SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2016



			Initial Cost to Company						Amount at Which Carried at December 31, 2016
Description	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements		Total	Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared

Core Portfolio:
Crescent Plaza Brockton, MA	$	—	$	1,147	$	7,425	$	3,027	$	1,147	$	10,452	11,599	$	7,395	1993	(a)	40 years
New Loudon Center Latham, NY	—		505		4,161		13,353		505		17,514		18,019	13,968		1993	(a)	40 years
Mark Plaza Edwardsville, PA	—		—		3,396		—		—		3,396		3,396	2,887		1993	(c)	40 years
Plaza 422 Lebanon, PA	—		190		3,004		2,765		190		5,769		5,959	5,155		1993	(c)	40 years
Route 6 Mall Honesdale, PA	—		1,664		—		12,437		1,664		12,437		14,101	8,559		1994	(c)	40 years
Abington Towne Center Abington, PA	—		799		3,197		2,400		799		5,597		6,396	3,754		1998	(a)	40 years
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		22,463		3,207		36,237		39,444	19,922		1998	(a)	40 years
Elmwood Park Shopping Center Elmwood Park, NJ	—		3,248		12,992		15,860		3,798		28,302		32,100	18,112		1998	(a)	40 years
Merrillville Plaza Hobart, IN	24,779		4,288		17,152		5,647		4,288		22,799		27,087	11,276		1998	(a)	40 years
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		4,900		2,577		15,190		17,767	7,612		1998	(a)	40 years
239 Greenwich Avenue Greenwich, CT	27,000		1,817		15,846		776		1,817		16,622		18,439	7,389		1998	(a)	40 years
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,970		1,793		9,142		10,935	4,855		1998	(a)	40 years
Village Commons Shopping Center Smithtown, NY	—		3,229		12,917		4,225		3,229		17,142		20,371	8,852		1998	(a)	40 years
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,736		907		11,217		12,124	8,914		1998	(a)	40 years
Branch Shopping Center Smithtown, NY	—		3,156		12,545		15,883		3,401		28,183		31,584	9,719		1998	(a)	40 years
Methuen Shopping Center Methuen, MA	—		956		3,826		993		961		4,814		5,775	2,369		1998	(a)	40 years
Gateway Shopping Center South Burlington, VT	—		1,273		5,091		12,258		1,273		17,349		18,622	8,902		1999	(a)	40 years
Mad River Station Dayton, OH	—		2,350		9,404		1,579		2,350		10,983		13,333	5,256		1999	(a)	40 years
Pacesetter Park Shopping Center Ramapo, NY	—		1,475		5,899		3,350		1,475		9,249		10,724	4,603		1999	(a)	40 years
Brandywine Holdings Wilmington, DE	26,250		5,063		15,252		2,495		5,201		17,609		22,810	6,392		2003	(a)	40 years
Bartow Avenue Bronx, NY	—		1,691		5,803		1,111		1,691		6,914		8,605	2,732		2005	(c)	40 years
Amboy Road Staten Island, NY	—		—		11,909		2,482		—		14,391		14,391	5,812		2005	(a)	40 years
Clark Diversey Chicago, IL	—		10,061		2,773		972		10,061		3,745		13,806	984		2006	(a)	40 years
Chestnut Hill Philadelphia, PA	—		8,289		5,691		4,509		8,289		10,200		18,489	3,175		2006	(a)	40 years
2914 Third Avenue Bronx, NY	—		11,108		8,038		4,701		11,855		11,992		23,847	2,456		2006	(a)	40 years
West Shore Expressway Staten Island, NY	—		3,380		13,499		—		3,380		13,499		16,879	3,732		2007	(a)	40 years
West 54th Street Manhattan, NY	—		16,699		18,704		992		16,699		19,696		36,395	4,837		2007	(a)	40 years
5-7 East 17th Street Manhattan, NY	—		3,048		7,281		5,147		3,048		12,428		15,476	2,027		2008	(a)	40 years



		Initial Cost to Company			Amount at Which Carried at December 31, 2016
Description	Encumbrances	Land	Buildings & Improvements	Increase (Decrease) in Net Investments	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
651-671 W Diversey Chicago, IL	—	8,576	17,256	8	8,576	17,264	25,840	2,409	2011	(a)	40 years
15 Mercer Street New York, NY	—	1,887	2,483	—	1,887	2,483	4,370	341	2011	(a)	40 years
4401 White Plains Bronx, NY	5,884	1,581	5,054	—	1,581	5,054	6,635	674	2011	(a)	40 years
Chicago Street Retail Portfolio Chicago, IL	—	18,521	55,627	1,923	18,560	57,511	76,071	6,761	2012	(a)	40 years
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—	2,110	1,306	3,416	161	2012	(a)	40 years
330-340 River Street Cambridge, MA	11,884	8,404	14,235	—	8,404	14,235	22,639	1,812	2012	(a)	40 years
Rhode Island Place Shopping Center Washington, D.C.	—	7,458	15,968	917	7,458	16,885	24,343	2,142	2012	(a)	40 years
930 Rush Street Chicago, IL	—	4,933	14,587	9	4,933	14,596	19,529	1,732	2012	(a)	40 years
28 Jericho Turnpike Westbury, NY	14,869	6,220	24,416	—	6,220	24,416	30,636	2,935	2012	(a)	40 years
181 Main Street Westport, CT	—	1,908	12,158	41	1,908	12,199	14,107	1,278	2012	(a)	40 years
83 Spring Street Manhattan, NY	—	1,754	9,200	—	1,754	9,200	10,954	1,035	2012	(a)	40 years
60 Orange Street Bloomfield, NJ	7,769	3,609	10,790	—	3,609	10,790	14,399	1,264	2012	(a)	40 years
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	726	11,689	10,862	22,551	1,199	2012	(a)	40 years
639 West Diversey Chicago, IL	—	4,429	6,102	804	4,429	6,906	11,335	775	2012	(a)	40 years
664 North Michigan Chicago, IL	41,846	15,240	65,331	—	15,240	65,331	80,571	6,345	2013	(a)	40 years
8-12 E. Walton Chicago, IL	—	5,398	15,601	29	5,398	15,630	21,028	1,414	2013	(a)	40 years
3200-3204 M Street Washington, DC	—	6,899	4,249	168	6,899	4,417	11,316	401	2013	(a)	40 years
868 Broadway Manhattan, NY	—	3,519	9,247	5	3,519	9,252	12,771	711	2013	(a)	40 years
313-315 Bowery Manhattan, NY	—	—	5,516	—	—	5,516	5,516	670	2013	(a)	40 years
120 West Broadway Manhattan, NY	—	—	32,819	919	—	33,738	33,738	1,593	2013	(a)	40 years
11 E. Walton Chicago, IL	—	16,744	28,346	192	16,744	28,538	45,282	2,198	2014	(a)	40 years
61 Main Street Westport, CT	—	4,578	2,645	20	4,578	2,665	7,243	243	2014	(a)	40 years
865 W. North Avenue Chicago, IL	—	1,893	11,594	23	1,893	11,617	13,510	813	2014	(a)	40 years
152-154 Spring Street Manhattan, NY	—	8,544	27,001	—	8,544	27,001	35,545	1,834	2014	(a)	40 years
2520 Flatbush Avenue Brooklyn, NY	—	6,613	10,419	193	6,613	10,612	17,225	754	2014	(a)	40 years
252-256 Greenwich Avenue Greenwich, CT	—	10,175	12,641	119	10,175	12,760	22,935	978	2014	(a)	40 years
Bedford Green Bedford Hills, NY	28,697	12,425	32,730	1,801	12,425	34,531	46,956	2,264	2014	(a)	40 years
131-135 Prince Street Manhattan, NY	—	—	57,536	103	—	57,639	57,639	6,344	2014	(a)	40 years
Shops at Grand Ave Queens, NY	—	20,264	33,131	279	20,264	33,410	53,674	1,898	2014	(a)	40 years
201 Needham Street Newton, MA	—	4,550	4,459	105	4,550	4,564	9,114	303	2014	(a)	40 years
City Center San Francisco, CA	—	36,063	109,098	658	36,063	109,756	145,819	4,909	2015	(a)	40 years
163 Highland Avenue Needham, MA	9,359	12,679	11,213	—	12,679	11,213	23,892	624	2015	(a)	40 years
Roosevelt Galleria Chicago, IL	—	4,838	14,574	26	4,838	14,600	19,438	489	2015	(a)	40 years
Route 202 Shopping Center, Wilmington, DE	—	—	6,346	—	—	6,346	6,346	302	2015	(a)	40 years
991 Madison Avenue New York, NY	—		76,965	—	—	76,965	76,965	—	2016	(a)	40 years



		Initial Cost to Company			Amount at Which Carried at December 31, 2016
Description	Encumbrances	Land	Buildings & Improvements	Increase (Decrease) in Net Investments	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
165 Newbury Street Boston, MA	—	1,918	3,980	—	1,918	3,980	5,898	66	2016	(a)	40 years
Concord & Milwaukee Chicago, IL	2,874	2,739	2,746	—	2,739	2,746	5,485	30	2016	(a)	40 years
State & Washington Chicago, IL	25,485	3,907	70,943	—	3,907	70,943	74,850	591	2016	(a)	40 years
151 N. State Street Chicago, IL	14,464	1,941	25,529	—	1,941	25,529	27,470	266	2016	(a)	40 years
North & Kingsbury Chicago, IL	13,292	18,731	16,292	—	18,731	16,292	35,023	141	2016	(a)	40 years
Sullivan Center Chicago, IL	—	13,433	137,327	10	13,443	137,327	150,770	1,145	2016	(a)	40 years
California & Armitage Chicago, IL	2,675	6,770	2,292	—	6,770	2,292	9,062	21	2016	(a)	40 years
555 9th Street San Francisco, CA	60,000	75,591	73,268	—	75,591	73,268	148,859	308	2016	(a)	40 years
Undeveloped Land	—	100	—	—	100	—	100	—
Fund II:
161st Street Bronx, NY	46,500	16,679	28,410	28,272	16,679	56,682	73,361	13,067	2005	(a)	40 years
City Point Brooklyn, NY	326,042	—	—	207,561	—	207,561	207,561	1,848	2010	(c)	40 years
Fund III:
654 Broadway Manhattan, NY	8,615	9,040	3,654	2,869	9,040	6,523	15,563	656	2011	(a)	40 years
New Hyde Park Shopping Center New Hyde Park, NY	10,760	3,016	7,733	4,151	3,016	11,884	14,900	2,225	2011	(a)	40 years
640 Broadway Manhattan, NY	48,470	12,503	19,960	10,953	12,503	30,913	43,416	3,799	2012	(a)	40 years
3780-3858 Nostrand Avenue Brooklyn, NY	11,137	6,229	11,216	5,612	6,229	16,828	23,057	1,463	2013	(a)	40 years
Fund IV:
Paramus Plaza Paramus, NJ	14,099	11,052	7,037	8,280	11,052	15,317	26,369	962	2013	(a)	40 years
1151 Third Ave Manhattan, NY	12,481	8,306	9,685	1,412	8,306	11,097	19,403	990	2013	(a)	40 years
Lake Montclair Center Dumfries, VA	14,509	7,077	12,028	439	7,077	12,467	19,544	1,103	2013	(a)	40 years
938 W. North Avenue Chicago, IL	12,500	2,314	17,067	176	2,314	17,243	19,557	1,310	2013	(a)	40 years
17 E. 71st Street Manhattan, NY	19,000	7,391	20,176	263	7,391	20,439	27,830	1,149	2014	(a)	40 years
1035 Third Ave Manhattan, NY	41,826	14,099	39,928	671	14,099	40,599	54,698	1,858	2015	(a)	40 years
801 Madison Avenue Manhattan, NY	—	4,178	28,470	—	4,178	28,470	32,648	890	2015	(a)	40 years
2208-2216 Fillmore Street San Francisco, CA	5,606	3,027	6,376	—	3,027	6,376	9,403	186	2015	(a)	40 years
146 Geary Street San Francisco, CA	27,700	9,500	28,500	7	9,500	28,507	38,007	831	2015	(a)	40 years
2207 Fillmore Street San Francisco, CA	1,120	1,498	1,735	108	1,498	1,843	3,341	48	2015	(a)	40 years
1861 Union Street San Francisco, CA	2,315	2,188	1,293	—	2,188	1,293	3,481	35	2015	(a)	40 years
Restaurants at Fort Point Boston, MA	6,500	1,041	10,905	—	1,041	10,905	11,946	273	2016	(a)	40 years
Wakeforest Crossing Wake Forest, NC	—	7,570	24,829	1	7,570	24,830	32,400	197	2016	(a)	40 years
Airport Mall Bangor, ME	—	2,294	7,067	11	2,294	7,078	9,372	40	2016	(a)	40 years
Colonie Plaza Albany, NY	—	2,852	9,619	—	2,852	9,619	12,471	48	2016	(a)	40 years
Dauphin Plaza Harrisburg, PA	—	5,290	9,464	4	5,290	9,468	14,758	50	2016	(a)	40 years
JFK Plaza Waterville, ME	—	751	5,991	2	751	5,993	6,744	32	2016	(a)	40 years
Mayfair Shopping Center Philadelphia, PA	—	6,178	9,266	2	6,178	9,268	15,446	42	2016	(a)	40 years
Shaw's Plaza Waterville, ME	—	828	11,814	1	828	11,815	12,643	55	2016	(a)	40 years



				Initial Cost to Company						Amount at Which Carried at December 31, 2016
Description	Encumbrances			Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
Wells Plaza Wells, ME	—			1,892		2,585		—		1,892		2,585		4,477		18		2016	(a)	40 years
717 N. Michigan Chicago, IL	63,900			72,174		34,606		—		72,174		34,606		106,780		72		2016	(a)	40 years

Real Estate Under Development	55,327			105,442		61,172		376,872		58,403		485,083		543,486		—			(a)
Debt of Assets Held For Sale	25,500
Unamortized Loan Costs	(16,642		)	—		—		—		—		—		—		—
Unamortized Premium	1,336			—		—		—		—		—		—		—
Total	$	1,055,728		$	796,928	$	1,774,296	$	810,776	$	751,655	$	2,630,345	$	3,382,000	$	287,066

Notes:


1.	Depreciation on buildings and improvements reflected in the consolidated statements of income is calculated over the estimated useful life of the assets as follows: Buildings at 30 to 40 years and improvements at the shorter of lease term or useful life.


2.	The aggregate gross cost of property included above for Federal income tax purposes was $2,550.5 million as of December 31, 2016.

The following table reconciles the activity for real estate properties from January 1, 2014 to December 31, 2016 (in thousands):



	Year Ended December 31,
	2016			2015			2014
Balance at beginning of year	$	2,736,283		$	2,208,595		$	1,819,053
Other improvements	152,129			162,760			162,827
Property acquisitions	761,400			418,396			299,793
Property dispositions or held for sale assets	(134,332		)	(66,359		)	(73,078		)
Prior year purchase price allocation adjustments	(9,844		)	—			—
Deconsolidation of Previously Consolidated Investments	(123,636		)	—			—
Consolidation of Previously Unconsolidated Investments	—			12,891			—
Balance at end of year	$	3,382,000		$	2,736,283		$	2,208,595

The following table reconciles accumulated depreciation from January 1, 2014 to December 31, 2016 (in thousands):



	Year Ended December 31,
	2016			2015			2014
Balance at beginning of year	$	298,703		$	256,015		$	229,538
Depreciation related to real estate	49,269			49,775			26,477
Property Dispositions	(27,829		)	(7,087		)	—
Deconsolidation of Previously Consolidated Investments	(33,077		)	—			—
Consolidation of previously unconsolidated investments	—			—			—
Balance at end of year	$	287,066		$	298,703		$	256,015