SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2011




				Initial Cost to Company							Amount at which Carried at December 31, 2011
Description	Encumbrances			Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Core Portfolio:
Crescent Plaza Brockton, MA	$	17,287		$	1,147	$	7,425	$	1,219		$	1,147	$	8,644	$	9,791	$	6,116	1984	(a)
New Loudon Center Latham, NY	13,882			505		4,161		11,469			505		15,630		16,135		11,770		1982	(a)
Mark Plaza Edwardsville, PA	—			—		4,268		(872		)	—		3,396		3,396		2,596		1968	(c)
Plaza 422 Lebanon, PA	—			190		3,004		2,199			190		5,203		5,393		4,010		1972	(c)
Route 6 Mall Honesdale, PA	—			1,664		—		11,185			1,664		11,185		12,849		6,381		1994	(c)
Bartow Avenue Bronx, NY	—			1,691		5,803		560			1,691		6,363		8,054		1,686		2005	(c)
Amboy Rd. Shopping Ctr. Staten Island, NY	—			—		11,909		1,519			—		13,428		13,428		2,184		2005	(a)
Abington Towne Center Abington, PA	(1		)	799		3,197		2,007			799		5,204		6,003		2,504		1998	(a)
Bloomfield Town SquareBloomfield Hills, MI	(1		)	3,207		13,774		13,647			3,207		27,421		30,628		10,260		1998	(a)
Walnut Hill Plaza Woonsocket, RI	23,458			3,122		12,488		1,941			3,122		14,429		17,551		5,378		1998	(a)
Elmwood Park Plaza Elmwood Park, NJ	33,738			3,248		12,992		14,789			3,798		27,231		31,029		12,081		1998	(a)
Merrillville Plaza Hobart, IN	26,250			4,288		17,152		2,702			4,288		19,854		24,142		7,203		1998	(a)
Marketplace of AbseconAbsecon, NJ	(1		)	2,573		10,294		3,798			2,577		14,088		16,665		5,090		1998	(a)
Clark Diversey Chicago, IL	4,491			10,061		2,773		187			10,061		2,960		13,021		452		2006	(a)
Boonton Boonton, NJ	7,874			1,328		7,188		196			1,328		7,384		8,712		1,076		2006	(a)
Chestnut Hill Philadelphia, PA	—			8,289		5,691		44			8,289		5,735		14,024		794		2006	(a)
Third Avenue Bronx, NY	—			11,108		8,038		3,943			11,855		11,234		23,089		965		2006	(a)
Hobson West PlazaNaperville, IL	(1		)	1,793		7,172		1,763			1,793		8,935		10,728		3,286		1998	(a)
Village Commons Shopping Center Smithtown, NY	9,310			3,229		12,917		3,358			3,229		16,275		19,504		6,168		1998	(a)
Town Line Plaza Rocky Hill, CT	(1		)	878		3,510		7,502			907		10,983		11,890		7,935		1998	(a)
Branch Shopping Center Village of the Branch, NY	12,761			3,156		12,545		1,021			3,156		13,566		16,722		4,816		1998	(a)
The Methuen Shopping CenterMethuen, MA	(1		)	956		3,826		594			961		4,415		5,376		1,681		1998	(a)
Gateway Shopping Center Burlington, VT	20,308			1,273		5,091		12,009			1,273		17,100		18,373		5,607		1999	(a)
Core Portfolio:
Mad River Station Dayton, OH	—			2,350		9,404		1,058			2,350		10,462		12,812		3,573		1999	(a)
Pacesetter Park Shopping Center Ramapo, NY	11,941			1,475		5,899		1,121			1,475		7,020		8,495		2,720		1999	(a)
239 Greenwich Greenwich, CT	26,000			1,817		15,846		549			1,817		16,395		18,212		5,276		1998	(a)
West Shore Expressway Staten Island, NY	—			3,380		13,554		10			3,380		13,564		16,944		1,818		2007	(a)
West 54th Street Manhattan, NY	—			16,699		18,704		28			16,699		18,732		35,431		2,221		2007	(a)
Acadia 5-7 East 17th Street Manhattan, NY	—			3,048		7,281		—			3,048		7,281		10,329		743		2008	(a)
West Diversey 651-671 W Diversey Chicago, IL	—			8,576		17,256		—			8,576		17,256		25,832		252		2011	(a)
Mercer Street 15 Mercer Street New York, NY	—			1,887		2,483		—			1,887		2,483		4,370		31		2011	(a)
4401 White Plains Bronx, NY	—			1,581		5,054		—			1,581		5,054		6,635		42		2011	(a)
Chicago Street Retail Portfolio	—			3,319		13,187		—			3,319		13,187		16,506		137		2011	(a)
Undeveloped Land	—			251		—		—			251		—		251		—
Fund I:
Tarrytown Centre Westchester, NY	8,260			2,323		7,396		619			2,323		8,015		10,338		1,641		2004	(a)
Kroger/Safeway Various	—			—		4,265		—			—		4,265		4,265		4,067		2003	(a)
Fund II:
Liberty Avenue New York, NY	9,395			—		12,627		721			—		13,348		13,348		1,717		2005	(a)
Pelham Manor Westchester, NY	34,000			—		—		65,399			—		65,399		65,399		5,544		2004	(a)
400 E. Fordham Road Bronx, NY	84,277			11,144		18,010		95,318			16,253		108,219		124,472		9,090		2004	(a)
216th Street New York, NY	25,500			7,261		—		19,146			7,261		19,146		26,407		2,467		2005	(a)
161st Street Bronx, NY	28,900			16,679		28,410		261			16,679		28,671		45,350		4,642		2005	(a)
Atlantic Avenue Brooklyn, NY	11,540			5,322		—		15,350			5,322		15,350		20,672		945		2007	(a)
Canarsie Plaza Brooklyn, NY	56,476			32,543		—		82,915			32,543		82,915		115,458		2,368		2007	(a)
ASOF II, LLC	40,000			—		—		—			—		—		—		—
Fund III:
125 Main Street Assoc. Westport, CT	12,500			12,993		4,316		8,012			12,993		12,328		25,321		364		2007	(a)
Suffern Self Storage Suffern, NY	—			4,561		7,484		208			4,561		7,692		12,253		815		2008	(a)
Linden Self Storage Linden, NJ	(2		)	3,515		6,139		385			3,515		6,524		10,039		726		2008	(a)
Webster Self Storage Bronx, NY	(2		)	959		5,506		157			959		5,663		6,622		592		2008	(a)
Jersey City Self Storage Jersey City, NJ	(2		)	2,377		9,654		91			2,377		9,745		12,122		1,059		2008	(a)
Bronx Self Storage Bronx, NY	(2		)	10,835		5,936		153			10,835		6,089		16,924		688		2008	(a)
Lawrence Self Storage Lawrence, NY	(2		)	6,977		12,688		86			6,977		12,774		19,751		1,272		2008	(a)
Starr Avenue Self Storage Queens, NY	—			7,597		22,391		512			7,597		22,903		30,500		2,420		2008	(a)
New Rochelle Self Storage Westchester, NY	—			1,977		4,769		443			1,977		5,212		7,189		544		2008	(a)
Yonkers Self Storage Westchester, NY	—			3,121		17,457		283			3,121		17,740		20,861		1,765		2008	(a)
Bruckner Blvd. Self Storage Bronx, NY	—			6,244		10,551		245			6,244		10,796		17,040		1,105		2008	(a)
Ridgewood Self Storage Queens, NY	(2		)	8,000		—		13,942			8,000		13,942		21,942		979		2008	(c)
Document Storage New York City, NY	—			—		—		1,083			—		1,083		1,083		208		2008	(a)
Cortlandt Towne Center Cortlandt, NY	50,000			7,293		61,395		3,712			7,293		65,107		72,400		8,512		2009	(a)
Heritage Shops Chicago, IL	—			13,131		15,409		—			13,131		15,409		28,540		394		2011	(a)
654 Broadway New York, NY	—			3,188		9,563		—			3,188		9,563		12,751		20		2011	(a)
Marcus Avenue New Hyde Park, NY	—			2,250		9,000		—			2,250		9,000		11,250		—		2011	(a)
ASOF III, LLC	136,079			—		—		—			—		—		—		—
Real Estate Under Development	40,650			45,658		2,564		171,423			45,658		181,470		227,128		—
Total	$	787,877		$	324,836	$	559,416	$	580,010		$	331,280	$	1,140,465	$	1,471,745	$	180,796

Notes:


1.	These properties serve as collateral for the financing with Bank of America, N.A. in the amount of $1,000.


2.	These properties serve as collateral for the financing with GEMSA, in the amount of $42,000.

1. Depreciation on buildings and improvements reflected in the statements of income is calculated over the estimated useful life of the assets as follows:

Buildings: 30 to 40 years

Improvements: Shorter of lease term or useful life

2. The aggregate gross cost of property included above for Federal income tax purposes was $1,345.0 million as of December 31, 2011

3. (a) Reconciliation of Real Estate Properties:

The following table reconciles the real estate properties from January 1, 2009 to December 31, 2011:



	For the years ended December 31,
(dollars in thousands)	2011		2010		2009
Balance at beginning of year	$	1,305,561	$	1,119,758	$	1,004,347
Other improvements	60,300		185,803		46,723
Property Acquired	105,884		—		68,688
Balance at end of year	$	1,471,745	$	1,305,561	$	1,119,758

3. (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2009 to December 31, 2011:



	For the years ended December 31,
(dollars in thousands)	2011		2010		2009
Balance at beginning of year	$	156,117	$	132,488	$	109,376
Depreciation related to real estate	24,679		23,629		23,112
Balance at end of year	$	180,796	$	156,117	$	132,488