,729		$	32.09	$	12.1
Exercised		(83,863	)	$	18.20	$	3.4
Forfeited		(2,464,920	)	$	35.91
Options outstanding, December 31, 201 7		3,464,946		$	27.81	$	-
Options exercisable (fully vested) -
December 31, 2015		7,617,882		$	32.90	$	20.0
December 31, 2016		5,144,416		$	32.56	$	11.3
December 31, 201 7		3,464,946		$	27.81	$	4.0

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

	201 7			201 6			201 5
Restricted stock outstanding as of January 1,		1,930,732			1,712,534			1,911,145
Granted (1)		646,142			756,530			729,160
Vested		(783,872	)		(520,539	)		(875,202	)
Forfeited		(15,573	)		(17,793	)		(52,569	)
Restricted stock outstanding as of December 31,		1,777,429			1,930,732			1,712,534

(1)

   The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2017, 2016 and 2015 were $25.04, $26.15 and $25.98, respectively.

Restricted shares have the same voting rights as the Company

’s common stock and are entitled to a cash dividend per share equal to the Company’s common dividend which is taxable as ordinary income to the holder. For the years ended December 31, 2017, 2016 and 2015, the dividends paid on unvested restricted shares were $2.4 million, $2.2 million, and $1.8 million, respectively.

Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]

	2017	2016	2015
Performance share award outstanding as of January 1,	197,249	202,754	114,268
Granted (1)	135,780	100,170	145,620
Vested (2)	(97,079)	(105,675)	(57,134)
Performance share award outstanding as of December 31,	235,950	197,249	202,754

Performance Shares [Member]

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	201 7			201 6			201 5
Stock price	$	24.91		$	26.29		$	26.83
Dividend yield (1)		0	%		0	%		0	%
Risk-free rate		1.45	%		0.87	%		0.98	%
Volatility (2)		18.93	%		18.80	%		16.81	%
Term of the award (years)		2.88			2.88			1.88, 2.88

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Note 21 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Book to Tax Reconciliation [Table Text Block]

	2017			2016			2015
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	426,075		$	378,850		$	894,115
GAAP net (income)/loss attributable to TRSs		(12,164	)		12,708			(6,073	)
GAAP net income from REIT operations (a)		413,911			391,558			888,042
Net book depreciation in excess of tax depreciation		116,106			65,194			21,515
Capitalized leasing/legal commissions		-			(11,984	)		(14,246	)
Deferred/prepaid/above-market and below-market rents, net		(30,303	)		(34,097	)		(32,848	)
Fair market value debt amortization		(8,495	)		(15,901	)		(19,723	)
Book/tax differences from restricted stock		676			(4,490	)		(3,094	)
Book/tax differences from non-qualified stock options		(172	)		(11,301	)		(4,786	)
Book/tax differences from investments in and advances to real estate joint ventures		(15,196	)		(20,739	)		(294	)
Book/tax difference on sale of properties		(85,856	)		(93,704	)		(64,270	)
Foreign income tax from capital gains		-			3,976			5,873
Cumulative foreign currency translation adjustment and deferred tax adjustment		(1,300	)		-			-
Book adjustment to property carrying values and marketable equity securities		53,893			11,161			4,484
Taxable currency exchange gains/(losses), net		221			(8,962	)		(47,297	)
Tangible property regulation deduction (b)		(52,237	)		(28,954	)		(126,957	)
GAAP gain on change in control of interests		(71,160	)		(57,385	)		(149,407	)
Valuation allowance against net deferred tax assets		-			51,939			-
Other book/tax differences, net		(6,893	)		542			(2,971	)
Adjusted REIT taxable income	$	313,195		$	236,853		$	454,021

Taxable Characteristics of Distributions Paid [Table Text Block]

	201 7				201 6				2015
Preferred H Dividends
Ordinary income	$	-	-		$	-	-		$	-	-
Capital gain		-	-			-	-			13,417	100	%
	$	-	-		$	-	-		$	13,417	100	%
Preferred I Dividends
Ordinary income	$	21,636	96	%	$	16,320	68	%	$	-	-
Capital gain		902	4	%		7,680	32	%		24,000	100	%
	$	22,538	100	%	$	24,000	100	%	$	24,000	100	%
Preferred J Dividends
Ordinary income	$	11,880	96	%	$	8,415	68	%	$	-	-
Capital gain		495	4	%		3,960	32	%		12,375	100	%
	$	12,375	100	%	$	12,375	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	9,450	96	%	$	6,694	68	%	$	-	-
Capital gain		394	4	%		3,150	32	%		9,844	100	%
	$	9,844	100	%	$	9,844	100	%	$	9,844	100	%
Preferred L Dividends
Ordinary income	$	1,814	96	%	$	-	-		$	-	-
Capital gain		76	4	%		-	-			-	-
	$	1,890	100	%	$	-	-		$	-	-
Common Dividends
Ordinary income	$	260,573	57	%	$	263,892	62	%	$	-	-
Capital gain		9,143	2	%		127,689	30	%		394,400	100	%
Return of capital		187,430	41	%		34,050	8	%		-	-
	$	457,146	100	%	$	425,631	100	%	$	394,400	100	%
Total dividends distributed for tax purposes	$	503,793			$	471,850			$	454,036

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2017			2016			2015
I ncome/(loss) before income taxes – U.S.	$	1,487		$	(23,810	)	$	23,729
( Provision)/benefit for income taxes, net:
Federal:
Current		(704	)		2,199			(638	)
Deferred		(632	)		(45,097	)		(7,355	)
Federal tax provision		(1,336	)		(42,898	)		(7,993	)
State and local:
Current		(66	)		1,057			(2,535	)
Deferred		(190	)		(8,812	)		(1,474	)
State tax provision		(256	)		(7,755	)		(4,009	)
Total tax provision – U.S.		(1,592	)		(50,653	)		(12,002	)
Net (loss)/income from U.S. TRSs	$	(105)		$	(74,463	)	$	11,727
(Loss)/income before taxes – Non-U.S.	$	(11,483)		$	138,253		$	381,999
B enefit/(provision) for Non-U.S. income taxes:
Current (1)	$	2,425		$	(24,393	)	$	(58,365	)
Deferred		47			(3,537	)		4,331
Non-U.S. tax benefit/(provision)	$	2,472		$	(27,930	)	$	(54,034	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	201 7			201 6			201 5
Federal provision at statutory tax rate (35%) (1)	$	(520	)	$	(47,155	)	$	(8,304	)
State and local provision, net of federal benefit (2)		(1,072	)		(3,498	)		(3,698	)
Total tax provision – U.S.	$	(1,592	)	$	(50,653	)	$	(12,002	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	201 7			201 6
Deferred tax assets:
Tax/GAAP basis differences	$	35,839		$	63,167
Net operating losses (1)		22,137			44,833
Tax credit carryforwards (2)		6,064			5,368
Capital loss carryforwards		4,648			3,659
Related party deferred losses		619			952
Charitable contribution carryforwards		23			35
Non-U.S. tax/GAAP basis differences		-			513
Valuation allowance – U.S.		(54,155	)		(95,126	)
Total deferred tax assets		15,175			23,401
Deferred tax liabilities – U.S.		(12,739	)		(19,599	)
Deferred tax liabilities – Non-U.S.		-			(559	)
Net deferred tax assets	$	2,436		$	3,243

Summary of Income Tax Contingencies [Table Text Block]

	201 7			201 6
Balance at January 1,	$	4,962		$	4,263
Increases for tax positions related to current year (1)		339			41
Increase for tax position due to ASU 2013-11		-			4,930
Decreases relating to settlements with taxing authorities		-			(2,000	)
Reductions due to lapsed statute of limitations		(1,310	)		(2,272	)
Balance at December 31,	$	3,991		$	4,962

      (1)

     Amounts relate to increases resulting from foreign currency translation adjustments.

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Note 22 - Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Foreign Currency Translation Adjustments			Unrealized Gains/(Losses) R elated to Available-for-Sale Securities			Unrealized Gains/(Losses) on Interest Rate Swaps			Total
Balance as of January 1, 2016	$	6,616		$	398		$	(1,426	)	$	5,588
Other comprehensive income before reclassifications		(281	)		8			451			178
Amounts reclassified from AOCI		-			-			-			-
Net current-period other comprehensive income		(281	)		8			451			178
Balance as of December 31, 2016	$	6,335		$	406		$	(975	)	$	5,766
Other comprehensive income before reclassifications		3,711			(1,542	)		631			2,800
Amounts reclassified from AOCI (1)		(10,046	)		-			-			(10,046	)
Net current-period other comprehensive income		(6,335	)		(1,542	)		631			(7,246	)
Balance as of December 31, 2017	$	-		$	(1,136	)	$	(344	)	$	(1,480	)

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Note 23 - Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the Year Ended December 31,
	2017			2016			2015
Computation of Basic and Diluted Earnings Per Share:
Income from continuing operations	$	346,133		$	299,353		$	774,405
Gain on sale of operating properties, net, net of tax		93,538			86,785			125,813
Net income attributable to noncontrolling interests		(13,596	)		(7,288	)		(6,028	)
Preferred stock redemption charge		(7,014	)		-			(5,816	)
Preferred dividends		(46,600	)		(46,220	)		(57,084	)
Earnings attributable to participating securities		(2,132	)		(2,018	)		(4,134	)
Income from continuing operations available to the Company ’s common shareholders	$	370,329		$	330,612		$	827,156
Loss from discontinued operations available to the Company ’s common shareholders		-			-			(75	)
Net income available to the Company ’s common shareholders for basic earnings per share	$	370,329		$	330,612			827,081
Distributions on convertible units		-			-			192
Net income available to the Company ’s common shareholders for diluted earnings per share	$	370,329		$	330,612		$	827,273
Weighted -average common shares outstanding – basic		423,614			418,402			411,319
Effect of dilutive securities ( 1):
Equity awards		405			1,307			1,414
Assumed conversion of convertible units		-			-			118
Weighted -average common shares outstanding – diluted		424,019			419,709			412,851
Basic Earnings Per Share:
Income from continuing operations	$	0.87		$	0.79		$	2.01
Net income available to the Company ’s common shareholders	$	0.87		$	0.79		$	2.01
Diluted Earnings Per Share:
Income from continuing operations	$	0.87		$	0.79		$	2.00
Net income available to the Company ’s common shareholders	$	0.87		$	0.79		$	2.00

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Note 24 - Supplemental Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Quarterly Financial Information [Table Text Block]

	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenues from rental properties	$	289,391	$	292,843	$	290,919	$	310,632
Net income attributable to the Company	$	76,733	$	143,416	$	121,030	$	84,566
Net income per common share:
Basic	$	0.15	$	0.31	$	0.24	$	0.17
Diluted	$	0.15	$	0.31	$	0.24	$	0.17

	2016
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Revenues from rental properties	$	293,091	$	287,115	$	279,286		$	292,909
Net income attributable to the Company	$	140,713	$	203,409	$	(43,545	)	$	78,273
Net income per common share:
Basic	$	0.31	$	0.46	$	(0.13	)	$	0.16
Diluted	$	0.31	$	0.46	$	(0.13	)	$	0.16

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Note 25 - Captive Insurance Company (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Unpaid Losses and Loss Adjustments [Table Text Block]

	201 7			201 6
Balance at the beginning of the year	$	19,515		$	20,046
Incurred related to:
Current year		5,915			6,247
Prior years		(727	)		(67	)
Total incurred		5,188			6,180
Paid related to:
Current year		(742	)		(962	)
Prior years		(4,996	)		(5,749	)
Total paid		(5,738	)		(6,711	)
Balance at the end of the year	$	18,965		$	19,515

XML

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Summary of Valuation Allowance [Table Text Block]

	Balance at beginning of period		Charged to expenses		Adjustments to valuation accounts			Deductions			Balance at end of period
Year Ended December 31, 2017
Allowance for uncollectable accounts (1)	$	24,175	$	6,641	$	-		$	(13,750	)	$	17,066
Allowance for deferred tax asset	$	95,126	$	-	$	(40,971	)	$	-		$	54,155
Year Ended December 31, 201 6
Allowance for uncollectable accounts (1)	$	31,820	$	7,982	$	-		$	(15,627	)	$	24,175
Allowance for deferred tax asset	$	27,905	$	-	$	67,221		$	-		$	95,126
Year Ended December 31, 2015
Allowance for uncollectable accounts (1)	$	32,509	$	11,174	$	-		$	(11,863	)	$	31,820
Allowance for deferred tax asset	$	34,302	$	-	$	(6,397	)	$	-		$	27,905

(1)

     Includes allowances on accounts receivable and straight-line rents.

XML

Schedule III - Real Estate and Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Real Estate Properties [Table Text Block]

		INITIAL COST				COST
						CAPTIALIZED SUBSEQUENT													TOTAL COST,
DESCRIPTION	State	LAND		BUILDING AND IMPROVEMENTS		TO ACQUISITION (1)			LAND			BUILDING AND IMPROVEMENTS			TOTAL		ACCUMULATED DEPRECIATION		NET OF ACCUMULATED DEPRECIATION		ENCUMBRANCES (2)		DATE OF ACQUISITION(A)		DATE OF CONSTRUCTION(C)
SHOPPING CENTERS
DISTRICT AT TUSTIN	CA		$106,128,741		$208,876,066		$724,025			$106,128,741			$209,600,091			$315,728,832		$8,983,313		$306,745,519		$204,468,426		2017
THE GROVE	AL		18,951,763		6,403,809		3,070,025			6,793,454			21,632,143			28,425,597		6,959,991		21,465,606		-				2007
TALAVI TOWN CENTER	AZ		8,046,677		17,291,542		(25,338,219	)		-			-			-		-		-		-		2007
MESA PAVILIONS NORTH	AZ		6,060,018		35,955,005		867,624			6,060,018			36,822,629			42,882,647		8,815,702		34,066,945		-		2009
MESA RIVERVIEW	AZ		15,000,000		-		142,768,268			307,992			157,460,276			157,768,268		53,514,318		104,253,950		-				2005
MESA PAVILLIONS - SOUTH	AZ		-		148,508		100,577			-			249,085			249,085		118,929		130,156		-		2011
METRO SQUARE	AZ		4,101,017		16,410,632		1,357,963			4,101,017			17,768,595			21,869,612		8,875,277		12,994,335		-		1998
HAYDEN PLAZA NORTH	AZ		2,015,726		4,126,509		(5,588,937	)		122,085			431,213			553,298		197,517		355,781		-		1998
PLAZA DEL SOL	AZ		5,324,501		21,269,943		2,030,572			4,577,869			24,047,147			28,625,016		8,739,179		19,885,837		-		1998
PLAZA AT MOUNTAINSIDE	AZ		2,450,341		9,802,046		2,092,808			2,450,341			11,894,854			14,345,195		6,103,826		8,241,369		-		1997
VILLAGE CROSSROADS	AZ		5,662,554		24,981,223		688,411			5,662,554			25,669,634			31,332,188		4,876,413		26,455,775		-		2011
NORTH VALLEY	AZ		6,861,564		18,200,901		6,384,423			3,861,272			27,585,616			31,446,888		4,969,361		26,477,527		-		2011
CHRISTOWN SPECTRUM	AZ		33,831,348		91,004,070		15,350,895			76,638,511			63,547,802			140,186,313		8,849,280		131,337,033		61,850,278		2015
BELL CAMINO CENTER	AZ		2,427,465		6,439,065		449,983			2,427,465			6,889,048			9,316,513		1,826,375		7,490,138		-		2012
COLLEGE PARK SHOPPING CENTER	AZ		3,276,951		7,741,323		1,112,006			3,276,951			8,853,329			12,130,280		2,316,908		9,813,372		-		2011
COSTCO PLAZA - 541	CA		4,995,639		19,982,557		534,161			4,995,639			20,516,718			25,512,357		10,476,795		15,035,562		-		1998
BROOKHURST CENTER	CA		10,492,714		31,357,512		838,456			22,299,852			20,388,830			42,688,682		1,737,221		40,951,461		-		2016
LAKEWOOD PLAZA	CA		1,294,176		3,669,266		50,291			-			5,013,733			5,013,733		1,686,188		3,327,545		-		2014
MADISON PLAZA	CA		5,874,396		23,476,190		2,128,333			5,874,396			25,604,523			31,478,919		12,534,740		18,944,179		-		1998
BROADWAY PLAZA	CA		6,460,743		25,863,153		12,142,497			6,460,743			38,005,650			44,466,393		16,786,365		27,680,028		-		1998
CORONA HILLS PLAZA	CA		13,360,965		53,373,453		8,024,150			13,360,965			61,397,603			74,758,568		32,234,761		42,523,807		-		1998
280 METRO CENTER	CA		38,734,566		94,903,403		1,922,348			38,734,566			96,825,751			135,560,317		10,563,254		124,997,063		-		2015
LABAND VILLAGE SHOPPING CENTER	CA		5,600,000		13,289,347		450,236			5,607,237			13,732,346			19,339,583		7,289,456		12,050,127		-		2008
CUPERTINO VILLAGE	CA		19,886,099		46,534,919		24,291,806			19,886,099			70,826,725			90,712,824		19,498,273		71,214,551		-		2006
NORTH COUNTY PLAZA	CA		10,205,305		28,934,219		(1,000,334	)		20,894,811			17,244,379			38,139,190		3,159,099		34,980,091		-		2014
CHICO CROSSROADS	CA		9,975,810		30,534,524		1,363,692			9,985,652			31,888,374			41,874,026		9,649,420		32,224,606		-		2008
CHICO EAST & ESPLANADE	CA		2,508,716		12,886,184		(1,312,383	)		2,508,716			11,573,801			14,082,517		1,046,152		13,036,365		3,544,259		2015
CORONA HILLS MARKETPLACE	CA		9,727,446		24,778,390		703,539			9,727,446			25,481,929			35,209,375		8,709,352		26,500,023		-		2007
CREEKSIDE CENTER	CA		3,870,823		11,562,580		(477,027	)		5,154,061			9,802,315			14,956,376		577,653		14,378,723		-		2016
GOLD COUNTRY CENTER	CA		3,272,212		7,864,878		29,687			3,278,290			7,888,487			11,166,777		3,737,079		7,429,698		-		2008
LA MIRADA THEATRE CENTER	CA		8,816,741		35,259,965		(3,325,358	)		6,888,680			33,862,668			40,751,348		15,984,250		24,767,098		-		1998
KENNETH HAHN PLAZA	CA		4,114,863		7,660,855		1,478,281			4,114,863			9,139,136			13,253,999		3,158,669		10,095,330		-		2010
LA VERNE TOWN CENTER	CA		8,414,328		23,856,418		10,759,800			16,362,169			26,668,377			43,030,546		3,263,071		39,767,475		-		2014
LINCOLN HILLS TOWN CENTER	CA		8,228,587		26,127,322		132,829			8,228,587			26,260,151			34,488,738		3,199,334		31,289,404		-		2015
NOVATO FAIR S.C.	CA		9,259,778		15,599,790		997,511			9,259,778			16,597,301			25,857,079		6,336,610		19,520,469		-		2009
SOUTH NAPA MARKET PLACE	CA		1,100,000		22,159,086		20,615,121			23,119,071			20,755,136			43,874,207		10,843,098		33,031,109		-		2006
PLAZA DI NORTHRIDGE	CA		12,900,000		40,574,842		1,665,373			12,900,000			42,240,215			55,140,215		15,177,905		39,962,310		-		2005
LINDA MAR SHPPING CENTER	CA		16,548,592		37,521,194		1,776,093			16,548,592			39,297,287			55,845,879		7,472,546		48,373,333		-		2014
POWAY CITY CENTRE	CA		5,854,585		13,792,470		8,516,118			7,247,814			20,915,359			28,163,173		8,448,941		19,714,232		-		2005
REDWOOD CITY PLAZA	CA		2,552,000		6,215,168		5,900,877			2,552,000			12,116,045			14,668,045		1,463,911		13,204,134		-		2009
STANFORD RANCH	CA		10,583,764		30,007,231		3,430,053			9,982,626			34,038,422			44,021,048		3,539,167		40,481,881		14,191,062		2014
TYLER STREET PLAZA	CA		3,020,883		7,811,339		83,425			3,200,516			7,715,131			10,915,647		2,746,206		8,169,441		-		2008
CROCKER RANCH	CA		7,526,146		24,877,611		104,542			7,526,146			24,982,153			32,508,299		2,355,316		30,152,983		10,445,001		2015
HOME DEPOT PLAZA	CA		4,592,364		18,345,257		-			4,592,364			18,345,257			22,937,621		9,354,408		13,583,213		-		1998
SANTEE TROLLEY SQUARE	CA		40,208,683		62,963,757		292,910			40,208,683			63,256,667			103,465,350		15,500,852		87,964,498		-		2015
SAN/DIEGO CARMEL MOUNTAIN	CA		5,322,600		8,873,991		121,022			5,322,600			8,995,013			14,317,613		2,307,020		12,010,593		-		2009
FULTON MARKET PLACE	CA		2,966,018		6,920,710		16,305,019			6,518,924			19,672,823			26,191,747		3,192,067		22,999,680		-		2005
BLACK MOUNTAIN VILLAGE	CA		4,678,015		11,913,344		756,865			4,678,015			12,670,209			17,348,224		4,508,096		12,840,128		-		2007
RANCHO PENASQUITOS TOWNE CTR I	CA		14,851,595		20,342,165		247,359			14,851,595			20,589,524			35,441,119		2,374,587		33,066,532		13,884,779		2015
RANCHO PENASQUITOS TWN CTR II	CA		12,944,972		20,323,961		608,243			12,944,972			20,932,204			33,877,176		2,445,136		31,432,040		10,654,756		2015
CITY HEIGHTS	CA		10,687,472		28,324,896		(732,313	)		13,908,563			24,371,492			38,280,055		3,404,559		34,875,496		-		2012
TRUCKEE CROSSROADS	CA		2,140,000		8,255,753		1,619,484			2,140,000			9,875,237			12,015,237		5,557,970		6,457,267		2,074,100		2006
GATEWAY AT DONNER PASS	CA		4,515,688		8,318,667		237,945			4,515,688			8,556,612			13,072,300		1,156,392		11,915,908		2,356,820		2015
WESTLAKE SHOPPING CENTER	CA		16,174,307		64,818,562		100,795,455			16,174,307			165,614,017			181,788,324		52,777,883		129,010,441		-		2002
LAKEWOOD VILLAGE	CA		8,597,100		24,374,615		(1,119,844	)		11,683,364			20,168,507			31,851,871		3,499,437		28,352,434		-		2014
WHITTWOOD TOWN CENTER	CA		57,135,695		105,814,560		79,752			57,137,989			105,892,018			163,030,007		1,408,261		161,621,746		45,117,369		2017
SAVI RANCH	CA		7,295,646		29,752,511		(188,067	)		7,295,646			29,564,444			36,860,090		5,529,067		31,331,023		-		2012
VILLAGE ON THE PARK	CO		2,194,463		8,885,987		9,895,270			3,018,391			17,957,329			20,975,720		7,731,431		13,244,289		-		1998
QUINCY PLACE S.C.	CO		1,148,317		4,608,249		1,645,217			1,148,317			6,253,466			7,401,783		3,132,940		4,268,843		-		1998
EAST BANK S.C.	CO		1,500,568		6,180,103		2,359,399			1,500,568			8,539,502			10,040,070		3,945,851		6,094,219		-		1998
NORTHRIDGE SHOPPING CENTER	CO		4,932,690		16,496,175		1,865,017			8,934,385			14,359,497			23,293,882		2,274,998		21,018,884		-		2013
SPRING CREEK S.C.	CO		1,423,260		5,718,813		(1,539,783	)		592,896			5,009,394			5,602,290		3,734,127		1,868,163		-		1998
DENVER WEST 38TH STREET	CO		161,167		646,983		41,853			161,167			688,836			850,003		330,384		519,619		-		1998
ENGLEWOOD PLAZA	CO		805,837		3,232,650		564,167			805,837			3,796,817			4,602,654		1,925,245		2,677,409		-		1998
FORT COLLINS S.C.	CO		1,253,497		7,625,278		1,599,608			1,253,497			9,224,886			10,478,383		3,882,582		6,595,801		-		2000
GREELEY COMMONS	CO		3,313,095		20,069,559		104,137			3,313,095			20,173,696			23,486,791		4,108,294		19,378,497		-		2012
HIGHLANDS RANCH VILLAGE S.C.	CO		8,135,427		21,579,936		(544,584	)		5,337,081			23,833,698			29,170,779		4,184,418		24,986,361		-		2011
VILLAGE CENTER WEST	CO		2,010,519		8,361,084		203,885			2,010,519			8,564,969			10,575,488		1,448,222		9,127,266		-		2011
HIGHLANDS RANCH II	CO		3,514,837		11,755,916		354,284			3,514,837			12,110,200			15,625,037		2,729,678		12,895,359		-		2013
VILLAGE CENTER - HIGHLAND RANCH	CO		1,140,000		2,660,000		277,159			1,140,000			2,937,159			4,077,159		184,584		3,892,575		-		2014
HERITAGE WEST S.C.	CO		1,526,576		6,124,074		1,702,094			1,526,576			7,826,168			9,352,744		3,555,249		5,797,495		-		1998
MARKET AT SOUTHPARK	CO		9,782,769		20,779,522		541,956			9,782,769			21,321,478			31,104,247		4,557,442		26,546,805		-		2011
NEWTOWN S.C.	CT		-		15,635,442		-			-			15,635,442			15,635,442		1,763,731		13,871,711		7,889,936		2014
WEST FARM SHOPPING CENTER	CT		5,805,969		23,348,024		15,727,758			7,585,116			37,296,635			44,881,751		14,349,914		30,531,837		-		1998
HAMDEN MART	CT		13,668,167		40,890,166		4,224,199			14,225,573			44,556,959			58,782,532		2,984,228		55,798,304		21,498,278		2016
HOME DEPOT PLAZA	CT		7,704,968		30,797,640		3,061,389			7,704,968			33,859,029			41,563,997		14,718,770		26,845,227		-		1998
WILTON RIVER PARK SHOPPING CTR	CT		7,154,585		27,509,279		(56,109	)		7,154,584			27,453,171			34,607,755		4,329,368		30,278,387		-		2012
BRIGHT HORIZONS	CT		1,211,748		4,610,610		9,499			1,211,748			4,620,109			5,831,857		839,744		4,992,113		-		2012
WILTON CAMPUS	CT		10,168,872		31,893,016		317,485			10,168,872			32,210,501			42,379,373		7,466,715		34,912,658		-		2013
CAMDEN SQUARE	DE		122,741		66,738		4,502,409			3,024,375			1,667,513			4,691,888		181,042		4,510,846		-		2003
PROMENADE AT CHRISTIANA (3)	DE		14,371,686		-		18,503,592			32,875,278			-			32,875,278		-		32,875,278		-				2014
BRANDYWINE COMMONS	DE		-		36,057,487		1,823,593			-			37,881,080			37,881,080		4,486,979		33,394,101		-		2014
CAMINO SQUARE	FL		573,875		2,295,501		2,714,483			733,875			4,849,984			5,583,859		3,872,616		1,711,243		-		1992
BONITA GRANDE CROSSINGS	FL		3,370,941		8,179,481		234,356			3,370,941			8,413,837			11,784,778		993,508		10,791,270		-		2015
HOLLYWOOD VIDEO BONITA GRANDE	FL		341,958		771,935		-			341,958			771,935			1,113,893		93,941		1,019,952		-		2015
CORAL SQUARE PROMENADE	FL		710,000		2,842,907		4,023,496			710,000			6,866,403			7,576,403		3,791,207		3,785,196		-		1994
MAPLEWOOD PLAZA	FL		1,649,000		6,626,301		1,306,059			1,649,000			7,932,360			9,581,360		3,792,560		5,788,800		-		1997
CURLEW CROSSING SHOPPING CTR	FL		5,315,955		12,529,467		2,393,045			5,315,955			14,922,512			20,238,467		5,962,584		14,275,883		-		2005
SHOPS AT SANTA BARBARA PHASE 1	FL		743,463		5,373,994		80,505			743,463			5,454,499			6,197,962		647,135		5,550,827		-		2015
SHOPS AT SANTA BARBARA PHASE 2	FL		331,692		2,488,832		-			331,692			2,488,832			2,820,524		303,632		2,516,892		-		2015
SHOPS AT SANTA BARBARA PHASE 3	FL		329,726		2,358,700		61,618			329,726			2,420,318			2,750,044		276,810		2,473,234		-		2015
CORAL POINTE S.C.	FL		2,411,608		20,507,735		213,166			2,411,608			20,720,901			23,132,509		2,362,743		20,769,766		-		2015
PUBLIX AT ADDISON	FL		3,211,156		6,747,895		-			3,211,156			6,747,895			9,959,051		533,669		9,425,382		-		2015
ADDISON CENTER PROF.BUILDING	FL		802,789		1,310,012		(61,362	)		802,789			1,248,650			2,051,439		105,019		1,946,420		-		2015
DANIA POINTE (3)	FL		105,113,024		-		47,727,558			152,840,582			-			152,840,582		-		152,840,582		-		2016		2016
FT.LAUDERDALE/CYPRESS CREEK	FL		14,258,760		28,042,390		1,982,805			14,258,760			30,025,195			44,283,955		9,170,634		35,113,321		-		2009
HOMESTEAD-WACHTEL LAND LEASE	FL		150,000		-		-			150,000			-			150,000		-		150,000		-		2013
OAKWOOD PLAZA NORTH	FL		35,300,961		141,731,019		162,764			35,300,961			141,893,783			177,194,744		9,869,863		167,324,881		100,000,000		2016
OAKWOOD PLAZA SOUTH	FL		11,126,609		40,592,103		200,905			11,126,609			40,793,008			51,919,617		3,187,414		48,732,203		-		2016
OAKWOOD BUSINESS CTR-BLDG 1	FL		6,792,500		18,662,565		3,065,679			6,792,500			21,728,244			28,520,744		6,216,521		22,304,223		-		2009
AMELIA CONCOURSE	FL		7,600,000		-		2,279,068			498,680			9,380,388			9,879,068		3,063,630		6,815,438		-				2003
KIMCO AVENUES WALK, LLC (3)	FL		26,984,546		-		21,588,299			-			48,572,845			48,572,845		-		48,572,845		-				2005
AVENUES WALK	FL		8,169,933		20,173,468		(18,870,745	)		2,711,057			6,761,599			9,472,656		395,121		9,077,535		-		2017
DUVAL STATION S.C.	FL		1,807,792		11,863,692		114,840			1,807,792			11,978,532			13,786,324		1,244,732		12,541,592		-		2015
RIVERPLACE SHOPPING CTR.	FL		7,503,282		31,011,027		1,662,341			7,200,050			32,976,600			40,176,650		9,409,835		30,766,815		-		2010
MERCHANTS WALK	FL		2,580,816		10,366,090		6,681,476			2,580,816			17,047,566			19,628,382		8,173,678		11,454,704		-		2001
CENTER AT MISSOURI AVENUE	FL		293,686		792,119		6,291,221			293,686			7,083,340			7,377,026		1,647,444		5,729,582		-				1968
TRI-CITY PLAZA	FL		2,832,296		11,329,185		20,422,836			2,832,296			31,752,021			34,584,317		3,569,889		31,014,428		-		1992
FT LAUDERDALE #1, FL	FL		1,002,733		2,602,415		13,141,950			1,774,443			14,972,655			16,747,098		9,967,674		6,779,424		-				1974
NASA PLAZA	FL		-		1,754,000		3,347,355			-			5,101,355			5,101,355		3,941,287		1,160,068		-				1968
GROVE GATE S.C.	FL		365,893		1,049,172		792,700			365,893			1,841,872			2,207,765		1,567,731		640,034		-				1968
CHEVRON OUTPARCEL	FL		530,570		1,253,410		-			530,570			1,253,410			1,783,980		356,499		1,427,481		-		2010
IVES DAIRY CROSSING	FL		732,914		4,080,460		11,183,306			720,852			15,275,828			15,996,680		9,421,495		6,575,185		-		1985
MILLER ROAD S.C.	FL		1,138,082		4,552,327		4,560,187			1,138,082			9,112,514			10,250,596		5,883,832		4,366,764		-		1986
TRI-CITIES SHOPPING PLAZA	FL		1,011,000		4,062,890		3,202,734			1,011,000			7,265,624			8,276,624		796,633		7,479,991		-		1997
KENDALE LAKES PLAZA	FL		18,491,461		28,496,001		(1,996,609	)		15,362,227			29,628,626			44,990,853		7,300,120		37,690,733		-		2009
CENTRE OF MERRITT	FL		1,806,275		9,592,435		-			1,806,275			9,592,435			11,398,710		939,539		10,459,171		-		2015
MILLER WEST PLAZA	FL		6,725,660		10,661,419		228,663			6,725,660			10,890,082			17,615,742		1,159,951		16,455,791		-		2015
CORSICA SQUARE S.C.	FL		7,225,100		10,757,386		129,489			7,225,100			10,886,875			18,111,975		1,263,335		16,848,640		-		2015
FLAGLER PARK	FL		26,162,980		80,737,041		3,628,420			26,725,480			83,802,961			110,528,441		22,448,579		88,079,862		-		2007
PARK HILL PLAZA	FL		10,763,612		19,264,248		262,118			10,763,612			19,526,366			30,289,978		4,215,691		26,074,287		-		2011
WINN DIXIE-MIAMI	FL		2,989,640		9,410,360		(51,872	)		3,544,297			8,803,831			12,348,128		896,776		11,451,352		-		2013
MARATHON SHOPPING CENTER	FL		2,412,929		8,069,450		1,045,327			1,514,731			10,012,975			11,527,706		1,505,904		10,021,802		-		2013
SODO S.C.	FL		-		68,139,271		8,516,523			142,195			76,513,599			76,655,794		18,774,702		57,881,092		-		2008
RENAISSANCE CENTER	FL		9,104,379		36,540,873		14,919,342			9,122,758			51,441,836			60,564,594		18,762,491		41,802,103		-		1998
MILLENIA PLAZA PHASE II	FL		7,711,000		20,702,992		1,506,264			7,698,200			22,222,056			29,920,256		8,248,249		21,672,007		-		2009
RIVERSIDE LANDINGS S.C.	FL		3,512,202		14,439,668		276,235			3,512,202			14,715,903			18,228,105		1,495,774		16,732,331		-		2015
GRAND OAKS VILLAGE	FL		7,409,319		19,653,869		(683,921	)		5,846,339			20,532,928			26,379,267		3,936,281		22,442,986		-		2011
PLANTATION CROSSING	FL		2,782,030		8,077,260		3,606,250			2,782,030			11,683,510			14,465,540		351,464		14,114,076		-		2017
POMPANO POINTE S.C.	FL		10,516,500		14,078,456		530,900			10,516,500			14,609,356			25,125,856		726,848		24,399,008		-		2012
UNIVERSITY TOWN CENTER	FL		5,515,265		13,041,400		477,832			5,515,265			13,519,232			19,034,497		2,831,595		16,202,902		-		2011
PALM BEACH GARDENS	FL		2,764,953		11,059,812		826,309			2,764,953			11,886,121			14,651,074		1,776,729		12,874,345		-		2009
OAK TREE PLAZA	FL		-		917,360		1,562,194			-			2,479,554			2,479,554		1,345,760		1,133,794		-				1968
TUTTLEBEE PLAZA	FL		254,961		828,465		1,676,908			254,961			2,505,373			2,760,334		1,805,032		955,302		-		2008
SOUTH MIAMI S.C.	FL		1,280,440		5,133,825		3,452,430			1,280,440			8,586,255			9,866,695		4,492,631		5,374,064		-		1995
CARROLLWOOD COMMONS	FL		5,220,445		16,884,228		2,855,466			5,220,445			19,739,694			24,960,139		9,563,475		15,396,664		-		1997
VILLAGE COMMONS SHOPPING CENT.	FL		2,192,331		8,774,158		4,605,195			2,192,331			13,379,353			15,571,684		5,647,685		9,923,999		-		1998
MISSION BELL SHOPPING CENTER	FL		5,056,426		11,843,119		8,681,231			5,067,033			20,513,743			25,580,776		6,924,869		18,655,907		-		2004
VILLAGE COMMONS S.C.	FL		2,026,423		5,106,476		2,031,564			2,026,423			7,138,040			9,164,463		1,408,765		7,755,698		-		2013
BELMART PLAZA	FL		1,656,097		3,394,420		5,648,437			1,656,097			9,042,857			10,698,954		665,211		10,033,743		-		2014
MARKET AT HAYNES BRIDGE	GA		4,880,659		21,549,424		1,168,508			4,889,863			22,708,728			27,598,591		7,296,311		20,302,280		-		2008
EMBRY VILLAGE	GA		18,147,054		33,009,514		1,143,200			18,160,525			34,139,243			52,299,768		24,236,617		28,063,151		-		2008
PERIMETER EXPO PROPERTY	GA		14,770,275		44,295,457		(867,262	)		16,142,152			42,056,318			58,198,470		2,323,047		55,875,423		-		2016
RIVERWALK MARKETPLACE	GA		3,512,202		18,862,571		(25,121	)		3,512,202			18,837,450			22,349,652		1,407,453		20,942,199		-		2015
VILLAGE SHOPPES-FLOWERY BRANCH	GA		4,444,148		10,510,657		361,219			4,444,148			10,871,876			15,316,024		2,865,087		12,450,937		-		2011
LAWRENCEVILLE MARKET	GA		8,878,266		29,691,191		297,965			9,060,436			29,806,986			38,867,422		5,116,031		33,751,391		-		2013
FIVE FORKS CROSSING	GA		2,363,848		7,906,257		391,047			2,363,848			8,297,304			10,661,152		1,801,564		8,859,588		-		2013
BRAELINN VILLAGE	GA		7,314,719		20,738,792		1,684,923			6,342,926			23,395,508			29,738,434		2,948,266		26,790,168		-		2014
SAVANNAH CENTER	GA		2,052,270		8,232,978		4,034,349			2,052,270			12,267,327			14,319,597		6,940,835		7,378,762		-		1993
CHATHAM PLAZA	GA		13,390,238		35,115,882		969,942			13,403,262			36,072,800			49,476,062		12,411,308		37,064,754		-		2008
CLIVE PLAZA	IA		500,525		2,002,101		-			500,525			2,002,101			2,502,626		1,125,113		1,377,513		-		1996
DUBUQUE CENTER	IA		-		2,152,476		239,217			-			2,391,693			2,391,693		1,778,184		613,509		-		1997
87TH STREET CENTER	IL		-		2,687,046		11,446,720			6,992,648			7,141,118			14,133,766		2,620,820		11,512,946		-		1997
ELSTON CHICAGO	IL		1,010,374		5,692,212		498,828			1,010,374			6,191,040			7,201,414		2,930,108		4,271,306		-		1997
DOWNERS PARK PLAZA	IL		2,510,455		10,164,494		2,025,382			2,510,455			12,189,876			14,700,331		5,738,993		8,961,338		-		1999
DOWNERS PARK PLAZA	IL		811,778		4,322,956		3,475,523			811,778			7,798,479			8,610,257		3,908,642		4,701,615		-		1997
TOWN & COUNTRY S.C.	IL		842,555		2,108,674		3,902,011			500,927			6,352,313			6,853,240		4,456,553		2,396,687		-				1972
FAIRVIEW CITY CENTRE	IL		-		11,866,880		16,189,869			1,900,000			26,156,749			28,056,749		2,424,561		25,632,188		-		1998
PLAZA DEL PRADO	IL		10,203,960		28,409,786		1,032,958			10,203,960			29,442,744			39,646,704		2,027,639		37,619,065		-		2017
SHOPS AT KILDEER	IL		5,259,542		28,141,501		2,673,272			5,259,542			30,814,773			36,074,315		5,575,517		30,498,798		-		2013
MOUNT PROSPECT CENTER	IL		1,017,345		6,572,176		4,100,013			1,017,345			10,672,189			11,689,534		6,096,302		5,593,232		-		1997
MUNDELEIN SHOPPING CENTER	IL		1,127,720		5,826,129		(2,606,024	)		366,184			3,981,641			4,347,825		2,954,890		1,392,935		-		1998
OAK LAWN CENTER	IL		1,530,111		8,776,631		709,090			1,530,111			9,485,721			11,015,832		4,920,379		6,095,453		-		1997
22ND STREET PLAZA	IL		1,527,188		8,679,108		4,880,654			1,527,188			13,559,762			15,086,950		5,954,279		9,132,671		-		1997
SKOKIE POINTE	IL		-		2,276,360		9,564,305			2,628,440			9,212,225			11,840,665		3,925,602		7,915,063		-		1997
HAWTHORN HILLS SQUARE	IL		6,783,928		33,033,624		2,814,620			6,783,928			35,848,244			42,632,172		6,962,156		35,670,016		-		2012
WOODGROVE FESTIVAL	IL		5,049,149		20,822,993		5,345,619			4,805,866			26,411,895			31,217,761		13,423,088		17,794,673		-		1998
GROVE PARCEL	IL		907,291		2,240,810		134,130			907,291			2,374,940			3,282,231		307,428		2,974,803		-		2016
WOODRIDGE PAD	IL		702,757		1,746,223		-			702,757			1,746,223			2,448,980		136,201		2,312,779		-		2016
GREENWOOD S.C.	IN		423,371		1,883,421		12,488,773			1,640,748			13,154,817			14,795,565		7,376,514		7,419,051		-				1970
SOUTH PARK S.C.	KY		1,675,031		6,848,209		6,546,359			1,551,079			13,518,520			15,069,599		8,250,684		6,818,915		-		1993
ABINGTON PLAZA	MA		10,457,183		494,652		-			10,457,183			494,652			10,951,835		122,964		10,828,871		3,990,344		2014
WASHINGTON ST.PLAZA	MA		11,007,593		5,652,368		8,961,280			12,957,593			12,663,648			25,621,241		1,482,715		24,138,526		5,733,076		2014
MEMORIAL PLAZA	MA		16,411,388		27,553,908		743,083			16,411,388			28,296,991			44,708,379		3,059,584		41,648,795		15,809,216		2014
MAIN ST. PLAZA	MA		555,898		2,139,494		-			555,898			2,139,494			2,695,392		296,143		2,399,249		1,324,212		2014
MORRISSEY PLAZA	MA		4,097,251		3,751,068		-			4,097,251			3,751,068			7,848,319		695,001		7,153,318		3,033,988		2014
GLENDALE SQUARE	MA		4,698,891		7,141,090		276,270			4,698,891			7,417,360			12,116,251		1,140,566		10,975,685		5,474,019		2014
FALMOUTH PLAZA	MA		2,361,071		13,065,817		847,281			2,361,071			13,913,098			16,274,169		1,696,974		14,577,195		7,703,065		2014
WAVERLY PLAZA	MA		1,215,005		3,622,911		60,809			1,203,205			3,695,520			4,898,725		611,406		4,287,319		2,231,974		2014
FESTIVAL OF HYANNIS S.C.	MA		15,038,197		40,682,853		1,488,072			15,038,197			42,170,925			57,209,122		7,155,488		50,053,634		-		2014
FELLSWAY PLAZA	MA		5,300,388		11,013,543		127,563			5,300,388			11,141,106			16,441,494		1,536,348		14,905,146		6,535,377		2014
DEL ALBA PLAZA	MA		3,163,033		8,967,874		19,995			3,163,033			8,987,869			12,150,902		908,085		11,242,817		7,628,034		2014
NORTH QUINCY PLAZA	MA		6,332,542		17,954,110		(991,929	)		3,894,436			19,400,287			23,294,723		2,035,103		21,259,620		-		2014
ADAMS PLAZA	MA		2,089,363		3,226,648		(40,155	)		2,089,363			3,186,493			5,275,856		391,361		4,884,495		1,813,396		2014
BROADWAY PLAZA	MA		6,485,065		343,422		-			6,485,065			343,422			6,828,487		92,703		6,735,784		2,782,925		2014
VINNIN SQUARE PLAZA	MA		5,545,425		16,324,060		(150,434	)		5,545,425			16,173,626			21,719,051		2,699,267		19,019,784		8,834,315		2014
PARADISE PLAZA	MA		4,183,038		12,194,885		1,151,422			4,183,038			13,346,307			17,529,345		2,027,671		15,501,674		8,537,656		2014
BELMONT PLAZA	MA		11,104,983		848,844		-			11,104,983			848,844			11,953,827		154,335		11,799,492		5,044,171		2014
VINNIN SQUARE IN-LINE	MA		582,228		2,094,560		(38,716	)		582,228			2,055,844			2,638,072		234,248		2,403,824		-		2014
LINDEN PLAZA	MA		4,628,215		3,535,431		655,320			4,628,215			4,190,751			8,818,966		759,317		8,059,649		3,418,968		2014
NORTH AVE. PLAZA	MA		1,163,875		1,194,673		15,933			1,163,875			1,210,606			2,374,481		205,892		2,168,589		869,967		2014
WASHINGTON ST. S.C.	MA		7,380,918		9,987,119		1,786,055			7,380,918			11,773,174			19,154,092		1,233,520		17,920,572		6,053,938		2014
MILL ST. PLAZA	MA		4,195,024		6,203,410		136,079			4,195,024			6,339,489			10,534,513		914,061		9,620,452		3,958,596		2014
FULLERTON PLAZA	MD		14,237,901		6,743,980		524,940			14,237,901			7,268,920			21,506,821		1,006,841		20,499,980		-		2014
GREENBRIER S.C.	MD		8,891,468		30,304,760		149,632			8,891,468			30,454,392			39,345,860		3,668,094		35,677,766		-		2014
INGLESIDE S.C.	MD		10,416,726		17,889,235		(2,058	)		10,416,726			17,887,177			28,303,903		2,712,912		25,590,991		-		2014
ROLLING ROAD PLAZA	MD		2,510,395		11,930,217		(4,309,151	)		1,694,305			8,437,156			10,131,461		1,239,336		8,892,125		-		2015
SECURITY SQUARE SHOPPING CTR.	MD		5,342,463		15,147,024		(3,326,568	)		4,550,533			12,612,386			17,162,919		1,779,927		15,382,992		-		2014
WILKENS BELTWAY PLAZA	MD		9,948,235		22,125,942		280,251			9,948,235			22,406,193			32,354,428		5,095,879		27,258,549		-		2014
YORK ROAD PLAZA	MD		4,276,715		37,205,757		80,167			4,276,715			37,285,924			41,562,639		4,110,990		37,451,649		-		2014
PUTTY HILL PLAZA	MD		4,192,152		11,112,111		555,260			4,192,152			11,667,371			15,859,523		2,728,389		13,131,134		-		2013
SNOWDEN SQUARE S.C.	MD		1,929,402		4,557,934		5,155,349			3,326,422			8,316,263			11,642,685		1,577,155		10,065,530		-		2012
COLUMBIA CROSSING	MD		3,612,550		34,344,509		336,277			3,612,550			34,680,786			38,293,336		3,391,814		34,901,522		-		2015
DORSEY'S SEARCH VILLAGE CENTER	MD		6,321,963		27,996,087		83,766			6,321,963			28,079,853			34,401,816		2,501,718		31,900,098		-		2015
HICKORY RIDGE	MD		7,183,646		26,947,776		486,138			7,183,646			27,433,914			34,617,560		3,037,925		31,579,635		-		2015
HICKORY RIDGE (SUNOCO)	MD		543,197		2,122,234		-			543,197			2,122,234			2,665,431		266,003		2,399,428		-		2015
KINGS CONTRIVANCE	MD		9,308,349		31,759,940		503,400			9,308,349			32,263,340			41,571,689		3,907,886		37,663,803		-		2014
HARPER'S CHOICE	MD		8,429,284		18,373,994		434,377			8,429,284			18,808,371			27,237,655		2,194,028		25,043,627		-		2015
WILDE LAKE	MD		1,468,038		5,869,862		25,718,069			2,577,073			30,478,896			33,055,969		8,989,662		24,066,307		-		2002
RIVERHILL VILLAGE CENTER	MD		16,825,496		23,282,222		171,904			16,825,496			23,454,126			40,279,622		4,064,952		36,214,670		-		2014
OLD BRANCH PLAZA	MD		39,779		130,716		2,117,165			121,747			2,165,913			2,287,660		431,151		1,856,509		-		2003
COLUMBIA CROSSING OUTPARCELS	MD		1,279,200		2,870,800		19,241,721			6,147,248			17,244,473			23,391,721		2,576,298		20,815,423		-		2011
COLUMBIA CROSSING II SHOP.CTR.	MD		3,137,628		19,868,075		2,632,554			3,137,628			22,500,629			25,638,257		4,218,320		21,419,937		-		2013
SHOPS AT DISTRICT HEIGHTS	MD		8,165,638		21,970,661		(1,272,892	)		7,298,215			21,565,192			28,863,407		1,442,361		27,421,046		13,604,533		2015
ENCHANTED FOREST S.C.	MD		20,123,946		34,345,102		400,985			20,123,946			34,746,087			54,870,033		5,046,478		49,823,555		-		2014
SHOPPES AT EASTON	MD		6,523,713		16,402,204		(2,576,752	)		5,687,500			14,661,665			20,349,165		2,061,372		18,287,793		-		2014
VILLAGES AT URBANA	MD		3,190,074		6,067		18,075,503			4,828,774			16,442,870			21,271,644		1,717,904		19,553,740		-		2003
GAITHERSBURG S.C.	MD		244,890		6,787,534		1,549,116			244,890			8,336,650			8,581,540		3,411,441		5,170,099		-		1999
KENTLANDS MARKET SQUARE	MD		20,167,048		84,615,052		359,626			20,167,048			84,974,678			105,141,726		6,980,403		98,161,323		33,484,213		2016
SHAWAN PLAZA	MD		4,466,000		20,222,367		(571,103	)		4,466,000			19,651,264			24,117,264		11,145,763		12,971,501		2,998,379		2008
LAUREL PLAZA	MD		349,562		1,398,250		4,277,983			1,571,288			4,454,507			6,025,795		1,904,201		4,121,594		-		1995
LAUREL PLAZA	MD		274,580		1,100,968		173,969			274,580			1,274,937			1,549,517		1,173,495		376,022		-				1972
MILL STATION THEATER/RSTRNTS (3)	MD		23,378,543		1,089,760		25,751,974			49,084,509			1,135,768			50,220,277		119,049		50,101,228		-		2015		2016
CENTRE COURT-RETAIL/BANK	MD		1,035,359		7,785,830		65,996			1,035,359			7,851,826			8,887,185		1,332,233		7,554,952		1,705,341		2011
CENTRE COURT-GIANT	MD		3,854,099		12,769,628		-			3,854,099			12,769,628			16,623,727		2,396,262		14,227,465		5,827,854		2011
CENTRE COURT-OLD COURT/COURTYD	MD		2,279,177		5,284,577		(177	)		2,279,177			5,284,400			7,563,577		1,037,897		6,525,680		-		2011
RADCLIFFE CENTER	MD		12,042,713		21,187,946		-			12,042,713			21,187,946			33,230,659		2,746,518		30,484,141		-		2014
TIMONIUM CROSSING	MD		2,525,377		14,862,817		540,195			2,525,377			15,403,012			17,928,389		2,144,459		15,783,930		-		2014
TIMONIUM SQUARE	MD		6,000,000		24,282,998		14,432,527			7,331,195			37,384,330			44,715,525		15,963,855		28,751,670		-		2003
TOWSON PLACE	MD		43,886,876		101,764,931		1,168,691			43,270,792			103,549,706			146,820,498		19,056,834		127,763,664		-		2012
WHITE LAKE COMMONS	MI		2,300,050		9,249,607		2,569,183			2,300,050			11,818,790			14,118,840		6,805,501		7,313,339		-		1996
DOWNTOWN FARMINGTON CENTER	MI		1,098,426		4,525,723		5,620,128			1,098,426			10,145,851			11,244,277		3,285,643		7,958,634		-		1993
CENTURY PLAZA	MI		178,785		925,818		893,501			178,785			1,819,319			1,998,104		1,391,481		606,623		-				1968
CROSS CREEK S.C.	MI		1,451,397		5,806,263		653,261			1,451,397			6,459,524			7,910,921		3,862,120		4,048,801		-		1993
GREEN ORCHARD SHOPPING CENTER	MI		3,682,478		14,730,060		5,961,459			3,682,478			20,691,519			24,373,997		10,568,412		13,805,585		-		1993
THE FOUNTAINS AT ARBOR LAKES	MN		28,585,296		66,699,024		13,518,386			29,485,296			79,317,410			108,802,706		27,021,705		81,781,001		-		2006
ROSEVILLE PLAZA	MN		132,842		957,340		9,881,853			1,675,667			9,296,368			10,972,035		1,826,063		9,145,972		-		2005
CREVE COUER SHOPPING CENTER	MO		1,044,598		5,475,623		1,095,602			960,814			6,655,009			7,615,823		3,135,156		4,480,667		-		1998
KIRKWOOD CROSSING	MO		-		9,704,005		14,520,796			-			24,224,801			24,224,801		15,172,754		9,052,047		-		1998
LEMAY S.C.	MO		125,879		503,510		3,673,917			451,155			3,852,151			4,303,306		1,562,794		2,740,512		-				1974
GRAVOIS PLAZA	MO		1,032,416		4,455,514		11,398,264			1,032,413			15,853,781			16,886,194		9,612,922		7,273,272		-		2008
PRIMROSE MARKET PLACE	MO		2,745,595		10,985,778		8,738,775			2,904,022			19,566,126			22,470,148		10,835,691		11,634,457		-		1994
PRIMROSE MARKETPLACE	MO		905,674		3,666,386		5,324,000			905,674			8,990,386			9,896,060		3,457,177		6,438,883		-		2002
CENTER POINT S.C.	MO		-		550,204		-			-			550,204			550,204		423,712		126,492		-		1998
KINGS HIGHWAY S.C.	MO		809,087		4,430,514		2,776,341			809,087			7,206,855			8,015,942		3,564,339		4,451,603		-		1998
OVERLAND CROSSING	MO		-		4,928,677		740,346			-			5,669,023			5,669,023		3,479,162		2,189,861		-		1997
CAVE SPRINGS S.C.	MO		1,182,194		7,423,459		7,112,686			1,563,694			14,154,645			15,718,339		10,368,503		5,349,836		-		1997
WOODLAWN MARKETPLACE	NC		919,251		3,570,981		2,740,450			919,251			6,311,431			7,230,682		3,476,390		3,754,292		-		2008
TYVOLA SQUARE	NC		-		4,736,345		7,612,562			-			12,348,907			12,348,907		9,299,343		3,049,564		-		1986
CROSSROADS PLAZA	NC		767,864		3,098,881		1,233,350			767,864			4,332,231			5,100,095		1,744,160		3,355,935		-		2000
JETTON VILLAGE SHOPPES	NC		3,875,224		10,292,231		444,020			2,143,695			12,467,780			14,611,475		2,121,243		12,490,232		-		2011
MOUNTAIN ISLAND MARKETPLACE	NC		3,318,587		7,331,413		749,369			3,818,587			7,580,782			11,399,369		1,452,069		9,947,300		-		2012
WOODLAWN SHOPPING CENTER	NC		2,010,725		5,833,626		1,691,133			2,010,725			7,524,759			9,535,484		1,204,350		8,331,134		-		2012
CROSSROADS PLAZA	NC		13,405,529		86,455,763		(198,549	)		13,405,529			86,257,214			99,662,743		13,895,239		85,767,504		-		2014
QUAIL CORNERS	NC		7,318,321		26,675,644		1,361,806			7,318,321			28,037,450			35,355,771		3,168,511		32,187,260		16,323,912		2014
OAKCREEK VILLAGE	NC		1,882,800		7,551,576		(9,434,376	)		-			-			-		-		-		-		1996
DAVIDSON COMMONS	NC		2,978,533		12,859,867		633,088			2,978,533			13,492,955			16,471,488		2,287,031		14,184,457		-		2012
PARK PLACE SC	NC		5,461,478		16,163,494		(484,835	)		5,469,809			15,670,328			21,140,137		6,444,538		14,695,599		-		2008
MOORESVILLE CROSSING	NC		12,013,727		30,604,173		193,886			11,625,801			31,185,985			42,811,786		11,327,237		31,484,549		-		2007
PLEASANT VALLEY PROMENADE	NC		5,208,885		20,885,792		13,481,663			5,208,885			34,367,455			39,576,340		19,878,739		19,697,601		-		1993
BRENNAN STATION	NC		7,749,751		20,556,891		(637,688	)		6,321,923			21,347,031			27,668,954		5,245,854		22,423,100		-		2011
BRENNAN STATION OUTPARCEL	NC		627,906		1,665,576		(162,856	)		450,232			1,680,394			2,130,626		333,323		1,797,303		-		2011
CLOVERDALE PLAZA	NC		540,667		719,655		6,293,580			540,667			7,013,235			7,553,902		3,506,463		4,047,439		-				1969
WEBSTER SQUARE	NH		11,683,145		41,708,383		5,103,293			11,683,145			46,811,676			58,494,821		6,511,086		51,983,735		-		2014
WEBSTER SQUARE - DSW	NH		1,346,391		3,638,397		124,707			1,346,391			3,763,104			5,109,495		48,056		5,061,439		-		2017
WEBSTER SQUARE NORTH	NH		2,163,138		6,511,424		3,574			2,163,138			6,514,998			8,678,136		577,393		8,100,743		-		2016
ROCKINGHAM PLAZA	NH		2,660,915		10,643,660		15,108,605			3,148,715			25,264,465			28,413,180		12,080,600		16,332,580		-		2008
SHOP RITE PLAZA	NJ		2,417,583		6,364,094		1,646,439			2,417,583			8,010,533			10,428,116		7,207,932		3,220,184		-				1985
MARLTON PLAZA	NJ		-		4,318,534		105,215			-			4,423,749			4,423,749		2,376,127		2,047,622		-		1996
HILLVIEW SHOPPING CENTER	NJ		16,007,647		32,607,423		(1,255,385	)		16,007,647			31,352,038			47,359,685		4,765,750		42,593,935		-		2014
GARDEN STATE PAVILIONS	NJ		7,530,709		10,801,949		20,648,695			12,203,841			26,777,512			38,981,353		6,391,860		32,589,493		-		2011
CLARK SHOPRITE 70 CENTRAL AVE	NJ		3,496,673		11,693,769		994,829			13,959,593			2,225,678			16,185,271		678,560		15,506,711		-		2013
COMMERCE CENTER WEST	NJ		385,760		1,290,080		160,534			793,595			1,042,779			1,836,374		236,451		1,599,923		-		2013
COMMERCE CENTER EAST	NJ		1,518,930		5,079,690		1,753,865			7,235,196			1,117,289			8,352,485		355,825		7,996,660		-		2013
CENTRAL PLAZA	NJ		3,170,465		10,602,845		(52,188	)		5,145,167			8,575,955			13,721,122		1,835,056		11,886,066		-		2013
EAST WINDSOR VILLAGE	NJ		9,335,011		23,777,978		112,050			9,335,011			23,890,028			33,225,039		6,110,077		27,114,962		-		2008
HOLMDEL TOWNE CENTER	NJ		10,824,624		43,301,494		9,397,795			10,824,624			52,699,289			63,523,913		19,878,655		43,645,258		-		2002
COMMONS AT HOLMDEL	NJ		16,537,556		38,759,952		3,475,560			16,537,556			42,235,512			58,773,068		16,945,466		41,827,602		-		2004
PLAZA AT HILLSDALE	NJ		7,601,596		6,994,196		1,432,319			7,601,596			8,426,515			16,028,111		1,088,251		14,939,860		5,836,506		2014
MAPLE SHADE	NJ		-		9,957,611		(845,233	)		-			9,112,378			9,112,378		1,084,452		8,027,926		-		2009
PLAZA AT SHORT HILLS	NJ		20,155,471		11,061,984		501,894			20,155,471			11,563,878			31,719,349		1,955,992		29,763,357		9,362,130		2014
NORTH BRUNSWICK PLAZA	NJ		3,204,978		12,819,912		25,982,405			3,204,978			38,802,317			42,007,295		18,853,759		23,153,536		-		1994
PISCATAWAY TOWN CENTER	NJ		3,851,839		15,410,851		1,251,418			3,851,839			16,662,269			20,514,108		8,445,408		12,068,700		-		1998
RIDGEWOOD S.C.	NJ		450,000		2,106,566		1,124,923			450,000			3,231,489			3,681,489		1,737,901		1,943,588		-		1993
UNION CRESCENT III	NJ		7,895,483		3,010,640		28,918,367			8,696,579			31,127,911			39,824,490		14,324,046		25,500,444		-		2007
WESTMONT PLAZA	NJ		601,655		2,404,604		12,309,854			601,655			14,714,458			15,316,113		6,544,416		8,771,697		-		1994
WILLOWBROOK PLAZA	NJ		15,320,436		40,996,874		5,392,418			15,320,436			46,389,292			61,709,728		6,087,587		55,622,141		-		2009
DEL MONTE PLAZA	NV		2,489,429		5,590,415		624,647			2,210,000			6,494,491			8,704,491		3,368,154		5,336,337		2,303,167		2006
DEL MONTE PLAZA ANCHOR PARCEL	NV		6,512,745		17,599,602		43,051			6,520,017			17,635,381			24,155,398		306,920		23,848,478		-		2017
REDFIELD PROMENADE	NV		4,415,339		32,035,192		216,060			4,415,339			32,251,252			36,666,591		4,692,954		31,973,637		-		2015
MCQUEEN CROSSINGS	NV		5,017,431		20,779,024		230,274			5,017,431			21,009,298			26,026,729		3,063,391		22,963,338		-		2015
GALENA JUNCTION	NV		8,931,027		17,503,387		130,381			8,931,027			17,633,768			26,564,795		2,425,512		24,139,283		-		2015
D'ANDREA MARKETPLACE	NV		11,556,067		29,435,364		317,620			11,556,067			29,752,984			41,309,051		8,059,654		33,249,397		11,101,966		2007
SPARKS MERCANTILE	NV		6,221,614		17,069,172		(118,794	)		6,221,614			16,950,378			23,171,992		2,263,396		20,908,596		-		2015
BRIDGEHAMPTON COMMONS-W&E SIDE	NY		1,811,752		3,107,232		30,455,727			1,858,188			33,516,523			35,374,711		20,217,516		15,157,195		-				1972
OCEAN PLAZA	NY		564,097		2,268,768		8,468			564,097			2,277,236			2,841,333		860,895		1,980,438		-		2003
KINGS HIGHWAY	NY		2,743,820		6,811,268		1,841,513			2,743,820			8,652,781			11,396,601		3,442,272		7,954,329		-		2004
RALPH AVENUE PLAZA	NY		4,414,466		11,339,857		3,659,611			4,414,467			14,999,467			19,413,934		5,210,918		14,203,016		-		2004
BELLMORE S.C.	NY		1,272,269		3,183,547		1,590,605			1,272,269			4,774,152			6,046,421		1,723,088		4,323,333		-		2004
MARKET AT BAY SHORE	NY		12,359,621		30,707,802		2,944,895			12,359,621			33,652,697			46,012,318		12,244,461		33,767,857		11,915,580		2006
KEY FOOD - ATLANTIC AVE	NY		2,272,500		5,624,589		509,458			4,808,822			3,597,725			8,406,547		589,607		7,816,940		-		2012
VETERANS MEMORIAL PLAZA	NY		5,968,082		23,243,404		7,173,073			5,980,130			30,404,429			36,384,559		14,525,614		21,858,945		-		1998
BIRCHWOOD PLAZA COMMACK	NY		3,630,000		4,774,791		1,145,649			3,630,000			5,920,440			9,550,440		1,878,367		7,672,073		-		2007
ELMONT S.C.	NY		3,011,658		7,606,066		5,972,835			3,011,658			13,578,901			16,590,559		3,517,433		13,073,126		-		2004
ELMONT PLAZA	NY		-		5,119,714		-			-			5,119,714			5,119,714		574,489		4,545,225		-		2015
ELMSFORD CENTER 1	NY		4,134,273		1,193,084		-			4,134,273			1,193,084			5,327,357		153,946		5,173,411		-		2013
ELMSFORD CENTER 2	NY		4,076,403		15,598,504		949,902			4,076,403			16,548,406			20,624,809		2,454,445		18,170,364		-		2013
FRANKLIN SQUARE S.C.	NY		1,078,541		2,516,581		3,937,137			1,078,541			6,453,718			7,532,259		2,455,482		5,076,777		-		2004
AIRPORT PLAZA	NY		22,711,189		107,011,500		4,104,309			22,711,189			111,115,809			133,826,998		15,307,408		118,519,590		-		2015
KISSENA BOULEVARD SHOPPING CTR	NY		11,610,000		2,933,487		203,655			11,610,000			3,137,142			14,747,142		1,064,757		13,682,385		-		2007
HAMPTON BAYS PLAZA	NY		1,495,105		5,979,320		3,267,379			1,495,105			9,246,699			10,741,804		7,108,782		3,633,022		-		1989
HICKSVILLE PLAZA	NY		3,542,739		8,266,375		3,173,411			3,542,739			11,439,786			14,982,525		4,059,222		10,923,303		-		2004
WOODBURY CENTRE	NY		4,314,991		32,585,508		2,118,687			4,314,991			34,704,195			39,019,186		4,055,102		34,964,084		-		2015
TURNPIKE PLAZA	NY		2,471,832		5,839,416		569,888			2,471,832			6,409,304			8,881,136		1,823,043		7,058,093		-		2011
JERICHO COMMONS SOUTH	NY		12,368,330		33,071,495		3,069,537			12,368,330			36,141,032			48,509,362		10,614,231		37,895,131		8,072,228		2007
501 NORTH BROADWAY	NY		-		1,175,543		228,522			-			1,404,065			1,404,065		696,458		707,607		-		2007
MILLERIDGE INN	NY		7,500,330		481,316		11,226			7,500,000			492,872			7,992,872		23,088		7,969,784		-		2015
FAMILY DOLLAR UNION TURNPIKE	NY		909,000		2,249,775		258,033			1,056,709			2,360,099			3,416,808		461,119		2,955,689		-		2012
LITTLE NECK PLAZA	NY		3,277,254		13,161,218		5,969,866			3,277,253			19,131,085			22,408,338		6,807,167		15,601,171		-		2003
KEY FOOD - 21ST STREET	NY		1,090,800		2,699,730		(159,449	)		1,669,153			1,961,928			3,631,081		262,759		3,368,322		-		2012
MANHASSET CENTER	NY		4,567,003		19,165,808		29,319,555			3,471,939			49,580,427			53,052,366		23,360,482		29,691,884		-		1999
MANHASSET CENTER(residential)	NY		950,000		-		-			950,000			-			950,000		-		950,000		-		2012
MASPETH QUEENS-DUANE READE	NY		1,872,013		4,827,940		1,036,886			1,872,013			5,864,826			7,736,839		2,060,806		5,676,033		1,698,785		2004
NORTH MASSAPEQUA S.C.	NY		1,880,816		4,388,549		(895,655	)		1,623,601			3,750,109			5,373,710		2,132,828		3,240,882		-		2004
MINEOLA CROSSINGS	NY		4,150,000		7,520,692		213,964			4,150,000			7,734,656			11,884,656		2,188,151		9,696,505		-		2007
SMITHTOWN PLAZA	NY		3,528,000		7,364,098		458,948			3,528,000			7,823,046			11,351,046		2,608,077		8,742,969		-		2009
MANETTO HILL PLAZA	NY		263,693		584,031		10,728,178			263,693			11,312,209			11,575,902		6,444,252		5,131,650		-				1969
SYOSSET S.C.	NY		106,655		76,197		2,068,924			106,655			2,145,121			2,251,776		1,093,703		1,158,073		-				1990
RICHMOND S.C.	NY		2,280,000		9,027,951		19,898,449			2,280,000			28,926,400			31,206,400		12,926,031		18,280,369		-		1989
GREENRIDGE PLAZA	NY		2,940,000		11,811,964		6,443,810			3,148,424			18,047,350			21,195,774		7,549,862		13,645,912		-		1997
THE BOULEVARDE	NY		28,723,536		38,232,267		505,997			28,723,536			38,738,264			67,461,800		13,948,276		53,513,524		-		2006
FOREST AVENUE PLAZA	NY		4,558,592		10,441,408		157,648			4,558,592			10,599,056			15,157,648		3,886,146		11,271,502		-		2005
INDEPENDENCE PLAZA	NY		12,279,093		34,813,852		(2,029,722	)		16,131,632			28,931,591			45,063,223		6,069,593		38,993,630		27,966,942		2014
KEY FOOD - CENTRAL AVE.	NY		2,787,600		6,899,310		(394,910	)		2,603,321			6,688,679			9,292,000		936,676		8,355,324		-		2012
WHITE PLAINS S.C.	NY		1,777,775		4,453,894		2,469,097			1,777,775			6,922,991			8,700,766		2,400,611		6,300,155		-		2004
CHAMPION FOOD SUPERMARKET	NY		757,500		1,874,813		(24,388	)		2,241,118			366,807			2,607,925		134,761		2,473,164		-		2012
SHOPRITE S.C.	NY		871,977		3,487,909		-			871,977			3,487,909			4,359,886		2,236,943		2,122,943		-		1998
ROMAINE PLAZA	NY		782,459		1,825,737		588,133			782,459			2,413,870			3,196,329		701,315		2,495,014		-		2005
OREGON TRAIL CENTER	OR		5,802,422		12,622,879		596,890			5,802,422			13,219,769			19,022,191		5,044,777		13,977,414		-		2009
POWELL VALLEY JUNCTION	OR		5,062,500		3,152,982		(2,508,712	)		2,035,125			3,671,645			5,706,770		1,497,193		4,209,577		-		2009
JANTZEN BEACH CENTER	OR		57,575,244		102,844,429		94,230			57,578,800			102,935,103			160,513,903		2,421,022		158,092,881		-		2017
SUBURBAN SQUARE	PA		70,679,871		166,351,381		36,662,888			71,279,871			202,414,269			273,694,140		48,095,352		225,598,788		-		2007
CHIPPEWA PLAZA	PA		2,881,525		11,526,101		(2,900,632	)		1,917,139			9,589,855			11,506,994		5,435,992		6,071,002		-		2000
CARNEGIE PLAZA	PA		-		3,298,908		17,747			-			3,316,655			3,316,655		1,530,764		1,785,891		-		1999
CENTER SQUARE SHOPPING CENTER	PA		731,888		2,927,551		1,200,573			691,297			4,168,715			4,860,012		2,740,132		2,119,880		-		1996
WAYNE PLAZA	PA		6,127,623		15,605,012		677,938			6,135,670			16,274,903			22,410,573		4,466,242		17,944,331		-		2008
DEVON VILLAGE	PA		4,856,379		25,846,910		4,044,439			4,856,379			29,891,349			34,747,728		6,192,928		28,554,800		-		2012
POCONO PLAZA	PA		1,050,000		2,372,628		1,539,736			1,050,000			3,912,364			4,962,364		3,219,610		1,742,754		-				1973
RIDGE PIKE PLAZA	PA		1,525,337		4,251,732		(2,602,921	)		914,299			2,259,849			3,174,148		1,002,912		2,171,236		-		2008
WHITELAND - HOBBY LOBBY	PA		176,666		4,895,360		1,447,703			176,666			6,343,063			6,519,729		2,463,869		4,055,860		-		1999
WHITELAND TOWN CENTER	PA		731,888		2,927,551		59,067			731,888			2,986,618			3,718,506		1,601,396		2,117,110		-		1996
HARRISBURG EAST SHOPPING CTR.	PA		452,888		6,665,238		10,257,296			3,002,888			14,372,534			17,375,422		7,041,882		10,333,540		-		2002
TOWNSHIP LINE S.C.	PA		731,888		2,927,551		-			731,888			2,927,551			3,659,439		1,601,396		2,058,043		-		1996
HORSHAM POINT	PA		3,813,247		18,189,450		133,911			3,813,247			18,323,361			22,136,608		1,704,650		20,431,958		-		2015
HOLIDAY CENTER	PA		7,726,844		20,014,243		(4,612,312	)		6,165,085			16,963,690			23,128,775		2,883,114		20,245,661		-		2015
NORRITON SQUARE	PA		686,134		2,664,535		3,940,037			774,084			6,516,622			7,290,706		4,817,076		2,473,630		-		1984
NEW KENSINGTON S.C	PA		521,945		2,548,322		862,730			521,945			3,411,052			3,932,997		3,169,521		763,476		-		1986
SEARS HARDWARE	PA		10,000		-		-			10,000			-			10,000		-		10,000		-				2015
FRANKFORD AVENUE S.C.	PA		731,888		2,927,551		-			731,888			2,927,551			3,659,439		1,601,396		2,058,043		-		1996
WEXFORD PLAZA	PA		6,413,635		9,774,600		10,074,686			6,299,299			19,963,622			26,262,921		4,282,319		21,980,602		-		2010
LINCOLN SQUARE (3)	PA		90,478,522		-		-			90,478,522			-			90,478,522		-		90,478,522		-		2017		2017
CRANBERRY TOWNSHIP-PARCEL 1&2	PA		10,270,846		30,769,592		(905,158	)		6,070,254			34,065,026			40,135,280		1,950,427		38,184,853		-		2016
CROSSROADS PLAZA	PA		788,761		3,155,044		12,878,677			976,439			15,846,043			16,822,482		9,924,589		6,897,893		-		1986
SPRINGFIELD S.C.	PA		919,998		4,981,589		12,875,672			920,000			17,857,259			18,777,259		9,743,110		9,034,149		-		1983
SHREWSBURY SQUARE S.C.	PA		8,066,107		16,997,997		(1,696,030	)		6,534,966			16,833,108			23,368,074		2,199,516		21,168,558		-		2014
WHITEHALL MALL	PA		-		5,195,577		-			-			5,195,577			5,195,577		2,842,026		2,353,551		-		1996
WHOLE FOODS AT WYNNEWOOD	PA		15,042,165		-		11,770,283			13,772,394			13,040,054			26,812,448		326,435		26,486,013		-				2014
SHOPPES AT WYNNEWOOD	PA		7,478,907		-		3,605,920			7,478,907			3,605,920			11,084,827		153,010		10,931,817		-				2015
WEST MARKET ST. PLAZA	PA		188,562		1,158,307		41,712			188,562			1,200,019			1,388,581		1,173,254		215,327		-		1986
REXVILLE TOWN CENTER	PR		24,872,982		48,688,161		7,302,027			25,678,064			55,185,106			80,863,170		33,091,221		47,771,949		-		2006
PLAZA CENTRO - COSTCO	PR		3,627,973		10,752,213		1,564,471			3,866,206			12,078,451			15,944,657		6,657,483		9,287,174		-		2006
PLAZA CENTRO - MALL	PR		19,873,263		58,719,179		5,962,924			19,408,112			65,147,254			84,555,366		34,622,838		49,932,528		-		2006
PLAZA CENTRO - RETAIL	PR		5,935,566		16,509,748		480,595			6,026,070			16,899,839			22,925,909		9,827,855		13,098,054		-		2006
PLAZA CENTRO - SAM'S CLUB	PR		6,643,224		20,224,758		2,375,805			6,520,090			22,723,697			29,243,787		21,967,992		7,275,795		-		2006
LOS COLOBOS - BUILDERS SQUARE	PR		4,404,593		9,627,903		1,387,483			4,461,145			10,958,834			15,419,979		9,669,563		5,750,416		-		2006
LOS COLOBOS - KMART	PR		4,594,944		10,120,147		752,678			4,402,338			11,065,431			15,467,769		10,058,014		5,409,755		-		2006
LOS COLOBOS I	PR		12,890,882		26,046,669		1,071,029			13,613,375			26,395,205			40,008,580		15,815,395		24,193,185		-		2006
LOS COLOBOS II	PR		14,893,698		30,680,556		5,395,942			15,142,300			35,827,896			50,970,196		19,767,195		31,203,001		-		2006
WESTERN PLAZA - MAYAQUEZ ONE	PR		10,857,773		12,252,522		1,308,357			11,241,993			13,176,659			24,418,652		9,284,389		15,134,263		-		2006
WESTERN PLAZA - MAYAGUEZ TWO	PR		16,874,345		19,911,045		2,174,474			16,872,647			22,087,217			38,959,864		15,126,846		23,833,018		-		2006
MANATI VILLA MARIA SC	PR		2,781,447		5,673,119		344,813			2,606,588			6,192,791			8,799,379		3,866,240		4,933,139		-		2006
PONCE TOWN CENTER	PR		14,432,778		28,448,754		4,768,662			14,903,024			32,747,170			47,650,194		16,750,683		30,899,511		-		2006
TRUJILLO ALTO PLAZA	PR		12,053,673		24,445,858		2,591,978			12,289,288			26,802,221			39,091,509		16,210,974		22,880,535		-		2006
ST. ANDREWS CENTER	SC		730,164		3,132,092		19,199,359			730,164			22,331,451			23,061,615		10,681,625		12,379,990		-				1978
WESTWOOD PLAZA	SC		1,744,430		6,986,094		9,204,220			1,726,833			16,207,911			17,934,744		4,720,254		13,214,490		-		1995
CHERRYDALE POINT	SC		5,801,948		32,055,019		1,947,764			5,801,948			34,002,783			39,804,731		8,648,264		31,156,467		-		2009
WOODRUFF SHOPPING CENTER	SC		3,110,439		15,501,117		1,146,585			3,465,199			16,292,942			19,758,141		3,332,158		16,425,983		-		2010
FOREST PARK	SC		1,920,241		9,544,875		214,354			1,920,241			9,759,229			11,679,470		1,693,776		9,985,694		-		2012
OLD TOWNE VILLAGE	TN		-		4,133,904		4,046,503			-			8,180,407			8,180,407		6,050,033		2,130,374		-				1978
CENTER OF THE HILLS	TX		2,923,585		11,706,145		1,337,767			2,923,585			13,043,912			15,967,497		5,613,606		10,353,891		-		2008
DOWLEN TOWN CENTER-II	TX		2,244,581		-		(722,251	)		484,828			1,037,502			1,522,330		194,761		1,327,569		-				2002
GATEWAY STATION	TX		1,373,692		28,145,158		1,105,295			1,374,880			29,249,265			30,624,145		3,945,577		26,678,568		-		2011
LAS TIENDAS PLAZA	TX		8,678,107		-		27,150,696			7,943,925			27,884,878			35,828,803		5,860,115		29,968,688		-				2005
GATEWAY STATION PHASE II	TX		4,140,176		12,020,460		75,694			4,143,385			12,092,945			16,236,330		130,258		16,106,072		-		2017
ISLAND GATE PLAZA	TX		-		944,562		1,903,963			-			2,848,525			2,848,525		1,124,081		1,724,444		-		1997
ISLAND GATE PLAZA	TX		4,343,000		4,723,215		3,659,997			4,292,636			8,433,576			12,726,212		2,403,829		10,322,383		-		2011
CONROE MARKETPLACE	TX		18,869,087		50,756,554		(2,993,250	)		10,841,611			55,790,780			66,632,391		6,209,948		60,422,443		-		2015
MONTGOMERY PLAZA	TX		10,739,067		63,065,333		(385,751	)		10,738,796			62,679,853			73,418,649		8,479,431		64,939,218		28,105,799		2015
PRESTON LEBANON CROSSING	TX		13,552,180		-		26,071,137			12,163,694			27,459,623			39,623,317		6,909,545		32,713,772		-				2006
LAKE PRAIRIE TOWN CROSSING	TX		7,897,491		-		28,638,126			6,783,464			29,752,153			36,535,617		5,767,928		30,767,689		-				2006
CENTER AT BAYBROOK	TX		6,941,017		27,727,491		10,958,643			6,928,120			38,699,031			45,627,151		16,641,823		28,985,328		-		1998
CYPRESS TOWNE CENTER	TX		6,033,932		-		1,692,407			2,251,666			5,474,673			7,726,339		1,054,421		6,671,918		-				2003
CYPRESS TOWNE CENTER	TX		12,329,195		36,836,381		1,247,724			8,644,145			41,769,155			50,413,300		2,253,375		48,159,925		-		2016
CYPRESS TOWNE CENTER (PHASE II)	TX		2,061,477		6,157,862		(1,361,233	)		270,374			6,587,732			6,858,106		431,425		6,426,681		-		2016
THE CENTRE AT COPPERFIELD	TX		6,723,267		22,524,551		535,094			6,723,357			23,059,555			29,782,912		2,669,083		27,113,829		-		2015
COPPERWOOD VILLAGE	TX		13,848,109		84,183,731		794,874			13,848,109			84,978,605			98,826,714		11,166,622		87,660,092		-		2015
ATASCOCITA COMMONS SHOP.CTR.	TX		16,322,636		54,587,066		625,724			16,099,004			55,436,422			71,535,426		8,061,999		63,473,427		28,528,637		2013
TOMBALL CROSSINGS	TX		8,517,427		28,484,450		573,139			7,964,894			29,610,122			37,575,016		4,373,334		33,201,682		-		2013
COPPERFIELD VILLAGE SHOP.CTR.	TX		7,827,639		34,864,441		429,207			7,827,639			35,293,648			43,121,287		4,112,160		39,009,127		-		2015
SHOPS AT VISTA RIDGE	TX		3,257,199		13,029,416		2,315,052			3,257,199			15,344,468			18,601,667		7,331,260		11,270,407		-		1998
VISTA RIDGE PLAZA	TX		2,926,495		11,716,483		2,600,033			2,926,495			14,316,516			17,243,011		7,236,985		10,006,026		-		1998
VISTA RIDGE PLAZA	TX		2,276,575		9,106,300		1,399,033			2,276,575			10,505,333			12,781,908		5,372,115		7,409,793		-		1998
KROGER PLAZA	TX		520,340		2,081,356		1,444,953			520,340			3,526,309			4,046,649		1,898,157		2,148,492		-		1995
ACCENT PLAZA	TX		500,414		2,830,835		-			500,414			2,830,835			3,331,249		1,537,166		1,794,083		-		1996
SOUTHLAKE OAKS PHASE II-480 W.	TX		3,011,260		7,703,844		103,968			3,016,617			7,802,455			10,819,072		2,779,262		8,039,810		-		2008
WOODBRIDGE SHOPPING CENTER	TX		2,568,705		6,813,716		107,746			2,568,705			6,921,462			9,490,167		1,374,785		8,115,382		-		2012
GRAND PARKWAY MARKETPLACE	TX		25,363,548		-		60,529,604			21,937,009			63,956,143			85,893,152		372,156		85,520,996		-				2014
GRAND PARKWAY MARKET PLACE II (3)	TX		13,436,447		-		29,966,997			43,403,444			-			43,403,444		-		43,403,444		-				2015
TEMPLE TOWNE CENTER	TX		609,317		2,983,262		(89,332	)		609,317			2,893,930			3,503,247		305,746		3,197,501		-		2015
TEMPLE TOWNE CENTER	TX		4,909,857		25,882,414		(4,385,108	)		4,105,739			22,301,424			26,407,163		4,017,296		22,389,867		-		2015
BURKE TOWN PLAZA	VA		-		43,240,068		83,175			-			43,323,243			43,323,243		6,042,467		37,280,776		-		2014
OLD TOWN PLAZA	VA		4,500,000		41,569,735		(15,697,554	)		3,052,800			27,319,381			30,372,181		5,498,436		24,873,745		-		2007
SKYLINE VILLAGE	VA		10,145,283		28,764,045		225,352			10,573,875			28,560,805			39,134,680		3,390,576		35,744,104		-		2014
SUDLEY TOWNE PLAZA	VA		4,114,293		15,988,465		(9,023,711	)		2,204,943			8,874,104			11,079,047		1,317,102		9,761,945		-		2015
BURLINGTON COAT CENTER	VA		670,500		2,751,375		2,661,127			670,500			5,412,502			6,083,002		1,784,315		4,298,687		-		1995
TOWNE SQUARE	VA		8,499,373		24,302,141		1,908,469			8,858,432			25,851,551			34,709,983		3,137,543		31,572,440		-		2014
POTOMAC RUN PLAZA	VA		27,369,515		48,451,209		(2,332,371	)		27,369,515			46,118,838			73,488,353		13,090,432		60,397,921		-		2008
DULLES TOWN CROSSING	VA		53,285,116		104,175,738		(355,523	)		53,285,116			103,820,215			157,105,331		14,810,943		142,294,388		-		2015
DOCSTONE COMMONS	VA		3,839,249		11,468,264		441,201			3,903,963			11,844,751			15,748,714		540,782		15,207,932		-		2016
DOCSTONE O/P - STAPLES	VA		1,425,307		4,317,552		(883,709	)		1,167,588			3,691,562			4,859,150		210,701		4,648,449		-		2016
STAFFORD MARKETPLACE	VA		26,893,429		86,449,614		36,364			26,893,429			86,485,978			113,379,407		9,382,013		103,997,394		-		2015
GORDON PLAZA	VA		-		3,330,621		40,921			-			3,371,542			3,371,542		108,863		3,262,679		-		2017
AUBURN NORTH	WA		7,785,841		18,157,625		7,542,304			7,785,841			25,699,929			33,485,770		7,113,252		26,372,518		-		2007
THE MARKETPLACE AT FACTORIA	WA		60,502,358		92,696,231		4,443,162			60,502,358			97,139,393			157,641,751		18,626,509		139,015,242		56,189,197		2013
FRONTIER VILLAGE SHOPPING CTR.	WA		10,750,863		35,671,801		96,299			10,750,863			35,768,100			46,518,963		6,231,338		40,287,625		-		2012
GATEWAY SHOPPING CENTER	WA		6,937,929		11,270,322		303,983			6,937,929			11,574,305			18,512,234		689,626		17,822,608		-		2016
OLYMPIA WEST OUTPARCEL	WA		360,000		799,640		100,360			360,000			900,000			1,260,000		125,262		1,134,738		-		2012
FRANKLIN PARK COMMONS	WA		5,418,825		11,988,657		1,031,639			5,418,825			13,020,296			18,439,121		1,691,466		16,747,655		-		2015
SILVERDALE PLAZA	WA		3,875,013		32,894,027		86,051			3,755,613			33,099,478			36,855,091		5,485,432		31,369,659		-		2012
OTHER PROPERTY INTERESTS
KEY BANK BUILDING	NY		1,500,000		40,486,755		(11,999,846	)		655,798			29,331,111			29,986,909		19,024,009		10,962,900		-		2006
EL MIRAGE	AZ		6,786,441		503,987		130,064			6,786,441			634,051			7,420,492		86,961		7,333,531		-				2008
ASANTE RETAIL CENTER	AZ		8,702,635		3,405,683		2,866,808			11,039,472			3,935,654			14,975,126		501,713		14,473,413		-				2004
SURPRISE SPECTRUM	AZ		4,138,760		94,572		1,035			4,138,760			95,607			4,234,367		13,456		4,220,911		-				2008
LAKE WALES S.C.	FL		601,052		-		-			601,052			-			601,052		-		601,052		-		2009
PLANTATION CROSSING	FL		7,524,800		-		(5,516,183	)		2,008,617			-			2,008,617		-		2,008,617		-				2005
MILTON, FL	FL		1,275,593		-		(423,450	)		852,143			-			852,143		-		852,143		-		2007
LOWES S.C.	FL		1,620,203		-		(406,657	)		507,530			706,016			1,213,546		706,016		507,530		-		2007
TREASURE VALLEY	ID		6,501,240		-		(4,426,611	)		962,721			1,111,908			2,074,629		1,106,073		968,556		-				2005
TOWN & COUNTRY S.C.	IL		315,387		422,905		(85,154	)		230,233			422,905			653,138		386,014		267,124		-		1972
22ND STREET PLAZA OUTPARCEL	IL		-		99,640		1,071,530			-			1,171,170			1,171,170		81,873		1,089,297		-		2001
MARKETPLACE OF OAKLAWN	IL		-		678,668		108,483			-			787,151			787,151		748,798		38,353		-		1998
LINWOOD-INDIANAPOLIS	IN		31,045		-		-			31,045			-			31,045		-		31,045		-		1991
BAYOU WALK	LA		4,586,895		10,836,007		(4,291,095	)		2,993,728			8,138,079			11,131,807		2,830,013		8,301,794		12,414,563		2010
FLINT - VACANT LAND	MI		101,424		-		-			101,424			-			101,424		-		101,424		-		2012
CHARLOTTE SPORTS & FITNESS CTR	NC		500,754		1,858,643		479,046			500,754			2,337,689			2,838,443		1,760,102		1,078,341		-		1986
SENATE/HILLSBOROUGH CROSSI	NC		519,395		-		-			519,395			-			519,395		-		519,395		-		2003
WAKEFIELD COMMONS III	NC		6,506,450		-		(5,397,400	)		1,475,214			(366,164	)		1,109,050		197,785		911,265		-				2001
WAKEFIELD CROSSINGS	NC		3,413,932		-		(3,017,959	)		336,236			59,737			395,973		8,287		387,686		-				2001
HILLSBOROUGH PROMENADE	NJ		11,886,809		-		(6,632,045	)		5,006,054			248,710			5,254,764		30,796		5,223,968		-				2001
NORTHPORT LAND PARCEL	NY		-		14,460		49,179			-			63,639			63,639		-		63,639		-		2012
MERRY LANE (PARKING LOT)	NY		1,485,531		1,749		288,651			1,485,531			290,400			1,775,931		-		1,775,931		-		2007
JERICHO ATRIUM	NY		10,624,099		20,065,496		364,026			10,624,099			20,429,522			31,053,621		3,284,297		27,769,324		-		2016
BIRCHWOOD PARK	NY		3,507,162		4,126		(1,510,445	)		2,000,000			843			2,000,843		843		2,000,000		-		2007
STATEN ISLAND PLAZA	NY		5,600,744		6,788,460		(2,981,672	)		9,407,532			-			9,407,532		-		9,407,532		-		2005
KENT CENTER	OH		2,261,530		-		(1,826,497	)		435,033			-			435,033		-		435,033		-		1995
HIGH PARK CTR RETAIL	OH		3,783,875		-		(2,778,460	)		921,704			83,711			1,005,415		37,907		967,508		-				2001
MCMINNVILLE PLAZA	OR		4,062,327		-		991,482			4,062,327			991,482			5,053,809		96,213		4,957,596		-				2006
HOSPITAL GARAGE & MED. OFFICE	PA		-		30,061,177		59,094			-			30,120,271			30,120,271		9,096,746		21,023,525		-		2004
COULTER AVE. PARCEL	PA		577,630		1,348,019		11,877,439			13,444,154			358,934			13,803,088		10,436		13,792,652		-		2015
MORRISVILLE S.C.	PA		340,000		1,360,000		(1,669,238	)		30,762			-			30,762		-		30,762		-		1996
HICKORY RIDGE COMMONS	TN		596,347		2,545,033		(2,457,560	)		683,820			-			683,820		-		683,820		-		2000
BLUE RIDGE	Various		12,346,900		71,529,796		(35,874,424	)		6,069,109			41,933,163			48,002,272		20,764,707		27,237,565		6,595,242		2005
MICROPROPERTIES	Various		528,534		1,090,980		-			528,534			1,090,980			1,619,514		211,709		1,407,805		-		2012
BALANCE OF PORTFOLIO (4)	Various		1,907,182		65,127,208		(9,296,277	)		(99,898	)		57,838,011			57,738,113		30,663,071		27,075,042		-
TOTALS			$3,232,368,780		$7,876,947,274		$1,544,128,944			$3,366,655,421			$9,286,789,577			$12,653,444,998		$2,433,052,747		$10,220,392,251		$882,787,275

SEC Schedule III, Depreciation and Amortization [Table Text Block]

Buildings and building improvements (in years)	15	to	50
Fixtures, building and leasehold improvements (including certain identified intangible assets)	Terms of leases or useful lives, whichever is shorter

SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Table Text Block]

	2017			2016			2015
Balance, beginning of period	$	12,008,075,148		$	11,568,809,126		$	10,018,225,775
Additions during period:
Acquisitions		438,125,265			181,719,189			278,401,182
Improvements		414,955,609			217,668,292			191,662,698
Transfers from unconsolidated joint ventures		329,194,717			615,511,560			1,673,542,610
Change in exchange rate		1,035,816			598,744			-
Deductions during period:
Sales		(315,954,464	)		(391,758,149	)		(507,185,370	)
Assets held for sale		(56,187,719	)		(12,608,829	)		(587,007	)
Adjustment of fully depreciated assets		(107,660,366	)		(80,660,536	)		(56,774,522	)
Adjustment of property carrying values		(58,139,008	)		(91,204,249	)		(18,432,226	)
Change in exchange rate		-			-			(10,044,014	)
Balance, end of period	$	12,653,444,998		$	12,008,075,148		$	11,568,809,126

	2017			2016			2015
Balance, beginning of period	$	2,278,291,645		$	2,115,319,888		$	1,955,405,720
Additions during period:
Depreciation for year		368,919,387			344,179,201			333,948,605
Change in exchange rate		-			366,068			-
Deductions during period:
Sales		(86,798,173	)		(97,888,608	)		(116,864,875	)
Assets held for sale		(19,699,746	)		(3,482,974	)		-
Adjustment of fully depreciated assets		(107,660,366	)		(80,660,536	)		(56,774,522	)
Change in exchange rate		-			-			(395,040	)
Balance, end of period	$	2,433,052,747		$	2,278,291,645		$	2,115,319,888

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Schedule IV - Mortgage Loans on Real Estate (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Participating Mortgage Loans [Table Text Block]

Description	Interest Rate	Final Maturity Date	Periodic Payment Terms (a)	Prior Liens		Original Face Amount of Mortgages (b)		Carrying Amount of Mortgages (b) (c)		Principal Amount of Loans Subject to Delinquent Principal or Interest
Mortgage Loans:
Retail
Toronto, ON	7.00%	May-18	P& I	$	-	$	5,319	$	5,058	$	-
Westport, CT	6.50%	Mar-33	I		-		5,014		5,014		-
Las Vegas, NV	12.00%	May-33	I		-		3,075		3,075		-
Miami, FL	7.57%	Jun-19	P& I		-		3,966		1,919		-
Miami, FL	7.57%	Jun-19	P& I		-		4,201		1,850		-
Miami, FL	7.57%	Jun-19	P& I		-		3,678		1,775		-
Nonretail
Oakbrook Terrace, IL	6.00%	Dec-24	I		-		1,950		1,950		-
Individually < 3% (d)	(e)	(f)	P&I		-		2,475		828		-
				$	-	$	29,678	$	21,469	$	-
Other Financing Loans:
Nonretail
Individually < 3%	2.28%	Apr-27	P&I	$	-	$	600	$	369	$	-
				$	-	$	30,278	$	21,838	$	-

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Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Real Estate Under Development Period After Completion Cessation of Cost Capitalization	1 year
Financing Receivable Past Due Term	90 days
Number of Portfolio Segments	1
Capitalized Computer Software, Net	$ 6,200	$ 10,200
Capitalized Computer Software, Amortization	4,600	8,000	$ 10,700
Amount of Ineffectiveness on Net Investment Hedges	$ 0	$ 0	$ 0
Number of Equity Participation Plans	2
Fee Income as a Percentage of Revenue	3.00%	3.00%
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	$ (1,136)	$ 406
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years
Restricted Stock [Member] | Share-based Compensation Award, Vesting on Fourth or Fifth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	100.00%
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Restricted Stock [Member] | Share-based Compensation Award, Vesting After the Fifth Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	20.00%
Prior Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	47,000,000
The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares	10,000,000
After Issuance [Member]
Redeemable Noncontrolling Units Redemption Period	1 year
Billed Accounts Receivable [Member]
Allowance for Doubtful Accounts Receivable	$ 9,200	12,300
Straight-line Rent Receivable [Member]
Allowance for Doubtful Accounts Receivable	$ 7,900	$ 11,900
Minimum [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Minimum [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Minimum [Member] | Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life	3 years
Maximum [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Maximum [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum [Member] | Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	15 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	50 years

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Note 2 - Real Estate (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Off-market Lease, Unfavorable	$ 329,300	$ 292,600
Below Market Rents [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	184,500	193,900
Above and Below Market Leases [Member]
Amortization of above and below Market Leases	15,500	21,400	$ 18,500
Leases in Place and Tenant Relationships [Member]
Amortization	62,700	66,600	$ 68,300
Other Rental Property [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 459,211	$ 409,062

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Note 2 - Real Estate - Components of Rental Property (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Land		$ 3,019,284	$ 2,845,186
Buildings and improvements:
Buildings and improvements		9,231,644	8,827,861
Above-market leases		153,484	150,207
In-place leases and tenant relationships		577,870	543,342
		12,250,928	11,673,047
Accumulated depreciation and amortization (1)	[1]	(2,433,053)	(2,278,292)
Real Estate Investment Property, Net		9,817,875	9,394,755
Land [Member]
Land		2,971,020	2,786,255
Undeveloped Land [Member]
Land		48,264	58,931
Building [Member]
Buildings and improvements:
Buildings and improvements		6,047,413	5,790,681
Building Improvements [Member]
Buildings and improvements:
Buildings and improvements		1,653,581	1,562,439
Tenant Improvements [Member]
Buildings and improvements:
Buildings and improvements		753,501	733,993
Fixtures And Leasehold Improvements [Member]
Buildings and improvements:
Buildings and improvements		$ 45,795	$ 47,199

[1] At December 31, 2017 and 2016, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $459,211 and $409,062, respectively.

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Note 2 - Real Estate - Estimated Net Amortization Income (Expense) (Details) $ in Millions	Dec. 31, 2017 USD ($)
Above-market and below-market leases amortization, net, 2018	$ 13.2
Above-market and below-market leases amortization, net, 2019	14.0
Above-market and below-market leases amortization, net, 2020	14.1
Above-market and below-market leases amortization, net, 2021	14.3
Above-market and below-market leases amortization, net, 2022	13.4
In-place Lease and Tenant Relationships [Member]
In-place leases and tenant relationships amortization, 2018	(43.7)
In-place leases and tenant relationships amortization, 2019	(34.6)
In-place leases and tenant relationships amortization, 2020	(26.5)
In-place leases and tenant relationships amortization, 2021	(20.7)
In-place leases and tenant relationships amortization, 2022	$ (15.9)

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Note 3 - Property Acquisitions, Developments and Other Investments (Details Textual) ft² in Millions, $ in Millions		12 Months Ended
	Sep. 20, 2017 USD ($) ft²	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Proceeds from Delayed Tax Exempt Exchange		$ 162.4	$ 66.0
Business Acquisition, Percentage of Voting Interests Acquired		54.27%
Real Estate Revenue From Acquisitions During Period		$ 31.0	$ 23.8	$ 112.2
PUERTO RICO
Number of Real Estate Properties	7	7
Area of Real Estate Property | ft²	2.2
Property Insurance, Coverage	$ 62.0
Business Interruption Insurance, Coverage	39.3
Insurance, Deductible	$ 1.2
PUERTO RICO | Hurricane [Member]
Real Estate Investment Properties, Write-offs		$ 16.0
Insurance Settlements Receivable		16.0
Estimated Insurance Recoveries		26.0
Proceeds from Insurance Settlement, Investing Activities		4.0
Unusual or Infrequent Item, or Both, Loss, Gross		3.4
Proceeds from Insurance Settlement, Operating Activities		1.6
PUERTO RICO | Hurricane [Member] | Other Assets [Member]
Insurance Settlements Receivable		$ 12.0

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Note 3 - Property Acquisitions, Developments and Other Investments - Acquisition of Operating Properties (Details) ft² in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2017 USD ($) ft²		Dec. 31, 2016 USD ($) ft²
Purchase Price Cash		$ 325,228	[1]	$ 255,910	[2]
Purchase Price Debt Acquired		249,000		284,732
Purchase Price Other	[3]	114,098		104,982
Purchase Price Total		$ 688,326		$ 645,624
Purchase Price GLA (Square Foot) (Square Foot) | ft²		2,875	[4]	2,665
Plantation Commons [Member]
Purchase Price Cash	[1],[5],[6]
Purchase Price Debt Acquired	[5],[6]
Purchase Price Other	[3],[5],[6]	12,300
Purchase Price Total	[5],[6]	$ 12,300
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5],[6]	60
Jericho Atrium [Member]
Purchase Price Cash	[2]			$ 29,750
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 29,750
Purchase Price GLA (Square Foot) (Square Foot) | ft²				147
Gordon Plaza [Member]
Purchase Price Cash	[1],[5],[6]
Purchase Price Debt Acquired	[5],[6]
Purchase Price Other	[3],[5],[6]	3,100
Purchase Price Total	[5],[6]	$ 3,100
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[5],[6]	184
Oakwood Plaza North [Member]
Purchase Price Cash	[1],[5]			$ 53,412
Purchase Price Debt Acquired	[5]			100,000
Purchase Price Other	[3],[5]			61,588
Purchase Price Total	[5]			$ 215,000
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[5]			899
Plaza Del Prado [Member]
Purchase Price Cash	[1]	$ 39,063
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 39,063
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	142
Webster Square North [Member]
Purchase Price Cash	[2]			$ 8,200
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 8,200
Purchase Price GLA (Square Foot) (Square Foot) | ft²				21
Columbia Crossing Parcel [Member]
Purchase Price Cash	[1]	$ 5,100
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 5,100
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	25
Gateway Plaza [Member]
Purchase Price Cash	[2],[5]			$ 493
Purchase Price Debt Acquired	[5]			17,500
Purchase Price Other	[3],[5]
Purchase Price Total	[5]			$ 17,993
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[5]			97
The District at Tustin Legacy [Member]
Purchase Price Cash	[1],[6],[7]
Purchase Price Debt Acquired	[6],[7]	206,000
Purchase Price Other	[3],[6],[7]	98,698
Purchase Price Total	[6],[7]	$ 304,698
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4],[6],[7]	688
Kentlands Market Square [Member]
Purchase Price Cash	[2]			$ 61,826
Purchase Price Debt Acquired				33,174
Purchase Price Other	[3]
Purchase Price Total				$ 95,000
Purchase Price GLA (Square Foot) (Square Foot) | ft²				221
Jantzen Beach Center [Member]
Purchase Price Cash	[1]	$ 131,927
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 131,927
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	722
GEPT Portfolio [Member]
Purchase Price Cash	[2],[5]			$ 79,974
Purchase Price Debt Acquired	[5]			76,989
Purchase Price Other	[3],[5]			10,882
Purchase Price Total	[5]			$ 167,845
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[5]			681
Del Monte Plaza Parcel [Member]
Purchase Price Cash	[1]	$ 24,152
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 24,152
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	83
Coulter Ave. Parcel [Member]
Purchase Price Cash	[2]			$ 6,750
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total				$ 6,750
Purchase Price GLA (Square Foot) (Square Foot) | ft²				20
Gateway Station Phase II [Member]
Purchase Price Cash	[1]	$ 15,355
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 15,355
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	79
Kim Pru [Member]
Purchase Price Cash	[2],[5]			$ 15,505
Purchase Price Debt Acquired	[5]			35,700
Purchase Price Other	[3],[5]			3,218
Purchase Price Total	[5]			$ 54,423
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[5]			234
Jantzen Beach Center Parcel [Member]
Purchase Price Cash	[1]	$ 6,279
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 6,279
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	25
Hamden Mart [Member]
Purchase Price Cash	[2],[5]
Purchase Price Debt Acquired	[5]			21,369
Purchase Price Other	[3],[5]			29,294
Purchase Price Total	[5]			$ 50,663
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[5]			345
Webster Square Outparcel [Member]
Purchase Price Cash	[1]	$ 4,985
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 4,985
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	22
Whittwood Town Center [Member]
Purchase Price Cash	[1]	$ 80,397
Purchase Price Debt Acquired		43,000
Purchase Price Other	[3]
Purchase Price Total		$ 123,397
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	783
123 Coulter Avenue Parcel [Member]
Purchase Price Cash	[1]	$ 4,808
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 4,808
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	1
Fulton Marketplace Parcel [Member]
Purchase Price Cash	[1]	$ 13,162
Purchase Price Debt Acquired
Purchase Price Other	[3]
Purchase Price Total		$ 13,162
Purchase Price GLA (Square Foot) (Square Foot) | ft²	[4]	61

[1] The Company utilized an aggregate $162.4 million associated with Internal Revenue Code 1031 sales proceeds.

[2] The Company utilized an aggregate $66.0 million associated with Internal Revenue Code 1031 sales proceeds.

[3] Includes the Company's previously held equity interest investment.

[4] Gross leasable area ("GLA")

[5] The Company acquired from its partners, their ownership interest in properties that were held in joint ventures in which the Company had noncontrolling interests. The Company now has a controlling interest in these properties and has deemed these entities to be VIEs for which the Company is the primary beneficiary and now consolidates these assets.

[6] The Company evaluated these transactions pursuant to the FASB's Consolidation guidance and as a result, recognized gains on change in control of interests resulting from the fair value adjustments associated with the Company's previously held equity interests, which are included in the purchase price above in Other Consideration. The Company's current ownership interests and gains on change in control of interests recognized as a result of these transactions are as follows (in thousands):

[7] Effective April 1, 2017, the Company and its partner amended its joint venture agreement relating to the Company's investment in this property. As a result of this amendment, the Company now controls the entity and consolidates the property. This entity is deemed to be a VIE for which the Company is the primary beneficiary.

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Note 3 - Property Acquisitions, Developments and Other Investments - Previous Ownership Interest and Gain on Change of Interest (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Gain on change in control of interests, net		$ 71,160	$ 57,386,000
Plantation Commons [Member]
Previous ownership interest		76.25%
Gain on change in control of interests, net		$ 9,793
Oakwood Plaza North [Member]
Previous ownership interest			55.00%
Gain on change in control of interests, net			$ 46,512,000
Gateway Plaza [Member]
Previous ownership interest			15.00%
Gain on change in control of interests, net
Gordon Plaza [Member]
Previous ownership interest		40.62%
Gain on change in control of interests, net		$ 395
GEPT Portfolio [Member]
Previous ownership interest			15.00%
Gain on change in control of interests, net			$ 6,583,000
The District at Tustin Legacy [Member]
Previous ownership interest	[1]
Gain on change in control of interests, net		$ 60,972
Kim Pru [Member]
Previous ownership interest			15.00%
Gain on change in control of interests, net			$ 832,000
Hamden Mart [Member]
Previous ownership interest			47.95%
Gain on change in control of interests, net			$ 3,459,000

[1] The Company's share of this investment is subject to change and is based upon a cash flow waterfall provision within the partnership agreement (54.27% as of date of consolidation).

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Note 3 - Property Acquisitions, Developments and Other Investments - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Allocation	$ (8,521)	$ (4,292)
Allocation adjustments (Year)	1 year 109 days	4 years 36 days
Allocation	$ 8,342
Allocation adjustments (Year)	19 years
Allocation	$ 5,090	$ 234
Allocation	(3,951)	(27)
Allocation	688,326	645,624
Tenant Improvements [Member]
Allocation	$ 14,520	$ 11,633
Allocation adjustments (Year)	7 years 73 days	7 years 36 days
Leases, Acquired-in-Place [Member]
Allocation	$ 56,200	$ 43,031
Allocation adjustments (Year)	7 years 73 days	6 years 146 days
Above Market Leases [Member]
Allocation	$ 12,197	$ 12,867
Allocation adjustments (Year)	7 years 292 days	8 years 36 days
Below Market Leases [Member]
Allocation	$ (77,027)	$ (36,619)
Allocation adjustments (Year)	29 years 182 days	19 years 36 days
Preliminary Allocation [Member]
Allocation		$ (4,292)
Allocation		234
Allocation		(27)
Allocation		645,624
Preliminary Allocation [Member] | Tenant Improvements [Member]
Allocation		12,788
Preliminary Allocation [Member] | Leases, Acquired-in-Place [Member]
Allocation		44,094
Preliminary Allocation [Member] | Above Market Leases [Member]
Allocation		11,982
Preliminary Allocation [Member] | Below Market Leases [Member]
Allocation		(31,903)
Allocation Adjustments [Member]
Allocation adjustments
Allocation Adjustments [Member] | Tenant Improvements [Member]
Allocation adjustments		(1,155)
Allocation Adjustments [Member] | Leases, Acquired-in-Place [Member]
Allocation adjustments		(1,063)
Allocation Adjustments [Member] | Above Market Leases [Member]
Allocation adjustments		885
Allocation Adjustments [Member] | Below Market Leases [Member]
Allocation adjustments		(4,716)
Land [Member]
Allocation	$ 255,715	174,000
Land [Member] | Preliminary Allocation [Member]
Allocation		179,150
Land [Member] | Allocation Adjustments [Member]
Allocation adjustments		(5,150)
Building [Member]
Allocation	$ 379,148	$ 278,797
Allocation adjustments (Year)	50 years	50 years
Building [Member] | Preliminary Allocation [Member]
Allocation		$ 309,493
Building [Member] | Allocation Adjustments [Member]
Allocation adjustments		(30,696)
Building Improvements [Member]
Allocation	$ 46,613	$ 166,000
Allocation adjustments (Year)	41 years 182 days	45 years
Building Improvements [Member] | Preliminary Allocation [Member]
Allocation		$ 124,105
Building Improvements [Member] | Allocation Adjustments [Member]
Allocation adjustments		$ 41,895

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Note 4 - Real Estate Under Development (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	Sep. 30, 2017	Apr. 01, 2017
SEC Schedule III, Real Estate, Cost of Real Estate Sold	$ 315,954,464		$ 391,758,149		$ 507,185,370
Real Estate Investment Property, Net	9,817,875,000		9,394,755,000
Payments to Acquire Real Estate	153,854,000		203,190,000		$ 661,423,000
Real Estate Inventory, Capitalized Interest Costs Incurred	11,000,000		6,900,000
Real Estate Development Projects, Real Estate Taxes and Insurance Capitalized	5,700,000		5,200,000
Real Estate Development Projects, Payroll Costs Capitalized	3,300,000		1,800,000
Payments to Acquire Businesses, Gross	$ 325,228,000	[1]	$ 255,910,000	[2]
KIM Lincoln, LLC [Member]
Ownership Interest in Joint Venture, Percentage	90.00%
Lincoln Square Property, LP [Member]
Ownership Interest in Joint Venture, Percentage	10.00%
Grand Parkway Marketplace [Member]
SEC Schedule III, Real Estate, Cost of Real Estate Sold	$ 2,900,000
Real Estate Investment Property, Net						$ 91,000,000
Avenues Walk [Member]
Real Estate Investment Property, Net							$ 24,500,000
Real Estate Under Development [Member]
Number of Real Estate Properties	4
Payments to Acquire Real Estate	$ 10,000,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage			55.00%
Payments to Acquire Businesses, Gross			$ 84,200,000
Real Estate Properties, Future Development [Member]
Number of Real Estate Properties	2
Acquired Land [Member]
Number of Real Estate Properties			3
Payments to Acquire Real Estate			$ 13,800,000

[1] The Company utilized an aggregate $162.4 million associated with Internal Revenue Code 1031 sales proceeds.

[2] The Company utilized an aggregate $66.0 million associated with Internal Revenue Code 1031 sales proceeds.

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Note 4 - Real Estate Under Development - Costs Incurred for Real Estate Development (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Property Under Development		$ 402,518	$ 335,028
Grand Parkway Marketplace [Member]
Property Under Development	[1]	43,403	94,841
Dania Pointe [Member]
Property Under Development		152,841	107,113
Mill Station [Member]
Property Under Development		34,347	25,119
Lincoln Square [Member]
Property Under Development	[2]	90,479
Avenues Walk [Member]
Property Under Development	[3]	48,573	73,048
Promenade at Christiana [Member]
Property Under Development	[4]	32,875	25,521
Staten Island Plaza [Member]
Property Under Development	[5]		$ 9,386

[1] During 2017, the Company sold a land parcel at this development project for a sales price of $2.9 million. Additionally, effective as of September 30, 2017, certain aspects of this development project, aggregating $91.0 million, were placed in service and reclassified into Land and Building and improvements on the Company's Consolidated Balance Sheets. The remaining portion relates to the second phase of this project which is under development.

[2] During 2017, KIM Lincoln, LLC ("KIM Lincoln"), a wholly owned subsidiary of the Company, and Lincoln Square Property, LP ("Lincoln Member") entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest. The joint venture acquired land parcels in Philadelphia, PA to be held for development for a gross purchase price of $10.0 million. Based upon the Company's intent to develop the property, the Company allocated the gross purchase price to Real estate under development on the Company's Consolidated Balance Sheets. This joint venture is accounted for as a consolidated VIE (see Footnote 9).

[3] Effective April 1, 2017, certain aspects of this development project, aggregating $24.5 million, were placed in service and reclassified into Land and Building and improvements on the Company's Consolidated Balance Sheets. The remaining portion of the project consists of a mixed-use project to be developed in the future.

[4] The Company is assessing the development model for this asset, which may include a mixed-use component, and anticipates a near term delay in the timing of development. As such, the Company considers this project as land held for future development effective December 31, 2017.

[5] During 2017, the Company reclassified this project to undeveloped land on the Company's Consolidated Balance Sheets, as it is no longer anticipated to be developed by the Company.

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Note 5 - Dispositions of Real Estate and Assets Held-for-sale (Details Textual) $ in Thousands		12 Months Ended
		Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 USD ($)
Real Estate Investment Property, Accumulated Depreciation	[1]	$ 2,278,292		$ 2,433,053
Operating Property in Chile [Member]
Sales of Real Estate			$ 51,300
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			19,600
Gain (Loss) on Sale of Properties			1,800
Land Parcels [Member]
Sales of Real Estate		3,900	31,500
Gain (Loss) on Sale of Properties		$ 1,900	$ 4,300
Number of Real Estate Properties		6	13
Real Estate Held-for-sale [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Number of Real Estate Properties				3
Real Estate Held-for-sale				$ 22,400
Real Estate Investment Property, Accumulated Depreciation				$ 16,800

[1] At December 31, 2017 and 2016, the Company had accumulated amortization relating to in-place leases, tenant relationships and above-market leases aggregating $459,211 and $409,062, respectively.

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Note 5 - Dispositions of Real Estate and Assets Held-for-sale (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Disposed Operating Properties and Out-parcels [Member]
Aggregate sales price	$ 352.2	$ 378.7	$ 492.5
Gain on sale, net of tax	93.5	86.8	143.6
Impairment charges	$ 17.1	$ 37.2	$ 10.2
Disposed Operating Properties [Member]
Number of properties	25	30	89
Disposed Out-parcels [Member]
Number of properties	9	2	8

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Note 6 - Impairments (Details Textual) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Asset Impairment Charges		$ 67,331	$ 93,266	$ 45,383
Assets Impairment Charges, Income Tax Benefit			21,100	9,000
Asset Impairment Charges, Attributable to Noncontrolling Interest			400	5,600
Properties Marketed for Sale as Part of Capital Recycling Programs [Member]
Asset Impairment Charges		34,000
Sale of Operating Properties [Member]
Asset Impairment Charges		17,100
Impaired Due to Unfavorable Local Market Conditions [Member]
Asset Impairment Charges		16,200
Property Carrying Values [Member]
Asset Impairment Charges	[1],[2],[3],[4]	67,300	93,300	30,300
Assets Impairment Charges, Income Tax Benefit			21,100	5,400
Asset Impairment Charges, Attributable to Noncontrolling Interest			400	5,600
Equity Method Investments [Member]
Impairment of Real Estate		$ 4,800	$ 15,000	$ 22,200

[1] During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million.

[2] During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties, certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.

[3] During 2017, the Company recognized aggregate impairment charges of $67.3 million. These impairment charges consist of (i) $34.0 million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties, (ii) $17.1 million related to the sale of certain operating properties (as discussed in Footnote 5 of the Notes to Consolidated Financial Statements) and (iii) $16.2 million related to a property for which the Company has re-evaluated its long-term plan for the property due to unfavorable local market conditions.

[4] See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

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Note 6 - Impairments - Asset Impairment Charges (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impairment charges included in operating expenses		$ 67,331	$ 93,266	$ 45,383
Real estate				100
Impairment charges		67,331	93,266	45,464
Noncontrolling interests			(400)	(5,600)
Income tax benefit			(21,100)	(9,000)
Impairment charges, net		67,300	71,800	30,900
Property Carrying Values [Member]
Impairment charges included in operating expenses	[1],[2],[3],[4]	67,300	93,300	30,300
Noncontrolling interests			(400)	(5,600)
Income tax benefit			(21,100)	(5,400)
Other Real Estate Investments [Member]
Impairment charges included in operating expenses	[5]			5,300
Marketable Securities and Other Investments [Member]
Impairment charges included in operating expenses	[6]			$ 9,800

[1] During 2015, the Company recognized aggregate impairment charges of $30.3 million, before an income tax benefit of $5.4 million and noncontrolling interests of $5.6 million.

[2] During 2016, the Company recognized aggregate impairment charges of $93.3 million, before an income tax benefit of $21.1 million and noncontrolling interests of $0.4 million, primarily related to sale of certain operating properties, certain properties maintained in the Company's TRS for which the hold period was re-evaluated in connection with the Merger (see Footnote 21 of the Notes to Consolidated Financial Statements for additional disclosure) and adjustments to property carrying values in connection with the Company's efforts to market certain properties and management's assessment as to the likelihood and timing of such potential transactions and the anticipated hold period for such properties.

[3] During 2017, the Company recognized aggregate impairment charges of $67.3 million. These impairment charges consist of (i) $34.0 million related to adjustments to property carrying values for properties which the Company has marketed for sale as part of its active capital recycling program and as such has adjusted the anticipated hold periods for such properties, (ii) $17.1 million related to the sale of certain operating properties (as discussed in Footnote 5 of the Notes to Consolidated Financial Statements) and (iii) $16.2 million related to a property for which the Company has re-evaluated its long-term plan for the property due to unfavorable local market conditions.

[4] See Footnote 15 of the Notes to Consolidated Financial Statements for additional disclosure on fair value

[5] Impairment charges primarily based upon review of residual values, sales prices and debt maturity status and the likelihood of foreclosure of certain underlying properties within the Company's preferred equity investments during 2015. The Company believed it would not recover its investment in certain preferred equity investments and as such recorded full impairments on these investments.

[6] During 2015, the Company reviewed the underlying cause of the decline in value of certain cost method investments, as well as the severity and the duration of the decline and determined that the decline was other-than-temporary. Impairment charges were recognized based upon the calculation of the investments' estimated fair value.

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Note 7 - Investments and Advances In Real Estate Joint Ventures (Details Textual) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) ft²		Dec. 31, 2016 USD ($) ft²	Dec. 31, 2015 USD ($)
Gross Leasable Area | ft²	2,875	[1]	2,665
Business Combination, Consideration Transferred	$ 688,326		$ 645,624
Other Liabilities	431,915		404,137
Equity Method Investments	483,861		$ 504,209
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | CANADA
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ (4,800)
All Equity Method Investments [Member]
Gross Leasable Area | ft²	23,500		26,200
Kim Pru and Kim Pru II [Member]
Number of Joint Ventures	4
Number Of Accounts	4
Kim Pru [Member]
Number of Joint Ventures	3
CPP [Member] | Property Interest Adjacent to Existing Operating Property in Temecula, CA [Member]
Business Combination, Consideration Transferred			$ 27,500
Other Joint Venture Programs [Member]
Impairment of Long-Lived Assets to be Disposed of	$ 3,400
Other Liabilities	2,100		11,000
Real Estate Joint Ventures [Member] | Operating Properties [Member]
Business Combination, Consideration Transferred	$ 320,100		$ 590,100	$ 1,600,000
Number of Real Estate Properties, Interest Disposed of or Transferred	13		45	98
Equity Method Investment, Sales Price	$ 180,800		$ 1,100,000	$ 1,800,000
Equity Method Investment, Realized Gain (Loss) on Disposal	$ 7,500		$ 151,200	$ 380,600
Number of Real Estate Properties, Remaining Interest Acquired	3		9	43
Real Estate Joint Ventures [Member] | Land Parcels [Member]
Number of Real Estate Properties, Interest Disposed of or Transferred			1
Number of Real Estate Properties, Remaining Interest Acquired				11
Real Estate Joint Ventures [Member] | Development Properties [Member]
Number of Real Estate Properties, Remaining Interest Acquired			1

[1] Gross leasable area ("GLA")

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Note 7 - Investments in and Advances to Real Estate Joint Ventures - Investment Details (Details) - USD ($)		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
The company's investment		$ 12,653,444,998	$ 12,008,075,148	$ 11,568,809,126	$ 10,018,225,775
Kim Pru and Kim Pru II [Member]
Average ownership interest	[1],[2]	15.00%	15.00%
Number of properties	[1],[2]	46	48
The company's investment	[1],[2]	$ 179,500,000	$ 182,500,000
Kimco Income Fund [Member]
Average ownership interest	[2]	48.60%	48.60%
Number of properties	[2]	42	45
The company's investment	[2]	$ 154,100,000	$ 145,200,000
CPP [Member]
Average ownership interest	[2],[3]	55.00%	55.00%
Number of properties	[2],[3]	4	5
The company's investment	[2],[3]	$ 105,000,000	$ 111,800,000
Other Joint Venture Programs [Member]
Number of properties		26	37
The company's investment		$ 45,300,000	$ 64,700,000
All Equity Method Investments [Member]
Number of properties	[4]	118	135
The company's investment	[4]	$ 483,900,000	$ 504,200,000

[1] Represents four separate joint ventures, with four separate accounts managed by Prudential Global Investment Management, three of these ventures are collectively referred to as KimPru and the remaining venture is referred to as KimPru II.

[2] The Company manages these joint venture investments and, where applicable, earns acquisition fees, leasing commissions, property management fees, asset management fees and construction management fees.

[3] During the year ended December 31, 2016, the CPP joint venture acquired a property interest adjacent to an existing operating property in Temecula, CA for a gross purchase price of $27.5 million.

[4] Representing 23.5 million and 26.2 million square feet of GLA as of December 31, 2017 and 2016, respectively.

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Note 7 - Investments in and Advances to Real Estate Joint Ventures - The Company's Share of Net Income/(Loss) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income of joint ventures, net		$ 60,763	$ 218,714	$ 480,395
Kim Pru and Kim Pru II [Member]
Income of joint ventures, net		13,000	16,400	7,100
KIR [Member]
Income of joint ventures, net		36,700	44,000	41,000
CPP [Member]
Income of joint ventures, net		7,200	7,700	9,600
Other Joint Venture Programs [Member]
Income of joint ventures, net	[1],[2]	$ 3,900	$ 150,600	$ 422,700

[1] During the year ended December 31, 2017, a joint venture recognized an impairment charge related to the pending sale of a property, of which the Company's share was $3.4 million.

[2] During the year ended December 31, 2017, the Company recognized a cumulative foreign currency translation loss of $4.8 million due to the substantial liquidation of the Company's investments in Canada during 2017.

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Note 7 - Investments in and Advances to Real Estate Joint Ventures - Joint Venture Investments Accounted for Under the Equity Method, Debt Details (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Mortgage and notes payable		$ 1,700.2	$ 2,063.0
Kim Pru and Kim Pru II [Member]
Mortgage and notes payable		$ 625.7	$ 647.4
Weighted average interest rate		3.59%	3.07%
Weighted average remaining term (Month)	[1]	4 years 354 days	5 years 225 days
KIR [Member]
Mortgage and notes payable		$ 702.0	$ 746.5
Weighted average interest rate		4.60%	4.64%
Weighted average remaining term (Month)	[1]	3 years 345 days	4 years 207 days
CPP [Member]
Mortgage and notes payable		$ 84.9	$ 84.8
Weighted average interest rate		2.91%	2.17%
Weighted average remaining term (Month)	[1]	120 days	1 year 120 days
Other Joint Venture Programs [Member]
Mortgage and notes payable		$ 287.6	$ 584.3
Weighted average interest rate		4.41%	5.40%
Weighted average remaining term (Month)	[1]	2 years 96 days	1 year 342 days

[1] Average remaining term includes extensions

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Note 7 - Investment and Advances in Real Estate Joint Ventures - Investment and Advances to Real Estate Joint Ventures - Balance Sheets (Details) - Excluding KIR and Rio Can [Member] - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Assets	$ 3,611.0	$ 3,966.5
Noncontrolling interests	15.5	15.9
Partners’/Members’ capital	1,842.8	1,805.3
	3,611.0	3,966.5
Real Estate [Member]
Assets	3,402.1	3,741.9
Other Assets [Member]
Assets	208.9	224.6
Notes Payable [Member]
Liabilities	233.1	214.5
Mortgages Payable [Member]
Liabilities	1,467.1	1,848.5
Other Liabilities [Member]
Liabilities	$ 52.5	$ 82.3

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Note 7 - Investment and Advances in Real Estate Joint Ventures - Investment and Advances to Real Estate Joint Ventures - Income Statements (Details) - Excluding KIR and Rio Can [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from rental properties	$ 516.0	$ 597.5	$ 842.5
Operating expenses	(150.7)	(178.1)	(265.9)
Impairment charges	(12.9)	(38.6)	(63.4)
Depreciation and amortization	(116.1)	(138.1)	(191.9)
Interest expense	(81.9)	(117.3)	(202.8)
Other (expense)/income, net	(3.0)	20.1	4.4
Income from continuing operations	151.4	145.5	122.9
Gain on sale of operating properties, net	26.0	296.2	1,166.7
Net income	$ 177.4	$ 441.7	$ 1,289.6

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Note 8 - Other Real Estate Investments and Other Assets (Details Textual)	1 Months Ended		12 Months Ended
	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 31, 2015
Equity Method Investments	$ 483,861,000		$ 483,861,000	$ 504,209,000
Income (Loss) from Equity Method Investments			60,763,000	218,714,000	$ 480,395,000
Secured Debt	882,787,000		882,787,000	1,139,117,000
Stockholders' Equity Attributable to Noncontrolling Interest	127,903,000		127,903,000	146,735,000
Proceeds from Equity Method Investment, Distribution, Return of Capital				191,902,000	88,672,000
Noncontrolling Interest, Period Increase (Decrease)			64,948,000
Preferred Equity Investments [Member]
Equity Method Investments	357		357	365
Income (Loss) from Equity Method Investments			32,200,000	27,500,000
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax			14,800,000
Equity Method Investment, Realized Gain (Loss) on Disposal				$ 10,500,000
Secured Debt	$ 361,000,000		$ 361,000,000
Preferred Equity Investments [Member] | Minimum [Member]
Debt Instrument, Term			240 days
Debt Instrument, Interest Rate, Stated Percentage	4.19%		4.19%
Preferred Equity Investments [Member] | Maximum [Member]
Debt Instrument, Term			7 years
Debt Instrument, Interest Rate, Stated Percentage	10.47%		10.47%
Preferred Equity Investments [Member] | Leased Properties [Member]
Number of Real Estate Properties	344		344	346
Preferred Equity Investments [Member] | Maximum Exposure [Member]
Equity Method Investments	$ 201,900,000		$ 201,900,000	$ 193,700,000
AB Acquisition [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						9.80%
AB Acquisition [Member] | ABS Venture [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	14.35%		14.35%			14.35%
AB Acquisition [Member] | Kimco [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	9.80%		9.80%
AB Acquisition [Member] | Colony [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	4.30%		4.30%			4.30%
ABS Venture [Member]
Stockholders' Equity Attributable to Noncontrolling Interest				64,900,000
Noncontrolling Interest, Period Increase (Decrease)	$ (64,900,000)
ABS Venture [Member] | Other Assets [Member]
Other Investments				$ 205,100,000
Albertsons [Member]
Proceeds from Equity Method Investment, Distribution, Return of Capital		$ 23,700,000
Albertsons [Member] | ABS Venture [Member]
Proceeds from Equity Method Investment, Distribution, Return of Capital		34,600,000
Albertsons [Member] | Noncontrolling Interest Members in ABS Venture [Member]
Proceeds from Equity Method Investment, Distribution, Return of Capital		$ 10,900,000
Albertsons Companies, Inc [Member]
Percentage of Ownership	9.74%		9.74%
Albertsons Companies, Inc [Member] | Other Assets [Member]
Other Investments	$ 140,200,000		$ 140,200,000

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Note 8 - Other Real Estate Investments and Other Assets - Preferred Equity Investments - Balance Sheet Disclosures (Details) - Preferred Equity Investments [Member] - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Assets:
Real estate, net	$ 142.3	$ 187.0
Other assets	581.2	587.1
Assets	723.5	774.1
Liabilities and Partners’/Members’ Capital:
Mortgages payable, net	381.9	454.7
Other liabilities	6.0	8.3
Partners’/Members’ capital	335.6	311.1
	$ 723.5	$ 774.1

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Note 8 - Other Real Estate Investments and Other Assets - Preferred Equity Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from rental properties	$ 310,632	$ 290,919	$ 292,843	$ 289,391	$ 292,909	$ 279,286	$ 287,115	$ 293,091	$ 1,183,785	$ 1,152,401	$ 1,144,474
Operating expenses									(863,355)	(869,969)	(823,197)
Depreciation and amortization									(360,811)	(355,320)	(344,527)
Interest expense									(191,956)	(192,549)	(218,891)
Other expense, net									(250)	3,947	5,174
Income from continuing operations									337,479	300,823	343,572
Net (loss)/income from U.S. TRSs									439,671	386,138	900,143
Preferred Equity Investments [Member]
Revenues from rental properties									75,400	102,600	122,100
Operating expenses									(14,700)	(27,400)	(35,600)
Depreciation and amortization									(4,600)	(6,700)	(11,400)
Interest expense									(20,400)	(26,700)	(35,700)
Other expense, net									(5,900)	(11,500)	(9,200)
Income from continuing operations									29,800	30,300	30,200
Gain on sale of properties, net									4,300	5,300	6,000
Net (loss)/income from U.S. TRSs									$ 34,100	$ 35,600	$ 36,200

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Note 9 - Variable Interest Entities ("VIE") (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Variable Interest Entity, Number of Entities	27
Variable Interest Entity, Unencumbered [Member]
Variable Interest Entity, Number of Entities	22
Variable Interest Entity, Encumbered by Third Party Non-resource Mortgage Debt [Member]
Variable Interest Entity, Number of Entities	5
Consolidated Operating Properties [Member]
Variable Interest Entity, Number of Entities	24
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 1,200.0
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 383.5
Real Estate Under Development [Member]
Variable Interest Entity, Number of Entities	3
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 307.9
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	34.2
Variable Interest Entity, Financial or Other Support, Amount	$ 147.7

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Note 9 - Variable Interest Entities ("VIE") - Summary of Restricted Assets and VIE Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Assets:
Real estate, net	$ 627,500	$ 326,900
Cash and cash equivalents	9,800	3,800
Accounts and notes receivable, net	3,200	1,600
Other assets	4,500	1,400
Total Restricted Assets	644,990	333,705
VIE Liabilities:
Mortgages payable, net	340,900	138,600
Other liabilities	76,800	37,600
Total VIE Liabilities	$ 417,688	$ 176,216

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Note 10 - Mortgages and Other Financing Receivables (Details Textual)	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate, Number of Loans	11

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Note 10 - Mortgages and Other Financing Receivables - Mortgage Loans and Other Financing Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance at January 1	$ 23,197	$ 23,824	$ 74,013
New mortgage loans			5,730
Balance at December 31	21,838	23,197	23,824
Foreign Currency Translation [Member]
Other additions	385	397
Amortization of Loan Discounts [Member]
Other additions	112	112	112
Loan Repayments [Member]
Collections of principal			(53,646)
Charge Off/Foreign Currency Translation [Member]
Other deductions	(449)	(213)	(884)
Collections of Principal [Member]
Collections of principal	(1,405)	(921)	(1,499)
Amortization of Loan Costs [Member]
Other deductions	$ (2)	$ (2)	$ (2)

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Note 11 - Marketable Securities (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Payments to Acquire Marketable Securities	$ 9,822	$ 2,466	$ 257
Proceeds from Sale and Maturity of Marketable Securities	$ 3,146	$ 1,937	76,170
Available-for-sale Securities, Gross Realized Gains			39,900
Maximum [Member]
Held-to-maturity Securities, Debt Maturities, Period	5 years
Certain Marketable Securities [Member]
Proceeds from Sale and Maturity of Marketable Securities			$ 76,200

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Note 11 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Amortized Cost - Equity securities	$ 13,072	$ 6,096
Gross Unrealized Gains - Equity securities	(1,136)	406
Marketable equity securities	11,936	6,502
Amortized Cost - Debt securities	1,329	1,599
Gross Unrealized Gains - Debt securities
Estimated Fair Value - Debt securities	1,329	1,599
Amortized Cost - Total marketable securities	14,401	7,695
Gross Unrealized Gains - Total marketable securities	(1,136)	406
Estimated Fair Value - Total marketable securities	$ 13,265	$ 8,101

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Note 12 - Notes Payable (Details Textual) $ in Thousands, CAD in Millions						1 Months Ended				12 Months Ended
		Nov. 01, 2017 USD ($)	Aug. 10, 2017 USD ($)	Aug. 26, 2016 USD ($)	Aug. 26, 2016 CAD	Feb. 28, 2017 USD ($)	Jan. 31, 2017 USD ($)	Nov. 30, 2016 USD ($)	Aug. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)		Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 CAD	Aug. 09, 2017 USD ($)
Repayments of Medium-term Notes		$ 89,000	$ 211,000
Medium-term Notes															$ 300,000
Gain (Loss) on Extinguishment of Debt									$ 10,200	$ (1,753)		$ (45,674)
Debt Covenants Dividend Payment Restriction Maximum Payment										26,000
Long-term Line of Credit										8,000				CAD 10.0
Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage												1.60%
Repayments of Long-term Debt							$ 250,000	$ 400,000		250,000
Unsecured Debt										650,000
Medium-term Notes [Member]
Debt Instrument, Tender Offer, Partial Repayment Premium			$ 1,800
Canadian Notes Payable, Mature in April 2018 [Member]
Repayments of Long-term Debt | CAD					CAD 150.0
Debt Instrument, Interest Rate, Stated Percentage				5.99%	5.99%
Canadian Notes Payable, Mature in August 2020 [Member]
Repayments of Long-term Debt | CAD					CAD 200.0
Debt Instrument, Interest Rate, Stated Percentage				3.855%	3.855%
Canadian Notes Payable [Member]
Repayments of Long-term Debt	[1]									$ 270,900
Debt Instrument, Interest Rate, Stated Percentage	[1]
Gain (Loss) on Extinguishment of Debt				$ (26,300)	CAD (34.1)
Unsecured Debt [Member]
Debt Issuance Costs, Net										$ 61,900
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member]
Debt Instrument, Basis Spread on Variable Rate							0.95%			0.95%	[2]
Revolving Credit Facility [Member]
Line of Credit Facility, Current Borrowing Capacity						$ 2,250,000	$ 1,750,000
Debt Instrument, Interest Rate, Effective Percentage										2.28%		1.67%		2.28%
Line of Credit Facility, Maximum Borrowing Capacity						2,250,000
Line of Credit Facility Sub-limit						500,000
Revolving Credit Facility [Member] | Credit Facility Accordion Feature [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 2,750,000
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate						0.875%	0.925%
Letter of Credit [Member]
Long-term Line of Credit										$ 500

[1] On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated ("CAD") $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

[2] On August 1, 2017, the Company made a tender offer to purchase any and all of these MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of the MTN notes. In addition, in November 2017, the Company redeemed the remaining $89.0 million outstanding MTN notes.

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Note 12 - Notes Payable - Notes Payable (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Notes Payable [Member]
Deferred financing costs, net		$ (61.9)	$ (47.7)
Balance, Net		$ 4,596.1	$ 3,927.3
Notes Payable [Member] | Weighted Average [Member]
Interest Rate	[1]	3.70%	3.58%
Unsecured Debt [Member]
Gross Balance		$ 4,658.0
Unsecured Debt [Member] | Notes Payable [Member]
Gross Balance		$ 4,650.0	$ 3,400.0
Unsecured Debt [Member] | Notes Payable [Member] | Minimum [Member]
Interest Rate		2.70%	2.70%
Maturity Date		Oct. 31, 2019
Unsecured Debt [Member] | Notes Payable [Member] | Maximum [Member]
Interest Rate		6.88%	6.88%
Maturity Date		Sep. 30, 2047
Line of Credit [Member] | Notes Payable [Member]
Gross Balance	[2]	$ 8.0	$ 25.0
Maturity Date	[2]	Mar. 31, 2021
Medium-term Notes [Member] | Notes Payable [Member]
Gross Balance			$ 300.0
Medium-term Notes [Member] | Notes Payable [Member] | Weighted Average [Member]
Interest Rate			4.30%
Term Loan [Member]
Maturity Date		Jan. 31, 2017
Term Loan [Member] | Notes Payable [Member]
Gross Balance	[3]		$ 250.0

[1] Weighted-average interest rate

[2] During February 2017, the Company repaid the outstanding balance on the Company's $1.75 billion credit facility and terminated the agreement. Interest rate was equal to LIBOR plus 0.925% (1.67% at December 31, 2016). The Company then closed on a $2.25 billion unsecured revolving credit facility which is scheduled to mature in March 2021, with two additional six-month options to extend the maturity date, and accrues interest at a rate of LIBOR plus 0.875% (2.28% at December 31, 2017).

[3] During January 2017, the Company repaid the remaining $250.0 million balance and terminated the agreement. Interest rate was equal to LIBOR plus 0.95% (1.60% at December 31, 2016).

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Note 12 - Notes Payable - Senior Unsecured Notes Issuance (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Senior Unsecured Notes 1 [Member]
Maturity Date	Feb. 28, 2025
Amount Issued	$ 500
Interest Rate	3.30%
Senior Unsecured Notes 2 [Member]
Maturity Date	Sep. 30, 2047
Amount Issued	$ 350
Interest Rate	4.45%
Senior Unsecured Notes 3 [Member]
Maturity Date	Apr. 30, 2027
Amount Issued	$ 400
Interest Rate	3.80%
Senior Unsecured Notes 4 [Member]
Maturity Date	Mar. 31, 2024
Amount Issued	$ 400
Interest Rate	2.70%
Senior Unsecured Notes 5 [Member]
Maturity Date	Dec. 31, 2046
Amount Issued	$ 350
Interest Rate	4.125%
Senior Unsecured Notes 6 [Member]
Maturity Date	Oct. 31, 2026
Amount Issued	$ 500
Interest Rate	2.80%
Senior Unsecured Notes 7 [Member]
Maturity Date	Apr. 30, 2045
Amount Issued	$ 150
Interest Rate	4.25%

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Note 12 - Notes Payable - Note Repayments (Details) - USD ($) $ in Millions		1 Months Ended		12 Months Ended
		Jan. 31, 2017	Nov. 30, 2016	Dec. 31, 2017
Medium-term Note 1 [Member]
Amount Repaid	[1]			$ 300.0
Interest Rate	[1]			4.30%
Maturity Date	[1]			Feb. 28, 2018
Term Loan [Member]
Amount Repaid		$ 250.0	$ 400.0	$ 250.0
Maturity Date				Jan. 31, 2017
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Basis Spread on Variable Rate		0.95%		0.95%	[1]
Canadian Notes Payable [Member]
Amount Repaid	[2]			$ 270.9
Interest Rate	[2]
Maturity Date	[2]
Senior Note 1 [Member]
Amount Repaid	[3]			$ 290.9
Interest Rate	[3]			5.70%
Maturity Date	[3]			May 31, 2017
Medium-term Note 2 [Member]
Amount Repaid				$ 300.0
Interest Rate				5.783%
Maturity Date				Mar. 31, 2016

[1] On August 1, 2017, the Company made a tender offer to purchase any and all of these MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of the MTN notes. In addition, in November 2017, the Company redeemed the remaining $89.0 million outstanding MTN notes.

[2] On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated ("CAD") $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

[3] The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.

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Note 12 - Notes Payable - Maturities of All Unsecured Notes Payable (Details) - Unsecured Debt [Member] $ in Millions	Dec. 31, 2017 USD ($)
2018
2019	300
2020
2021	508
2022	500
Thereafter	3,350
Total	$ 4,658

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Note 13 - Mortgages Payable (Details Textual) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 21, 2017 USD ($)
Gain (Loss) on Extinguishment of Debt	$ 10,200	$ (1,753)	$ (45,674)
Mortgages [Member]
Long-term Debt, Fair Value		19,300	27,700
Gain (Loss) on Extinguishment of Debt			(9,200)
Debt Instrument, Increase (Decrease), Net			(25,600)
Liabilities, Fair Value Adjustment			400
Mortgages [Member] | Other Income (Expense), Net [Member]
Gain on Forgiveness of Debt			3,100
Mortgages [Member] | Operating Properties [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt		257,500	289,000
Long-term Debt, Fair Value		$ 8,500	$ 4,300
Number of Real Estate Properties		2	10
Mortgages [Member] | Operating Properties [Member] | Acquired [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt					$ 206,000
Number of Real Estate Properties					1
Mortgages [Member] | Encumbered Operating Properties [Member]
Long-term Debt, Fair Value		$ 5,800	$ 2,100
Number of Real Estate Properties		27	47
Repayments of Long-term Debt		$ 692,900	$ 703,000

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Note 13 - Mortgages Payable - Mortgages Payable (Details) - Mortgages [Member] - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Gross Balance		$ 867.1	$ 1,114.4
Fair value debt adjustments, net		19.3	27.7
Deferred financing costs, net		(3.6)	(3.0)
Balance, Net		$ 882.8	$ 1,139.1
Minimum [Member]
Interest Rate		2.60%	1.91%
Maturity Date		Jan. 31, 2018
Maximum [Member]
Interest Rate		9.75%	9.41%
Maturity Date		Aug. 31, 2031
Weighted Average [Member]
Interest Rate	[1]	4.57%	4.94%

[1] Weighted-average interest rate

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Note 13 - Mortgages Payable - Maturities of All Mortgages Payable (Details) - Mortgages [Member] - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
2018	$ 98.4
2019	115.7
2020	136.4
2021	145.4
2022	140.6
Thereafter	230.6
Total	$ 867.1	$ 1,114.4

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Note 14 - Noncontrolling Interests (Details Textual) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2007 USD ($) shares	Dec. 31, 2006 USD ($) $ / shares shares	Sep. 20, 2017
Redeemable Non-controlling Interest, Issuance Amount, Fair Value Remeasurement	$ 1,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	48,877	$ 16,667	$ 66,163
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 16,143	86,953	$ 86,709
PUERTO RICO
Number of Real Estate Properties	7					7
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 233,000
Redeemable Noncontrolling Interest, Equity, Carrying Amount	5,200	86,200
PUERTO RICO | Fair Market Value Adjustments [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 15,100
Preferred A Units [Member]
Non-controlling Interest, Units Redeemed | shares	79,642,697
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 79,900
Payments for Repurchase of Redeemable Noncontrolling Interest, Accrued Preferred Return	$ 400
Non-controlling Interest, Par Value | $ / shares	$ 1
Non-controlling Interest, Annual Return	5.00%
Non-convertible Units [Member] | PUERTO RICO
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 158,600
Convertible Units [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance					$ 5,300
Non-controlling Interest, Units | shares					138,015
Convertible Units [Member] | Fair Market Value Adjustments [Member]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance					$ 300
Convertible Units [Member] | PUERTO RICO
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	45,800
Premiums [Member] | PUERTO RICO
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 13,500
Class B Units [Member]
Non-controlling Interest, Units Redeemed | shares	25,000			30,000
Non-controlling Interest, Par Value | $ / shares					$ 37.24
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 25,400	$ 26,500
Non-controlling Interest, Units Issued | shares					647,758
Redeemable Units to Company Common Stock, Ratio					1
Non-controlling Interest, Cumulative Par Value	$ 900			$ 1,100
KIM Lincoln, LLC [Member]
Ownership Interest in Joint Venture, Percentage	90.00%
Lincoln Square Property, LP [Member]
Ownership Interest in Joint Venture, Percentage	10.00%

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Note 14- Noncontrolling Interests - Redemption Value of the Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Balance		$ 86,953	$ 86,709
Issuance of redeemable partnership interests (1)	[1]	10,000
Income (2)	[1],[2]	1,297	4,349
Redemption/conversion of redeemable units (3)	[3]	(79,569)
Distributions		(2,538)	(4,105)
Balance		$ 16,143	$ 86,953

[1] During 2017, KIM Lincoln, a wholly owned subsidiary of the Company, and Lincoln Member entered into a joint venture agreement wherein KIM Lincoln has a 90% controlling interest and Lincoln Member has a 10% noncontrolling interest (See Footnote 4 of the Notes to Consolidated Financial Statements).

[2] Includes $1.0 million in fair market value remeasurement for the year ended December 31, 2017.

[3] During 2017, the Company redeemed the remaining 79,642,697 Preferred A Units for a total redemption price of $79.9 million, including an accrued preferred return of $0.4 million. These units, which had a par value of $1.00 and return per annum of 5.0%, were issued along with Puerto Rico shopping center acquisitions discussed below.

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Note 14 - Noncontrolling Interests - Convertible Non-convertible Units (Details)	12 Months Ended
	Dec. 31, 2017 $ / shares shares
Class B-1 Preferred Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 10,000	[1]
Number of Units Remaining (in shares) | shares	189	[1]
Return Per Annum	7.00%	[1]
Class B-2 Preferred Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 10,000	[2]
Number of Units Remaining (in shares) | shares	42	[2]
Return Per Annum	7.00%	[2]
Class C DownReit Units [Member]
Par Value Per Unit (in dollars per share) | $ / shares	$ 30.52	[1]
Number of Units Remaining (in shares) | shares	52,797	[1]

[1] These units are redeemable for cash by the holder or at the Company's option, shares of the Company's common stock, based upon the conversion calculation as defined in the agreement. These units are included in Noncontrolling interests on the Company's Consolidated Balance Sheets.

[2] These units are redeemable for cash by the holder or callable by the Company and are included in Redeemable noncontrolling interests on the Company's Consolidated Balance Sheets.

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Note 15 - Fair Value Disclosure of Financial Instruments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Notes Payable	$ 4,596,140	$ 3,927,251
Minimum [Member]
Fair Value Inputs, Cap Rate	8.50%	7.75%
Fair Value Inputs, Discount Rate	9.00%	9.25%
Maximum [Member]
Fair Value Inputs, Cap Rate	9.50%	9.00%
Fair Value Inputs, Discount Rate	10.50%	12.17%
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member]
Impairment of Real Estate	$ 67,300	$ 93,300
Fair Value, Inputs, Level 2 [Member]
Notes Payable	4,600,000	3,600,000
Fair Value, Inputs, Level 3 [Member]
Notes Payable	$ 1,900	$ 272,500

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Note 15 - Fair Value Disclosure of Financial Instruments - Estimate of Fair Value Differs From Carrying Amounts (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Mortgages [Member]
Fair value debt adjustments, net		$ 19,300	$ 27,700
Reported Value Measurement [Member]
Notes payable	[1]	4,596,140	3,927,251
Reported Value Measurement [Member] | Mortgages [Member]
Fair value debt adjustments, net	[2]	882,787	1,139,117
Estimate of Fair Value Measurement [Member]
Notes payable	[1]	4,601,479	3,890,797
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Fair value debt adjustments, net	[2]	$ 881,427	$ 1,141,047

[1] The Company determined that the valuation of its Senior Unsecured Notes and MTN notes were classified within Level 2 of the fair value hierarchy and its Term Loan and Credit Facility were classified within Level 3 of the fair value hierarchy. The estimated fair value amounts classified as Level 2 as of December 31, 2017 and 2016, were $4.6 billion and $3.6 billion, respectively. The estimated fair value amounts classified as Level 3 as of December 31, 2017 and 2016, were $1.9 million and $272.5 million, respectively.

[2] The Company determined that its valuation of these Mortgages payable was classified within Level 3 of the fair value hierarchy.

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Note 15 - Fair Value Disclosure of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Marketable equity securities	$ 11,936	$ 6,502
Fair Value, Measurements, Nonrecurring [Member]
Real estate	108,313	117,930
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Real estate
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Real estate
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Real estate	108,313	117,930
Fair Value, Measurements, Recurring [Member]
Marketable equity securities	11,936	6,502
Interest rate swaps	344	975
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable equity securities	11,936	6,502
Interest rate swaps
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable equity securities
Interest rate swaps	344	975
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable equity securities
Interest rate swaps

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions (Details Textual) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Sep. 06, 2017 shares	Jan. 31, 2018 USD ($) $ / shares shares	Feb. 28, 2015 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares shares		Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 shares	Feb. 22, 2018 USD ($) $ / shares
Preferred Stock, Par or Stated Value Per Share				$ 1		$ 1
Common Stock, Par or Stated Value Per Share				$ 0.01		$ 0.01
ATM Program, Amount Available | $				$ 211,900
Stock Repurchased During Period, Shares | shares				232,304		257,477	179,696
Stockholders' Equity Attributable to Noncontrolling Interest | $				$ 127,903		$ 146,735
Partners' Capital Account, Units, Converted | shares				1,000,000
ATM Program [Member]
Stock Issued During Period, Shares, New Issues | shares				0		9,806,377
Common Stock, Par or Stated Value Per Share			$ 0.01
Maximum Aggregate Sales Price | $			$ 500,000
Proceeds from Issuance of Common Stock | $						$ 285,200
Payments of Stock Issuance Costs | $						$ 2,900
Subsequent Event [Member]
Common Stock, Par or Stated Value Per Share								$ 0.01
Stock Repurchase Program, Authorized Amount | $								$ 300,000
Series M Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues | shares				9,200,000
Preferred Stock, Dividend Rate, Percentage				5.25%
Preferred Stock, Par or Stated Value Per Share				$ 1
Preferred Stock, Liquidation Preference Per Share				$ 25,000
Series M Preferred Stock [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues | shares		1,380,000
Preferred stock, Fractional Interest in Share of Stock		0.001%
Preferred Stock, Par or Stated Value Per Share		$ 1
Proceeds from Issuance of Preferred Stock and Preference Stock | $		$ 33,400
Series M Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member]
Preferred Stock, Dividend Rate, Percentage		5.25%
Series I Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage				6.00%		6.00%
Preferred Stock, Par or Stated Value Per Share				$ 1		$ 1
Stock Redeemed or Called During Period, Shares | shares	9,000,000			9,000,000	[1]
Percentage of Preferred Stock Redeemed	56.25%
Preferred Stock, Liquidation Preference Per Share				$ 25,000
Series I, J, K, L or M Preferred Stock [Member]
Number of Votes				1,000
Number of Proxies				1,000
Number of Votes, Depositary				1
Series J Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage				5.50%		5.50%
Preferred Stock, Par or Stated Value Per Share				$ 1		$ 1
Preferred Stock, Liquidation Preference Per Share				$ 25,000
Series K Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage				5.625%		5.625%
Preferred Stock, Par or Stated Value Per Share				$ 1		$ 1
Preferred Stock, Liquidation Preference Per Share				$ 25,000
Series L Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues | shares				9,000,000
Preferred Stock, Dividend Rate, Percentage				5.125%
Preferred Stock, Par or Stated Value Per Share				$ 1
Preferred Stock, Liquidation Preference Per Share				25,000
Depositary Share [Member]
Preferred Stock, Liquidation Preference Per Share				$ 25
Convertible Units [Member]
Stockholders' Equity Attributable to Noncontrolling Interest | $				$ 18,300

[1] The Company partially redeemed 9,000,000 depositary shares of its issued and outstanding Class I Preferred Stock, representing 56.25% of the issued and outstanding Class I Preferred Stock.

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions - Outstanding Preferred Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shares authorized (in shares)	5,996,240	6,029,100
Liquidation preference	$ 1,030,000,000	$ 800,000,000
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Series I Preferred Stock [Member]
Shares authorized (in shares)	18,400	18,400
Shares issued and outstanding (in shares)	7,000	16,000
Liquidation preference	$ 175,000	$ 400,000,000
Preferred Stock, Dividend Rate, Percentage	6.00%	6.00%
Annual dividend per depository share (in dollars per share)	$ 1.50	$ 1.50
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Series J Preferred Stock [Member]
Shares authorized (in shares)	9,000	9,000
Shares issued and outstanding (in shares)	9,000	9,000
Liquidation preference	$ 225,000	$ 225,000,000
Preferred Stock, Dividend Rate, Percentage	5.50%	5.50%
Annual dividend per depository share (in dollars per share)	$ 1.375	$ 1.375
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Series K Preferred Stock [Member]
Shares authorized (in shares)	8,050	8,050
Shares issued and outstanding (in shares)	7,000	7,000
Liquidation preference	$ 175,000	$ 175,000,000
Preferred Stock, Dividend Rate, Percentage	5.625%	5.625%
Annual dividend per depository share (in dollars per share)	$ 1.40625	$ 1.40625
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1
Series L Preferred Stock [Member]
Shares authorized (in shares)	10,350
Shares issued and outstanding (in shares)	9,000
Liquidation preference	$ 225,000
Preferred Stock, Dividend Rate, Percentage	5.125%
Annual dividend per depository share (in dollars per share)	$ 1.28125
Preferred Stock, Par or Stated Value Per Share	$ 1
Total [Member]
Shares issued and outstanding (in shares)	41,200	32,000
Liquidation preference	$ 1,030,000	$ 800,000,000
Series M Preferred Stock [Member]
Shares authorized (in shares)	10,580
Shares issued and outstanding (in shares)	9,200
Liquidation preference	$ 230,000
Preferred Stock, Dividend Rate, Percentage	5.25%
Annual dividend per depository share (in dollars per share)	$ 1.3125
Preferred Stock, Par or Stated Value Per Share	$ 1

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions - Preferred Stock Issued (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Proceeds, After Expenses		$ 286,421	$ 493
Series L Preferred Stock [Member]
Depositary Shares Issued (in shares)	9,000,000
Net Proceeds, After Expenses	$ 218,100
Offering/ Redemption Price (in dollars per share)	$ 25
Series M Preferred Stock [Member]
Depositary Shares Issued (in shares)	9,200,000
Net Proceeds, After Expenses	$ 222,800
Offering/ Redemption Price (in dollars per share)	$ 25

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Note 16 - Preferred Stock, Common Stock and Convertible Unit Transactions - Preferred Stock Redeemed (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
		Sep. 06, 2017	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Redemption Charges			$ 7,014			$ 5,816
Series I Preferred Stock [Member]
Depositary Shares Redeemed (in shares)		9,000,000	9,000,000	[1]
Offering/ Redemption Price (in dollars per share)	[1]		$ 25
Redemption Amount	[1]		$ 225,000
Redemption Charges	[1],[2]		$ 7,000
Series H Preferred Stock [Member]
Depositary Shares Redeemed (in shares)	[1]		7,000,000
Offering/ Redemption Price (in dollars per share)			$ 25
Redemption Amount			$ 175,000
Redemption Charges	[2]		$ 5,800

[1] The Company partially redeemed 9,000,000 depositary shares of its issued and outstanding Class I Preferred Stock, representing 56.25% of the issued and outstanding Class I Preferred Stock.

[2] Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company's Consolidated Balance Sheets are accounted for in accordance with the FASB's guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income/(loss) attributable to the Company to arrive at net income/(loss) available to the Company's common shareholders and used in the calculation of earnings per share.

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Note 17 - Supplemental Schedule of Non-cash Investing / Financing Activities - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Acquisition of real estate interests by assumption of mortgage debt	$ 45,299	$ 33,174	$ 84,699
Acquisition of real estate interests through proceeds held in escrow	162,396	66,044	89,504
Proceeds deposited in escrow through sale of real estate interests	162,396	66,044	71,623
Disposition of real estate interests by assignment of debt			47,742
Disposition of real estate interests through the issuance of mortgage receivable			5,730
Disposition of real estate interests by foreclosure of debt		22,080
Forgiveness of debt due to foreclosure		26,000
Capital expenditures accrual	74,123	38,044	22,967
Issuance of common stock		85	493
Surrender of restricted common stock	(5,699)	(7,008)	(5,682)
Declaration of dividends paid in succeeding period	128,892	124,517	115,182
Change in noncontrolling interest due to liquidation of partnership	64,948
Deemed contribution from noncontrolling interest	10,000
Increase in real estate and other assets	325,981	407,813	1,039,335
Increase in mortgages payable, other liabilities and noncontrolling interests	$ 258,626	$ 268,194	$ 750,135

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Note 18 - Transactions With Related Parties (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Payments to Acquire Interest in Joint Venture		$ 35,291	$ 86,453	$ 91,609
ABS Venture [Member] | Colony [Member]
Payments to Acquire Interest in Joint Venture	$ 100,000
AB Acquisition [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	9.80%
AB Acquisition [Member] | Colony [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	4.30%	4.30%
AB Acquisition [Member] | ABS Venture [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	14.35%	14.35%
AB Acquisition [Member] | Unrelated Third Party [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	0.25%
Albertsons Companies, Inc [Member]
Percentage of Ownership		9.74%
Ripco [Member]
Related Party Transaction, Amounts of Transaction		$ 400	200	600
Ripco [Member] | Officer [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		50.00%
Prohealth [Member]
Property Subject to or Available for Operating Lease, Number of Units		2
Prohealth [Member] | Annual Base Rent for Leased Properties [Member]
Related Party Transaction, Amounts of Transaction		$ 400	$ 400	$ 400

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Note 19 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Straight Line Rent	$ 15.7	$ 16.5	$ 14.8
Letters of Credit Outstanding, Amount	40.4
Performance and Surety Bonds	$ 20.0
Revenues from Rental Property [Member] | Product Concentration Risk [Member]
Concentration Risk, Percentage	98.00%	98.00%	98.00%
Minimum [Member]
Lessor, Operating Lease, Term of Contract	5 years
Maximum [Member]
Lessor, Operating Lease, Term of Contract	25 years

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Note 19 - Commitments and Contingencies - Minimum Lease Revenue and Payments (Details) $ in Millions	Dec. 31, 2017 USD ($)
2018	$ 875.5
2019	820.3
2020	735.4
2021	643.6
2022	536.3
Thereafter	2,683.2
2018	9.1
2019	9.1
2020	8.6
2021	8.6
2022	8.5
Thereafter	$ 138.5

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Note 20 - Incentive Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allocated Share-based Compensation Expense		$ 21.6	$ 19.1	$ 18.5
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 27.5
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 255 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		10,410,343	10,015,040	9,095,416
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0	0
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit		$ 11.54
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit		$ 40.79
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		2 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		2 years 109 days
Proceeds from Stock Options Exercised		$ 1.5	$ 21.1	$ 18.7
Common Stock, Shares, Issued		425,646,380	425,034,113
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		5.00%
Defined Contribution Plan, Cost		$ 2.1	$ 2.0	2.1
Employee [Member]
Severance Costs		$ 5.5	$ 1.7	$ 4.8
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 23.35	$ 28.60	$ 27.87
Common Stock, Shares, Issued		0	130,080	91,862
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	[1]	0.00%	0.00%	0.00%

[1] Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

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Note 20 - Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2014
Options outstanding (in shares)	6,013,729	9,012,441	11,893,761
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 32.09	$ 31.09	$ 30.23
Options outstanding, aggregate intrinsic value		$ 12.1	$ 27.4	$ 29.8
Options exercised, shares (in shares)	(83,863)	(1,167,819)	(1,019,240)
Options exercised, weighted average exercise price per share (in dollars per share)	$ 18.20	$ 18.03	$ 18.36
Options exercised, aggregate intrinsic value	$ 3.4	$ 12.4	$ 7.4
Options forfeited, shares (in shares)	(2,464,920)	(1,830,893)	(1,862,080)
Options forfeited, weighted average exercise price per share (in dollars per share)	$ 35.91	$ 39.69	$ 32.55
Options outstanding (in shares)	3,464,946	6,013,729	9,012,441
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 27.81	$ 32.09	$ 31.09
Options exercisable (fully vested) -
Options Exercisable, Shares (in shares)	3,464,946	5,144,416	7,617,882
Options exercisable, weighted average exercise price per share (in dollars per share)	$ 27.81	$ 32.56	$ 32.90
Options exercisable, aggregate intrinsic value	$ 4.0	$ 11.3	$ 20.0

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Note 20 - Incentive Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - shares		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Performance share award outstanding as of January 1, (in shares)		1,930,732	1,712,534	1,911,145
Granted (1) (in shares)	[1]	646,142	756,530	729,160
Vested (2) (in shares)		(783,872)	(520,539)	(875,202)
Forfeited (in shares)		(15,573)	(17,793)	(52,569)
Performance share award outstanding as of December 31, (in shares)		1,777,429	1,930,732	1,712,534

[1] The weighted-average grant date fair value for restricted stock issued during the years ended December 31, 2017, 2016 and 2015 were $25.04, $26.15 and $25.98, respectively.

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Note 20 - Incentive Plans - Performance Shares Activity (Details) - Performance Shares [Member] - shares		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Performance share award outstanding as of January 1, (in shares)		197,249	202,754	114,268
Granted (1) (in shares)	[1]	135,780	100,170	145,620
Vested (2) (in shares)	[2]	(97,079)	(105,675)	(57,134)
Performance share award outstanding as of December 31, (in shares)		235,950	197,249	202,754

[1] The weighted-average grant date fair value for performance shares issued during the years ended December 31, 2017, 2016 and 2015 were $23.35, $28.60 and $27.87, respectively.

[2] For the years ended December 31, 2017, 2016 and 2015, the corresponding common stock equivalent of these vested awards were 0, 130,080 and 91,862, respectively.

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Note 20 - Incentive Plans - Performance Shares Significant Fair Value Assumptions (Details) - Performance Shares [Member] - $ / shares		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock price (in dollars per share)		$ 24.91	$ 26.29	$ 26.83
Dividend yield (1)	[1]	0.00%	0.00%	0.00%
Risk-free rate		1.45%	0.87%	0.98%
Volatility (2)	[2]	18.93%	18.80%	16.81%
Term of the award (years) (Year)		2 years 321 days	2 years 321 days

[1] Total Shareholder Returns, as used in the performance share awards computation, are measured based on cumulative dividend stock prices, as such a zero percent dividend yield is utilized.

[2] Volatility is based on the annualized standard deviation of the daily logarithmic returns on dividend-adjusted closing prices over the look-back period based on the term of the award.

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Note 21 - Income Taxes (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 01, 2016
Required Dividend Payout			90.00%
Effective Income Tax Rate, Reconciliation Deductions, One-time Allowable Deduction					$ 85,900
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%	35.00%	35.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			$ 1,100
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount				$ 55,600
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax			3,500
Taxable Income			313,195	236,853	$ 454,021
Unrecognized Tax Benefits			3,991	4,962	$ 4,263
CANADA
Unrecognized Tax Benefits			$ 4,000
Earliest Tax Year [Member]
Open Tax Year			2011
Latest Tax Year [Member]
Open Tax Year			2017
KRS [Member]
Taxable Income			$ 8,100
Operating Loss Carryforwards			44,000
Deferred Tax Assets, Valuation Allowance						$ 63,500
KRS [Member] | Amount Utilized [Member]
Operating Loss Carryforwards			$ 8,100
State and Local Jurisdiction [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount				7,900
Canada Revenue Agency [Member]
Current Foreign Tax Expense (Benefit)				24,900
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member]
Income Tax Examination, Year under Examination			2004
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member]
Income Tax Examination, Year under Examination			2009
Internal Revenue Service (IRS) [Member] | Tax Year 2009 [Member]
Income Tax Examination, Potential Penalty, Percent			100.00%
Income Tax Examination, Penalties Expense			$ 40,900
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority				(100)
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities				$ 2,000
Mexican Tax Authority [Member] | Tax Year 2010 [Member]
Income Tax Examination, Year under Examination	2010
Tax Assessment Estimated Tax Expense	$ 33,700
Tax Assessment Estimated Interest Expense	16,500
Tax Assessment Estimated Penalties Expense	11,400
Taxes Payable	$ 0
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%

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Note 21 - Income Taxes - GAAP Net Income/(Loss) to Taxable Income Reconciliation (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
GAAP net income (loss)		$ 84,566	$ 121,030	$ 143,416	$ 76,733	$ 78,273	$ (43,545)	$ 203,409	$ 140,713	$ 426,075	$ 378,850	$ 894,115
Net book depreciation in excess of tax depreciation										116,106	65,194	21,515
Capitalized leasing/legal commissions											(11,984)	(14,246)
Deferred/prepaid/above-market and below-market rents, net										(30,303)	(34,097)	(32,848)
Fair market value debt amortization										(8,495)	(15,901)	(19,723)
Book/tax differences from investments in and advances to real estate joint ventures										(15,196)	(20,739)	(294)
Book/tax difference on sale of properties										(85,856)	(93,704)	(64,270)
Foreign income tax from capital gains											3,976	5,873
Cumulative foreign currency translation adjustment and deferred tax adjustment										(1,300)
Book adjustment to property carrying values and marketable equity securities										53,893	11,161	4,484
Taxable currency exchange gains/(losses), net										221	(8,962)	(47,297)
Tangible property regulation deduction (b)	[1]									(52,237)	(28,954)	(126,957)
GAAP gain on change in control of interests										(71,160)	(57,385)	(149,407)
Valuation allowance against net deferred tax assets											51,939
Other book/tax differences, net										(6,893)	542	(2,971)
Adjusted REIT taxable income										313,195	236,853	454,021
Restricted Stock [Member]
Sharebased Compensation										676	(4,490)	(3,094)
Employee Stock Option [Member]
Sharebased Compensation										(172)	(11,301)	(4,786)
GAAP Net Loss/(Income) of Taxable REIT Subsidiaries [Member]
GAAP net income (loss)										(12,164)	12,708	(6,073)
GAAP Net Income From REIT Operations [Member]
GAAP net income (loss)	[2]									$ 413,911	$ 391,558	$ 888,042

[1] In September 2013, the Internal Revenue Service released final Regulations governing when taxpayers must capitalize and depreciate costs for acquiring, maintaining, repairing and replacing tangible property and when taxpayers must deduct such costs as repairs. Pursuant to these Regulations the Company deducted certain expenditures that would previously have been capitalized for tax purposes. The Regulations also allowed the Company to make an election to immediately deduct certain amounts that were capitalized in previous years but qualify as repairs under the new Regulations. The Company made such election in 2015 and deducted approximately $85.9 million.

[2] All adjustments to "GAAP net income from REIT operations" are net of amounts attributable to noncontrolling interest and TRSs.

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Note 21 - Income Taxes - Taxable Characteristics of Distributions Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Dividends distributed, amount	$ 503,793	$ 471,850	$ 454,036
Dividends distributed, percent
Series H Preferred Stock [Member]
Ordinary income, amount
Ordinary income, percent
Capital gain, amount			$ 13,417
Capital gain, percent			100.00%
Dividends distributed, amount			$ 13,417
Dividends distributed, percent			100.00%
Series I Preferred Stock [Member]
Ordinary income, amount	$ 21,636	$ 16,320
Ordinary income, percent	96.00%	68.00%
Capital gain, amount	$ 902	$ 7,680	$ 24,000
Capital gain, percent	4.00%	32.00%	100.00%
Dividends distributed, amount	$ 22,538	$ 24,000	$ 24,000
Dividends distributed, percent	100.00%	100.00%	100.00%
Series J Preferred Stock [Member]
Ordinary income, amount	$ 11,880	$ 8,415
Ordinary income, percent	96.00%	68.00%
Capital gain, amount	$ 495	$ 3,960	$ 12,375
Capital gain, percent	4.00%	32.00%	100.00%
Dividends distributed, amount	$ 12,375	$ 12,375	$ 12,375
Dividends distributed, percent	100.00%	100.00%	100.00%
Series K Preferred Stock [Member]
Ordinary income, amount	$ 9,450	$ 6,694
Ordinary income, percent	96.00%	68.00%
Capital gain, amount	$ 394	$ 3,150	$ 9,844
Capital gain, percent	4.00%	32.00%	100.00%
Dividends distributed, amount	$ 9,844	$ 9,844	$ 9,844
Dividends distributed, percent	100.00%	100.00%	100.00%
Series L Preferred Stock [Member]
Ordinary income, amount	$ 1,814
Ordinary income, percent	96.00%
Capital gain, amount	$ 76
Capital gain, percent	4.00%
Dividends distributed, amount	$ 1,890
Dividends distributed, percent	100.00%
Common Stock 1 [Member]
Ordinary income, amount	$ 260,573	$ 263,892
Ordinary income, percent	57.00%	62.00%
Capital gain, amount	$ 9,143	$ 127,689	$ 394,400
Capital gain, percent	2.00%	30.00%	100.00%
Dividends distributed, amount	$ 457,146	$ 425,631	$ 394,400
Dividends distributed, percent	100.00%	100.00%	100.00%
Return of capital, amount	$ 187,430	$ 34,050
Return of capital, percent	41.00%	8.00%

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Note 21 - Income Taxes - Taxable Income and Provisions for Income Taxes (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income/(loss) before income taxes – U.S.		$ 1,487	$ (23,810)	$ 23,729
(Provision)/benefit for income taxes, net:
Federal tax provision		(1,592)	(50,653)	(12,002)
Total tax provision – U.S.		(880)	72,545	60,230
Net (loss)/income from U.S. TRSs		439,671	386,138	900,143
Taxable REIT Subsidiaries [Member]
(Provision)/benefit for income taxes, net:
Current		(704)	2,199	(638)
Deferred		(632)	(45,097)	(7,355)
Federal tax provision		(1,336)	(42,898)	(7,993)
Current		(66)	1,057	(2,535)
Deferred		(190)	(8,812)	(1,474)
State tax provision		(256)	(7,755)	(4,009)
Total tax provision – U.S.		(1,592)	(50,653)	(12,002)
Net (loss)/income from U.S. TRSs		(105)	(74,463)	11,727
(Loss)/income before taxes – Non-U.S.		(11,483)	138,253	381,999
Current (1)	[1]	(2,425)	24,393	58,365
Deferred		(47)	3,537	(4,331)
Non-U.S. tax benefit/(provision)		$ 2,472	$ (27,930)	$ (54,034)

[1] The year ended December 31, 2016 includes $24.9 million, in expense related to the sale of interests in properties located in Canada.

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Note 21 - Income Taxes - Statutory Income Tax to Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Federal provision at statutory tax rate (35%) (1)	[1]	$ (520)	$ (47,155)	$ (8,304)
State and local provision, net of federal benefit (2)	[2]	(1,072)	(3,498)	(3,698)
Total tax provision – U.S.		$ (1,592)	$ (50,653)	$ (12,002)

[1] The year ended December 31, 2016, includes a $55.6 million charge related to the recording of a deferred tax valuation allowance.

[2] The year ended December 31, 2016, includes a $7.9 million charge related to the recording of a deferred tax valuation allowance.

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Note 21 - Income Taxes - Statutory Income Tax to Effective Income Tax Reconciliation (Details) (Parentheticals)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Federal statutory tax rate	35.00%	35.00%	35.00%

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Note 21 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Net operating losses (1)	[1]	$ 22,137	$ 44,833
Tax credit carryforwards (2)	[2]	6,064	5,368
Capital loss carryforwards		4,648	3,659
Related party deferred losses		619	952
Charitable contribution carryforwards		23	35
Total deferred tax assets		15,175	23,401
Net deferred tax assets		2,436	3,243
Domestic Tax Authority [Member]
Deferred tax assets:
Tax/GAAP basis differences		35,839	63,167
Valuation allowance		(54,155)	(95,126)
Deferred tax liabilities		(12,739)	(19,599)
Foreign Tax Authority [Member]
Deferred tax assets:
Tax/GAAP basis differences			513
Deferred tax liabilities			$ (559)

[1] Expiration dates ranging from 2021 to 2032.

[2] Expiration dates ranging from 2027 to 2035 and includes alternative minimum tax credit carryovers of $3.5 million that do not expire.

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Note 21 - Income Taxes - Uncertain Tax Benefits Liability (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Balance at January 1,		$ 4,962	$ 4,263
Increases for tax positions related to current year (1)	[1]	339	41
Increase for tax position due to ASU 2013-11			4,930
Decreases relating to settlements with taxing authorities			(2,000)
Reductions due to lapsed statute of limitations		(1,310)	(2,272)
Balance at December 31,		$ 3,991	$ 4,962

[1] Amounts relate to increases resulting from foreign currency translation adjustments.

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Note 22 - Accumulated Other Comprehensive Income (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Accumulated Foreign Currency Adjustment Attributable to Preferred Equity Investments [Member]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 14.8
Accumulated Foreign Currency Adjustment Attributable to Joint Venture Investments [Member] | CANADA
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ (4.8)

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Note 22 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Balance	$ 5,402,874		$ 5,181,951
Balance	5,522,147		5,402,874
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	6,335		6,616
Other comprehensive income before reclassifications	3,711		(281)
Amounts reclassified from AOCI	(10,046)	[1]
Net current-period other comprehensive income	(6,335)		(281)
Balance			6,335
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Balance	406		398
Other comprehensive income before reclassifications	(1,542)		8
Amounts reclassified from AOCI		[1]
Net current-period other comprehensive income	(1,542)		8
Balance	(1,136)		406
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Balance	(975)		(1,426)
Other comprehensive income before reclassifications	631		451
Amounts reclassified from AOCI		[1]
Net current-period other comprehensive income	631		451
Balance	(344)		(975)
AOCI Attributable to Parent [Member]
Balance	5,766		5,588
Other comprehensive income before reclassifications	2,800		178
Amounts reclassified from AOCI	(10,046)	[1]
Net current-period other comprehensive income	(7,246)		178
Balance	$ (1,480)		$ 5,766

[1] During 2015, the Company began selling properties within its Canadian portfolio and has continued to liquidate its investments over the last two years. During the year ended December 31, 2017, the Company was deemed to have substantially liquidated its investment in Canada, triggered primarily by the receipt of various tax refunds, and as a result, recognized a net cumulative foreign currency translation gain. Amounts were reclassified to the Company's Consolidated Statements of Income as follows (i) $14.8 million of gain was reclassified to Equity in income of other real estate investments, net, and (ii) $4.8 million of loss was reclassified to Equity in income of joint ventures, net.

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Note 23 - Earnings Per Share (Details Textual) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,082,106	3,490,400	5,300,680

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Note 23 - Earnings Per Share - Reconciliation of Earnings/(Loss) and the Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income from continuing operations										$ 346,133	$ 299,353	$ 774,405
Gain on sale of operating properties, net, net of tax										93,538	86,785	125,813
Net income attributable to noncontrolling interests										(13,596)	(7,288)	(6,028)
Preferred stock redemption charge										(7,014)		(5,816)
Preferred dividends										(46,600)	(46,220)	(57,084)
Earnings attributable to participating securities										(2,132)	(2,018)	(4,134)
Income from continuing operations available to the Company’s common shareholders										370,329	330,612	827,156
Loss from discontinued operations available to the Company’s common shareholders												(75)
Net income available to the Company’s common shareholders for basic earnings per share										370,329	330,612	827,081
Distributions on convertible units												192
Net income available to the Company’s common shareholders for diluted earnings per share										$ 370,329	$ 330,612	$ 827,273
-Basic (in shares)										423,614	418,402	411,319
Effect of dilutive securities (1):
Equity awards (in shares)	[1]									405	1,307	1,414
Assumed conversion of convertible units (in shares)	[1]											118
Weighted-average common shares outstanding – diluted (in shares)	[1]									424,019	419,709	412,851
Income from continuing operations (in dollars per share)										$ 0.87	$ 0.79	$ 2.01
-Basic (in dollars per share)		$ 0.17	$ 0.24	$ 0.31	$ 0.15	$ 0.16	$ (0.13)	$ 0.46	$ 0.31	0.87	0.79	2.01
Income from continuing operations (in dollars per share)										0.87	0.79	2
Net income available to the Company’s common shareholders (in dollars per share)		$ 0.17	$ 0.24	$ 0.31	$ 0.15	$ 0.16	$ (0.13)	$ 0.46	$ 0.31	$ 0.87	$ 0.79	$ 2

[1] The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,082,106, 3,490,400 and 5,300,680 stock options that were not dilutive as of December 31, 2017, 2016 and 2015, respectively.

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Note 24 - Supplemental Financial Information (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from rental properties	$ 310,632	$ 290,919	$ 292,843	$ 289,391	$ 292,909	$ 279,286	$ 287,115	$ 293,091	$ 1,183,785	$ 1,152,401	$ 1,144,474
Net income attributable to the Company	$ 84,566	$ 121,030	$ 143,416	$ 76,733	$ 78,273	$ (43,545)	$ 203,409	$ 140,713	$ 426,075	$ 378,850	$ 894,115
-Basic (in dollars per share)	$ 0.17	$ 0.24	$ 0.31	$ 0.15	$ 0.16	$ (0.13)	$ 0.46	$ 0.31	$ 0.87	$ 0.79	$ 2.01
-Diluted (in dollars per share)	$ 0.17	$ 0.24	$ 0.31	$ 0.15	$ 0.16	$ (0.13)	$ 0.46	$ 0.31	$ 0.87	$ 0.79	$ 2

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Note 25 - Captive Insurance Company (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Letters of Credit Outstanding, Amount	$ 40,400,000
Kimco Insurance Company [Member]
Captive Insurance, Percentage of Occurance Risk Layer	100.00%
Captive Insurance, Obligation Per Occurrence	$ 250,000
Letters of Credit Outstanding, Amount	23,000,000	$ 23,000,000
Increase (Decrease) in Incurred Insurance Losses and Loss Adjustment Expenses	(700,000)	$ 100,000
Kimco Insurance Company [Member] | Minimum [Member]
Captive Insurance, Annual Aggregates Per Policy	$ 7,800,000
Captive Insurance, Obligations to Reinsurance Provider, Percent of Incurred Losses	8.00%
Kimco Insurance Company [Member] | Maximum [Member]
Captive Insurance, Annual Aggregates Per Policy	$ 11,500,000
Captive Insurance, Obligations to Reinsurance Provider, Percent of Incurred Losses	12.20%

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Note 25 - Captive Insurance Company - Activity in the Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Balance at the beginning of the year	$ 19,515	$ 20,046
Incurred related to current year	5,915	6,247
Incurred related to prior years	(727)	(67)
Total incurred	5,188	6,180
Paid related to current year	(742)	(962)
Paid related to prior years	(4,996)	(5,749)
Total paid	(5,738)	(6,711)
Balance at the end of the year	$ 18,965	$ 19,515

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Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts [Member]
Balance at beginning of period	[1]	$ 24,175	$ 31,820	$ 32,509
Charged to expenses	[1]	6,641	7,982	11,174
Adjustments to valuation accounts	[1]
Deductions	[1]	(13,750)	(15,627)	(11,863)
Balance at end of period	[1]	17,066	24,175	31,820
Valuation Allowance of Deferred Tax Assets [Member]
Balance at beginning of period		95,126	27,905	34,302
Charged to expenses
Adjustments to valuation accounts		(40,971)	67,221	(6,397)
Deductions
Balance at end of period		$ 54,155	$ 95,126	$ 27,905

[1] Includes allowances on accounts receivable and straight-line rents.

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Schedule III - Real Estate and Accumulated Depreciation (Details Textual) $ in Billions	Dec. 31, 2017 USD ($)
SEC Schedule III, Real Estate, Federal Income Tax Basis	$ 10.3

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Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Initial Cost - Land		$ 3,232,368,780
Initial Cost - Building and Improvements		7,876,947,274
Cost Capitalized	[1]	1,544,128,944
Land		3,366,655,421
Building and Improvements		9,286,789,577
Total Cost		12,653,444,998	$ 12,008,075,148	$ 11,568,809,126	$ 10,018,225,775
Accumulated Depreciation		2,433,052,747	$ 2,278,291,645	$ 2,115,319,888	$ 1,955,405,720
Total Cost, Net of Accumulated Depreciation		10,220,392,251
Encumbrances	[2]	882,787,275
Shopping Center [Member]
Initial Cost - Land		3,257,199
Initial Cost - Building and Improvements		13,029,416
Cost Capitalized	[1]	2,315,052
Land		3,257,199
Building and Improvements		15,344,468
Total Cost		18,601,667
Accumulated Depreciation		7,331,260
Total Cost, Net of Accumulated Depreciation		11,270,407
Encumbrances
Shopping Center [Member] | District at Tustin [Member]
Initial Cost - Land		106,128,741
Initial Cost - Building and Improvements		208,876,066
Cost Capitalized	[1]	724,025
Land		106,128,741
Building and Improvements		209,600,091
Total Cost		315,728,832
Accumulated Depreciation		8,983,313
Total Cost, Net of Accumulated Depreciation		306,745,519
Encumbrances	[2]	204,468,426
Shopping Center [Member] | The Grove [Member]
Initial Cost - Land		18,951,763
Initial Cost - Building and Improvements		6,403,809
Cost Capitalized	[1]	3,070,025
Land		6,793,454
Building and Improvements		21,632,143
Total Cost		28,425,597
Accumulated Depreciation		6,959,991
Total Cost, Net of Accumulated Depreciation		21,465,606
Encumbrances
Shopping Center [Member] | Talavi Town Center [Member]
Initial Cost - Land		8,046,677
Initial Cost - Building and Improvements		17,291,542
Cost Capitalized	[1]	(25,338,219)
Land
Building and Improvements
Total Cost
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation
Encumbrances
Shopping Center [Member] | Mesa Pavilions North [Member]
Initial Cost - Land		6,060,018
Initial Cost - Building and Improvements		35,955,005
Cost Capitalized	[1]	867,624
Land		6,060,018
Building and Improvements		36,822,629
Total Cost		42,882,647
Accumulated Depreciation		8,815,702
Total Cost, Net of Accumulated Depreciation		34,066,945
Encumbrances
Shopping Center [Member] | Mesa Riverview [Member]
Initial Cost - Land		15,000,000
Initial Cost - Building and Improvements
Cost Capitalized	[1]	142,768,268
Land		307,992
Building and Improvements		157,460,276
Total Cost		157,768,268
Accumulated Depreciation		53,514,318
Total Cost, Net of Accumulated Depreciation		104,253,950
Encumbrances
Shopping Center [Member] | Mesa Pavilions South [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		148,508
Cost Capitalized	[1]	100,577
Land
Building and Improvements		249,085
Total Cost		249,085
Accumulated Depreciation		118,929
Total Cost, Net of Accumulated Depreciation		130,156
Encumbrances
Shopping Center [Member] | Metro Square [Member]
Initial Cost - Land		4,101,017
Initial Cost - Building and Improvements		16,410,632
Cost Capitalized	[1]	1,357,963
Land		4,101,017
Building and Improvements		17,768,595
Total Cost		21,869,612
Accumulated Depreciation		8,875,277
Total Cost, Net of Accumulated Depreciation		12,994,335
Encumbrances
Shopping Center [Member] | Hayden Plaza North [Member]
Initial Cost - Land		2,015,726
Initial Cost - Building and Improvements		4,126,509
Cost Capitalized	[1]	(5,588,937)
Land		122,085
Building and Improvements		431,213
Total Cost		553,298
Accumulated Depreciation		197,517
Total Cost, Net of Accumulated Depreciation		355,781
Encumbrances
Shopping Center [Member] | Plaza Del Sol [Member]
Initial Cost - Land		5,324,501
Initial Cost - Building and Improvements		21,269,943
Cost Capitalized	[1]	2,030,572
Land		4,577,869
Building and Improvements		24,047,147
Total Cost		28,625,016
Accumulated Depreciation		8,739,179
Total Cost, Net of Accumulated Depreciation		19,885,837
Encumbrances
Shopping Center [Member] | Plaza at Mountainside [Member]
Initial Cost - Land		2,450,341
Initial Cost - Building and Improvements		9,802,046
Cost Capitalized	[1]	2,092,808
Land		2,450,341
Building and Improvements		11,894,854
Total Cost		14,345,195
Accumulated Depreciation		6,103,826
Total Cost, Net of Accumulated Depreciation		8,241,369
Encumbrances
Shopping Center [Member] | Village Crossroads [Member]
Initial Cost - Land		5,662,554
Initial Cost - Building and Improvements		24,981,223
Cost Capitalized	[1]	688,411
Land		5,662,554
Building and Improvements		25,669,634
Total Cost		31,332,188
Accumulated Depreciation		4,876,413
Total Cost, Net of Accumulated Depreciation		26,455,775
Encumbrances
Shopping Center [Member] | North Valley [Member]
Initial Cost - Land		6,861,564
Initial Cost - Building and Improvements		18,200,901
Cost Capitalized	[1]	6,384,423
Land		3,861,272
Building and Improvements		27,585,616
Total Cost		31,446,888
Accumulated Depreciation		4,969,361
Total Cost, Net of Accumulated Depreciation		26,477,527
Encumbrances
Shopping Center [Member] | Christown Spectrum Mall [Member]
Initial Cost - Land		33,831,348
Initial Cost - Building and Improvements		91,004,070
Cost Capitalized	[1]	15,350,895
Land		76,638,511
Building and Improvements		63,547,802
Total Cost		140,186,313
Accumulated Depreciation		8,849,280
Total Cost, Net of Accumulated Depreciation		131,337,033
Encumbrances	[2]	61,850,278
Shopping Center [Member] | Bell Camino Center [Member]
Initial Cost - Land		2,427,465
Initial Cost - Building and Improvements		6,439,065
Cost Capitalized	[1]	449,983
Land		2,427,465
Building and Improvements		6,889,048
Total Cost		9,316,513
Accumulated Depreciation		1,826,375
Total Cost, Net of Accumulated Depreciation		7,490,138
Encumbrances
Shopping Center [Member] | College Park Shopping Center [Member]
Initial Cost - Land		3,276,951
Initial Cost - Building and Improvements		7,741,323
Cost Capitalized	[1]	1,112,006
Land		3,276,951
Building and Improvements		8,853,329
Total Cost		12,130,280
Accumulated Depreciation		2,316,908
Total Cost, Net of Accumulated Depreciation		9,813,372
Encumbrances
Shopping Center [Member] | Costco Plaza - 541 [Member]
Initial Cost - Land		4,995,639
Initial Cost - Building and Improvements		19,982,557
Cost Capitalized	[1]	534,161
Land		4,995,639
Building and Improvements		20,516,718
Total Cost		25,512,357
Accumulated Depreciation		10,476,795
Total Cost, Net of Accumulated Depreciation		15,035,562
Encumbrances
Shopping Center [Member] | Brookhurst Center [Member]
Initial Cost - Land		10,492,714
Initial Cost - Building and Improvements		31,357,512
Cost Capitalized	[1]	838,456
Land		22,299,852
Building and Improvements		20,388,830
Total Cost		42,688,682
Accumulated Depreciation		1,737,221
Total Cost, Net of Accumulated Depreciation		40,951,461
Encumbrances
Shopping Center [Member] | Lakewood Plaza [Member]
Initial Cost - Land		1,294,176
Initial Cost - Building and Improvements		3,669,266
Cost Capitalized	[1]	50,291
Land
Building and Improvements		5,013,733
Total Cost		5,013,733
Accumulated Depreciation		1,686,188
Total Cost, Net of Accumulated Depreciation		3,327,545
Encumbrances
Shopping Center [Member] | Madison Plaza [Member]
Initial Cost - Land		5,874,396
Initial Cost - Building and Improvements		23,476,190
Cost Capitalized	[1]	2,128,333
Land		5,874,396
Building and Improvements		25,604,523
Total Cost		31,478,919
Accumulated Depreciation		12,534,740
Total Cost, Net of Accumulated Depreciation		18,944,179
Encumbrances
Shopping Center [Member] | Broadway Plaza [Member]
Initial Cost - Land		6,460,743
Initial Cost - Building and Improvements		25,863,153
Cost Capitalized	[1]	12,142,497
Land		6,460,743
Building and Improvements		38,005,650
Total Cost		44,466,393
Accumulated Depreciation		16,786,365
Total Cost, Net of Accumulated Depreciation		27,680,028
Encumbrances
Shopping Center [Member] | Corona Hills Plaza [Member]
Initial Cost - Land		13,360,965
Initial Cost - Building and Improvements		53,373,453
Cost Capitalized	[1]	8,024,150
Land		13,360,965
Building and Improvements		61,397,603
Total Cost		74,758,568
Accumulated Depreciation		32,234,761
Total Cost, Net of Accumulated Depreciation		42,523,807
Encumbrances
Shopping Center [Member] | The 280 Metro Center [Member]
Initial Cost - Land		38,734,566
Initial Cost - Building and Improvements		94,903,403
Cost Capitalized	[1]	1,922,348
Land		38,734,566
Building and Improvements		96,825,751
Total Cost		135,560,317
Accumulated Depreciation		10,563,254
Total Cost, Net of Accumulated Depreciation		124,997,063
Encumbrances
Shopping Center [Member] | Laband Village Shopping Center [Member]
Initial Cost - Land		5,600,000
Initial Cost - Building and Improvements		13,289,347
Cost Capitalized	[1]	450,236
Land		5,607,237
Building and Improvements		13,732,346
Total Cost		19,339,583
Accumulated Depreciation		7,289,456
Total Cost, Net of Accumulated Depreciation		12,050,127
Encumbrances
Shopping Center [Member] | Cupertino Village [Member]
Initial Cost - Land		19,886,099
Initial Cost - Building and Improvements		46,534,919
Cost Capitalized	[1]	24,291,806
Land		19,886,099
Building and Improvements		70,826,725
Total Cost		90,712,824
Accumulated Depreciation		19,498,273
Total Cost, Net of Accumulated Depreciation		71,214,551
Encumbrances
Shopping Center [Member] | North County Plaza [Member]
Initial Cost - Land		10,205,305
Initial Cost - Building and Improvements		28,934,219
Cost Capitalized	[1]	(1,000,334)
Land		20,894,811
Building and Improvements		17,244,379
Total Cost		38,139,190
Accumulated Depreciation		3,159,099
Total Cost, Net of Accumulated Depreciation		34,980,091
Encumbrances
Shopping Center [Member] | Chico Crossroads [Member]
Initial Cost - Land		9,975,810
Initial Cost - Building and Improvements		30,534,524
Cost Capitalized	[1]	1,363,692
Land		9,985,652
Building and Improvements		31,888,374
Total Cost		41,874,026
Accumulated Depreciation		9,649,420
Total Cost, Net of Accumulated Depreciation		32,224,606
Encumbrances
Shopping Center [Member] | Chico East & Esplanade (Raley's) [Member]
Initial Cost - Land		2,508,716
Initial Cost - Building and Improvements		12,886,184
Cost Capitalized	[1]	(1,312,383)
Land		2,508,716
Building and Improvements		11,573,801
Total Cost		14,082,517
Accumulated Depreciation		1,046,152
Total Cost, Net of Accumulated Depreciation		13,036,365
Encumbrances	[2]	3,544,259
Shopping Center [Member] | Corona Hills Marketplace [Member]
Initial Cost - Land		9,727,446
Initial Cost - Building and Improvements		24,778,390
Cost Capitalized	[1]	703,539
Land		9,727,446
Building and Improvements		25,481,929
Total Cost		35,209,375
Accumulated Depreciation		8,709,352
Total Cost, Net of Accumulated Depreciation		26,500,023
Encumbrances
Shopping Center [Member] | Creekside Center [Member]
Initial Cost - Land		3,870,823
Initial Cost - Building and Improvements		11,562,580
Cost Capitalized	[1]	(477,027)
Land		5,154,061
Building and Improvements		9,802,315
Total Cost		14,956,376
Accumulated Depreciation		577,653
Total Cost, Net of Accumulated Depreciation		14,378,723
Encumbrances
Shopping Center [Member] | Gold Country Center [Member]
Initial Cost - Land		3,272,212
Initial Cost - Building and Improvements		7,864,878
Cost Capitalized	[1]	29,687
Land		3,278,290
Building and Improvements		7,888,487
Total Cost		11,166,777
Accumulated Depreciation		3,737,079
Total Cost, Net of Accumulated Depreciation		7,429,698
Encumbrances
Shopping Center [Member] | La Mirada Theatre Center [Member]
Initial Cost - Land		8,816,741
Initial Cost - Building and Improvements		35,259,965
Cost Capitalized	[1]	(3,325,358)
Land		6,888,680
Building and Improvements		33,862,668
Total Cost		40,751,348
Accumulated Depreciation		15,984,250
Total Cost, Net of Accumulated Depreciation		24,767,098
Encumbrances
Shopping Center [Member] | Kenneth Kahn Plaza [Member]
Initial Cost - Land		4,114,863
Initial Cost - Building and Improvements		7,660,855
Cost Capitalized	[1]	1,478,281
Land		4,114,863
Building and Improvements		9,139,136
Total Cost		13,253,999
Accumulated Depreciation		3,158,669
Total Cost, Net of Accumulated Depreciation		10,095,330
Encumbrances
Shopping Center [Member] | La Verne Town Center [Member]
Initial Cost - Land		8,414,328
Initial Cost - Building and Improvements		23,856,418
Cost Capitalized	[1]	10,759,800
Land		16,362,169
Building and Improvements		26,668,377
Total Cost		43,030,546
Accumulated Depreciation		3,263,071
Total Cost, Net of Accumulated Depreciation		39,767,475
Encumbrances
Shopping Center [Member] | Lincoln Hills Town Center [Member]
Initial Cost - Land		8,228,587
Initial Cost - Building and Improvements		26,127,322
Cost Capitalized	[1]	132,829
Land		8,228,587
Building and Improvements		26,260,151
Total Cost		34,488,738
Accumulated Depreciation		3,199,334
Total Cost, Net of Accumulated Depreciation		31,289,404
Encumbrances
Shopping Center [Member] | Novato Fair S.C. [Member]
Initial Cost - Land		9,259,778
Initial Cost - Building and Improvements		15,599,790
Cost Capitalized	[1]	997,511
Land		9,259,778
Building and Improvements		16,597,301
Total Cost		25,857,079
Accumulated Depreciation		6,336,610
Total Cost, Net of Accumulated Depreciation		19,520,469
Encumbrances
Shopping Center [Member] | South Napa Market Place [Member]
Initial Cost - Land		1,100,000
Initial Cost - Building and Improvements		22,159,086
Cost Capitalized	[1]	20,615,121
Land		23,119,071
Building and Improvements		20,755,136
Total Cost		43,874,207
Accumulated Depreciation		10,843,098
Total Cost, Net of Accumulated Depreciation		33,031,109
Encumbrances
Shopping Center [Member] | Plaza Di Northridge [Member]
Initial Cost - Land		12,900,000
Initial Cost - Building and Improvements		40,574,842
Cost Capitalized	[1]	1,665,373
Land		12,900,000
Building and Improvements		42,240,215
Total Cost		55,140,215
Accumulated Depreciation		15,177,905
Total Cost, Net of Accumulated Depreciation		39,962,310
Encumbrances
Shopping Center [Member] | Linda Mar Shipping Center [Member]
Initial Cost - Land		16,548,592
Initial Cost - Building and Improvements		37,521,194
Cost Capitalized	[1]	1,776,093
Land		16,548,592
Building and Improvements		39,297,287
Total Cost		55,845,879
Accumulated Depreciation		7,472,546
Total Cost, Net of Accumulated Depreciation		48,373,333
Encumbrances
Shopping Center [Member] | Poway City Centre [Member]
Initial Cost - Land		5,854,585
Initial Cost - Building and Improvements		13,792,470
Cost Capitalized	[1]	8,516,118
Land		7,247,814
Building and Improvements		20,915,359
Total Cost		28,163,173
Accumulated Depreciation		8,448,941
Total Cost, Net of Accumulated Depreciation		19,714,232
Encumbrances
Shopping Center [Member] | Redwood City Plaza [Member]
Initial Cost - Land		2,552,000
Initial Cost - Building and Improvements		6,215,168
Cost Capitalized	[1]	5,900,877
Land		2,552,000
Building and Improvements		12,116,045
Total Cost		14,668,045
Accumulated Depreciation		1,463,911
Total Cost, Net of Accumulated Depreciation		13,204,134
Encumbrances
Shopping Center [Member] | Stanford Ranch [Member]
Initial Cost - Land		10,583,764
Initial Cost - Building and Improvements		30,007,231
Cost Capitalized	[1]	3,430,053
Land		9,982,626
Building and Improvements		34,038,422
Total Cost		44,021,048
Accumulated Depreciation		3,539,167
Total Cost, Net of Accumulated Depreciation		40,481,881
Encumbrances	[2]	14,191,062
Shopping Center [Member] | Tyler Street Plaza [Member]
Initial Cost - Land		3,020,883
Initial Cost - Building and Improvements		7,811,339
Cost Capitalized	[1]	83,425
Land		3,200,516
Building and Improvements		7,715,131
Total Cost		10,915,647
Accumulated Depreciation		2,746,206
Total Cost, Net of Accumulated Depreciation		8,169,441
Encumbrances
Shopping Center [Member] | Crocker Ranch [Member]
Initial Cost - Land		7,526,146
Initial Cost - Building and Improvements		24,877,611
Cost Capitalized	[1]	104,542
Land		7,526,146
Building and Improvements		24,982,153
Total Cost		32,508,299
Accumulated Depreciation		2,355,316
Total Cost, Net of Accumulated Depreciation		30,152,983
Encumbrances	[2]	10,445,001
Shopping Center [Member] | Home Depot Plaza [Member]
Initial Cost - Land		4,592,364
Initial Cost - Building and Improvements		18,345,257
Cost Capitalized
Land		4,592,364
Building and Improvements		18,345,257
Total Cost		22,937,621
Accumulated Depreciation		9,354,408
Total Cost, Net of Accumulated Depreciation		13,583,213
Encumbrances
Shopping Center [Member] | Santee Trolley Square [Member]
Initial Cost - Land		40,208,683
Initial Cost - Building and Improvements		62,963,757
Cost Capitalized	[1]	292,910
Land		40,208,683
Building and Improvements		63,256,667
Total Cost		103,465,350
Accumulated Depreciation		15,500,852
Total Cost, Net of Accumulated Depreciation		87,964,498
Encumbrances
Shopping Center [Member] | San Diego Carmel Mountain [Member]
Initial Cost - Land		5,322,600
Initial Cost - Building and Improvements		8,873,991
Cost Capitalized	[1]	121,022
Land		5,322,600
Building and Improvements		8,995,013
Total Cost		14,317,613
Accumulated Depreciation		2,307,020
Total Cost, Net of Accumulated Depreciation		12,010,593
Encumbrances
Shopping Center [Member] | Fulton Market Place [Member]
Initial Cost - Land		2,966,018
Initial Cost - Building and Improvements		6,920,710
Cost Capitalized	[1]	16,305,019
Land		6,518,924
Building and Improvements		19,672,823
Total Cost		26,191,747
Accumulated Depreciation		3,192,067
Total Cost, Net of Accumulated Depreciation		22,999,680
Encumbrances
Shopping Center [Member] | Black Mountain Village [Member]
Initial Cost - Land		4,678,015
Initial Cost - Building and Improvements		11,913,344
Cost Capitalized	[1]	756,865
Land		4,678,015
Building and Improvements		12,670,209
Total Cost		17,348,224
Accumulated Depreciation		4,508,096
Total Cost, Net of Accumulated Depreciation		12,840,128
Encumbrances
Shopping Center [Member] | Rancho Penasquitos Towne Ctr I [Member]
Initial Cost - Land		14,851,595
Initial Cost - Building and Improvements		20,342,165
Cost Capitalized	[1]	247,359
Land		14,851,595
Building and Improvements		20,589,524
Total Cost		35,441,119
Accumulated Depreciation		2,374,587
Total Cost, Net of Accumulated Depreciation		33,066,532
Encumbrances	[2]	13,884,779
Shopping Center [Member] | Rancho Penasquitos Towne Ctr II [Member]
Initial Cost - Land		12,944,972
Initial Cost - Building and Improvements		20,323,961
Cost Capitalized	[1]	608,243
Land		12,944,972
Building and Improvements		20,932,204
Total Cost		33,877,176
Accumulated Depreciation		2,445,136
Total Cost, Net of Accumulated Depreciation		31,432,040
Encumbrances	[2]	10,654,756
Shopping Center [Member] | City Heights [Member]
Initial Cost - Land		10,687,472
Initial Cost - Building and Improvements		28,324,896
Cost Capitalized	[1]	(732,313)
Land		13,908,563
Building and Improvements		24,371,492
Total Cost		38,280,055
Accumulated Depreciation		3,404,559
Total Cost, Net of Accumulated Depreciation		34,875,496
Encumbrances
Shopping Center [Member] | Truckee Crossroads [Member]
Initial Cost - Land		2,140,000
Initial Cost - Building and Improvements		8,255,753
Cost Capitalized	[1]	1,619,484
Land		2,140,000
Building and Improvements		9,875,237
Total Cost		12,015,237
Accumulated Depreciation		5,557,970
Total Cost, Net of Accumulated Depreciation		6,457,267
Encumbrances	[2]	2,074,100
Shopping Center [Member] | Gateway at Donner Pass [Member]
Initial Cost - Land		4,515,688
Initial Cost - Building and Improvements		8,318,667
Cost Capitalized	[1]	237,945
Land		4,515,688
Building and Improvements		8,556,612
Total Cost		13,072,300
Accumulated Depreciation		1,156,392
Total Cost, Net of Accumulated Depreciation		11,915,908
Encumbrances	[2]	2,356,820
Shopping Center [Member] | Westlake Shopping Center [Member]
Initial Cost - Land		16,174,307
Initial Cost - Building and Improvements		64,818,562
Cost Capitalized	[1]	100,795,455
Land		16,174,307
Building and Improvements		165,614,017
Total Cost		181,788,324
Accumulated Depreciation		52,777,883
Total Cost, Net of Accumulated Depreciation		129,010,441
Encumbrances
Shopping Center [Member] | Lakewood Village [Member]
Initial Cost - Land		8,597,100
Initial Cost - Building and Improvements		24,374,615
Cost Capitalized	[1]	(1,119,844)
Land		11,683,364
Building and Improvements		20,168,507
Total Cost		31,851,871
Accumulated Depreciation		3,499,437
Total Cost, Net of Accumulated Depreciation		28,352,434
Encumbrances
Shopping Center [Member] | Whittwood Town Center [Member]
Initial Cost - Land		57,135,695
Initial Cost - Building and Improvements		105,814,560
Cost Capitalized	[1]	79,752
Land		57,137,989
Building and Improvements		105,892,018
Total Cost		163,030,007
Accumulated Depreciation		1,408,261
Total Cost, Net of Accumulated Depreciation		161,621,746
Encumbrances	[2]	45,117,369
Shopping Center [Member] | Savi Ranch [Member]
Initial Cost - Land		7,295,646
Initial Cost - Building and Improvements		29,752,511
Cost Capitalized	[1]	(188,067)
Land		7,295,646
Building and Improvements		29,564,444
Total Cost		36,860,090
Accumulated Depreciation		5,529,067
Total Cost, Net of Accumulated Depreciation		31,331,023
Encumbrances
Shopping Center [Member] | Village on the Park [Member]
Initial Cost - Land		2,194,463
Initial Cost - Building and Improvements		8,885,987
Cost Capitalized	[1]	9,895,270
Land		3,018,391
Building and Improvements		17,957,329
Total Cost		20,975,720
Accumulated Depreciation		7,731,431
Total Cost, Net of Accumulated Depreciation		13,244,289
Encumbrances
Shopping Center [Member] | Quincy Place S.C. [Member]
Initial Cost - Land		1,148,317
Initial Cost - Building and Improvements		4,608,249
Cost Capitalized	[1]	1,645,217
Land		1,148,317
Building and Improvements		6,253,466
Total Cost		7,401,783
Accumulated Depreciation		3,132,940
Total Cost, Net of Accumulated Depreciation		4,268,843
Encumbrances
Shopping Center [Member] | East Bank S.C. [Member]
Initial Cost - Land		1,500,568
Initial Cost - Building and Improvements		6,180,103
Cost Capitalized	[1]	2,359,399
Land		1,500,568
Building and Improvements		8,539,502
Total Cost		10,040,070
Accumulated Depreciation		3,945,851
Total Cost, Net of Accumulated Depreciation		6,094,219
Encumbrances
Shopping Center [Member] | Northridge Shopping Center [Member]
Initial Cost - Land		4,932,690
Initial Cost - Building and Improvements		16,496,175
Cost Capitalized	[1]	1,865,017
Land		8,934,385
Building and Improvements		14,359,497
Total Cost		23,293,882
Accumulated Depreciation		2,274,998
Total Cost, Net of Accumulated Depreciation		21,018,884
Encumbrances
Shopping Center [Member] | Spring Creek S.C. [Member]
Initial Cost - Land		1,423,260
Initial Cost - Building and Improvements		5,718,813
Cost Capitalized	[1]	(1,539,783)
Land		592,896
Building and Improvements		5,009,394
Total Cost		5,602,290
Accumulated Depreciation		3,734,127
Total Cost, Net of Accumulated Depreciation		1,868,163
Encumbrances
Shopping Center [Member] | Denver West 38th Street [Member]
Initial Cost - Land		161,167
Initial Cost - Building and Improvements		646,983
Cost Capitalized	[1]	41,853
Land		161,167
Building and Improvements		688,836
Total Cost		850,003
Accumulated Depreciation		330,384
Total Cost, Net of Accumulated Depreciation		519,619
Encumbrances
Shopping Center [Member] | Englewood Plaza [Member]
Initial Cost - Land		805,837
Initial Cost - Building and Improvements		3,232,650
Cost Capitalized	[1]	564,167
Land		805,837
Building and Improvements		3,796,817
Total Cost		4,602,654
Accumulated Depreciation		1,925,245
Total Cost, Net of Accumulated Depreciation		2,677,409
Encumbrances
Shopping Center [Member] | Fort Collins S.C. [Member]
Initial Cost - Land		1,253,497
Initial Cost - Building and Improvements		7,625,278
Cost Capitalized	[1]	1,599,608
Land		1,253,497
Building and Improvements		9,224,886
Total Cost		10,478,383
Accumulated Depreciation		3,882,582
Total Cost, Net of Accumulated Depreciation		6,595,801
Encumbrances
Shopping Center [Member] | Greeley Commons [Member]
Initial Cost - Land		3,313,095
Initial Cost - Building and Improvements		20,069,559
Cost Capitalized	[1]	104,137
Land		3,313,095
Building and Improvements		20,173,696
Total Cost		23,486,791
Accumulated Depreciation		4,108,294
Total Cost, Net of Accumulated Depreciation		19,378,497
Encumbrances
Shopping Center [Member] | Highlands Ranch Village S.C. [Member]
Initial Cost - Land		8,135,427
Initial Cost - Building and Improvements		21,579,936
Cost Capitalized	[1]	(544,584)
Land		5,337,081
Building and Improvements		23,833,698
Total Cost		29,170,779
Accumulated Depreciation		4,184,418
Total Cost, Net of Accumulated Depreciation		24,986,361
Encumbrances
Shopping Center [Member] | Village Center West [Member]
Initial Cost - Land		2,010,519
Initial Cost - Building and Improvements		8,361,084
Cost Capitalized	[1]	203,885
Land		2,010,519
Building and Improvements		8,564,969
Total Cost		10,575,488
Accumulated Depreciation		1,448,222
Total Cost, Net of Accumulated Depreciation		9,127,266
Encumbrances
Shopping Center [Member] | Highlands Ranch II [Member]
Initial Cost - Land		3,514,837
Initial Cost - Building and Improvements		11,755,916
Cost Capitalized	[1]	354,284
Land		3,514,837
Building and Improvements		12,110,200
Total Cost		15,625,037
Accumulated Depreciation		2,729,678
Total Cost, Net of Accumulated Depreciation		12,895,359
Encumbrances
Shopping Center [Member] | Village Center - Highland Ranch [Member]
Initial Cost - Land		1,140,000
Initial Cost - Building and Improvements		2,660,000
Cost Capitalized	[1]	277,159
Land		1,140,000
Building and Improvements		2,937,159
Total Cost		4,077,159
Accumulated Depreciation		184,584
Total Cost, Net of Accumulated Depreciation		3,892,575
Encumbrances
Shopping Center [Member] | Heritage West S.C. [Member]
Initial Cost - Land		1,526,576
Initial Cost - Building and Improvements		6,124,074
Cost Capitalized	[1]	1,702,094
Land		1,526,576
Building and Improvements		7,826,168
Total Cost		9,352,744
Accumulated Depreciation		3,555,249
Total Cost, Net of Accumulated Depreciation		5,797,495
Encumbrances
Shopping Center [Member] | Market at Southpark [Member]
Initial Cost - Land		9,782,769
Initial Cost - Building and Improvements		20,779,522
Cost Capitalized	[1]	541,956
Land		9,782,769
Building and Improvements		21,321,478
Total Cost		31,104,247
Accumulated Depreciation		4,557,442
Total Cost, Net of Accumulated Depreciation		26,546,805
Encumbrances
Shopping Center [Member] | Newtown S.C. [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		15,635,442
Cost Capitalized
Land
Building and Improvements		15,635,442
Total Cost		15,635,442
Accumulated Depreciation		1,763,731
Total Cost, Net of Accumulated Depreciation		13,871,711
Encumbrances	[2]	7,889,936
Shopping Center [Member] | West Farm Shopping Center [Member]
Initial Cost - Land		5,805,969
Initial Cost - Building and Improvements		23,348,024
Cost Capitalized	[1]	15,727,758
Land		7,585,116
Building and Improvements		37,296,635
Total Cost		44,881,751
Accumulated Depreciation		14,349,914
Total Cost, Net of Accumulated Depreciation		30,531,837
Encumbrances
Shopping Center [Member] | Hamden Mart [Member]
Initial Cost - Land		13,668,167
Initial Cost - Building and Improvements		40,890,166
Cost Capitalized	[1]	4,224,199
Land		14,225,573
Building and Improvements		44,556,959
Total Cost		58,782,532
Accumulated Depreciation		2,984,228
Total Cost, Net of Accumulated Depreciation		55,798,304
Encumbrances	[2]	21,498,278
Shopping Center [Member] | Home Depot Plaza 2 [Member]
Initial Cost - Land		7,704,968
Initial Cost - Building and Improvements		30,797,640
Cost Capitalized	[1]	3,061,389
Land		7,704,968
Building and Improvements		33,859,029
Total Cost		41,563,997
Accumulated Depreciation		14,718,770
Total Cost, Net of Accumulated Depreciation		26,845,227
Encumbrances
Shopping Center [Member] | Wilton River Park Shopping Ctr [Member]
Initial Cost - Land		7,154,585
Initial Cost - Building and Improvements		27,509,279
Cost Capitalized	[1]	(56,109)
Land		7,154,584
Building and Improvements		27,453,171
Total Cost		34,607,755
Accumulated Depreciation		4,329,368
Total Cost, Net of Accumulated Depreciation		30,278,387
Encumbrances
Shopping Center [Member] | Bright Horizons [Member]
Initial Cost - Land		1,211,748
Initial Cost - Building and Improvements		4,610,610
Cost Capitalized	[1]	9,499
Land		1,211,748
Building and Improvements		4,620,109
Total Cost		5,831,857
Accumulated Depreciation		839,744
Total Cost, Net of Accumulated Depreciation		4,992,113
Encumbrances
Shopping Center [Member] | Wilton Campus [Member]
Initial Cost - Land		10,168,872
Initial Cost - Building and Improvements		31,893,016
Cost Capitalized	[1]	317,485
Land		10,168,872
Building and Improvements		32,210,501
Total Cost		42,379,373
Accumulated Depreciation		7,466,715
Total Cost, Net of Accumulated Depreciation		34,912,658
Encumbrances
Shopping Center [Member] | Camden Square [Member]
Initial Cost - Land		122,741
Initial Cost - Building and Improvements		66,738
Cost Capitalized	[1]	4,502,409
Land		3,024,375
Building and Improvements		1,667,513
Total Cost		4,691,888
Accumulated Depreciation		181,042
Total Cost, Net of Accumulated Depreciation		4,510,846
Encumbrances
Shopping Center [Member] | Promenade at Christiana [Member]
Initial Cost - Land	[3]	14,371,686
Initial Cost - Building and Improvements
Cost Capitalized	[1],[3]	18,503,592
Land	[3]	32,875,278
Building and Improvements
Total Cost	[3]	32,875,278
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	[3]	32,875,278
Encumbrances
Shopping Center [Member] | Brandywine Commons [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		36,057,487
Cost Capitalized	[1]	1,823,593
Land
Building and Improvements		37,881,080
Total Cost		37,881,080
Accumulated Depreciation		4,486,979
Total Cost, Net of Accumulated Depreciation		33,394,101
Encumbrances
Shopping Center [Member] | Camino Square [Member]
Initial Cost - Land		573,875
Initial Cost - Building and Improvements		2,295,501
Cost Capitalized	[1]	2,714,483
Land		733,875
Building and Improvements		4,849,984
Total Cost		5,583,859
Accumulated Depreciation		3,872,616
Total Cost, Net of Accumulated Depreciation		1,711,243
Encumbrances
Shopping Center [Member] | Bonita Grande Crossings [Member]
Initial Cost - Land		3,370,941
Initial Cost - Building and Improvements		8,179,481
Cost Capitalized	[1]	234,356
Land		3,370,941
Building and Improvements		8,413,837
Total Cost		11,784,778
Accumulated Depreciation		993,508
Total Cost, Net of Accumulated Depreciation		10,791,270
Encumbrances
Shopping Center [Member] | Hollywood Video Bonita Grande [Member]
Initial Cost - Land		341,958
Initial Cost - Building and Improvements		771,935
Cost Capitalized
Land		341,958
Building and Improvements		771,935
Total Cost		1,113,893
Accumulated Depreciation		93,941
Total Cost, Net of Accumulated Depreciation		1,019,952
Encumbrances
Shopping Center [Member] | Coral Square Promenade [Member]
Initial Cost - Land		710,000
Initial Cost - Building and Improvements		2,842,907
Cost Capitalized	[1]	4,023,496
Land		710,000
Building and Improvements		6,866,403
Total Cost		7,576,403
Accumulated Depreciation		3,791,207
Total Cost, Net of Accumulated Depreciation		3,785,196
Encumbrances
Shopping Center [Member] | Maplewood Plaza [Member]
Initial Cost - Land		1,649,000
Initial Cost - Building and Improvements		6,626,301
Cost Capitalized	[1]	1,306,059
Land		1,649,000
Building and Improvements		7,932,360
Total Cost		9,581,360
Accumulated Depreciation		3,792,560
Total Cost, Net of Accumulated Depreciation		5,788,800
Encumbrances
Shopping Center [Member] | Curlew Crossing Shopping Ctr [Member]
Initial Cost - Land		5,315,955
Initial Cost - Building and Improvements		12,529,467
Cost Capitalized	[1]	2,393,045
Land		5,315,955
Building and Improvements		14,922,512
Total Cost		20,238,467
Accumulated Depreciation		5,962,584
Total Cost, Net of Accumulated Depreciation		14,275,883
Encumbrances
Shopping Center [Member] | Shops at Santa Barbara Phase 1 [Member]
Initial Cost - Land		743,463
Initial Cost - Building and Improvements		5,373,994
Cost Capitalized	[1]	80,505
Land		743,463
Building and Improvements		5,454,499
Total Cost		6,197,962
Accumulated Depreciation		647,135
Total Cost, Net of Accumulated Depreciation		5,550,827
Encumbrances
Shopping Center [Member] | Shops at Santa Barbara Phase 2 [Member]
Initial Cost - Land		331,692
Initial Cost - Building and Improvements		2,488,832
Cost Capitalized
Land		331,692
Building and Improvements		2,488,832
Total Cost		2,820,524
Accumulated Depreciation		303,632
Total Cost, Net of Accumulated Depreciation		2,516,892
Encumbrances
Shopping Center [Member] | Shops at Santa Barbara Phase 3 [Member]
Initial Cost - Land		329,726
Initial Cost - Building and Improvements		2,358,700
Cost Capitalized	[1]	61,618
Land		329,726
Building and Improvements		2,420,318
Total Cost		2,750,044
Accumulated Depreciation		276,810
Total Cost, Net of Accumulated Depreciation		2,473,234
Encumbrances
Shopping Center [Member] | Coral Pointe S.C. [Member]
Initial Cost - Land		2,411,608
Initial Cost - Building and Improvements		20,507,735
Cost Capitalized	[1]	213,166
Land		2,411,608
Building and Improvements		20,720,901
Total Cost		23,132,509
Accumulated Depreciation		2,362,743
Total Cost, Net of Accumulated Depreciation		20,769,766
Encumbrances
Shopping Center [Member] | Publix at Addison [Member]
Initial Cost - Land		3,211,156
Initial Cost - Building and Improvements		6,747,895
Cost Capitalized
Land		3,211,156
Building and Improvements		6,747,895
Total Cost		9,959,051
Accumulated Depreciation		533,669
Total Cost, Net of Accumulated Depreciation		9,425,382
Encumbrances
Shopping Center [Member] | Addison Center Prof. Building [Member]
Initial Cost - Land		802,789
Initial Cost - Building and Improvements		1,310,012
Cost Capitalized	[1]	(61,362)
Land		802,789
Building and Improvements		1,248,650
Total Cost		2,051,439
Accumulated Depreciation		105,019
Total Cost, Net of Accumulated Depreciation		1,946,420
Encumbrances
Shopping Center [Member] | Dania Pointe [Member]
Initial Cost - Land	[3]	105,113,024
Initial Cost - Building and Improvements
Cost Capitalized	[1],[3]	47,727,558
Land	[3]	152,840,582
Building and Improvements
Total Cost	[3]	152,840,582
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	[3]	152,840,582
Encumbrances
Shopping Center [Member] | Ft. Lauderdale/Cypress Creek [Member]
Initial Cost - Land		14,258,760
Initial Cost - Building and Improvements		28,042,390
Cost Capitalized	[1]	1,982,805
Land		14,258,760
Building and Improvements		30,025,195
Total Cost		44,283,955
Accumulated Depreciation		9,170,634
Total Cost, Net of Accumulated Depreciation		35,113,321
Encumbrances
Shopping Center [Member] | Homestead-Wachtel Land Lease [Member]
Initial Cost - Land		150,000
Initial Cost - Building and Improvements
Cost Capitalized
Land		150,000
Building and Improvements
Total Cost		150,000
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		150,000
Encumbrances
Shopping Center [Member] | Oakwood Plaza North [Member]
Initial Cost - Land		35,300,961
Initial Cost - Building and Improvements		141,731,019
Cost Capitalized	[1]	162,764
Land		35,300,961
Building and Improvements		141,893,783
Total Cost		177,194,744
Accumulated Depreciation		9,869,863
Total Cost, Net of Accumulated Depreciation		167,324,881
Encumbrances	[2]	100,000,000
Shopping Center [Member] | Oakwood Plaza South [Member]
Initial Cost - Land		11,126,609
Initial Cost - Building and Improvements		40,592,103
Cost Capitalized	[1]	200,905
Land		11,126,609
Building and Improvements		40,793,008
Total Cost		51,919,617
Accumulated Depreciation		3,187,414
Total Cost, Net of Accumulated Depreciation		48,732,203
Encumbrances
Shopping Center [Member] | Oakwood Business Ctr BDLG 1 [Member]
Initial Cost - Land		6,792,500
Initial Cost - Building and Improvements		18,662,565
Cost Capitalized	[1]	3,065,679
Land		6,792,500
Building and Improvements		21,728,244
Total Cost		28,520,744
Accumulated Depreciation		6,216,521
Total Cost, Net of Accumulated Depreciation		22,304,223
Encumbrances
Shopping Center [Member] | Amelia Concourse [Member]
Initial Cost - Land		7,600,000
Initial Cost - Building and Improvements
Cost Capitalized	[1]	2,279,068
Land		498,680
Building and Improvements		9,380,388
Total Cost		9,879,068
Accumulated Depreciation		3,063,630
Total Cost, Net of Accumulated Depreciation		6,815,438
Encumbrances
Shopping Center [Member] | Kimco Avenues Walk, LLC [Member]
Initial Cost - Land	[3]	26,984,546
Initial Cost - Building and Improvements
Cost Capitalized	[1],[3]	21,588,299
Land
Building and Improvements	[3]	48,572,845
Total Cost	[3]	48,572,845
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	[3]	48,572,845
Encumbrances
Shopping Center [Member] | Avenues Walk [Member]
Initial Cost - Land		8,169,933
Initial Cost - Building and Improvements		20,173,468
Cost Capitalized	[1]	(18,870,745)
Land		2,711,057
Building and Improvements		6,761,599
Total Cost		9,472,656
Accumulated Depreciation		395,121
Total Cost, Net of Accumulated Depreciation		9,077,535
Encumbrances
Shopping Center [Member] | Duval Station S.C. [Member]
Initial Cost - Land		1,807,792
Initial Cost - Building and Improvements		11,863,692
Cost Capitalized	[1]	114,840
Land		1,807,792
Building and Improvements		11,978,532
Total Cost		13,786,324
Accumulated Depreciation		1,244,732
Total Cost, Net of Accumulated Depreciation		12,541,592
Encumbrances
Shopping Center [Member] | Riverplace Shopping Ctr. [Member]
Initial Cost - Land		7,503,282
Initial Cost - Building and Improvements		31,011,027
Cost Capitalized	[1]	1,662,341
Land		7,200,050
Building and Improvements		32,976,600
Total Cost		40,176,650
Accumulated Depreciation		9,409,835
Total Cost, Net of Accumulated Depreciation		30,766,815
Encumbrances
Shopping Center [Member] | Merchants Walk [Member]
Initial Cost - Land		2,580,816
Initial Cost - Building and Improvements		10,366,090
Cost Capitalized	[1]	6,681,476
Land		2,580,816
Building and Improvements		17,047,566
Total Cost		19,628,382
Accumulated Depreciation		8,173,678
Total Cost, Net of Accumulated Depreciation		11,454,704
Encumbrances
Shopping Center [Member] | Center at Missouri Avenue [Member]
Initial Cost - Land		293,686
Initial Cost - Building and Improvements		792,119
Cost Capitalized	[1]	6,291,221
Land		293,686
Building and Improvements		7,083,340
Total Cost		7,377,026
Accumulated Depreciation		1,647,444
Total Cost, Net of Accumulated Depreciation		5,729,582
Encumbrances
Shopping Center [Member] | Tri-City Plaza [Member]
Initial Cost - Land		2,832,296
Initial Cost - Building and Improvements		11,329,185
Cost Capitalized	[1]	20,422,836
Land		2,832,296
Building and Improvements		31,752,021
Total Cost		34,584,317
Accumulated Depreciation		3,569,889
Total Cost, Net of Accumulated Depreciation		31,014,428
Encumbrances
Shopping Center [Member] | Ft. Lauderdale #1, FL [Member]
Initial Cost - Land		1,002,733
Initial Cost - Building and Improvements		2,602,415
Cost Capitalized	[1]	13,141,950
Land		1,774,443
Building and Improvements		14,972,655
Total Cost		16,747,098
Accumulated Depreciation		9,967,674
Total Cost, Net of Accumulated Depreciation		6,779,424
Encumbrances
Shopping Center [Member] | NASA Plaza [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		1,754,000
Cost Capitalized	[1]	3,347,355
Land
Building and Improvements		5,101,355
Total Cost		5,101,355
Accumulated Depreciation		3,941,287
Total Cost, Net of Accumulated Depreciation		1,160,068
Encumbrances
Shopping Center [Member] | Grove Gates S.C. [Member]
Initial Cost - Land		365,893
Initial Cost - Building and Improvements		1,049,172
Cost Capitalized	[1]	792,700
Land		365,893
Building and Improvements		1,841,872
Total Cost		2,207,765
Accumulated Depreciation		1,567,731
Total Cost, Net of Accumulated Depreciation		640,034
Encumbrances
Shopping Center [Member] | Chevron Outparcel [Member]
Initial Cost - Land		530,570
Initial Cost - Building and Improvements		1,253,410
Cost Capitalized
Land		530,570
Building and Improvements		1,253,410
Total Cost		1,783,980
Accumulated Depreciation		356,499
Total Cost, Net of Accumulated Depreciation		1,427,481
Encumbrances
Shopping Center [Member] | Ives Dairy Crossing [Member]
Initial Cost - Land		732,914
Initial Cost - Building and Improvements		4,080,460
Cost Capitalized	[1]	11,183,306
Land		720,852
Building and Improvements		15,275,828
Total Cost		15,996,680
Accumulated Depreciation		9,421,495
Total Cost, Net of Accumulated Depreciation		6,575,185
Encumbrances
Shopping Center [Member] | Miller Road S.C. [Member]
Initial Cost - Land		1,138,082
Initial Cost - Building and Improvements		4,552,327
Cost Capitalized	[1]	4,560,187
Land		1,138,082
Building and Improvements		9,112,514
Total Cost		10,250,596
Accumulated Depreciation		5,883,832
Total Cost, Net of Accumulated Depreciation		4,366,764
Encumbrances
Shopping Center [Member] | Tri-Cities Shopping Plaza [Member]
Initial Cost - Land		1,011,000
Initial Cost - Building and Improvements		4,062,890
Cost Capitalized	[1]	3,202,734
Land		1,011,000
Building and Improvements		7,265,624
Total Cost		8,276,624
Accumulated Depreciation		796,633
Total Cost, Net of Accumulated Depreciation		7,479,991
Encumbrances
Shopping Center [Member] | Kendale Lakes Plaza [Member]
Initial Cost - Land		18,491,461
Initial Cost - Building and Improvements		28,496,001
Cost Capitalized	[1]	(1,996,609)
Land		15,362,227
Building and Improvements		29,628,626
Total Cost		44,990,853
Accumulated Depreciation		7,300,120
Total Cost, Net of Accumulated Depreciation		37,690,733
Encumbrances
Shopping Center [Member] | Centre of Merritt [Member]
Initial Cost - Land		1,806,275
Initial Cost - Building and Improvements		9,592,435
Cost Capitalized
Land		1,806,275
Building and Improvements		9,592,435
Total Cost		11,398,710
Accumulated Depreciation		939,539
Total Cost, Net of Accumulated Depreciation		10,459,171
Encumbrances
Shopping Center [Member] | Miller West Plaza [Member]
Initial Cost - Land		6,725,660
Initial Cost - Building and Improvements		10,661,419
Cost Capitalized	[1]	228,663
Land		6,725,660
Building and Improvements		10,890,082
Total Cost		17,615,742
Accumulated Depreciation		1,159,951
Total Cost, Net of Accumulated Depreciation		16,455,791
Encumbrances
Shopping Center [Member] | Corsica Square S.C. [Member]
Initial Cost - Land		7,225,100
Initial Cost - Building and Improvements		10,757,386
Cost Capitalized	[1]	129,489
Land		7,225,100
Building and Improvements		10,886,875
Total Cost		18,111,975
Accumulated Depreciation		1,263,335
Total Cost, Net of Accumulated Depreciation		16,848,640
Encumbrances
Shopping Center [Member] | Flagler Park [Member]
Initial Cost - Land		26,162,980
Initial Cost - Building and Improvements		80,737,041
Cost Capitalized	[1]	3,628,420
Land		26,725,480
Building and Improvements		83,802,961
Total Cost		110,528,441
Accumulated Depreciation		22,448,579
Total Cost, Net of Accumulated Depreciation		88,079,862
Encumbrances
Shopping Center [Member] | Parkhill Plaza [Member]
Initial Cost - Land		10,763,612
Initial Cost - Building and Improvements		19,264,248
Cost Capitalized	[1]	262,118
Land		10,763,612
Building and Improvements		19,526,366
Total Cost		30,289,978
Accumulated Depreciation		4,215,691
Total Cost, Net of Accumulated Depreciation		26,074,287
Encumbrances
Shopping Center [Member] | Winn Dixie-Miami [Member]
Initial Cost - Land		2,989,640
Initial Cost - Building and Improvements		9,410,360
Cost Capitalized	[1]	(51,872)
Land		3,544,297
Building and Improvements		8,803,831
Total Cost		12,348,128
Accumulated Depreciation		896,776
Total Cost, Net of Accumulated Depreciation		11,451,352
Encumbrances
Shopping Center [Member] | Marathon Shopping Center [Member]
Initial Cost - Land		2,412,929
Initial Cost - Building and Improvements		8,069,450
Cost Capitalized	[1]	1,045,327
Land		1,514,731
Building and Improvements		10,012,975
Total Cost		11,527,706
Accumulated Depreciation		1,505,904
Total Cost, Net of Accumulated Depreciation		10,021,802
Encumbrances
Shopping Center [Member] | Sodo S.C. [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		68,139,271
Cost Capitalized	[1]	8,516,523
Land		142,195
Building and Improvements		76,513,599
Total Cost		76,655,794
Accumulated Depreciation		18,774,702
Total Cost, Net of Accumulated Depreciation		57,881,092
Encumbrances
Shopping Center [Member] | Renaissance Center [Member]
Initial Cost - Land		9,104,379
Initial Cost - Building and Improvements		36,540,873
Cost Capitalized	[1]	14,919,342
Land		9,122,758
Building and Improvements		51,441,836
Total Cost		60,564,594
Accumulated Depreciation		18,762,491
Total Cost, Net of Accumulated Depreciation		41,802,103
Encumbrances
Shopping Center [Member] | MIllenia Plaza Phase II [Member]
Initial Cost - Land		7,711,000
Initial Cost - Building and Improvements		20,702,992
Cost Capitalized	[1]	1,506,264
Land		7,698,200
Building and Improvements		22,222,056
Total Cost		29,920,256
Accumulated Depreciation		8,248,249
Total Cost, Net of Accumulated Depreciation		21,672,007
Encumbrances
Shopping Center [Member] | Riverside Landings S.C. [Member]
Initial Cost - Land		3,512,202
Initial Cost - Building and Improvements		14,439,668
Cost Capitalized	[1]	276,235
Land		3,512,202
Building and Improvements		14,715,903
Total Cost		18,228,105
Accumulated Depreciation		1,495,774
Total Cost, Net of Accumulated Depreciation		16,732,331
Encumbrances
Shopping Center [Member] | Grand Oaks Village [Member]
Initial Cost - Land		7,409,319
Initial Cost - Building and Improvements		19,653,869
Cost Capitalized	[1]	(683,921)
Land		5,846,339
Building and Improvements		20,532,928
Total Cost		26,379,267
Accumulated Depreciation		3,936,281
Total Cost, Net of Accumulated Depreciation		22,442,986
Encumbrances
Shopping Center [Member] | Plantation Crossing [Member]
Initial Cost - Land		2,782,030
Initial Cost - Building and Improvements		8,077,260
Cost Capitalized	[1]	3,606,250
Land		2,782,030
Building and Improvements		11,683,510
Total Cost		14,465,540
Accumulated Depreciation		351,464
Total Cost, Net of Accumulated Depreciation		14,114,076
Encumbrances
Shopping Center [Member] | Pompano Pointe S.C. [Member]
Initial Cost - Land		10,516,500
Initial Cost - Building and Improvements		14,078,456
Cost Capitalized	[1]	530,900
Land		10,516,500
Building and Improvements		14,609,356
Total Cost		25,125,856
Accumulated Depreciation		726,848
Total Cost, Net of Accumulated Depreciation		24,399,008
Encumbrances
Shopping Center [Member] | University Town Center [Member]
Initial Cost - Land		5,515,265
Initial Cost - Building and Improvements		13,041,400
Cost Capitalized	[1]	477,832
Land		5,515,265
Building and Improvements		13,519,232
Total Cost		19,034,497
Accumulated Depreciation		2,831,595
Total Cost, Net of Accumulated Depreciation		16,202,902
Encumbrances
Shopping Center [Member] | Palm Beach Gardens [Member]
Initial Cost - Land		2,764,953
Initial Cost - Building and Improvements		11,059,812
Cost Capitalized	[1]	826,309
Land		2,764,953
Building and Improvements		11,886,121
Total Cost		14,651,074
Accumulated Depreciation		1,776,729
Total Cost, Net of Accumulated Depreciation		12,874,345
Encumbrances
Shopping Center [Member] | Oak Tree Plaza [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		917,360
Cost Capitalized	[1]	1,562,194
Land
Building and Improvements		2,479,554
Total Cost		2,479,554
Accumulated Depreciation		1,345,760
Total Cost, Net of Accumulated Depreciation		1,133,794
Encumbrances
Shopping Center [Member] | Tuttlebee Plaza [Member]
Initial Cost - Land		254,961
Initial Cost - Building and Improvements		828,465
Cost Capitalized	[1]	1,676,908
Land		254,961
Building and Improvements		2,505,373
Total Cost		2,760,334
Accumulated Depreciation		1,805,032
Total Cost, Net of Accumulated Depreciation		955,302
Encumbrances
Shopping Center [Member] | South Miami S.C. [Member]
Initial Cost - Land		1,280,440
Initial Cost - Building and Improvements		5,133,825
Cost Capitalized	[1]	3,452,430
Land		1,280,440
Building and Improvements		8,586,255
Total Cost		9,866,695
Accumulated Depreciation		4,492,631
Total Cost, Net of Accumulated Depreciation		5,374,064
Encumbrances
Shopping Center [Member] | Carrollwood Commons [Member]
Initial Cost - Land		5,220,445
Initial Cost - Building and Improvements		16,884,228
Cost Capitalized	[1]	2,855,466
Land		5,220,445
Building and Improvements		19,739,694
Total Cost		24,960,139
Accumulated Depreciation		9,563,475
Total Cost, Net of Accumulated Depreciation		15,396,664
Encumbrances
Shopping Center [Member] | Village Commons Shopping Center [Member]
Initial Cost - Land		2,192,331
Initial Cost - Building and Improvements		8,774,158
Cost Capitalized	[1]	4,605,195
Land		2,192,331
Building and Improvements		13,379,353
Total Cost		15,571,684
Accumulated Depreciation		5,647,685
Total Cost, Net of Accumulated Depreciation		9,923,999
Encumbrances
Shopping Center [Member] | Mission Bell Shopping Center [Member]
Initial Cost - Land		5,056,426
Initial Cost - Building and Improvements		11,843,119
Cost Capitalized	[1]	8,681,231
Land		5,067,033
Building and Improvements		20,513,743
Total Cost		25,580,776
Accumulated Depreciation		6,924,869
Total Cost, Net of Accumulated Depreciation		18,655,907
Encumbrances
Shopping Center [Member] | Village Commons S.C. [Member]
Initial Cost - Land		2,026,423
Initial Cost - Building and Improvements		5,106,476
Cost Capitalized	[1]	2,031,564
Land		2,026,423
Building and Improvements		7,138,040
Total Cost		9,164,463
Accumulated Depreciation		1,408,765
Total Cost, Net of Accumulated Depreciation		7,755,698
Encumbrances
Shopping Center [Member] | Belmart Plaza [Member]
Initial Cost - Land		1,656,097
Initial Cost - Building and Improvements		3,394,420
Cost Capitalized	[1]	5,648,437
Land		1,656,097
Building and Improvements		9,042,857
Total Cost		10,698,954
Accumulated Depreciation		665,211
Total Cost, Net of Accumulated Depreciation		10,033,743
Encumbrances
Shopping Center [Member] | Market at Haynes Bridge [Member]
Initial Cost - Land		4,880,659
Initial Cost - Building and Improvements		21,549,424
Cost Capitalized	[1]	1,168,508
Land		4,889,863
Building and Improvements		22,708,728
Total Cost		27,598,591
Accumulated Depreciation		7,296,311
Total Cost, Net of Accumulated Depreciation		20,302,280
Encumbrances
Shopping Center [Member] | Embry Village [Member]
Initial Cost - Land		18,147,054
Initial Cost - Building and Improvements		33,009,514
Cost Capitalized	[1]	1,143,200
Land		18,160,525
Building and Improvements		34,139,243
Total Cost		52,299,768
Accumulated Depreciation		24,236,617
Total Cost, Net of Accumulated Depreciation		28,063,151
Encumbrances
Shopping Center [Member] | Perimeter Expo Property [Member]
Initial Cost - Land		14,770,275
Initial Cost - Building and Improvements		44,295,457
Cost Capitalized	[1]	(867,262)
Land		16,142,152
Building and Improvements		42,056,318
Total Cost		58,198,470
Accumulated Depreciation		2,323,047
Total Cost, Net of Accumulated Depreciation		55,875,423
Encumbrances
Shopping Center [Member] | Riverwalk Marketplace [Member]
Initial Cost - Land		3,512,202
Initial Cost - Building and Improvements		18,862,571
Cost Capitalized	[1]	(25,121)
Land		3,512,202
Building and Improvements		18,837,450
Total Cost		22,349,652
Accumulated Depreciation		1,407,453
Total Cost, Net of Accumulated Depreciation		20,942,199
Encumbrances
Shopping Center [Member] | Village Shoppes - Flowery Branch [Member]
Initial Cost - Land		4,444,148
Initial Cost - Building and Improvements		10,510,657
Cost Capitalized	[1]	361,219
Land		4,444,148
Building and Improvements		10,871,876
Total Cost		15,316,024
Accumulated Depreciation		2,865,087
Total Cost, Net of Accumulated Depreciation		12,450,937
Encumbrances
Shopping Center [Member] | Lawrenceville Market [Member]
Initial Cost - Land		8,878,266
Initial Cost - Building and Improvements		29,691,191
Cost Capitalized	[1]	297,965
Land		9,060,436
Building and Improvements		29,806,986
Total Cost		38,867,422
Accumulated Depreciation		5,116,031
Total Cost, Net of Accumulated Depreciation		33,751,391
Encumbrances
Shopping Center [Member] | Five Forks Crossing [Member]
Initial Cost - Land		2,363,848
Initial Cost - Building and Improvements		7,906,257
Cost Capitalized	[1]	391,047
Land		2,363,848
Building and Improvements		8,297,304
Total Cost		10,661,152
Accumulated Depreciation		1,801,564
Total Cost, Net of Accumulated Depreciation		8,859,588
Encumbrances
Shopping Center [Member] | Braelinn Village [Member]
Initial Cost - Land		7,314,719
Initial Cost - Building and Improvements		20,738,792
Cost Capitalized	[1]	1,684,923
Land		6,342,926
Building and Improvements		23,395,508
Total Cost		29,738,434
Accumulated Depreciation		2,948,266
Total Cost, Net of Accumulated Depreciation		26,790,168
Encumbrances
Shopping Center [Member] | Savannah Center [Member]
Initial Cost - Land		2,052,270
Initial Cost - Building and Improvements		8,232,978
Cost Capitalized	[1]	4,034,349
Land		2,052,270
Building and Improvements		12,267,327
Total Cost		14,319,597
Accumulated Depreciation		6,940,835
Total Cost, Net of Accumulated Depreciation		7,378,762
Encumbrances
Shopping Center [Member] | Chatham Plaza [Member]
Initial Cost - Land		13,390,238
Initial Cost - Building and Improvements		35,115,882
Cost Capitalized	[1]	969,942
Land		13,403,262
Building and Improvements		36,072,800
Total Cost		49,476,062
Accumulated Depreciation		12,411,308
Total Cost, Net of Accumulated Depreciation		37,064,754
Encumbrances
Shopping Center [Member] | Clive Plaza [Member]
Initial Cost - Land		500,525
Initial Cost - Building and Improvements		2,002,101
Cost Capitalized
Land		500,525
Building and Improvements		2,002,101
Total Cost		2,502,626
Accumulated Depreciation		1,125,113
Total Cost, Net of Accumulated Depreciation		1,377,513
Encumbrances
Shopping Center [Member] | Dubuque Center [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		2,152,476
Cost Capitalized	[1]	239,217
Land
Building and Improvements		2,391,693
Total Cost		2,391,693
Accumulated Depreciation		1,778,184
Total Cost, Net of Accumulated Depreciation		613,509
Encumbrances
Shopping Center [Member] | The 87th Street Center [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		2,687,046
Cost Capitalized	[1]	11,446,720
Land		6,992,648
Building and Improvements		7,141,118
Total Cost		14,133,766
Accumulated Depreciation		2,620,820
Total Cost, Net of Accumulated Depreciation		11,512,946
Encumbrances
Shopping Center [Member] | Elston Chicago [Member]
Initial Cost - Land		1,010,374
Initial Cost - Building and Improvements		5,692,212
Cost Capitalized	[1]	498,828
Land		1,010,374
Building and Improvements		6,191,040
Total Cost		7,201,414
Accumulated Depreciation		2,930,108
Total Cost, Net of Accumulated Depreciation		4,271,306
Encumbrances
Shopping Center [Member] | Downers Park Plaza [Member]
Initial Cost - Land		2,510,455
Initial Cost - Building and Improvements		10,164,494
Cost Capitalized	[1]	2,025,382
Land		2,510,455
Building and Improvements		12,189,876
Total Cost		14,700,331
Accumulated Depreciation		5,738,993
Total Cost, Net of Accumulated Depreciation		8,961,338
Encumbrances
Shopping Center [Member] | Downers Park Plaza 2 [Member]
Initial Cost - Land		811,778
Initial Cost - Building and Improvements		4,322,956
Cost Capitalized	[1]	3,475,523
Land		811,778
Building and Improvements		7,798,479
Total Cost		8,610,257
Accumulated Depreciation		3,908,642
Total Cost, Net of Accumulated Depreciation		4,701,615
Encumbrances
Shopping Center [Member] | Town & Country S.C. [Member]
Initial Cost - Land		842,555
Initial Cost - Building and Improvements		2,108,674
Cost Capitalized	[1]	3,902,011
Land		500,927
Building and Improvements		6,352,313
Total Cost		6,853,240
Accumulated Depreciation		4,456,553
Total Cost, Net of Accumulated Depreciation		2,396,687
Encumbrances
Shopping Center [Member] | Fairview City Centre [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		11,866,880
Cost Capitalized	[1]	16,189,869
Land		1,900,000
Building and Improvements		26,156,749
Total Cost		28,056,749
Accumulated Depreciation		2,424,561
Total Cost, Net of Accumulated Depreciation		25,632,188
Encumbrances
Shopping Center [Member] | Plaza Del Prado [Member]
Initial Cost - Land		10,203,960
Initial Cost - Building and Improvements		28,409,786
Cost Capitalized	[1]	1,032,958
Land		10,203,960
Building and Improvements		29,442,744
Total Cost		39,646,704
Accumulated Depreciation		2,027,639
Total Cost, Net of Accumulated Depreciation		37,619,065
Encumbrances
Shopping Center [Member] | Shops at Kildeer [Member]
Initial Cost - Land		5,259,542
Initial Cost - Building and Improvements		28,141,501
Cost Capitalized	[1]	2,673,272
Land		5,259,542
Building and Improvements		30,814,773
Total Cost		36,074,315
Accumulated Depreciation		5,575,517
Total Cost, Net of Accumulated Depreciation		30,498,798
Encumbrances
Shopping Center [Member] | Mount Prospect Center [Member]
Initial Cost - Land		1,017,345
Initial Cost - Building and Improvements		6,572,176
Cost Capitalized	[1]	4,100,013
Land		1,017,345
Building and Improvements		10,672,189
Total Cost		11,689,534
Accumulated Depreciation		6,096,302
Total Cost, Net of Accumulated Depreciation		5,593,232
Encumbrances
Shopping Center [Member] | Mundelein Shopping Center [Member]
Initial Cost - Land		1,127,720
Initial Cost - Building and Improvements		5,826,129
Cost Capitalized	[1]	(2,606,024)
Land		366,184
Building and Improvements		3,981,641
Total Cost		4,347,825
Accumulated Depreciation		2,954,890
Total Cost, Net of Accumulated Depreciation		1,392,935
Encumbrances
Shopping Center [Member] | Oak Lawn Center [Member]
Initial Cost - Land		1,530,111
Initial Cost - Building and Improvements		8,776,631
Cost Capitalized	[1]	709,090
Land		1,530,111
Building and Improvements		9,485,721
Total Cost		11,015,832
Accumulated Depreciation		4,920,379
Total Cost, Net of Accumulated Depreciation		6,095,453
Encumbrances
Shopping Center [Member] | The 22nd Street Plaza [Member]
Initial Cost - Land		1,527,188
Initial Cost - Building and Improvements		8,679,108
Cost Capitalized	[1]	4,880,654
Land		1,527,188
Building and Improvements		13,559,762
Total Cost		15,086,950
Accumulated Depreciation		5,954,279
Total Cost, Net of Accumulated Depreciation		9,132,671
Encumbrances
Shopping Center [Member] | Skokie Pointe [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		2,276,360
Cost Capitalized	[1]	9,564,305
Land		2,628,440
Building and Improvements		9,212,225
Total Cost		11,840,665
Accumulated Depreciation		3,925,602
Total Cost, Net of Accumulated Depreciation		7,915,063
Encumbrances
Shopping Center [Member] | Hawthorn Hills Square [Member]
Initial Cost - Land		6,783,928
Initial Cost - Building and Improvements		33,033,624
Cost Capitalized	[1]	2,814,620
Land		6,783,928
Building and Improvements		35,848,244
Total Cost		42,632,172
Accumulated Depreciation		6,962,156
Total Cost, Net of Accumulated Depreciation		35,670,016
Encumbrances
Shopping Center [Member] | Woodgrove Festival [Member]
Initial Cost - Land		5,049,149
Initial Cost - Building and Improvements		20,822,993
Cost Capitalized	[1]	5,345,619
Land		4,805,866
Building and Improvements		26,411,895
Total Cost		31,217,761
Accumulated Depreciation		13,423,088
Total Cost, Net of Accumulated Depreciation		17,794,673
Encumbrances
Shopping Center [Member] | Grove Parcel [Member]
Initial Cost - Land		907,291
Initial Cost - Building and Improvements		2,240,810
Cost Capitalized	[1]	134,130
Land		907,291
Building and Improvements		2,374,940
Total Cost		3,282,231
Accumulated Depreciation		307,428
Total Cost, Net of Accumulated Depreciation		2,974,803
Encumbrances
Shopping Center [Member] | Woodridge Pad [Member]
Initial Cost - Land		702,757
Initial Cost - Building and Improvements		1,746,223
Cost Capitalized
Land		702,757
Building and Improvements		1,746,223
Total Cost		2,448,980
Accumulated Depreciation		136,201
Total Cost, Net of Accumulated Depreciation		2,312,779
Encumbrances
Shopping Center [Member] | Greenwood S.C. [Member]
Initial Cost - Land		423,371
Initial Cost - Building and Improvements		1,883,421
Cost Capitalized	[1]	12,488,773
Land		1,640,748
Building and Improvements		13,154,817
Total Cost		14,795,565
Accumulated Depreciation		7,376,514
Total Cost, Net of Accumulated Depreciation		7,419,051
Encumbrances
Shopping Center [Member] | South Park S.C. [Member]
Initial Cost - Land		1,675,031
Initial Cost - Building and Improvements		6,848,209
Cost Capitalized	[1]	6,546,359
Land		1,551,079
Building and Improvements		13,518,520
Total Cost		15,069,599
Accumulated Depreciation		8,250,684
Total Cost, Net of Accumulated Depreciation		6,818,915
Encumbrances
Shopping Center [Member] | Abington Plaza [Member]
Initial Cost - Land		10,457,183
Initial Cost - Building and Improvements		494,652
Cost Capitalized
Land		10,457,183
Building and Improvements		494,652
Total Cost		10,951,835
Accumulated Depreciation		122,964
Total Cost, Net of Accumulated Depreciation		10,828,871
Encumbrances	[2]	3,990,344
Shopping Center [Member] | Washington St. Plaza [Member]
Initial Cost - Land		11,007,593
Initial Cost - Building and Improvements		5,652,368
Cost Capitalized	[1]	8,961,280
Land		12,957,593
Building and Improvements		12,663,648
Total Cost		25,621,241
Accumulated Depreciation		1,482,715
Total Cost, Net of Accumulated Depreciation		24,138,526
Encumbrances	[2]	5,733,076
Shopping Center [Member] | Memorial Plaza [Member]
Initial Cost - Land		16,411,388
Initial Cost - Building and Improvements		27,553,908
Cost Capitalized	[1]	743,083
Land		16,411,388
Building and Improvements		28,296,991
Total Cost		44,708,379
Accumulated Depreciation		3,059,584
Total Cost, Net of Accumulated Depreciation		41,648,795
Encumbrances	[2]	15,809,216
Shopping Center [Member] | Main St. Plaza [Member]
Initial Cost - Land		555,898
Initial Cost - Building and Improvements		2,139,494
Cost Capitalized
Land		555,898
Building and Improvements		2,139,494
Total Cost		2,695,392
Accumulated Depreciation		296,143
Total Cost, Net of Accumulated Depreciation		2,399,249
Encumbrances	[2]	1,324,212
Shopping Center [Member] | Morrissey Plaza [Member]
Initial Cost - Land		4,097,251
Initial Cost - Building and Improvements		3,751,068
Cost Capitalized
Land		4,097,251
Building and Improvements		3,751,068
Total Cost		7,848,319
Accumulated Depreciation		695,001
Total Cost, Net of Accumulated Depreciation		7,153,318
Encumbrances	[2]	3,033,988
Shopping Center [Member] | Glendale Square [Member]
Initial Cost - Land		4,698,891
Initial Cost - Building and Improvements		7,141,090
Cost Capitalized	[1]	276,270
Land		4,698,891
Building and Improvements		7,417,360
Total Cost		12,116,251
Accumulated Depreciation		1,140,566
Total Cost, Net of Accumulated Depreciation		10,975,685
Encumbrances	[2]	5,474,019
Shopping Center [Member] | Falmouth Plaza [Member]
Initial Cost - Land		2,361,071
Initial Cost - Building and Improvements		13,065,817
Cost Capitalized	[1]	847,281
Land		2,361,071
Building and Improvements		13,913,098
Total Cost		16,274,169
Accumulated Depreciation		1,696,974
Total Cost, Net of Accumulated Depreciation		14,577,195
Encumbrances	[2]	7,703,065
Shopping Center [Member] | Waverly Plaza [Member]
Initial Cost - Land		1,215,005
Initial Cost - Building and Improvements		3,622,911
Cost Capitalized	[1]	60,809
Land		1,203,205
Building and Improvements		3,695,520
Total Cost		4,898,725
Accumulated Depreciation		611,406
Total Cost, Net of Accumulated Depreciation		4,287,319
Encumbrances	[2]	2,231,974
Shopping Center [Member] | Festival of Hyannis S.C. [Member]
Initial Cost - Land		15,038,197
Initial Cost - Building and Improvements		40,682,853
Cost Capitalized	[1]	1,488,072
Land		15,038,197
Building and Improvements		42,170,925
Total Cost		57,209,122
Accumulated Depreciation		7,155,488
Total Cost, Net of Accumulated Depreciation		50,053,634
Encumbrances
Shopping Center [Member] | Fellsway Plaza [Member]
Initial Cost - Land		5,300,388
Initial Cost - Building and Improvements		11,013,543
Cost Capitalized	[1]	127,563
Land		5,300,388
Building and Improvements		11,141,106
Total Cost		16,441,494
Accumulated Depreciation		1,536,348
Total Cost, Net of Accumulated Depreciation		14,905,146
Encumbrances	[2]	6,535,377
Shopping Center [Member] | Del Alba Plaza [Member]
Initial Cost - Land		3,163,033
Initial Cost - Building and Improvements		8,967,874
Cost Capitalized	[1]	19,995
Land		3,163,033
Building and Improvements		8,987,869
Total Cost		12,150,902
Accumulated Depreciation		908,085
Total Cost, Net of Accumulated Depreciation		11,242,817
Encumbrances	[2]	7,628,034
Shopping Center [Member] | North Quincy Plaza [Member]
Initial Cost - Land		6,332,542
Initial Cost - Building and Improvements		17,954,110
Cost Capitalized	[1]	(991,929)
Land		3,894,436
Building and Improvements		19,400,287
Total Cost		23,294,723
Accumulated Depreciation		2,035,103
Total Cost, Net of Accumulated Depreciation		21,259,620
Encumbrances
Shopping Center [Member] | Adams Plaza [Member]
Initial Cost - Land		2,089,363
Initial Cost - Building and Improvements		3,226,648
Cost Capitalized	[1]	(40,155)
Land		2,089,363
Building and Improvements		3,186,493
Total Cost		5,275,856
Accumulated Depreciation		391,361
Total Cost, Net of Accumulated Depreciation		4,884,495
Encumbrances	[2]	1,813,396
Shopping Center [Member] | Broadway Plaza 2 [Member]
Initial Cost - Land		6,485,065
Initial Cost - Building and Improvements		343,422
Cost Capitalized
Land		6,485,065
Building and Improvements		343,422
Total Cost		6,828,487
Accumulated Depreciation		92,703
Total Cost, Net of Accumulated Depreciation		6,735,784
Encumbrances	[2]	2,782,925
Shopping Center [Member] | Vinnin Square Plaza [Member]
Initial Cost - Land		5,545,425
Initial Cost - Building and Improvements		16,324,060
Cost Capitalized	[1]	(150,434)
Land		5,545,425
Building and Improvements		16,173,626
Total Cost		21,719,051
Accumulated Depreciation		2,699,267
Total Cost, Net of Accumulated Depreciation		19,019,784
Encumbrances	[2]	8,834,315
Shopping Center [Member] | Paradise Plaza [Member]
Initial Cost - Land		4,183,038
Initial Cost - Building and Improvements		12,194,885
Cost Capitalized	[1]	1,151,422
Land		4,183,038
Building and Improvements		13,346,307
Total Cost		17,529,345
Accumulated Depreciation		2,027,671
Total Cost, Net of Accumulated Depreciation		15,501,674
Encumbrances	[2]	8,537,656
Shopping Center [Member] | Belmont Plaza [Member]
Initial Cost - Land		11,104,983
Initial Cost - Building and Improvements		848,844
Cost Capitalized
Land		11,104,983
Building and Improvements		848,844
Total Cost		11,953,827
Accumulated Depreciation		154,335
Total Cost, Net of Accumulated Depreciation		11,799,492
Encumbrances	[2]	5,044,171
Shopping Center [Member] | Vinnin Square In-line [Member]
Initial Cost - Land		582,228
Initial Cost - Building and Improvements		2,094,560
Cost Capitalized	[1]	(38,716)
Land		582,228
Building and Improvements		2,055,844
Total Cost		2,638,072
Accumulated Depreciation		234,248
Total Cost, Net of Accumulated Depreciation		2,403,824
Encumbrances
Shopping Center [Member] | Linden Plaza [Member]
Initial Cost - Land		4,628,215
Initial Cost - Building and Improvements		3,535,431
Cost Capitalized	[1]	655,320
Land		4,628,215
Building and Improvements		4,190,751
Total Cost		8,818,966
Accumulated Depreciation		759,317
Total Cost, Net of Accumulated Depreciation		8,059,649
Encumbrances	[2]	3,418,968
Shopping Center [Member] | North Ave. Plaza [Member]
Initial Cost - Land		1,163,875
Initial Cost - Building and Improvements		1,194,673
Cost Capitalized	[1]	15,933
Land		1,163,875
Building and Improvements		1,210,606
Total Cost		2,374,481
Accumulated Depreciation		205,892
Total Cost, Net of Accumulated Depreciation		2,168,589
Encumbrances	[2]	869,967
Shopping Center [Member] | Washington St. S.C. [Member]
Initial Cost - Land		7,380,918
Initial Cost - Building and Improvements		9,987,119
Cost Capitalized	[1]	1,786,055
Land		7,380,918
Building and Improvements		11,773,174
Total Cost		19,154,092
Accumulated Depreciation		1,233,520
Total Cost, Net of Accumulated Depreciation		17,920,572
Encumbrances	[2]	6,053,938
Shopping Center [Member] | Mill St. Plaza [Member]
Initial Cost - Land		4,195,024
Initial Cost - Building and Improvements		6,203,410
Cost Capitalized	[1]	136,079
Land		4,195,024
Building and Improvements		6,339,489
Total Cost		10,534,513
Accumulated Depreciation		914,061
Total Cost, Net of Accumulated Depreciation		9,620,452
Encumbrances	[2]	3,958,596
Shopping Center [Member] | Fullerton Plaza [Member]
Initial Cost - Land		14,237,901
Initial Cost - Building and Improvements		6,743,980
Cost Capitalized	[1]	524,940
Land		14,237,901
Building and Improvements		7,268,920
Total Cost		21,506,821
Accumulated Depreciation		1,006,841
Total Cost, Net of Accumulated Depreciation		20,499,980
Encumbrances
Shopping Center [Member] | Greenbrier S.C. [Member]
Initial Cost - Land		8,891,468
Initial Cost - Building and Improvements		30,304,760
Cost Capitalized	[1]	149,632
Land		8,891,468
Building and Improvements		30,454,392
Total Cost		39,345,860
Accumulated Depreciation		3,668,094
Total Cost, Net of Accumulated Depreciation		35,677,766
Encumbrances
Shopping Center [Member] | Ingleside S.C. [Member]
Initial Cost - Land		10,416,726
Initial Cost - Building and Improvements		17,889,235
Cost Capitalized	[1]	(2,058)
Land		10,416,726
Building and Improvements		17,887,177
Total Cost		28,303,903
Accumulated Depreciation		2,712,912
Total Cost, Net of Accumulated Depreciation		25,590,991
Encumbrances
Shopping Center [Member] | Rolling Road Plaza [Member]
Initial Cost - Land		2,510,395
Initial Cost - Building and Improvements		11,930,217
Cost Capitalized	[1]	(4,309,151)
Land		1,694,305
Building and Improvements		8,437,156
Total Cost		10,131,461
Accumulated Depreciation		1,239,336
Total Cost, Net of Accumulated Depreciation		8,892,125
Encumbrances
Shopping Center [Member] | Security Square Shopping Ctr. [Member]
Initial Cost - Land		5,342,463
Initial Cost - Building and Improvements		15,147,024
Cost Capitalized	[1]	(3,326,568)
Land		4,550,533
Building and Improvements		12,612,386
Total Cost		17,162,919
Accumulated Depreciation		1,779,927
Total Cost, Net of Accumulated Depreciation		15,382,992
Encumbrances
Shopping Center [Member] | Wilkens Beltway Plaza [Member]
Initial Cost - Land		9,948,235
Initial Cost - Building and Improvements		22,125,942
Cost Capitalized	[1]	280,251
Land		9,948,235
Building and Improvements		22,406,193
Total Cost		32,354,428
Accumulated Depreciation		5,095,879
Total Cost, Net of Accumulated Depreciation		27,258,549
Encumbrances
Shopping Center [Member] | York Road Plaza [Member]
Initial Cost - Land		4,276,715
Initial Cost - Building and Improvements		37,205,757
Cost Capitalized	[1]	80,167
Land		4,276,715
Building and Improvements		37,285,924
Total Cost		41,562,639
Accumulated Depreciation		4,110,990
Total Cost, Net of Accumulated Depreciation		37,451,649
Encumbrances
Shopping Center [Member] | Putty Hill Plaza [Member]
Initial Cost - Land		4,192,152
Initial Cost - Building and Improvements		11,112,111
Cost Capitalized	[1]	555,260
Land		4,192,152
Building and Improvements		11,667,371
Total Cost		15,859,523
Accumulated Depreciation		2,728,389
Total Cost, Net of Accumulated Depreciation		13,131,134
Encumbrances
Shopping Center [Member] | Snowden Square S.C. [Member]
Initial Cost - Land		1,929,402
Initial Cost - Building and Improvements		4,557,934
Cost Capitalized	[1]	5,155,349
Land		3,326,422
Building and Improvements		8,316,263
Total Cost		11,642,685
Accumulated Depreciation		1,577,155
Total Cost, Net of Accumulated Depreciation		10,065,530
Encumbrances
Shopping Center [Member] | Columbia Crossing [Member]
Initial Cost - Land		3,612,550
Initial Cost - Building and Improvements		34,344,509
Cost Capitalized	[1]	336,277
Land		3,612,550
Building and Improvements		34,680,786
Total Cost		38,293,336
Accumulated Depreciation		3,391,814
Total Cost, Net of Accumulated Depreciation		34,901,522
Encumbrances
Shopping Center [Member] | Dorsey's Search Village Center [Member]
Initial Cost - Land		6,321,963
Initial Cost - Building and Improvements		27,996,087
Cost Capitalized	[1]	83,766
Land		6,321,963
Building and Improvements		28,079,853
Total Cost		34,401,816
Accumulated Depreciation		2,501,718
Total Cost, Net of Accumulated Depreciation		31,900,098
Encumbrances
Shopping Center [Member] | Hickory Ridge [Member]
Initial Cost - Land		7,183,646
Initial Cost - Building and Improvements		26,947,776
Cost Capitalized	[1]	486,138
Land		7,183,646
Building and Improvements		27,433,914
Total Cost		34,617,560
Accumulated Depreciation		3,037,925
Total Cost, Net of Accumulated Depreciation		31,579,635
Encumbrances
Shopping Center [Member] | Hickory Ridge (Sunoco) [Member]
Initial Cost - Land		543,197
Initial Cost - Building and Improvements		2,122,234
Cost Capitalized
Land		543,197
Building and Improvements		2,122,234
Total Cost		2,665,431
Accumulated Depreciation		266,003
Total Cost, Net of Accumulated Depreciation		2,399,428
Encumbrances
Shopping Center [Member] | King's Contrivance [Member]
Initial Cost - Land		9,308,349
Initial Cost - Building and Improvements		31,759,940
Cost Capitalized	[1]	503,400
Land		9,308,349
Building and Improvements		32,263,340
Total Cost		41,571,689
Accumulated Depreciation		3,907,886
Total Cost, Net of Accumulated Depreciation		37,663,803
Encumbrances
Shopping Center [Member] | Harper's Choice [Member]
Initial Cost - Land		8,429,284
Initial Cost - Building and Improvements		18,373,994
Cost Capitalized	[1]	434,377
Land		8,429,284
Building and Improvements		18,808,371
Total Cost		27,237,655
Accumulated Depreciation		2,194,028
Total Cost, Net of Accumulated Depreciation		25,043,627
Encumbrances
Shopping Center [Member] | Wilde Lake [Member]
Initial Cost - Land		1,468,038
Initial Cost - Building and Improvements		5,869,862
Cost Capitalized	[1]	25,718,069
Land		2,577,073
Building and Improvements		30,478,896
Total Cost		33,055,969
Accumulated Depreciation		8,989,662
Total Cost, Net of Accumulated Depreciation		24,066,307
Encumbrances
Shopping Center [Member] | Riverhill Village Center [Member]
Initial Cost - Land		16,825,496
Initial Cost - Building and Improvements		23,282,222
Cost Capitalized	[1]	171,904
Land		16,825,496
Building and Improvements		23,454,126
Total Cost		40,279,622
Accumulated Depreciation		4,064,952
Total Cost, Net of Accumulated Depreciation		36,214,670
Encumbrances
Shopping Center [Member] | Old Branch Plaza [Member]
Initial Cost - Land		39,779
Initial Cost - Building and Improvements		130,716
Cost Capitalized	[1]	2,117,165
Land		121,747
Building and Improvements		2,165,913
Total Cost		2,287,660
Accumulated Depreciation		431,151
Total Cost, Net of Accumulated Depreciation		1,856,509
Encumbrances
Shopping Center [Member] | Columbia Crossing Outparcels [Member]
Initial Cost - Land		1,279,200
Initial Cost - Building and Improvements		2,870,800
Cost Capitalized	[1]	19,241,721
Land		6,147,248
Building and Improvements		17,244,473
Total Cost		23,391,721
Accumulated Depreciation		2,576,298
Total Cost, Net of Accumulated Depreciation		20,815,423
Encumbrances
Shopping Center [Member] | Columbia Crossing II Shop Ctr, [Member]
Initial Cost - Land		3,137,628
Initial Cost - Building and Improvements		19,868,075
Cost Capitalized	[1]	2,632,554
Land		3,137,628
Building and Improvements		22,500,629
Total Cost		25,638,257
Accumulated Depreciation		4,218,320
Total Cost, Net of Accumulated Depreciation		21,419,937
Encumbrances
Shopping Center [Member] | Shops at District Heights [Member]
Initial Cost - Land		8,165,638
Initial Cost - Building and Improvements		21,970,661
Cost Capitalized	[1]	(1,272,892)
Land		7,298,215
Building and Improvements		21,565,192
Total Cost		28,863,407
Accumulated Depreciation		1,442,361
Total Cost, Net of Accumulated Depreciation		27,421,046
Encumbrances	[2]	13,604,533
Shopping Center [Member] | Enchanted Forest S.C. [Member]
Initial Cost - Land		20,123,946
Initial Cost - Building and Improvements		34,345,102
Cost Capitalized	[1]	400,985
Land		20,123,946
Building and Improvements		34,746,087
Total Cost		54,870,033
Accumulated Depreciation		5,046,478
Total Cost, Net of Accumulated Depreciation		49,823,555
Encumbrances
Shopping Center [Member] | Shoppes at Easton [Member]
Initial Cost - Land		6,523,713
Initial Cost - Building and Improvements		16,402,204
Cost Capitalized	[1]	(2,576,752)
Land		5,687,500
Building and Improvements		14,661,665
Total Cost		20,349,165
Accumulated Depreciation		2,061,372
Total Cost, Net of Accumulated Depreciation		18,287,793
Encumbrances
Shopping Center [Member] | Villages at Urbana [Member]
Initial Cost - Land		3,190,074
Initial Cost - Building and Improvements		6,067
Cost Capitalized	[1]	18,075,503
Land		4,828,774
Building and Improvements		16,442,870
Total Cost		21,271,644
Accumulated Depreciation		1,717,904
Total Cost, Net of Accumulated Depreciation		19,553,740
Encumbrances
Shopping Center [Member] | Gaithersburg S.C. [Member]
Initial Cost - Land		244,890
Initial Cost - Building and Improvements		6,787,534
Cost Capitalized	[1]	1,549,116
Land		244,890
Building and Improvements		8,336,650
Total Cost		8,581,540
Accumulated Depreciation		3,411,441
Total Cost, Net of Accumulated Depreciation		5,170,099
Encumbrances
Shopping Center [Member] | Kentlands Market Square [Member]
Initial Cost - Land		20,167,048
Initial Cost - Building and Improvements		84,615,052
Cost Capitalized	[1]	359,626
Land		20,167,048
Building and Improvements		84,974,678
Total Cost		105,141,726
Accumulated Depreciation		6,980,403
Total Cost, Net of Accumulated Depreciation		98,161,323
Encumbrances	[2]	33,484,213
Shopping Center [Member] | Shawan Plaza [Member]
Initial Cost - Land		4,466,000
Initial Cost - Building and Improvements		20,222,367
Cost Capitalized	[1]	(571,103)
Land		4,466,000
Building and Improvements		19,651,264
Total Cost		24,117,264
Accumulated Depreciation		11,145,763
Total Cost, Net of Accumulated Depreciation		12,971,501
Encumbrances	[2]	2,998,379
Shopping Center [Member] | Laurel Plaza [Member]
Initial Cost - Land		349,562
Initial Cost - Building and Improvements		1,398,250
Cost Capitalized	[1]	4,277,983
Land		1,571,288
Building and Improvements		4,454,507
Total Cost		6,025,795
Accumulated Depreciation		1,904,201
Total Cost, Net of Accumulated Depreciation		4,121,594
Encumbrances
Shopping Center [Member] | Laurel Plaza 2 [Member]
Initial Cost - Land		274,580
Initial Cost - Building and Improvements		1,100,968
Cost Capitalized	[1]	173,969
Land		274,580
Building and Improvements		1,274,937
Total Cost		1,549,517
Accumulated Depreciation		1,173,495
Total Cost, Net of Accumulated Depreciation		376,022
Encumbrances
Shopping Center [Member] | Mill Station [Member]
Initial Cost - Land	[3]	23,378,543
Initial Cost - Building and Improvements	[3]	1,089,760
Cost Capitalized	[3]	25,751,974
Land	[3]	49,084,509
Building and Improvements	[3]	1,135,768
Total Cost	[3]	50,220,277
Accumulated Depreciation	[3]	119,049
Total Cost, Net of Accumulated Depreciation	[3]	50,101,228
Encumbrances
Shopping Center [Member] | Centre Court - Retail/Bank [Member]
Initial Cost - Land		1,035,359
Initial Cost - Building and Improvements		7,785,830
Cost Capitalized	[1]	65,996
Land		1,035,359
Building and Improvements		7,851,826
Total Cost		8,887,185
Accumulated Depreciation		1,332,233
Total Cost, Net of Accumulated Depreciation		7,554,952
Encumbrances	[2]	1,705,341
Shopping Center [Member] | Centre Court - Giant [Member]
Initial Cost - Land		3,854,099
Initial Cost - Building and Improvements		12,769,628
Cost Capitalized
Land		3,854,099
Building and Improvements		12,769,628
Total Cost		16,623,727
Accumulated Depreciation		2,396,262
Total Cost, Net of Accumulated Depreciation		14,227,465
Encumbrances	[2]	5,827,854
Shopping Center [Member] | Centre Court - Old Court/Courtyard [Member]
Initial Cost - Land		2,279,177
Initial Cost - Building and Improvements		5,284,577
Cost Capitalized	[1]	(177)
Land		2,279,177
Building and Improvements		5,284,400
Total Cost		7,563,577
Accumulated Depreciation		1,037,897
Total Cost, Net of Accumulated Depreciation		6,525,680
Encumbrances
Shopping Center [Member] | Radcliffe Center [Member]
Initial Cost - Land		12,042,713
Initial Cost - Building and Improvements		21,187,946
Cost Capitalized
Land		12,042,713
Building and Improvements		21,187,946
Total Cost		33,230,659
Accumulated Depreciation		2,746,518
Total Cost, Net of Accumulated Depreciation		30,484,141
Encumbrances
Shopping Center [Member] | Timonium Crossing [Member]
Initial Cost - Land		2,525,377
Initial Cost - Building and Improvements		14,862,817
Cost Capitalized	[1]	540,195
Land		2,525,377
Building and Improvements		15,403,012
Total Cost		17,928,389
Accumulated Depreciation		2,144,459
Total Cost, Net of Accumulated Depreciation		15,783,930
Encumbrances
Shopping Center [Member] | Timonium Square [Member]
Initial Cost - Land		6,000,000
Initial Cost - Building and Improvements		24,282,998
Cost Capitalized	[1]	14,432,527
Land		7,331,195
Building and Improvements		37,384,330
Total Cost		44,715,525
Accumulated Depreciation		15,963,855
Total Cost, Net of Accumulated Depreciation		28,751,670
Encumbrances
Shopping Center [Member] | Towson Place [Member]
Initial Cost - Land		43,886,876
Initial Cost - Building and Improvements		101,764,931
Cost Capitalized	[1]	1,168,691
Land		43,270,792
Building and Improvements		103,549,706
Total Cost		146,820,498
Accumulated Depreciation		19,056,834
Total Cost, Net of Accumulated Depreciation		127,763,664
Encumbrances
Shopping Center [Member] | White Lake Commons [Member]
Initial Cost - Land		2,300,050
Initial Cost - Building and Improvements		9,249,607
Cost Capitalized	[1]	2,569,183
Land		2,300,050
Building and Improvements		11,818,790
Total Cost		14,118,840
Accumulated Depreciation		6,805,501
Total Cost, Net of Accumulated Depreciation		7,313,339
Encumbrances
Shopping Center [Member] | Downtown Farmington Center [Member]
Initial Cost - Land		1,098,426
Initial Cost - Building and Improvements		4,525,723
Cost Capitalized	[1]	5,620,128
Land		1,098,426
Building and Improvements		10,145,851
Total Cost		11,244,277
Accumulated Depreciation		3,285,643
Total Cost, Net of Accumulated Depreciation		7,958,634
Encumbrances
Shopping Center [Member] | Century Plaza [Member]
Initial Cost - Land		178,785
Initial Cost - Building and Improvements		925,818
Cost Capitalized	[1]	893,501
Land		178,785
Building and Improvements		1,819,319
Total Cost		1,998,104
Accumulated Depreciation		1,391,481
Total Cost, Net of Accumulated Depreciation		606,623
Encumbrances
Shopping Center [Member] | Cross Creek S.C. [Member]
Initial Cost - Land		1,451,397
Initial Cost - Building and Improvements		5,806,263
Cost Capitalized	[1]	653,261
Land		1,451,397
Building and Improvements		6,459,524
Total Cost		7,910,921
Accumulated Depreciation		3,862,120
Total Cost, Net of Accumulated Depreciation		4,048,801
Encumbrances
Shopping Center [Member] | Green Orchard Shopping Center [Member]
Initial Cost - Land		3,682,478
Initial Cost - Building and Improvements		14,730,060
Cost Capitalized	[1]	5,961,459
Land		3,682,478
Building and Improvements		20,691,519
Total Cost		24,373,997
Accumulated Depreciation		10,568,412
Total Cost, Net of Accumulated Depreciation		13,805,585
Encumbrances
Shopping Center [Member] | The Fountains at Arbor Lakes [Member]
Initial Cost - Land		28,585,296
Initial Cost - Building and Improvements		66,699,024
Cost Capitalized	[1]	13,518,386
Land		29,485,296
Building and Improvements		79,317,410
Total Cost		108,802,706
Accumulated Depreciation		27,021,705
Total Cost, Net of Accumulated Depreciation		81,781,001
Encumbrances
Shopping Center [Member] | Roseville Plaza [Member]
Initial Cost - Land		132,842
Initial Cost - Building and Improvements		957,340
Cost Capitalized	[1]	9,881,853
Land		1,675,667
Building and Improvements		9,296,368
Total Cost		10,972,035
Accumulated Depreciation		1,826,063
Total Cost, Net of Accumulated Depreciation		9,145,972
Encumbrances
Shopping Center [Member] | Creve Couer Shopping Center [Member]
Initial Cost - Land		1,044,598
Initial Cost - Building and Improvements		5,475,623
Cost Capitalized	[1]	1,095,602
Land		960,814
Building and Improvements		6,655,009
Total Cost		7,615,823
Accumulated Depreciation		3,135,156
Total Cost, Net of Accumulated Depreciation		4,480,667
Encumbrances
Shopping Center [Member] | Kirkwood Crossing [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		9,704,005
Cost Capitalized	[1]	14,520,796
Land
Building and Improvements		24,224,801
Total Cost		24,224,801
Accumulated Depreciation		15,172,754
Total Cost, Net of Accumulated Depreciation		9,052,047
Encumbrances
Shopping Center [Member] | Lemay S.C. [Member]
Initial Cost - Land		125,879
Initial Cost - Building and Improvements		503,510
Cost Capitalized	[1]	3,673,917
Land		451,155
Building and Improvements		3,852,151
Total Cost		4,303,306
Accumulated Depreciation		1,562,794
Total Cost, Net of Accumulated Depreciation		2,740,512
Encumbrances
Shopping Center [Member] | Gravois Plaza [Member]
Initial Cost - Land		1,032,416
Initial Cost - Building and Improvements		4,455,514
Cost Capitalized	[1]	11,398,264
Land		1,032,413
Building and Improvements		15,853,781
Total Cost		16,886,194
Accumulated Depreciation		9,612,922
Total Cost, Net of Accumulated Depreciation		7,273,272
Encumbrances
Shopping Center [Member] | Primrose Market Place [Member]
Initial Cost - Land		2,745,595
Initial Cost - Building and Improvements		10,985,778
Cost Capitalized	[1]	8,738,775
Land		2,904,022
Building and Improvements		19,566,126
Total Cost		22,470,148
Accumulated Depreciation		10,835,691
Total Cost, Net of Accumulated Depreciation		11,634,457
Encumbrances
Shopping Center [Member] | Primrose Market Place 2 [Member]
Initial Cost - Land		905,674
Initial Cost - Building and Improvements		3,666,386
Cost Capitalized	[1]	5,324,000
Land		905,674
Building and Improvements		8,990,386
Total Cost		9,896,060
Accumulated Depreciation		3,457,177
Total Cost, Net of Accumulated Depreciation		6,438,883
Encumbrances
Shopping Center [Member] | Center Point S.C. [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		550,204
Cost Capitalized
Land
Building and Improvements		550,204
Total Cost		550,204
Accumulated Depreciation		423,712
Total Cost, Net of Accumulated Depreciation		126,492
Encumbrances
Shopping Center [Member] | Kings Hightway S.C. [Member]
Initial Cost - Land		809,087
Initial Cost - Building and Improvements		4,430,514
Cost Capitalized	[1]	2,776,341
Land		809,087
Building and Improvements		7,206,855
Total Cost		8,015,942
Accumulated Depreciation		3,564,339
Total Cost, Net of Accumulated Depreciation		4,451,603
Encumbrances
Shopping Center [Member] | Overland Crossing [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		4,928,677
Cost Capitalized	[1]	740,346
Land
Building and Improvements		5,669,023
Total Cost		5,669,023
Accumulated Depreciation		3,479,162
Total Cost, Net of Accumulated Depreciation		2,189,861
Encumbrances
Shopping Center [Member] | Cave Springs S.C. [Member]
Initial Cost - Land		1,182,194
Initial Cost - Building and Improvements		7,423,459
Cost Capitalized	[1]	7,112,686
Land		1,563,694
Building and Improvements		14,154,645
Total Cost		15,718,339
Accumulated Depreciation		10,368,503
Total Cost, Net of Accumulated Depreciation		5,349,836
Encumbrances
Shopping Center [Member] | Woodlawn Marketplace [Member]
Initial Cost - Land		919,251
Initial Cost - Building and Improvements		3,570,981
Cost Capitalized	[1]	2,740,450
Land		919,251
Building and Improvements		6,311,431
Total Cost		7,230,682
Accumulated Depreciation		3,476,390
Total Cost, Net of Accumulated Depreciation		3,754,292
Encumbrances
Shopping Center [Member] | Tyvola Mall [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		4,736,345
Cost Capitalized	[1]	7,612,562
Land
Building and Improvements		12,348,907
Total Cost		12,348,907
Accumulated Depreciation		9,299,343
Total Cost, Net of Accumulated Depreciation		3,049,564
Encumbrances
Shopping Center [Member] | Crossroads Plaza [Member]
Initial Cost - Land		767,864
Initial Cost - Building and Improvements		3,098,881
Cost Capitalized	[1]	1,233,350
Land		767,864
Building and Improvements		4,332,231
Total Cost		5,100,095
Accumulated Depreciation		1,744,160
Total Cost, Net of Accumulated Depreciation		3,355,935
Encumbrances
Shopping Center [Member] | Jetton Village Shoppes [Member]
Initial Cost - Land		3,875,224
Initial Cost - Building and Improvements		10,292,231
Cost Capitalized	[1]	444,020
Land		2,143,695
Building and Improvements		12,467,780
Total Cost		14,611,475
Accumulated Depreciation		2,121,243
Total Cost, Net of Accumulated Depreciation		12,490,232
Encumbrances
Shopping Center [Member] | Mountain Island Marketplace [Member]
Initial Cost - Land		3,318,587
Initial Cost - Building and Improvements		7,331,413
Cost Capitalized	[1]	749,369
Land		3,818,587
Building and Improvements		7,580,782
Total Cost		11,399,369
Accumulated Depreciation		1,452,069
Total Cost, Net of Accumulated Depreciation		9,947,300
Encumbrances
Shopping Center [Member] | Woodlawn Shopping Center [Member]
Initial Cost - Land		2,010,725
Initial Cost - Building and Improvements		5,833,626
Cost Capitalized	[1]	1,691,133
Land		2,010,725
Building and Improvements		7,524,759
Total Cost		9,535,484
Accumulated Depreciation		1,204,350
Total Cost, Net of Accumulated Depreciation		8,331,134
Encumbrances
Shopping Center [Member] | Crossroads Plaza 2 [Member]
Initial Cost - Land		13,405,529
Initial Cost - Building and Improvements		86,455,763
Cost Capitalized	[1]	(198,549)
Land		13,405,529
Building and Improvements		86,257,214
Total Cost		99,662,743
Accumulated Depreciation		13,895,239
Total Cost, Net of Accumulated Depreciation		85,767,504
Encumbrances
Shopping Center [Member] | Quail Corners [Member]
Initial Cost - Land		7,318,321
Initial Cost - Building and Improvements		26,675,644
Cost Capitalized	[1]	1,361,806
Land		7,318,321
Building and Improvements		28,037,450
Total Cost		35,355,771
Accumulated Depreciation		3,168,511
Total Cost, Net of Accumulated Depreciation		32,187,260
Encumbrances	[2]	16,323,912
Shopping Center [Member] | Oakcreek Village [Member]
Initial Cost - Land		1,882,800
Initial Cost - Building and Improvements		7,551,576
Cost Capitalized	[1]	(9,434,376)
Land
Building and Improvements
Total Cost
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation
Encumbrances
Shopping Center [Member] | Davidson Commons [Member]
Initial Cost - Land		2,978,533
Initial Cost - Building and Improvements		12,859,867
Cost Capitalized	[1]	633,088
Land		2,978,533
Building and Improvements		13,492,955
Total Cost		16,471,488
Accumulated Depreciation		2,287,031
Total Cost, Net of Accumulated Depreciation		14,184,457
Encumbrances
Shopping Center [Member] | Park Place SC [Member]
Initial Cost - Land		5,461,478
Initial Cost - Building and Improvements		16,163,494
Cost Capitalized	[1]	(484,835)
Land		5,469,809
Building and Improvements		15,670,328
Total Cost		21,140,137
Accumulated Depreciation		6,444,538
Total Cost, Net of Accumulated Depreciation		14,695,599
Encumbrances
Shopping Center [Member] | Mooresville Crossing [Member]
Initial Cost - Land		12,013,727
Initial Cost - Building and Improvements		30,604,173
Cost Capitalized	[1]	193,886
Land		11,625,801
Building and Improvements		31,185,985
Total Cost		42,811,786
Accumulated Depreciation		11,327,237
Total Cost, Net of Accumulated Depreciation		31,484,549
Encumbrances
Shopping Center [Member] | Pleasant Valley Promenade [Member]
Initial Cost - Land		5,208,885
Initial Cost - Building and Improvements		20,885,792
Cost Capitalized	[1]	13,481,663
Land		5,208,885
Building and Improvements		34,367,455
Total Cost		39,576,340
Accumulated Depreciation		19,878,739
Total Cost, Net of Accumulated Depreciation		19,697,601
Encumbrances
Shopping Center [Member] | Brennan Station [Member]
Initial Cost - Land		7,749,751
Initial Cost - Building and Improvements		20,556,891
Cost Capitalized	[1]	(637,688)
Land		6,321,923
Building and Improvements		21,347,031
Total Cost		27,668,954
Accumulated Depreciation		5,245,854
Total Cost, Net of Accumulated Depreciation		22,423,100
Encumbrances
Shopping Center [Member] | Brennan Station Outparcel [Member]
Initial Cost - Land		627,906
Initial Cost - Building and Improvements		1,665,576
Cost Capitalized	[1]	(162,856)
Land		450,232
Building and Improvements		1,680,394
Total Cost		2,130,626
Accumulated Depreciation		333,323
Total Cost, Net of Accumulated Depreciation		1,797,303
Encumbrances
Shopping Center [Member] | Cloverdale Plaza [Member]
Initial Cost - Land		540,667
Initial Cost - Building and Improvements		719,655
Cost Capitalized	[1]	6,293,580
Land		540,667
Building and Improvements		7,013,235
Total Cost		7,553,902
Accumulated Depreciation		3,506,463
Total Cost, Net of Accumulated Depreciation		4,047,439
Encumbrances
Shopping Center [Member] | Webster Square [Member]
Initial Cost - Land		11,683,145
Initial Cost - Building and Improvements		41,708,383
Cost Capitalized	[1]	5,103,293
Land		11,683,145
Building and Improvements		46,811,676
Total Cost		58,494,821
Accumulated Depreciation		6,511,086
Total Cost, Net of Accumulated Depreciation		51,983,735
Encumbrances
Shopping Center [Member] | Webster Square - DSW [Member]
Initial Cost - Land		1,346,391
Initial Cost - Building and Improvements		3,638,397
Cost Capitalized	[1]	124,707
Land		1,346,391
Building and Improvements		3,763,104
Total Cost		5,109,495
Accumulated Depreciation		48,056
Total Cost, Net of Accumulated Depreciation		5,061,439
Encumbrances
Shopping Center [Member] | Webster Square North [Member]
Initial Cost - Land		2,163,138
Initial Cost - Building and Improvements		6,511,424
Cost Capitalized	[1]	3,574
Land		2,163,138
Building and Improvements		6,514,998
Total Cost		8,678,136
Accumulated Depreciation		577,393
Total Cost, Net of Accumulated Depreciation		8,100,743
Encumbrances
Shopping Center [Member] | Rockingham Plaza [Member]
Initial Cost - Land		2,660,915
Initial Cost - Building and Improvements		10,643,660
Cost Capitalized	[1]	15,108,605
Land		3,148,715
Building and Improvements		25,264,465
Total Cost		28,413,180
Accumulated Depreciation		12,080,600
Total Cost, Net of Accumulated Depreciation		16,332,580
Encumbrances
Shopping Center [Member] | Shop Rite Plaza [Member]
Initial Cost - Land		2,417,583
Initial Cost - Building and Improvements		6,364,094
Cost Capitalized	[1]	1,646,439
Land		2,417,583
Building and Improvements		8,010,533
Total Cost		10,428,116
Accumulated Depreciation		7,207,932
Total Cost, Net of Accumulated Depreciation		3,220,184
Encumbrances
Shopping Center [Member] | Marlton Plaza [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		4,318,534
Cost Capitalized	[1]	105,215
Land
Building and Improvements		4,423,749
Total Cost		4,423,749
Accumulated Depreciation		2,376,127
Total Cost, Net of Accumulated Depreciation		2,047,622
Encumbrances
Shopping Center [Member] | Hillview Shopping Center [Member]
Initial Cost - Land		16,007,647
Initial Cost - Building and Improvements		32,607,423
Cost Capitalized	[1]	(1,255,385)
Land		16,007,647
Building and Improvements		31,352,038
Total Cost		47,359,685
Accumulated Depreciation		4,765,750
Total Cost, Net of Accumulated Depreciation		42,593,935
Encumbrances
Shopping Center [Member] | Garden State Pavilions [Member]
Initial Cost - Land		7,530,709
Initial Cost - Building and Improvements		10,801,949
Cost Capitalized	[1]	20,648,695
Land		12,203,841
Building and Improvements		26,777,512
Total Cost		38,981,353
Accumulated Depreciation		6,391,860
Total Cost, Net of Accumulated Depreciation		32,589,493
Encumbrances
Shopping Center [Member] | Clark Shoprite 70 Central Ave [Member]
Initial Cost - Land		3,496,673
Initial Cost - Building and Improvements		11,693,769
Cost Capitalized	[1]	994,829
Land		13,959,593
Building and Improvements		2,225,678
Total Cost		16,185,271
Accumulated Depreciation		678,560
Total Cost, Net of Accumulated Depreciation		15,506,711
Encumbrances
Shopping Center [Member] | Commerce Center West [Member]
Initial Cost - Land		385,760
Initial Cost - Building and Improvements		1,290,080
Cost Capitalized	[1]	160,534
Land		793,595
Building and Improvements		1,042,779
Total Cost		1,836,374
Accumulated Depreciation		236,451
Total Cost, Net of Accumulated Depreciation		1,599,923
Encumbrances
Shopping Center [Member] | Commerce Center East [Member]
Initial Cost - Land		1,518,930
Initial Cost - Building and Improvements		5,079,690
Cost Capitalized	[1]	1,753,865
Land		7,235,196
Building and Improvements		1,117,289
Total Cost		8,352,485
Accumulated Depreciation		355,825
Total Cost, Net of Accumulated Depreciation		7,996,660
Encumbrances
Shopping Center [Member] | Central Plaza [Member]
Initial Cost - Land		3,170,465
Initial Cost - Building and Improvements		10,602,845
Cost Capitalized	[1]	(52,188)
Land		5,145,167
Building and Improvements		8,575,955
Total Cost		13,721,122
Accumulated Depreciation		1,835,056
Total Cost, Net of Accumulated Depreciation		11,886,066
Encumbrances
Shopping Center [Member] | East Windsor Village [Member]
Initial Cost - Land		9,335,011
Initial Cost - Building and Improvements		23,777,978
Cost Capitalized	[1]	112,050
Land		9,335,011
Building and Improvements		23,890,028
Total Cost		33,225,039
Accumulated Depreciation		6,110,077
Total Cost, Net of Accumulated Depreciation		27,114,962
Encumbrances
Shopping Center [Member] | Holmdel Towne Center [Member]
Initial Cost - Land		10,824,624
Initial Cost - Building and Improvements		43,301,494
Cost Capitalized	[1]	9,397,795
Land		10,824,624
Building and Improvements		52,699,289
Total Cost		63,523,913
Accumulated Depreciation		19,878,655
Total Cost, Net of Accumulated Depreciation		43,645,258
Encumbrances
Shopping Center [Member] | Commons at Holmdel [Member]
Initial Cost - Land		16,537,556
Initial Cost - Building and Improvements		38,759,952
Cost Capitalized	[1]	3,475,560
Land		16,537,556
Building and Improvements		42,235,512
Total Cost		58,773,068
Accumulated Depreciation		16,945,466
Total Cost, Net of Accumulated Depreciation		41,827,602
Encumbrances
Shopping Center [Member] | Plaza at Hillside [Member]
Initial Cost - Land		7,601,596
Initial Cost - Building and Improvements		6,994,196
Cost Capitalized	[1]	1,432,319
Land		7,601,596
Building and Improvements		8,426,515
Total Cost		16,028,111
Accumulated Depreciation		1,088,251
Total Cost, Net of Accumulated Depreciation		14,939,860
Encumbrances	[2]	5,836,506
Shopping Center [Member] | Maple Shade [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		9,957,611
Cost Capitalized	[1]	(845,233)
Land
Building and Improvements		9,112,378
Total Cost		9,112,378
Accumulated Depreciation		1,084,452
Total Cost, Net of Accumulated Depreciation		8,027,926
Encumbrances
Shopping Center [Member] | Plaza at Short Hills [Member]
Initial Cost - Land		20,155,471
Initial Cost - Building and Improvements		11,061,984
Cost Capitalized	[1]	501,894
Land		20,155,471
Building and Improvements		11,563,878
Total Cost		31,719,349
Accumulated Depreciation		1,955,992
Total Cost, Net of Accumulated Depreciation		29,763,357
Encumbrances	[2]	9,362,130
Shopping Center [Member] | North Brunswick Plaza [Member]
Initial Cost - Land		3,204,978
Initial Cost - Building and Improvements		12,819,912
Cost Capitalized	[1]	25,982,405
Land		3,204,978
Building and Improvements		38,802,317
Total Cost		42,007,295
Accumulated Depreciation		18,853,759
Total Cost, Net of Accumulated Depreciation		23,153,536
Encumbrances
Shopping Center [Member] | Piscataway Town Center [Member]
Initial Cost - Land		3,851,839
Initial Cost - Building and Improvements		15,410,851
Cost Capitalized	[1]	1,251,418
Land		3,851,839
Building and Improvements		16,662,269
Total Cost		20,514,108
Accumulated Depreciation		8,445,408
Total Cost, Net of Accumulated Depreciation		12,068,700
Encumbrances
Shopping Center [Member] | Ridgewood S.C. [Member]
Initial Cost - Land		450,000
Initial Cost - Building and Improvements		2,106,566
Cost Capitalized	[1]	1,124,923
Land		450,000
Building and Improvements		3,231,489
Total Cost		3,681,489
Accumulated Depreciation		1,737,901
Total Cost, Net of Accumulated Depreciation		1,943,588
Encumbrances
Shopping Center [Member] | Union Crescent III - Best Buy [Member]
Initial Cost - Land		7,895,483
Initial Cost - Building and Improvements		3,010,640
Cost Capitalized	[1]	28,918,367
Land		8,696,579
Building and Improvements		31,127,911
Total Cost		39,824,490
Accumulated Depreciation		14,324,046
Total Cost, Net of Accumulated Depreciation		25,500,444
Encumbrances
Shopping Center [Member] | Westmont Plaza [Member]
Initial Cost - Land		601,655
Initial Cost - Building and Improvements		2,404,604
Cost Capitalized	[1]	12,309,854
Land		601,655
Building and Improvements		14,714,458
Total Cost		15,316,113
Accumulated Depreciation		6,544,416
Total Cost, Net of Accumulated Depreciation		8,771,697
Encumbrances
Shopping Center [Member] | Willowbrook Plaza [Member]
Initial Cost - Land		15,320,436
Initial Cost - Building and Improvements		40,996,874
Cost Capitalized	[1]	5,392,418
Land		15,320,436
Building and Improvements		46,389,292
Total Cost		61,709,728
Accumulated Depreciation		6,087,587
Total Cost, Net of Accumulated Depreciation		55,622,141
Encumbrances
Shopping Center [Member] | Del Monte Plaza [Member]
Initial Cost - Land		2,489,429
Initial Cost - Building and Improvements		5,590,415
Cost Capitalized	[1]	624,647
Land		2,210,000
Building and Improvements		6,494,491
Total Cost		8,704,491
Accumulated Depreciation		3,368,154
Total Cost, Net of Accumulated Depreciation		5,336,337
Encumbrances	[2]	2,303,167
Shopping Center [Member] | Del Monte Plaza Parcel [Member]
Initial Cost - Land		6,512,745
Initial Cost - Building and Improvements		17,599,602
Cost Capitalized	[1]	43,051
Land		6,520,017
Building and Improvements		17,635,381
Total Cost		24,155,398
Accumulated Depreciation		306,920
Total Cost, Net of Accumulated Depreciation		23,848,478
Encumbrances
Shopping Center [Member] | Redfield Promenade [Member]
Initial Cost - Land		4,415,339
Initial Cost - Building and Improvements		32,035,192
Cost Capitalized	[1]	216,060
Land		4,415,339
Building and Improvements		32,251,252
Total Cost		36,666,591
Accumulated Depreciation		4,692,954
Total Cost, Net of Accumulated Depreciation		31,973,637
Encumbrances
Shopping Center [Member] | McQueen Crossings [Member]
Initial Cost - Land		5,017,431
Initial Cost - Building and Improvements		20,779,024
Cost Capitalized	[1]	230,274
Land		5,017,431
Building and Improvements		21,009,298
Total Cost		26,026,729
Accumulated Depreciation		3,063,391
Total Cost, Net of Accumulated Depreciation		22,963,338
Encumbrances
Shopping Center [Member] | Galena Junction [Member]
Initial Cost - Land		8,931,027
Initial Cost - Building and Improvements		17,503,387
Cost Capitalized	[1]	130,381
Land		8,931,027
Building and Improvements		17,633,768
Total Cost		26,564,795
Accumulated Depreciation		2,425,512
Total Cost, Net of Accumulated Depreciation		24,139,283
Encumbrances
Shopping Center [Member] | D'Andrea Marketplace [Member]
Initial Cost - Land		11,556,067
Initial Cost - Building and Improvements		29,435,364
Cost Capitalized	[1]	317,620
Land		11,556,067
Building and Improvements		29,752,984
Total Cost		41,309,051
Accumulated Depreciation		8,059,654
Total Cost, Net of Accumulated Depreciation		33,249,397
Encumbrances	[2]	11,101,966
Shopping Center [Member] | Sparks Mercantile [Member]
Initial Cost - Land		6,221,614
Initial Cost - Building and Improvements		17,069,172
Cost Capitalized	[1]	(118,794)
Land		6,221,614
Building and Improvements		16,950,378
Total Cost		23,171,992
Accumulated Depreciation		2,263,396
Total Cost, Net of Accumulated Depreciation		20,908,596
Encumbrances
Shopping Center [Member] | Bridgehampton Commons - W&E Side [Member]
Initial Cost - Land		1,811,752
Initial Cost - Building and Improvements		3,107,232
Cost Capitalized	[1]	30,455,727
Land		1,858,188
Building and Improvements		33,516,523
Total Cost		35,374,711
Accumulated Depreciation		20,217,516
Total Cost, Net of Accumulated Depreciation		15,157,195
Encumbrances
Shopping Center [Member] | Ocean Plaza [Member]
Initial Cost - Land		564,097
Initial Cost - Building and Improvements		2,268,768
Cost Capitalized	[1]	8,468
Land		564,097
Building and Improvements		2,277,236
Total Cost		2,841,333
Accumulated Depreciation		860,895
Total Cost, Net of Accumulated Depreciation		1,980,438
Encumbrances
Shopping Center [Member] | Kings Highway [Member]
Initial Cost - Land		2,743,820
Initial Cost - Building and Improvements		6,811,268
Cost Capitalized	[1]	1,841,513
Land		2,743,820
Building and Improvements		8,652,781
Total Cost		11,396,601
Accumulated Depreciation		3,442,272
Total Cost, Net of Accumulated Depreciation		7,954,329
Encumbrances
Shopping Center [Member] | Ralph Avenue Plaza [Member]
Initial Cost - Land		4,414,466
Initial Cost - Building and Improvements		11,339,857
Cost Capitalized	[1]	3,659,611
Land		4,414,467
Building and Improvements		14,999,467
Total Cost		19,413,934
Accumulated Depreciation		5,210,918
Total Cost, Net of Accumulated Depreciation		14,203,016
Encumbrances
Shopping Center [Member] | Bellmore S.C. [Member]
Initial Cost - Land		1,272,269
Initial Cost - Building and Improvements		3,183,547
Cost Capitalized	[1]	1,590,605
Land		1,272,269
Building and Improvements		4,774,152
Total Cost		6,046,421
Accumulated Depreciation		1,723,088
Total Cost, Net of Accumulated Depreciation		4,323,333
Encumbrances
Shopping Center [Member] | Market at Bay Shore [Member]
Initial Cost - Land		12,359,621
Initial Cost - Building and Improvements		30,707,802
Cost Capitalized	[1]	2,944,895
Land		12,359,621
Building and Improvements		33,652,697
Total Cost		46,012,318
Accumulated Depreciation		12,244,461
Total Cost, Net of Accumulated Depreciation		33,767,857
Encumbrances	[2]	11,915,580
Shopping Center [Member] | Key Food - Atlantic Ave [Member]
Initial Cost - Land		2,272,500
Initial Cost - Building and Improvements		5,624,589
Cost Capitalized	[1]	509,458
Land		4,808,822
Building and Improvements		3,597,725
Total Cost		8,406,547
Accumulated Depreciation		589,607
Total Cost, Net of Accumulated Depreciation		7,816,940
Encumbrances
Shopping Center [Member] | Veterans Memorial Plaza [Member]
Initial Cost - Land		5,968,082
Initial Cost - Building and Improvements		23,243,404
Cost Capitalized	[1]	7,173,073
Land		5,980,130
Building and Improvements		30,404,429
Total Cost		36,384,559
Accumulated Depreciation		14,525,614
Total Cost, Net of Accumulated Depreciation		21,858,945
Encumbrances
Shopping Center [Member] | Birchwood Plaza Commack [Member]
Initial Cost - Land		3,630,000
Initial Cost - Building and Improvements		4,774,791
Cost Capitalized	[1]	1,145,649
Land		3,630,000
Building and Improvements		5,920,440
Total Cost		9,550,440
Accumulated Depreciation		1,878,367
Total Cost, Net of Accumulated Depreciation		7,672,073
Encumbrances
Shopping Center [Member] | Elmont S.C. [Member]
Initial Cost - Land		3,011,658
Initial Cost - Building and Improvements		7,606,066
Cost Capitalized	[1]	5,972,835
Land		3,011,658
Building and Improvements		13,578,901
Total Cost		16,590,559
Accumulated Depreciation		3,517,433
Total Cost, Net of Accumulated Depreciation		13,073,126
Encumbrances
Shopping Center [Member] | Elmont Plaza [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		5,119,714
Cost Capitalized
Land
Building and Improvements		5,119,714
Total Cost		5,119,714
Accumulated Depreciation		574,489
Total Cost, Net of Accumulated Depreciation		4,545,225
Encumbrances
Shopping Center [Member] | Elmsford Center 1 [Member]
Initial Cost - Land		4,134,273
Initial Cost - Building and Improvements		1,193,084
Cost Capitalized
Land		4,134,273
Building and Improvements		1,193,084
Total Cost		5,327,357
Accumulated Depreciation		153,946
Total Cost, Net of Accumulated Depreciation		5,173,411
Encumbrances
Shopping Center [Member] | Elmsford Center 2 [Member]
Initial Cost - Land		4,076,403
Initial Cost - Building and Improvements		15,598,504
Cost Capitalized	[1]	949,902
Land		4,076,403
Building and Improvements		16,548,406
Total Cost		20,624,809
Accumulated Depreciation		2,454,445
Total Cost, Net of Accumulated Depreciation		18,170,364
Encumbrances
Shopping Center [Member] | Franklin Square S.C. [Member]
Initial Cost - Land		1,078,541
Initial Cost - Building and Improvements		2,516,581
Cost Capitalized	[1]	3,937,137
Land		1,078,541
Building and Improvements		6,453,718
Total Cost		7,532,259
Accumulated Depreciation		2,455,482
Total Cost, Net of Accumulated Depreciation		5,076,777
Encumbrances
Shopping Center [Member] | Airport Plaza [Member]
Initial Cost - Land		22,711,189
Initial Cost - Building and Improvements		107,011,500
Cost Capitalized	[1]	4,104,309
Land		22,711,189
Building and Improvements		111,115,809
Total Cost		133,826,998
Accumulated Depreciation		15,307,408
Total Cost, Net of Accumulated Depreciation		118,519,590
Encumbrances
Shopping Center [Member] | Kissena Boulevard Shopping Ctr. [Member]
Initial Cost - Land		11,610,000
Initial Cost - Building and Improvements		2,933,487
Cost Capitalized	[1]	203,655
Land		11,610,000
Building and Improvements		3,137,142
Total Cost		14,747,142
Accumulated Depreciation		1,064,757
Total Cost, Net of Accumulated Depreciation		13,682,385
Encumbrances
Shopping Center [Member] | Hampton Bays Plaza [Member]
Initial Cost - Land		1,495,105
Initial Cost - Building and Improvements		5,979,320
Cost Capitalized	[1]	3,267,379
Land		1,495,105
Building and Improvements		9,246,699
Total Cost		10,741,804
Accumulated Depreciation		7,108,782
Total Cost, Net of Accumulated Depreciation		3,633,022
Encumbrances
Shopping Center [Member] | Hicksville Plaza [Member]
Initial Cost - Land		3,542,739
Initial Cost - Building and Improvements		8,266,375
Cost Capitalized	[1]	3,173,411
Land		3,542,739
Building and Improvements		11,439,786
Total Cost		14,982,525
Accumulated Depreciation		4,059,222
Total Cost, Net of Accumulated Depreciation		10,923,303
Encumbrances
Shopping Center [Member] | Woodbury Centre [Member]
Initial Cost - Land		4,314,991
Initial Cost - Building and Improvements		32,585,508
Cost Capitalized	[1]	2,118,687
Land		4,314,991
Building and Improvements		34,704,195
Total Cost		39,019,186
Accumulated Depreciation		4,055,102
Total Cost, Net of Accumulated Depreciation		34,964,084
Encumbrances
Shopping Center [Member] | Turnpike Plaza [Member]
Initial Cost - Land		2,471,832
Initial Cost - Building and Improvements		5,839,416
Cost Capitalized	[1]	569,888
Land		2,471,832
Building and Improvements		6,409,304
Total Cost		8,881,136
Accumulated Depreciation		1,823,043
Total Cost, Net of Accumulated Depreciation		7,058,093
Encumbrances
Shopping Center [Member] | Jericho Commons South [Member]
Initial Cost - Land		12,368,330
Initial Cost - Building and Improvements		33,071,495
Cost Capitalized	[1]	3,069,537
Land		12,368,330
Building and Improvements		36,141,032
Total Cost		48,509,362
Accumulated Depreciation		10,614,231
Total Cost, Net of Accumulated Depreciation		37,895,131
Encumbrances	[2]	8,072,228
Shopping Center [Member] | 501 North Broadway [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		1,175,543
Cost Capitalized	[1]	228,522
Land
Building and Improvements		1,404,065
Total Cost		1,404,065
Accumulated Depreciation		696,458
Total Cost, Net of Accumulated Depreciation		707,607
Encumbrances
Shopping Center [Member] | Milleridge Inn [Member]
Initial Cost - Land		7,500,330
Initial Cost - Building and Improvements		481,316
Cost Capitalized	[1]	11,226
Land		7,500,000
Building and Improvements		492,872
Total Cost		7,992,872
Accumulated Depreciation		23,088
Total Cost, Net of Accumulated Depreciation		7,969,784
Encumbrances
Shopping Center [Member] | Family Dollar Union Turnpike [Member]
Initial Cost - Land		909,000
Initial Cost - Building and Improvements		2,249,775
Cost Capitalized	[1]	258,033
Land		1,056,709
Building and Improvements		2,360,099
Total Cost		3,416,808
Accumulated Depreciation		461,119
Total Cost, Net of Accumulated Depreciation		2,955,689
Encumbrances
Shopping Center [Member] | Little Neck Plaza [Member]
Initial Cost - Land		3,277,254
Initial Cost - Building and Improvements		13,161,218
Cost Capitalized	[1]	5,969,866
Land		3,277,253
Building and Improvements		19,131,085
Total Cost		22,408,338
Accumulated Depreciation		6,807,167
Total Cost, Net of Accumulated Depreciation		15,601,171
Encumbrances
Shopping Center [Member] | Key Food - 21st Street [Member]
Initial Cost - Land		1,090,800
Initial Cost - Building and Improvements		2,699,730
Cost Capitalized	[1]	(159,449)
Land		1,669,153
Building and Improvements		1,961,928
Total Cost		3,631,081
Accumulated Depreciation		262,759
Total Cost, Net of Accumulated Depreciation		3,368,322
Encumbrances
Shopping Center [Member] | Manhasset Center [Member]
Initial Cost - Land		4,567,003
Initial Cost - Building and Improvements		19,165,808
Cost Capitalized	[1]	29,319,555
Land		3,471,939
Building and Improvements		49,580,427
Total Cost		53,052,366
Accumulated Depreciation		23,360,482
Total Cost, Net of Accumulated Depreciation		29,691,884
Encumbrances
Shopping Center [Member] | Manhasset Center (Residential) [Member]
Initial Cost - Land		950,000
Initial Cost - Building and Improvements
Cost Capitalized
Land		950,000
Building and Improvements
Total Cost		950,000
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		950,000
Encumbrances
Shopping Center [Member] | Maspeth Queens-Duane Reade [Member]
Initial Cost - Land		1,872,013
Initial Cost - Building and Improvements		4,827,940
Cost Capitalized	[1]	1,036,886
Land		1,872,013
Building and Improvements		5,864,826
Total Cost		7,736,839
Accumulated Depreciation		2,060,806
Total Cost, Net of Accumulated Depreciation		5,676,033
Encumbrances	[2]	1,698,785
Shopping Center [Member] | North Massapequa S.C. [Member]
Initial Cost - Land		1,880,816
Initial Cost - Building and Improvements		4,388,549
Cost Capitalized	[1]	(895,655)
Land		1,623,601
Building and Improvements		3,750,109
Total Cost		5,373,710
Accumulated Depreciation		2,132,828
Total Cost, Net of Accumulated Depreciation		3,240,882
Encumbrances
Shopping Center [Member] | Mineola Crossings [Member]
Initial Cost - Land		4,150,000
Initial Cost - Building and Improvements		7,520,692
Cost Capitalized	[1]	213,964
Land		4,150,000
Building and Improvements		7,734,656
Total Cost		11,884,656
Accumulated Depreciation		2,188,151
Total Cost, Net of Accumulated Depreciation		9,696,505
Encumbrances
Shopping Center [Member] | Smithtown Plaza [Member]
Initial Cost - Land		3,528,000
Initial Cost - Building and Improvements		7,364,098
Cost Capitalized	[1]	458,948
Land		3,528,000
Building and Improvements		7,823,046
Total Cost		11,351,046
Accumulated Depreciation		2,608,077
Total Cost, Net of Accumulated Depreciation		8,742,969
Encumbrances
Shopping Center [Member] | Manetto Hill Plaza [Member]
Initial Cost - Land		263,693
Initial Cost - Building and Improvements		584,031
Cost Capitalized	[1]	10,728,178
Land		263,693
Building and Improvements		11,312,209
Total Cost		11,575,902
Accumulated Depreciation		6,444,252
Total Cost, Net of Accumulated Depreciation		5,131,650
Encumbrances
Shopping Center [Member] | Syosset S.C. [Member]
Initial Cost - Land		106,655
Initial Cost - Building and Improvements		76,197
Cost Capitalized	[1]	2,068,924
Land		106,655
Building and Improvements		2,145,121
Total Cost		2,251,776
Accumulated Depreciation		1,093,703
Total Cost, Net of Accumulated Depreciation		1,158,073
Encumbrances
Shopping Center [Member] | Richmond S.C. [Member]
Initial Cost - Land		2,280,000
Initial Cost - Building and Improvements		9,027,951
Cost Capitalized	[1]	19,898,449
Land		2,280,000
Building and Improvements		28,926,400
Total Cost		31,206,400
Accumulated Depreciation		12,926,031
Total Cost, Net of Accumulated Depreciation		18,280,369
Encumbrances
Shopping Center [Member] | Greenridge Plaza [Member]
Initial Cost - Land		2,940,000
Initial Cost - Building and Improvements		11,811,964
Cost Capitalized	[1]	6,443,810
Land		3,148,424
Building and Improvements		18,047,350
Total Cost		21,195,774
Accumulated Depreciation		7,549,862
Total Cost, Net of Accumulated Depreciation		13,645,912
Encumbrances
Shopping Center [Member] | The Boulevarde [Member]
Initial Cost - Land		28,723,536
Initial Cost - Building and Improvements		38,232,267
Cost Capitalized	[1]	505,997
Land		28,723,536
Building and Improvements		38,738,264
Total Cost		67,461,800
Accumulated Depreciation		13,948,276
Total Cost, Net of Accumulated Depreciation		53,513,524
Encumbrances
Shopping Center [Member] | Forest Avenue Plaza [Member]
Initial Cost - Land		4,558,592
Initial Cost - Building and Improvements		10,441,408
Cost Capitalized	[1]	157,648
Land		4,558,592
Building and Improvements		10,599,056
Total Cost		15,157,648
Accumulated Depreciation		3,886,146
Total Cost, Net of Accumulated Depreciation		11,271,502
Encumbrances
Shopping Center [Member] | Independence Plaza [Member]
Initial Cost - Land		12,279,093
Initial Cost - Building and Improvements		34,813,852
Cost Capitalized	[1]	(2,029,722)
Land		16,131,632
Building and Improvements		28,931,591
Total Cost		45,063,223
Accumulated Depreciation		6,069,593
Total Cost, Net of Accumulated Depreciation		38,993,630
Encumbrances	[2]	27,966,942
Shopping Center [Member] | Key Food - Central Ave. [Member]
Initial Cost - Land		2,787,600
Initial Cost - Building and Improvements		6,899,310
Cost Capitalized	[1]	(394,910)
Land		2,603,321
Building and Improvements		6,688,679
Total Cost		9,292,000
Accumulated Depreciation		936,676
Total Cost, Net of Accumulated Depreciation		8,355,324
Encumbrances
Shopping Center [Member] | White Plains S.C. [Member]
Initial Cost - Land		1,777,775
Initial Cost - Building and Improvements		4,453,894
Cost Capitalized	[1]	2,469,097
Land		1,777,775
Building and Improvements		6,922,991
Total Cost		8,700,766
Accumulated Depreciation		2,400,611
Total Cost, Net of Accumulated Depreciation		6,300,155
Encumbrances
Shopping Center [Member] | Champion Food Supermarket [Member[
Initial Cost - Land		757,500
Initial Cost - Building and Improvements		1,874,813
Cost Capitalized	[1]	(24,388)
Land		2,241,118
Building and Improvements		366,807
Total Cost		2,607,925
Accumulated Depreciation		134,761
Total Cost, Net of Accumulated Depreciation		2,473,164
Encumbrances
Shopping Center [Member] | Shoprite S.C. [Member]
Initial Cost - Land		871,977
Initial Cost - Building and Improvements		3,487,909
Cost Capitalized
Land		871,977
Building and Improvements		3,487,909
Total Cost		4,359,886
Accumulated Depreciation		2,236,943
Total Cost, Net of Accumulated Depreciation		2,122,943
Encumbrances
Shopping Center [Member] | Romaine Plaza [Member]
Initial Cost - Land		782,459
Initial Cost - Building and Improvements		1,825,737
Cost Capitalized	[1]	588,133
Land		782,459
Building and Improvements		2,413,870
Total Cost		3,196,329
Accumulated Depreciation		701,315
Total Cost, Net of Accumulated Depreciation		2,495,014
Encumbrances
Shopping Center [Member] | Oregon Trail Center [Member]
Initial Cost - Land		5,802,422
Initial Cost - Building and Improvements		12,622,879
Cost Capitalized	[1]	596,890
Land		5,802,422
Building and Improvements		13,219,769
Total Cost		19,022,191
Accumulated Depreciation		5,044,777
Total Cost, Net of Accumulated Depreciation		13,977,414
Encumbrances
Shopping Center [Member] | Powell Valley Junction [Member]
Initial Cost - Land		5,062,500
Initial Cost - Building and Improvements		3,152,982
Cost Capitalized	[1]	(2,508,712)
Land		2,035,125
Building and Improvements		3,671,645
Total Cost		5,706,770
Accumulated Depreciation		1,497,193
Total Cost, Net of Accumulated Depreciation		4,209,577
Encumbrances
Shopping Center [Member] | Jantzen Beach Center [Member]
Initial Cost - Land		57,575,244
Initial Cost - Building and Improvements		102,844,429
Cost Capitalized	[1]	94,230
Land		57,578,800
Building and Improvements		102,935,103
Total Cost		160,513,903
Accumulated Depreciation		2,421,022
Total Cost, Net of Accumulated Depreciation		158,092,881
Encumbrances
Shopping Center [Member] | Suburban Square [Member]
Initial Cost - Land		70,679,871
Initial Cost - Building and Improvements		166,351,381
Cost Capitalized	[1]	36,662,888
Land		71,279,871
Building and Improvements		202,414,269
Total Cost		273,694,140
Accumulated Depreciation		48,095,352
Total Cost, Net of Accumulated Depreciation		225,598,788
Encumbrances
Shopping Center [Member] | Chippewa Plaza [Member]
Initial Cost - Land		2,881,525
Initial Cost - Building and Improvements		11,526,101
Cost Capitalized	[1]	(2,900,632)
Land		1,917,139
Building and Improvements		9,589,855
Total Cost		11,506,994
Accumulated Depreciation		5,435,992
Total Cost, Net of Accumulated Depreciation		6,071,002
Encumbrances
Shopping Center [Member] | Carnegie Plaza [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		3,298,908
Cost Capitalized	[1]	17,747
Land
Building and Improvements		3,316,655
Total Cost		3,316,655
Accumulated Depreciation		1,530,764
Total Cost, Net of Accumulated Depreciation		1,785,891
Encumbrances
Shopping Center [Member] | Center Square Shopping Center [Member]
Initial Cost - Land		731,888
Initial Cost - Building and Improvements		2,927,551
Cost Capitalized	[1]	1,200,573
Land		691,297
Building and Improvements		4,168,715
Total Cost		4,860,012
Accumulated Depreciation		2,740,132
Total Cost, Net of Accumulated Depreciation		2,119,880
Encumbrances
Shopping Center [Member] | Wayne Plaza [Member]
Initial Cost - Land		6,127,623
Initial Cost - Building and Improvements		15,605,012
Cost Capitalized	[1]	677,938
Land		6,135,670
Building and Improvements		16,274,903
Total Cost		22,410,573
Accumulated Depreciation		4,466,242
Total Cost, Net of Accumulated Depreciation		17,944,331
Encumbrances
Shopping Center [Member] | Devon Village [Member]
Initial Cost - Land		4,856,379
Initial Cost - Building and Improvements		25,846,910
Cost Capitalized	[1]	4,044,439
Land		4,856,379
Building and Improvements		29,891,349
Total Cost		34,747,728
Accumulated Depreciation		6,192,928
Total Cost, Net of Accumulated Depreciation		28,554,800
Encumbrances
Shopping Center [Member] | Pocono Plaza [Member]
Initial Cost - Land		1,050,000
Initial Cost - Building and Improvements		2,372,628
Cost Capitalized	[1]	1,539,736
Land		1,050,000
Building and Improvements		3,912,364
Total Cost		4,962,364
Accumulated Depreciation		3,219,610
Total Cost, Net of Accumulated Depreciation		1,742,754
Encumbrances
Shopping Center [Member] | Ridge Pike Plaza [Member]
Initial Cost - Land		1,525,337
Initial Cost - Building and Improvements		4,251,732
Cost Capitalized	[1]	(2,602,921)
Land		914,299
Building and Improvements		2,259,849
Total Cost		3,174,148
Accumulated Depreciation		1,002,912
Total Cost, Net of Accumulated Depreciation		2,171,236
Encumbrances
Shopping Center [Member] | Whiteland - Hobby Lobby [Member]
Initial Cost - Land		176,666
Initial Cost - Building and Improvements		4,895,360
Cost Capitalized	[1]	1,447,703
Land		176,666
Building and Improvements		6,343,063
Total Cost		6,519,729
Accumulated Depreciation		2,463,869
Total Cost, Net of Accumulated Depreciation		4,055,860
Encumbrances
Shopping Center [Member] | Whiteland Town Center [Member]
Initial Cost - Land		731,888
Initial Cost - Building and Improvements		2,927,551
Cost Capitalized	[1]	59,067
Land		731,888
Building and Improvements		2,986,618
Total Cost		3,718,506
Accumulated Depreciation		1,601,396
Total Cost, Net of Accumulated Depreciation		2,117,110
Encumbrances
Shopping Center [Member] | Harrisburg East Shopping Ctr. [Member
Initial Cost - Land		452,888
Initial Cost - Building and Improvements		6,665,238
Cost Capitalized	[1]	10,257,296
Land		3,002,888
Building and Improvements		14,372,534
Total Cost		17,375,422
Accumulated Depreciation		7,041,882
Total Cost, Net of Accumulated Depreciation		10,333,540
Encumbrances
Shopping Center [Member] | Township Line S.C. [Member]
Initial Cost - Land		731,888
Initial Cost - Building and Improvements		2,927,551
Cost Capitalized
Land		731,888
Building and Improvements		2,927,551
Total Cost		3,659,439
Accumulated Depreciation		1,601,396
Total Cost, Net of Accumulated Depreciation		2,058,043
Encumbrances
Shopping Center [Member] | Horsham Point [Member]
Initial Cost - Land		3,813,247
Initial Cost - Building and Improvements		18,189,450
Cost Capitalized	[1]	133,911
Land		3,813,247
Building and Improvements		18,323,361
Total Cost		22,136,608
Accumulated Depreciation		1,704,650
Total Cost, Net of Accumulated Depreciation		20,431,958
Encumbrances
Shopping Center [Member] | Holiday Center [Member]
Initial Cost - Land		7,726,844
Initial Cost - Building and Improvements		20,014,243
Cost Capitalized	[1]	(4,612,312)
Land		6,165,085
Building and Improvements		16,963,690
Total Cost		23,128,775
Accumulated Depreciation		2,883,114
Total Cost, Net of Accumulated Depreciation		20,245,661
Encumbrances
Shopping Center [Member] | Norriton Square [Member]
Initial Cost - Land		686,134
Initial Cost - Building and Improvements		2,664,535
Cost Capitalized	[1]	3,940,037
Land		774,084
Building and Improvements		6,516,622
Total Cost		7,290,706
Accumulated Depreciation		4,817,076
Total Cost, Net of Accumulated Depreciation		2,473,630
Encumbrances
Shopping Center [Member] | New Kensington S.C. [Member]
Initial Cost - Land		521,945
Initial Cost - Building and Improvements		2,548,322
Cost Capitalized	[1]	862,730
Land		521,945
Building and Improvements		3,411,052
Total Cost		3,932,997
Accumulated Depreciation		3,169,521
Total Cost, Net of Accumulated Depreciation		763,476
Encumbrances
Shopping Center [Member] | Sears Hardware [Member]
Initial Cost - Land		10,000
Initial Cost - Building and Improvements
Cost Capitalized
Land		10,000
Building and Improvements
Total Cost		10,000
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		10,000
Encumbrances
Shopping Center [Member] | Frankford Avenue S.C. [Member]
Initial Cost - Land		731,888
Initial Cost - Building and Improvements		2,927,551
Cost Capitalized
Land		731,888
Building and Improvements		2,927,551
Total Cost		3,659,439
Accumulated Depreciation		1,601,396
Total Cost, Net of Accumulated Depreciation		2,058,043
Encumbrances
Shopping Center [Member] | Wexford Plaza [Member]
Initial Cost - Land		6,413,635
Initial Cost - Building and Improvements		9,774,600
Cost Capitalized	[1]	10,074,686
Land		6,299,299
Building and Improvements		19,963,622
Total Cost		26,262,921
Accumulated Depreciation		4,282,319
Total Cost, Net of Accumulated Depreciation		21,980,602
Encumbrances
Shopping Center [Member] | Lincoln Square [Member]
Initial Cost - Land	[3]	90,478,522
Initial Cost - Building and Improvements
Cost Capitalized
Land	[3]	90,478,522
Building and Improvements
Total Cost	[3]	90,478,522
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	[3]	90,478,522
Encumbrances
Shopping Center [Member] | Cranberry Township - Parcel 1 and 2 [Member]
Initial Cost - Land		10,270,846
Initial Cost - Building and Improvements		30,769,592
Cost Capitalized	[1]	(905,158)
Land		6,070,254
Building and Improvements		34,065,026
Total Cost		40,135,280
Accumulated Depreciation		1,950,427
Total Cost, Net of Accumulated Depreciation		38,184,853
Encumbrances
Shopping Center [Member] | Crossroads Plaza 3 [Member]
Initial Cost - Land		788,761
Initial Cost - Building and Improvements		3,155,044
Cost Capitalized	[1]	12,878,677
Land		976,439
Building and Improvements		15,846,043
Total Cost		16,822,482
Accumulated Depreciation		9,924,589
Total Cost, Net of Accumulated Depreciation		6,897,893
Encumbrances
Shopping Center [Member] | Springfield S.C. [Member]
Initial Cost - Land		919,998
Initial Cost - Building and Improvements		4,981,589
Cost Capitalized	[1]	12,875,672
Land		920,000
Building and Improvements		17,857,259
Total Cost		18,777,259
Accumulated Depreciation		9,743,110
Total Cost, Net of Accumulated Depreciation		9,034,149
Encumbrances
Shopping Center [Member] | Shrewsbury Square S.C. [Member]
Initial Cost - Land		8,066,107
Initial Cost - Building and Improvements		16,997,997
Cost Capitalized	[1]	(1,696,030)
Land		6,534,966
Building and Improvements		16,833,108
Total Cost		23,368,074
Accumulated Depreciation		2,199,516
Total Cost, Net of Accumulated Depreciation		21,168,558
Encumbrances
Shopping Center [Member] | Whitehall Mall [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		5,195,577
Cost Capitalized
Land
Building and Improvements		5,195,577
Total Cost		5,195,577
Accumulated Depreciation		2,842,026
Total Cost, Net of Accumulated Depreciation		2,353,551
Encumbrances
Shopping Center [Member] | Whole Foods at Wynnewood [Member]
Initial Cost - Land		15,042,165
Initial Cost - Building and Improvements
Cost Capitalized	[1]	11,770,283
Land		13,772,394
Building and Improvements		13,040,054
Total Cost		26,812,448
Accumulated Depreciation		326,435
Total Cost, Net of Accumulated Depreciation		26,486,013
Encumbrances
Shopping Center [Member] | Shoppes at Wynnewood [Member]
Initial Cost - Land		7,478,907
Initial Cost - Building and Improvements
Cost Capitalized	[1]	3,605,920
Land		7,478,907
Building and Improvements		3,605,920
Total Cost		11,084,827
Accumulated Depreciation		153,010
Total Cost, Net of Accumulated Depreciation		10,931,817
Encumbrances
Shopping Center [Member] | West Market St. Plaza [Member]
Initial Cost - Land		188,562
Initial Cost - Building and Improvements		1,158,307
Cost Capitalized	[1]	41,712
Land		188,562
Building and Improvements		1,200,019
Total Cost		1,388,581
Accumulated Depreciation		1,173,254
Total Cost, Net of Accumulated Depreciation		215,327
Encumbrances
Shopping Center [Member] | Rexville Town Center [Member]
Initial Cost - Land		24,872,982
Initial Cost - Building and Improvements		48,688,161
Cost Capitalized	[1]	7,302,027
Land		25,678,064
Building and Improvements		55,185,106
Total Cost		80,863,170
Accumulated Depreciation		33,091,221
Total Cost, Net of Accumulated Depreciation		47,771,949
Encumbrances
Shopping Center [Member] | Plaza Centro - Costco [Member]
Initial Cost - Land		3,627,973
Initial Cost - Building and Improvements		10,752,213
Cost Capitalized	[1]	1,564,471
Land		3,866,206
Building and Improvements		12,078,451
Total Cost		15,944,657
Accumulated Depreciation		6,657,483
Total Cost, Net of Accumulated Depreciation		9,287,174
Encumbrances
Shopping Center [Member] | Plaza Centro - Mall [Member]
Initial Cost - Land		19,873,263
Initial Cost - Building and Improvements		58,719,179
Cost Capitalized	[1]	5,962,924
Land		19,408,112
Building and Improvements		65,147,254
Total Cost		84,555,366
Accumulated Depreciation		34,622,838
Total Cost, Net of Accumulated Depreciation		49,932,528
Encumbrances
Shopping Center [Member] | Plaza Centro - Retail [Member]
Initial Cost - Land		5,935,566
Initial Cost - Building and Improvements		16,509,748
Cost Capitalized	[1]	480,595
Land		6,026,070
Building and Improvements		16,899,839
Total Cost		22,925,909
Accumulated Depreciation		9,827,855
Total Cost, Net of Accumulated Depreciation		13,098,054
Encumbrances
Shopping Center [Member] | Plaza Centro - Sam's Club [Member]
Initial Cost - Land		6,643,224
Initial Cost - Building and Improvements		20,224,758
Cost Capitalized	[1]	2,375,805
Land		6,520,090
Building and Improvements		22,723,697
Total Cost		29,243,787
Accumulated Depreciation		21,967,992
Total Cost, Net of Accumulated Depreciation		7,275,795
Encumbrances
Shopping Center [Member] | Los Colobos - Builders Square [Member]
Initial Cost - Land		4,404,593
Initial Cost - Building and Improvements		9,627,903
Cost Capitalized	[1]	1,387,483
Land		4,461,145
Building and Improvements		10,958,834
Total Cost		15,419,979
Accumulated Depreciation		9,669,563
Total Cost, Net of Accumulated Depreciation		5,750,416
Encumbrances
Shopping Center [Member] | Los Colobos - Kmart [Member]
Initial Cost - Land		4,594,944
Initial Cost - Building and Improvements		10,120,147
Cost Capitalized	[1]	752,678
Land		4,402,338
Building and Improvements		11,065,431
Total Cost		15,467,769
Accumulated Depreciation		10,058,014
Total Cost, Net of Accumulated Depreciation		5,409,755
Encumbrances
Shopping Center [Member] | Los Colobos I [Member]
Initial Cost - Land		12,890,882
Initial Cost - Building and Improvements		26,046,669
Cost Capitalized	[1]	1,071,029
Land		13,613,375
Building and Improvements		26,395,205
Total Cost		40,008,580
Accumulated Depreciation		15,815,395
Total Cost, Net of Accumulated Depreciation		24,193,185
Encumbrances
Shopping Center [Member] | Los Colobos II [Member]
Initial Cost - Land		14,893,698
Initial Cost - Building and Improvements		30,680,556
Cost Capitalized	[1]	5,395,942
Land		15,142,300
Building and Improvements		35,827,896
Total Cost		50,970,196
Accumulated Depreciation		19,767,195
Total Cost, Net of Accumulated Depreciation		31,203,001
Encumbrances
Shopping Center [Member] | Western Plaza - Mayaquez One [Member]
Initial Cost - Land		10,857,773
Initial Cost - Building and Improvements		12,252,522
Cost Capitalized	[1]	1,308,357
Land		11,241,993
Building and Improvements		13,176,659
Total Cost		24,418,652
Accumulated Depreciation		9,284,389
Total Cost, Net of Accumulated Depreciation		15,134,263
Encumbrances
Shopping Center [Member] | Western Plaza - Mayaguez Two [Member]
Initial Cost - Land		16,874,345
Initial Cost - Building and Improvements		19,911,045
Cost Capitalized	[1]	2,174,474
Land		16,872,647
Building and Improvements		22,087,217
Total Cost		38,959,864
Accumulated Depreciation		15,126,846
Total Cost, Net of Accumulated Depreciation		23,833,018
Encumbrances
Shopping Center [Member] | Manati Villa Maria SC [Member]
Initial Cost - Land		2,781,447
Initial Cost - Building and Improvements		5,673,119
Cost Capitalized	[1]	344,813
Land		2,606,588
Building and Improvements		6,192,791
Total Cost		8,799,379
Accumulated Depreciation		3,866,240
Total Cost, Net of Accumulated Depreciation		4,933,139
Encumbrances
Shopping Center [Member] | Ponce Town Center [Member]
Initial Cost - Land		14,432,778
Initial Cost - Building and Improvements		28,448,754
Cost Capitalized	[1]	4,768,662
Land		14,903,024
Building and Improvements		32,747,170
Total Cost		47,650,194
Accumulated Depreciation		16,750,683
Total Cost, Net of Accumulated Depreciation		30,899,511
Encumbrances
Shopping Center [Member] | Trujillo Alto Plaza [Member]
Initial Cost - Land		12,053,673
Initial Cost - Building and Improvements		24,445,858
Cost Capitalized	[1]	2,591,978
Land		12,289,288
Building and Improvements		26,802,221
Total Cost		39,091,509
Accumulated Depreciation		16,210,974
Total Cost, Net of Accumulated Depreciation		22,880,535
Encumbrances
Shopping Center [Member] | St. Andrews Center [Member]
Initial Cost - Land		730,164
Initial Cost - Building and Improvements		3,132,092
Cost Capitalized	[1]	19,199,359
Land		730,164
Building and Improvements		22,331,451
Total Cost		23,061,615
Accumulated Depreciation		10,681,625
Total Cost, Net of Accumulated Depreciation		12,379,990
Encumbrances
Shopping Center [Member] | Westwood Plaza [Member]
Initial Cost - Land		1,744,430
Initial Cost - Building and Improvements		6,986,094
Cost Capitalized	[1]	9,204,220
Land		1,726,833
Building and Improvements		16,207,911
Total Cost		17,934,744
Accumulated Depreciation		4,720,254
Total Cost, Net of Accumulated Depreciation		13,214,490
Encumbrances
Shopping Center [Member] | Cherrydale Point [Member]
Initial Cost - Land		5,801,948
Initial Cost - Building and Improvements		32,055,019
Cost Capitalized	[1]	1,947,764
Land		5,801,948
Building and Improvements		34,002,783
Total Cost		39,804,731
Accumulated Depreciation		8,648,264
Total Cost, Net of Accumulated Depreciation		31,156,467
Encumbrances
Shopping Center [Member] | Woodruff Shopping Center [Member]
Initial Cost - Land		3,110,439
Initial Cost - Building and Improvements		15,501,117
Cost Capitalized	[1]	1,146,585
Land		3,465,199
Building and Improvements		16,292,942
Total Cost		19,758,141
Accumulated Depreciation		3,332,158
Total Cost, Net of Accumulated Depreciation		16,425,983
Encumbrances
Shopping Center [Member] | Forest Park [Member]
Initial Cost - Land		1,920,241
Initial Cost - Building and Improvements		9,544,875
Cost Capitalized	[1]	214,354
Land		1,920,241
Building and Improvements		9,759,229
Total Cost		11,679,470
Accumulated Depreciation		1,693,776
Total Cost, Net of Accumulated Depreciation		9,985,694
Encumbrances
Shopping Center [Member] | Old Towne Village [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		4,133,904
Cost Capitalized	[1]	4,046,503
Land
Building and Improvements		8,180,407
Total Cost		8,180,407
Accumulated Depreciation		6,050,033
Total Cost, Net of Accumulated Depreciation		2,130,374
Encumbrances
Shopping Center [Member] | Center of the Hills [Member]
Initial Cost - Land		2,923,585
Initial Cost - Building and Improvements		11,706,145
Cost Capitalized	[1]	1,337,767
Land		2,923,585
Building and Improvements		13,043,912
Total Cost		15,967,497
Accumulated Depreciation		5,613,606
Total Cost, Net of Accumulated Depreciation		10,353,891
Encumbrances
Shopping Center [Member] | Dowlen Town Center II [Member]
Initial Cost - Land		2,244,581
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(722,251)
Land		484,828
Building and Improvements		1,037,502
Total Cost		1,522,330
Accumulated Depreciation		194,761
Total Cost, Net of Accumulated Depreciation		1,327,569
Encumbrances
Shopping Center [Member] | Gateway Station [Member]
Initial Cost - Land		1,373,692
Initial Cost - Building and Improvements		28,145,158
Cost Capitalized	[1]	1,105,295
Land		1,374,880
Building and Improvements		29,249,265
Total Cost		30,624,145
Accumulated Depreciation		3,945,577
Total Cost, Net of Accumulated Depreciation		26,678,568
Encumbrances
Shopping Center [Member] | Las Tiendas Plaza [Member]
Initial Cost - Land		8,678,107
Initial Cost - Building and Improvements
Cost Capitalized	[1]	27,150,696
Land		7,943,925
Building and Improvements		27,884,878
Total Cost		35,828,803
Accumulated Depreciation		5,860,115
Total Cost, Net of Accumulated Depreciation		29,968,688
Encumbrances
Shopping Center [Member] | Gateway Station Phase II [Member]
Initial Cost - Land		4,140,176
Initial Cost - Building and Improvements		12,020,460
Cost Capitalized	[1]	75,694
Land		4,143,385
Building and Improvements		12,092,945
Total Cost		16,236,330
Accumulated Depreciation		130,258
Total Cost, Net of Accumulated Depreciation		16,106,072
Encumbrances
Shopping Center [Member] | Island Gate Plaza [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		944,562
Cost Capitalized	[1]	1,903,963
Land
Building and Improvements		2,848,525
Total Cost		2,848,525
Accumulated Depreciation		1,124,081
Total Cost, Net of Accumulated Depreciation		1,724,444
Encumbrances
Shopping Center [Member] | Island Gate Plaza 2 [Member]
Initial Cost - Land		4,343,000
Initial Cost - Building and Improvements		4,723,215
Cost Capitalized	[1]	3,659,997
Land		4,292,636
Building and Improvements		8,433,576
Total Cost		12,726,212
Accumulated Depreciation		2,403,829
Total Cost, Net of Accumulated Depreciation		10,322,383
Encumbrances
Shopping Center [Member] | Conroe Marketplace [Member]
Initial Cost - Land		18,869,087
Initial Cost - Building and Improvements		50,756,554
Cost Capitalized	[1]	(2,993,250)
Land		10,841,611
Building and Improvements		55,790,780
Total Cost		66,632,391
Accumulated Depreciation		6,209,948
Total Cost, Net of Accumulated Depreciation		60,422,443
Encumbrances
Shopping Center [Member] | Montgomery Plaza [Member]
Initial Cost - Land		10,739,067
Initial Cost - Building and Improvements		63,065,333
Cost Capitalized	[1]	(385,751)
Land		10,738,796
Building and Improvements		62,679,853
Total Cost		73,418,649
Accumulated Depreciation		8,479,431
Total Cost, Net of Accumulated Depreciation		64,939,218
Encumbrances	[2]	28,105,799
Shopping Center [Member] | Preston Lebanon Crossing [Member]
Initial Cost - Land		13,552,180
Initial Cost - Building and Improvements
Cost Capitalized	[1]	26,071,137
Land		12,163,694
Building and Improvements		27,459,623
Total Cost		39,623,317
Accumulated Depreciation		6,909,545
Total Cost, Net of Accumulated Depreciation		32,713,772
Encumbrances
Shopping Center [Member] | Lake Prairie Town Crossing [Member]
Initial Cost - Land		7,897,491
Initial Cost - Building and Improvements
Cost Capitalized	[1]	28,638,126
Land		6,783,464
Building and Improvements		29,752,153
Total Cost		36,535,617
Accumulated Depreciation		5,767,928
Total Cost, Net of Accumulated Depreciation		30,767,689
Encumbrances
Shopping Center [Member] | Center at Baybrook [Member]
Initial Cost - Land		6,941,017
Initial Cost - Building and Improvements		27,727,491
Cost Capitalized	[1]	10,958,643
Land		6,928,120
Building and Improvements		38,699,031
Total Cost		45,627,151
Accumulated Depreciation		16,641,823
Total Cost, Net of Accumulated Depreciation		28,985,328
Encumbrances
Shopping Center [Member] | Cypress Towne Center [Member]
Initial Cost - Land		6,033,932
Initial Cost - Building and Improvements
Cost Capitalized	[1]	1,692,407
Land		2,251,666
Building and Improvements		5,474,673
Total Cost		7,726,339
Accumulated Depreciation		1,054,421
Total Cost, Net of Accumulated Depreciation		6,671,918
Encumbrances
Shopping Center [Member] | Cypress Towne Center 2 [Member]
Initial Cost - Land		12,329,195
Initial Cost - Building and Improvements		36,836,381
Cost Capitalized	[1]	1,247,724
Land		8,644,145
Building and Improvements		41,769,155
Total Cost		50,413,300
Accumulated Depreciation		2,253,375
Total Cost, Net of Accumulated Depreciation		48,159,925
Encumbrances
Shopping Center [Member] | Cypress Towne Center (Phase II) [Member]
Initial Cost - Land		2,061,477
Initial Cost - Building and Improvements		6,157,862
Cost Capitalized	[1]	(1,361,233)
Land		270,374
Building and Improvements		6,587,732
Total Cost		6,858,106
Accumulated Depreciation		431,425
Total Cost, Net of Accumulated Depreciation		6,426,681
Encumbrances
Shopping Center [Member] | The Centre at Copperfield [Member]
Initial Cost - Land		6,723,267
Initial Cost - Building and Improvements		22,524,551
Cost Capitalized	[1]	535,094
Land		6,723,357
Building and Improvements		23,059,555
Total Cost		29,782,912
Accumulated Depreciation		2,669,083
Total Cost, Net of Accumulated Depreciation		27,113,829
Encumbrances
Shopping Center [Member] | Copperfield Village [Member]
Initial Cost - Land		13,848,109
Initial Cost - Building and Improvements		84,183,731
Cost Capitalized	[1]	794,874
Land		13,848,109
Building and Improvements		84,978,605
Total Cost		98,826,714
Accumulated Depreciation		11,166,622
Total Cost, Net of Accumulated Depreciation		87,660,092
Encumbrances
Shopping Center [Member] | Atascocita Commons Shop CTR [Member]
Initial Cost - Land		16,322,636
Initial Cost - Building and Improvements		54,587,066
Cost Capitalized	[1]	625,724
Land		16,099,004
Building and Improvements		55,436,422
Total Cost		71,535,426
Accumulated Depreciation		8,061,999
Total Cost, Net of Accumulated Depreciation		63,473,427
Encumbrances	[2]	28,528,637
Shopping Center [Member] | Tomball Crossings [Member]
Initial Cost - Land		8,517,427
Initial Cost - Building and Improvements		28,484,450
Cost Capitalized	[1]	573,139
Land		7,964,894
Building and Improvements		29,610,122
Total Cost		37,575,016
Accumulated Depreciation		4,373,334
Total Cost, Net of Accumulated Depreciation		33,201,682
Encumbrances
Shopping Center [Member] | Copperfield Village Shop CTR [Member]
Initial Cost - Land		7,827,639
Initial Cost - Building and Improvements		34,864,441
Cost Capitalized	[1]	429,207
Land		7,827,639
Building and Improvements		35,293,648
Total Cost		43,121,287
Accumulated Depreciation		4,112,160
Total Cost, Net of Accumulated Depreciation		39,009,127
Encumbrances
Shopping Center [Member] | Vista Ridge Plaza [Member]
Initial Cost - Land		2,926,495
Initial Cost - Building and Improvements		11,716,483
Cost Capitalized	[1]	2,600,033
Land		2,926,495
Building and Improvements		14,316,516
Total Cost		17,243,011
Accumulated Depreciation		7,236,985
Total Cost, Net of Accumulated Depreciation		10,006,026
Encumbrances
Shopping Center [Member] | Vista Ridge Plaza 2 [Member]
Initial Cost - Land		2,276,575
Initial Cost - Building and Improvements		9,106,300
Cost Capitalized	[1]	1,399,033
Land		2,276,575
Building and Improvements		10,505,333
Total Cost		12,781,908
Accumulated Depreciation		5,372,115
Total Cost, Net of Accumulated Depreciation		7,409,793
Encumbrances
Shopping Center [Member] | Kroger Plaza [Member]
Initial Cost - Land		520,340
Initial Cost - Building and Improvements		2,081,356
Cost Capitalized	[1]	1,444,953
Land		520,340
Building and Improvements		3,526,309
Total Cost		4,046,649
Accumulated Depreciation		1,898,157
Total Cost, Net of Accumulated Depreciation		2,148,492
Encumbrances
Shopping Center [Member] | Accent Plaza [Member]
Initial Cost - Land		500,414
Initial Cost - Building and Improvements		2,830,835
Cost Capitalized
Land		500,414
Building and Improvements		2,830,835
Total Cost		3,331,249
Accumulated Depreciation		1,537,166
Total Cost, Net of Accumulated Depreciation		1,794,083
Encumbrances
Shopping Center [Member] | Southlake Oaks Phase II - 480 W. [Member]
Initial Cost - Land		3,011,260
Initial Cost - Building and Improvements		7,703,844
Cost Capitalized	[1]	103,968
Land		3,016,617
Building and Improvements		7,802,455
Total Cost		10,819,072
Accumulated Depreciation		2,779,262
Total Cost, Net of Accumulated Depreciation		8,039,810
Encumbrances
Shopping Center [Member] | Woodbridge Shopping Center [Member]
Initial Cost - Land		2,568,705
Initial Cost - Building and Improvements		6,813,716
Cost Capitalized	[1]	107,746
Land		2,568,705
Building and Improvements		6,921,462
Total Cost		9,490,167
Accumulated Depreciation		1,374,785
Total Cost, Net of Accumulated Depreciation		8,115,382
Encumbrances
Shopping Center [Member] | Grand Parkway Marketplace [Member]
Initial Cost - Land		25,363,548
Initial Cost - Building and Improvements
Cost Capitalized	[1]	60,529,604
Land		21,937,009
Building and Improvements		63,956,143
Total Cost		85,893,152
Accumulated Depreciation		372,156
Total Cost, Net of Accumulated Depreciation		85,520,996
Encumbrances
Shopping Center [Member] | Grand Parkway Marketplace II [Member]
Initial Cost - Land	[3]	13,436,447
Initial Cost - Building and Improvements
Cost Capitalized	[1],[3]	29,966,997
Land	[3]	43,403,444
Building and Improvements
Total Cost	[3]	43,403,444
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation	[3]	43,403,444
Encumbrances
Shopping Center [Member] | Temple Towne Center [Member[
Initial Cost - Land		609,317
Initial Cost - Building and Improvements		2,983,262
Cost Capitalized	[1]	(89,332)
Land		609,317
Building and Improvements		2,893,930
Total Cost		3,503,247
Accumulated Depreciation		305,746
Total Cost, Net of Accumulated Depreciation		3,197,501
Encumbrances
Shopping Center [Member] | Temple Towne Center II [Member]
Initial Cost - Land		4,909,857
Initial Cost - Building and Improvements		25,882,414
Cost Capitalized	[1]	(4,385,108)
Land		4,105,739
Building and Improvements		22,301,424
Total Cost		26,407,163
Accumulated Depreciation		4,017,296
Total Cost, Net of Accumulated Depreciation		22,389,867
Encumbrances
Shopping Center [Member] | Burke Town Plaza [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		43,240,068
Cost Capitalized	[1]	83,175
Land
Building and Improvements		43,323,243
Total Cost		43,323,243
Accumulated Depreciation		6,042,467
Total Cost, Net of Accumulated Depreciation		37,280,776
Encumbrances
Shopping Center [Member] | Old Town Plaza [Member]
Initial Cost - Land		4,500,000
Initial Cost - Building and Improvements		41,569,735
Cost Capitalized	[1]	(15,697,554)
Land		3,052,800
Building and Improvements		27,319,381
Total Cost		30,372,181
Accumulated Depreciation		5,498,436
Total Cost, Net of Accumulated Depreciation		24,873,745
Encumbrances
Shopping Center [Member] | Skyline Village [Member]
Initial Cost - Land		10,145,283
Initial Cost - Building and Improvements		28,764,045
Cost Capitalized	[1]	225,352
Land		10,573,875
Building and Improvements		28,560,805
Total Cost		39,134,680
Accumulated Depreciation		3,390,576
Total Cost, Net of Accumulated Depreciation		35,744,104
Encumbrances
Shopping Center [Member] | Sudley Towne Plaza [Member]
Initial Cost - Land		4,114,293
Initial Cost - Building and Improvements		15,988,465
Cost Capitalized	[1]	(9,023,711)
Land		2,204,943
Building and Improvements		8,874,104
Total Cost		11,079,047
Accumulated Depreciation		1,317,102
Total Cost, Net of Accumulated Depreciation		9,761,945
Encumbrances
Shopping Center [Member] | Burlington Coat Center [Member]
Initial Cost - Land		670,500
Initial Cost - Building and Improvements		2,751,375
Cost Capitalized	[1]	2,661,127
Land		670,500
Building and Improvements		5,412,502
Total Cost		6,083,002
Accumulated Depreciation		1,784,315
Total Cost, Net of Accumulated Depreciation		4,298,687
Encumbrances
Shopping Center [Member] | Towne Square [Member]
Initial Cost - Land		8,499,373
Initial Cost - Building and Improvements		24,302,141
Cost Capitalized	[1]	1,908,469
Land		8,858,432
Building and Improvements		25,851,551
Total Cost		34,709,983
Accumulated Depreciation		3,137,543
Total Cost, Net of Accumulated Depreciation		31,572,440
Encumbrances
Shopping Center [Member] | Potomac Run Plaza [Member]
Initial Cost - Land		27,369,515
Initial Cost - Building and Improvements		48,451,209
Cost Capitalized	[1]	(2,332,371)
Land		27,369,515
Building and Improvements		46,118,838
Total Cost		73,488,353
Accumulated Depreciation		13,090,432
Total Cost, Net of Accumulated Depreciation		60,397,921
Encumbrances
Shopping Center [Member] | Dulles Town Crossing [Member]
Initial Cost - Land		53,285,116
Initial Cost - Building and Improvements		104,175,738
Cost Capitalized	[1]	(355,523)
Land		53,285,116
Building and Improvements		103,820,215
Total Cost		157,105,331
Accumulated Depreciation		14,810,943
Total Cost, Net of Accumulated Depreciation		142,294,388
Encumbrances
Shopping Center [Member] | Docstone Commons [Member]
Initial Cost - Land		3,839,249
Initial Cost - Building and Improvements		11,468,264
Cost Capitalized	[1]	441,201
Land		3,903,963
Building and Improvements		11,844,751
Total Cost		15,748,714
Accumulated Depreciation		540,782
Total Cost, Net of Accumulated Depreciation		15,207,932
Encumbrances
Shopping Center [Member] | Docstone O/P - Staples [Member]
Initial Cost - Land		1,425,307
Initial Cost - Building and Improvements		4,317,552
Cost Capitalized	[1]	(883,709)
Land		1,167,588
Building and Improvements		3,691,562
Total Cost		4,859,150
Accumulated Depreciation		210,701
Total Cost, Net of Accumulated Depreciation		4,648,449
Encumbrances
Shopping Center [Member] | Stafford Marketplace [Member]
Initial Cost - Land		26,893,429
Initial Cost - Building and Improvements		86,449,614
Cost Capitalized	[1]	36,364
Land		26,893,429
Building and Improvements		86,485,978
Total Cost		113,379,407
Accumulated Depreciation		9,382,013
Total Cost, Net of Accumulated Depreciation		103,997,394
Encumbrances
Shopping Center [Member] | Gordon Plaza [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		3,330,621
Cost Capitalized	[1]	40,921
Land
Building and Improvements		3,371,542
Total Cost		3,371,542
Accumulated Depreciation		108,863
Total Cost, Net of Accumulated Depreciation		3,262,679
Encumbrances
Shopping Center [Member] | Auburn North [Member]
Initial Cost - Land		7,785,841
Initial Cost - Building and Improvements		18,157,625
Cost Capitalized	[1]	7,542,304
Land		7,785,841
Building and Improvements		25,699,929
Total Cost		33,485,770
Accumulated Depreciation		7,113,252
Total Cost, Net of Accumulated Depreciation		26,372,518
Encumbrances
Shopping Center [Member] | The Marketplace at Factoria [Member]
Initial Cost - Land		60,502,358
Initial Cost - Building and Improvements		92,696,231
Cost Capitalized	[1]	4,443,162
Land		60,502,358
Building and Improvements		97,139,393
Total Cost		157,641,751
Accumulated Depreciation		18,626,509
Total Cost, Net of Accumulated Depreciation		139,015,242
Encumbrances	[2]	56,189,197
Shopping Center [Member] | Frontier Village Shopping CTR [Member]
Initial Cost - Land		10,750,863
Initial Cost - Building and Improvements		35,671,801
Cost Capitalized	[1]	96,299
Land		10,750,863
Building and Improvements		35,768,100
Total Cost		46,518,963
Accumulated Depreciation		6,231,338
Total Cost, Net of Accumulated Depreciation		40,287,625
Encumbrances
Shopping Center [Member] | Gateway Shopping Center [Member]
Initial Cost - Land		6,937,929
Initial Cost - Building and Improvements		11,270,322
Cost Capitalized	[1]	303,983
Land		6,937,929
Building and Improvements		11,574,305
Total Cost		18,512,234
Accumulated Depreciation		689,626
Total Cost, Net of Accumulated Depreciation		17,822,608
Encumbrances
Shopping Center [Member] | Olympia West Outparcel [Member]
Initial Cost - Land		360,000
Initial Cost - Building and Improvements		799,640
Cost Capitalized	[1]	100,360
Land		360,000
Building and Improvements		900,000
Total Cost		1,260,000
Accumulated Depreciation		125,262
Total Cost, Net of Accumulated Depreciation		1,134,738
Encumbrances
Shopping Center [Member] | Franklin Park Commons [Member]
Initial Cost - Land		5,418,825
Initial Cost - Building and Improvements		11,988,657
Cost Capitalized	[1]	1,031,639
Land		5,418,825
Building and Improvements		13,020,296
Total Cost		18,439,121
Accumulated Depreciation		1,691,466
Total Cost, Net of Accumulated Depreciation		16,747,655
Encumbrances
Shopping Center [Member] | Silverdale Plaza [Member]
Initial Cost - Land		3,875,013
Initial Cost - Building and Improvements		32,894,027
Cost Capitalized	[1]	86,051
Land		3,755,613
Building and Improvements		33,099,478
Total Cost		36,855,091
Accumulated Depreciation		5,485,432
Total Cost, Net of Accumulated Depreciation		31,369,659
Encumbrances
Other Property [Member] | Plantation Crossing [Member]
Initial Cost - Land		7,524,800
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(5,516,183)
Land		2,008,617
Building and Improvements
Total Cost		2,008,617
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		2,008,617
Encumbrances
Other Property [Member] | Town & Country S.C. [Member]
Initial Cost - Land		315,387
Initial Cost - Building and Improvements		422,905
Cost Capitalized	[1]	(85,154)
Land		230,233
Building and Improvements		422,905
Total Cost		653,138
Accumulated Depreciation		386,014
Total Cost, Net of Accumulated Depreciation		267,124
Encumbrances
Other Property [Member] | Key Bank Building [Member]
Initial Cost - Land		1,500,000
Initial Cost - Building and Improvements		40,486,755
Cost Capitalized	[1]	(11,999,846)
Land		655,798
Building and Improvements		29,331,111
Total Cost		29,986,909
Accumulated Depreciation		19,024,009
Total Cost, Net of Accumulated Depreciation		10,962,900
Encumbrances
Other Property [Member] | El Mirage [Member]
Initial Cost - Land		6,786,441
Initial Cost - Building and Improvements		503,987
Cost Capitalized	[1]	130,064
Land		6,786,441
Building and Improvements		634,051
Total Cost		7,420,492
Accumulated Depreciation		86,961
Total Cost, Net of Accumulated Depreciation		7,333,531
Encumbrances
Other Property [Member] | Asante Retail Center [Member]
Initial Cost - Land		8,702,635
Initial Cost - Building and Improvements		3,405,683
Cost Capitalized	[1]	2,866,808
Land		11,039,472
Building and Improvements		3,935,654
Total Cost		14,975,126
Accumulated Depreciation		501,713
Total Cost, Net of Accumulated Depreciation		14,473,413
Encumbrances
Other Property [Member] | Surprise Spectrum [Member]
Initial Cost - Land		4,138,760
Initial Cost - Building and Improvements		94,572
Cost Capitalized	[1]	1,035
Land		4,138,760
Building and Improvements		95,607
Total Cost		4,234,367
Accumulated Depreciation		13,456
Total Cost, Net of Accumulated Depreciation		4,220,911
Encumbrances
Other Property [Member] | Lake Wales S.C. [Member]
Initial Cost - Land		601,052
Initial Cost - Building and Improvements
Cost Capitalized
Land		601,052
Building and Improvements
Total Cost		601,052
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		601,052
Encumbrances
Other Property [Member] | Milton, FL [Member]
Initial Cost - Land		1,275,593
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(423,450)
Land		852,143
Building and Improvements
Total Cost		852,143
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		852,143
Encumbrances
Other Property [Member] | Lowes S.C. [Member]
Initial Cost - Land		1,620,203
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(406,657)
Land		507,530
Building and Improvements		706,016
Total Cost		1,213,546
Accumulated Depreciation		706,016
Total Cost, Net of Accumulated Depreciation		507,530
Encumbrances
Other Property [Member] | Treasure Valley [Member]
Initial Cost - Land		6,501,240
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(4,426,611)
Land		962,721
Building and Improvements		1,111,908
Total Cost		2,074,629
Accumulated Depreciation		1,106,073
Total Cost, Net of Accumulated Depreciation		968,556
Encumbrances
Other Property [Member] | The 22nd Street Plaza Outparcel [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		99,640
Cost Capitalized	[1]	1,071,530
Land
Building and Improvements		1,171,170
Total Cost		1,171,170
Accumulated Depreciation		81,873
Total Cost, Net of Accumulated Depreciation		1,089,297
Encumbrances
Other Property [Member] | Marketplace of Oaklawn [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		678,668
Cost Capitalized	[1]	108,483
Land
Building and Improvements		787,151
Total Cost		787,151
Accumulated Depreciation		748,798
Total Cost, Net of Accumulated Depreciation		38,353
Encumbrances
Other Property [Member] | Linwood - Indianapolis [Member].
Initial Cost - Land		31,045
Initial Cost - Building and Improvements
Cost Capitalized
Land		31,045
Building and Improvements
Total Cost		31,045
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		31,045
Encumbrances
Other Property [Member] | Bayou Walk [Member]
Initial Cost - Land		4,586,895
Initial Cost - Building and Improvements		10,836,007
Cost Capitalized	[1]	(4,291,095)
Land		2,993,728
Building and Improvements		8,138,079
Total Cost		11,131,807
Accumulated Depreciation		2,830,013
Total Cost, Net of Accumulated Depreciation		8,301,794
Encumbrances	[2]	12,414,563
Other Property [Member] | Flint - Vacant Land [Member]
Initial Cost - Land		101,424
Initial Cost - Building and Improvements
Cost Capitalized
Land		101,424
Building and Improvements
Total Cost		101,424
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		101,424
Encumbrances
Other Property [Member] | Charlotte Sports & Fitness CTR [Member]
Initial Cost - Land		500,754
Initial Cost - Building and Improvements		1,858,643
Cost Capitalized	[1]	479,046
Land		500,754
Building and Improvements		2,337,689
Total Cost		2,838,443
Accumulated Depreciation		1,760,102
Total Cost, Net of Accumulated Depreciation		1,078,341
Encumbrances
Other Property [Member] | Senate/Hillsborough Cross [Member]
Initial Cost - Land		519,395
Initial Cost - Building and Improvements
Cost Capitalized
Land		519,395
Building and Improvements
Total Cost		519,395
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		519,395
Encumbrances
Other Property [Member] | Wakefield Commons III [Member]
Initial Cost - Land		6,506,450
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(5,397,400)
Land		1,475,214
Total Cost		1,109,050
Accumulated Depreciation		197,785
Total Cost, Net of Accumulated Depreciation		911,265
Encumbrances
Building and Improvements		(366,164)
Other Property [Member] | Wakefield Crossings [Member]
Initial Cost - Land		3,413,932
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(3,017,959)
Land		336,236
Building and Improvements		59,737
Total Cost		395,973
Accumulated Depreciation		8,287
Total Cost, Net of Accumulated Depreciation		387,686
Encumbrances
Other Property [Member] | Hillsborough Promenade [Member]
Initial Cost - Land		11,886,809
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(6,632,045)
Land		5,006,054
Building and Improvements		248,710
Total Cost		5,254,764
Accumulated Depreciation		30,796
Total Cost, Net of Accumulated Depreciation		5,223,968
Encumbrances
Other Property [Member] | Northport Land Parcel [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		14,460
Cost Capitalized	[1]	49,179
Land
Building and Improvements		63,639
Total Cost		63,639
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		63,639
Encumbrances
Other Property [Member] | Merry Lane (Parking Lot) [Member]
Initial Cost - Land		1,485,531
Initial Cost - Building and Improvements		1,749
Cost Capitalized	[1]	288,651
Land		1,485,531
Building and Improvements		290,400
Total Cost		1,775,931
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		1,775,931
Encumbrances
Other Property [Member] | Jericho Atrium [Member]
Initial Cost - Land		10,624,099
Initial Cost - Building and Improvements		20,065,496
Cost Capitalized	[1]	364,026
Land		10,624,099
Building and Improvements		20,429,522
Total Cost		31,053,621
Accumulated Depreciation		3,284,297
Total Cost, Net of Accumulated Depreciation		27,769,324
Encumbrances
Other Property [Member] | Birchwood Park [Member]
Initial Cost - Land		3,507,162
Initial Cost - Building and Improvements		4,126
Cost Capitalized	[1]	(1,510,445)
Land		2,000,000
Building and Improvements		843
Total Cost		2,000,843
Accumulated Depreciation		843
Total Cost, Net of Accumulated Depreciation		2,000,000
Encumbrances
Other Property [Member] | Staten Island Plaza [Member]
Initial Cost - Land		5,600,744
Initial Cost - Building and Improvements		6,788,460
Cost Capitalized	[1]	(2,981,672)
Land		9,407,532
Building and Improvements
Total Cost		9,407,532
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		9,407,532
Encumbrances
Other Property [Member] | Kent Center [Member]
Initial Cost - Land		2,261,530
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(1,826,497)
Land		435,033
Building and Improvements
Total Cost		435,033
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		435,033
Encumbrances
Other Property [Member] | High Park CTR Retail [Member]
Initial Cost - Land		3,783,875
Initial Cost - Building and Improvements
Cost Capitalized	[1]	(2,778,460)
Land		921,704
Building and Improvements		83,711
Total Cost		1,005,415
Accumulated Depreciation		37,907
Total Cost, Net of Accumulated Depreciation		967,508
Encumbrances
Other Property [Member] | McMinnville Plaza [Member]
Initial Cost - Land		4,062,327
Initial Cost - Building and Improvements
Cost Capitalized	[1]	991,482
Land		4,062,327
Building and Improvements		991,482
Total Cost		5,053,809
Accumulated Depreciation		96,213
Total Cost, Net of Accumulated Depreciation		4,957,596
Encumbrances
Other Property [Member] | Hospital Garage and Med. Office [Member]
Initial Cost - Land
Initial Cost - Building and Improvements		30,061,177
Cost Capitalized	[1]	59,094
Land
Building and Improvements		30,120,271
Total Cost		30,120,271
Accumulated Depreciation		9,096,746
Total Cost, Net of Accumulated Depreciation		21,023,525
Encumbrances
Other Property [Member] | Coulter Ave. Parcel [Member]
Initial Cost - Land		577,630
Initial Cost - Building and Improvements		1,348,019
Cost Capitalized	[1]	11,877,439
Land		13,444,154
Building and Improvements		358,934
Total Cost		13,803,088
Accumulated Depreciation		10,436
Total Cost, Net of Accumulated Depreciation		13,792,652
Encumbrances
Other Property [Member] | Morrisville S.C. [Member]
Initial Cost - Land		340,000
Initial Cost - Building and Improvements		1,360,000
Cost Capitalized	[1]	(1,669,238)
Land		30,762
Building and Improvements
Total Cost		30,762
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		30,762
Encumbrances
Other Property [Member] | Hickory Ridge Commons [Member]
Initial Cost - Land		596,347
Initial Cost - Building and Improvements		2,545,033
Cost Capitalized	[1]	(2,457,560)
Land		683,820
Building and Improvements
Total Cost		683,820
Accumulated Depreciation
Total Cost, Net of Accumulated Depreciation		683,820
Encumbrances
Other Property [Member] | Blue Ridge [Member]
Initial Cost - Land		12,346,900
Initial Cost - Building and Improvements		71,529,796
Cost Capitalized	[1]	(35,874,424)
Land		6,069,109
Building and Improvements		41,933,163
Total Cost		48,002,272
Accumulated Depreciation		20,764,707
Total Cost, Net of Accumulated Depreciation		27,237,565
Encumbrances	[2]	6,595,242
Other Property [Member] | Micro Properties [Member]
Initial Cost - Land		528,534
Initial Cost - Building and Improvements		1,090,980
Cost Capitalized
Land		528,534
Building and Improvements		1,090,980
Total Cost		1,619,514
Accumulated Depreciation		211,709
Total Cost, Net of Accumulated Depreciation		1,407,805
Encumbrances
Other Property [Member] | Balance of Portfolio [Member]
Initial Cost - Land	[4]	1,907,182
Initial Cost - Building and Improvements	[4]	65,127,208
Cost Capitalized	[1],[4]	(9,296,277)
Building and Improvements	[4]	57,838,011
Total Cost	[4]	57,738,113
Accumulated Depreciation	[4]	30,663,071
Total Cost, Net of Accumulated Depreciation	[4]	27,075,042
Encumbrances
Land	[4]	$ (99,898)

[1] The negative balance for costs capitalized subsequent to acquisition could include parcels/out-parcels sold, assets held-for-sale, provision for losses and/or demolition of part of a property for redevelopment.

[2] Includes fair market value of debt adjustments, net and deferred financing costs, net.

[3] Shopping center includes active real estate under development project or land held for development.

[4] Includes fixtures, leasehold improvements and other costs capitalized.

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Schedule III - Real Estate and Accumulated Depreciation - Depreciation and Amortization (Details) - Buildings and Building Improvements Held For Investment [Member]	12 Months Ended
	Dec. 31, 2017
Minimum [Member]
Buildings and building improvements (in years) (Year)	15 years
Maximum [Member]
Buildings and building improvements (in years) (Year)	50 years

XML

Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance, beginning of period	$ 12,008,075,148	$ 11,568,809,126	$ 10,018,225,775
Acquisitions	438,125,265	181,719,189	278,401,182
Improvements	414,955,609	217,668,292	191,662,698
Transfers from unconsolidated joint ventures	329,194,717	615,511,560	1,673,542,610
Change in exchange rate	1,035,816	598,744
Sales	(315,954,464)	(391,758,149)	(507,185,370)
Assets held for sale	(56,187,719)	(12,608,829)	(587,007)
Adjustment of fully depreciated assets	(107,660,366)	(80,660,536)	(56,774,522)
Adjustment of property carrying values	(58,139,008)	(91,204,249)	(18,432,226)
Change in exchange rate			(10,044,014)
Balance, end of period	12,653,444,998	12,008,075,148	11,568,809,126
Balance, beginning of period	2,278,291,645	2,115,319,888	1,955,405,720
Depreciation for year	368,919,387	344,179,201	333,948,605
Change in exchange rate		366,068
Sales	(86,798,173)	(97,888,608)	(116,864,875)
Assets held for sale	(19,699,746)	(3,482,974)
Adjustment of fully depreciated assets	(107,660,366)	(80,660,536)	(56,774,522)
Change in exchange rate			(395,040)
Balance, end of period	$ 2,433,052,747	$ 2,278,291,645	$ 2,115,319,888

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Schedule IV - Mortgage Loans on Real Estate (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Mortgage Loans on Real Estate, Federal Income Tax Basis	$ 21,800
Mortgage Loans on Real Estate, Number of Loans	11
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 29,678	[1]
Nonretail [Member] | Individually Less Than 3% [Member]
Mortgage Loans on Real Estate, Number of Loans	3
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 2,475	[1],[2]
Mortgage Loans on Real Estate, Interest Rate		[2],[3]
Nonretail [Member] | Individually Less Than 3% [Member] | Minimum [Member]
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 100
Mortgage Loans on Real Estate, Interest Rate	6.88%
Nonretail [Member] | Individually Less Than 3% [Member] | Maximum [Member]
Mortgage Loans on Real Estate, Face Amount of Mortgages	$ 400
Mortgage Loans on Real Estate, Interest Rate	7.41%

[1] The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above

[2] Comprised of three separate loans with original loan amounts ranging from $0.1 million to $0.4 million.

[3] Interest rates range from 6.88% to 7.41%.

XML

Schedule IV - Mortgage Loans on Real Estate - Mortgage Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Face Amount	$ 29,678	[1]
Carrying Amount	21,469	[1],[2]
Other Financing Loans [Member]
Face Amount	30,278	[1]
Carrying Amount	$ 21,838	[1],[2]
Retail Site [Member] | Toronto, ON [Member] | Borrower A [Member]
Interest Payment Rates	7.00%
Face Amount	$ 5,319	[1]
Carrying Amount	$ 5,058	[1],[2]
Retail Site [Member] | Westport, CT [Member] | Borrower B [Member]
Interest Payment Rates	6.50%
Face Amount	$ 5,014	[1]
Carrying Amount	$ 5,014	[1],[2]
Retail Site [Member] | Las Vegas, NV [Member] | Borrower C [Member]
Interest Payment Rates	12.00%
Face Amount	$ 3,075	[1]
Carrying Amount	$ 3,075	[1],[2]
Retail Site [Member] | Miami, FL [Member] | Borrower D [Member]
Interest Payment Rates	7.57%
Face Amount	$ 3,966	[1]
Carrying Amount	$ 1,919	[1],[2]
Retail Site [Member] | Miami, FL [Member] | Borrower E [Member]
Interest Payment Rates	7.57%
Face Amount	$ 4,201	[1]
Carrying Amount	$ 1,850	[1],[2]
Retail Site [Member] | Miami, FL [Member] | Borrower F [Member]
Interest Payment Rates	7.57%
Face Amount	$ 3,678	[1]
Carrying Amount	$ 1,775	[1],[2]
Nonretail [Member] | Other Financing Loans [Member]
Interest Payment Rates	2.28%
Face Amount	$ 600	[1]
Carrying Amount	$ 369	[1],[2]
Nonretail [Member] | Individually Less Than 3% [Member]
Interest Payment Rates		[3],[4]
Face Amount	$ 2,475	[1],[3]
Carrying Amount	$ 828	[1],[2],[3]
Nonretail [Member] | Oakbrook Terrace, IL [Member] | Borrower G [Member]
Interest Payment Rates	6.00%
Face Amount	$ 1,950	[1]
Carrying Amount	$ 1,950	[1],[2]

[1] The instruments actual cash flows are denominated in U.S. dollars and Canadian dollars as indicated by the geographic location above

[2] The aggregate cost for Federal income tax purposes was approximately $21.8 million as of December 31, 2017.

[3] Comprised of three separate loans with original loan amounts ranging from $0.1 million to $0.4 million.

[4] Interest rates range from 6.88% to 7.41%.