<SEC-DOCUMENT>0001157523-13-002230.txt : 20130501
<SEC-HEADER>0001157523-13-002230.hdr.sgml : 20130501
<ACCEPTANCE-DATETIME>20130501165154
ACCESSION NUMBER:		0001157523-13-002230
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130501
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20130501
DATE AS OF CHANGE:		20130501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIMCO REALTY CORP
		CENTRAL INDEX KEY:			0000879101
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				132744380
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10899
		FILM NUMBER:		13803904

	BUSINESS ADDRESS:	
		STREET 1:		3333 NEW HYDE PARK RD
		STREET 2:		PO BOX 5020
		CITY:			NEW HYDE PARK
		STATE:			NY
		ZIP:			11042
		BUSINESS PHONE:		5168699000

	MAIL ADDRESS:	
		STREET 1:		3333 NEW HYDE PARK ROAD
		STREET 2:		PO BOX 5020
		CITY:			NEW HYDE PARKQ
		STATE:			NY
		ZIP:			11042
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50622884.htm
<DESCRIPTION>KIMCO REALTY CORPORATION 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2013 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported)</font><br><font style="font-family: Times New Roman; font-size: 10pt">May
      1, 2013</font><br><br><u><font style="font-family: Times New Roman; font-size: 18pt"><b>Kimco
      Realty Corporation</b></font></u><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      Name of Registrant as Specified in its Charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="bottom" style="width: 33%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Maryland</u>
          </p>
        </td>
        <td valign="bottom" style="width: 34%; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>1-10899</u>
          </p>
        </td>
        <td valign="bottom" style="width: 33%; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>13-2744380</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 33%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Of Incorporation)
          </p>
        </td>
        <td valign="bottom" style="width: 34%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="width: 33%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="bottom" style="width: 41%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3333 New Hyde Park Road
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Suite 100
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>New Hyde Park, NY</u>
          </p>
        </td>
        <td style="width: 26%">
          &#160;
        </td>
        <td valign="bottom" style="width: 33%; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>11042</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 41%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of Principal</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">Executive
            Offices)</font>
          </p>
        </td>
        <td style="width: 26%">

        </td>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      Registrant&#8217;s telephone number, including area code: (516) 869-9000<br><br><b>No
      Change</b><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      Name or Former Address, if Changed Since Last Report)</font><br><br>
    </p>
    <p>
      <!--end_optional_former-->
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      [&#160;&#160;] &#160;<font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      [&#160;&#160;] &#160;<font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      [&#160;&#160;] &#160;<font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      [&#160;&#160;] &#160;<font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition </b>
    </p>
    <p style="text-indent: 60.0px">
      The information contained in this Item 2.02 of the Current Report on
      Form 8-K of Kimco Realty Corporation (the &#8220;Company&#8221;) is being furnished
      pursuant to &#8220;Item 2.02 &#8211; Results of Operations and Financial Condition&#8221;
      and &#8220;Item 7.01 &#8211; Regulation FD Disclosure&#8221; of Form 8-K.
    </p>
    <p style="text-indent: 60.0px">
      On May 1, 2013, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter ended March 31,
      2013.&#160;&#160;A copy of the press release is furnished as Exhibit 99.1 to this
      report.
    </p>
    <p style="text-indent: 60.0px">
      A copy of the Company&#8217;s press release is an exhibit to this Current
      Report on Form 8-K and is not being filed for purposes of Section 18 of
      the Securities Exchange Act of 1934, as amended.&#160;&#160;The information in
      this Current Report on Form 8-K, including the exhibit, shall not be
      deemed to be incorporated by reference into any filing of the Company,
      whether made before or after the date hereof, regardless of any general
      incorporation language in such filing.
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>KIMCO REALTY CORPORATION</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">
          &#160;
        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3">

        </td>
        <td valign="top" style="width: 17%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 6%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 3%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>By:</i>
          </p>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>/s/ Glenn G. Cohen</i>
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 5%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Name:</i>
          </p>
        </td>
        <td valign="top" style="width: 25%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Glenn G. Cohen</i>
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 5%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Title:</i>
          </p>
        </td>
        <td valign="top" style="width: 25%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Chief Financial Officer</i>
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 17%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td valign="top" style="width: 17%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 25%">

        </td>
        <td valign="top" style="width: 17%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>May 1, 2013</i>
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 5%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 25%">

        </td>
        <td style="width: 17%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <u><b>EXHIBIT&#160;INDEX</b></u><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td valign="top" style="width: 15%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="width: 85%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td valign="top" style="width: 85%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 15%; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          99.1
        </td>
        <td valign="top" style="width: 85%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release, dated May 1, 2013 issued by Kimco Realty Corporation
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50622884_ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2013 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Kimco
      Realty Announces First Quarter 2013 Results - FFO Increases 6.5 Percent
      Per Share; Strong Same-Property NOI Growth of 4.0 Percent - Highest
      Quarterly Increase Since 2007</b></font>
    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--May 1, 2013--Kimco Realty Corp.
      (NYSE: KIM) today reported results for the first quarter ended March 31,
      2013.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Highlights for the
      First Quarter 2013 and Subsequent Activity</b></font></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Reported funds from operations (&#8220;FFO&#8221;) of $0.33 per diluted share for
        the first quarter 2013, representing an increase of 6.5 percent over
        the same period in 2012;
      </li>
      <li style="margin-bottom: 10.0px">
        FFO as adjusted was $0.32 per diluted share for the first quarter
        2013, compared to $0.31 per diluted share for the same period in 2012;
      </li>
      <li style="margin-bottom: 10.0px">
        Combined same-property net operating income (&#8220;NOI&#8221;) increased 4.0
        percent from the first quarter 2012, representing the twelfth
        consecutive quarter with a positive increase;
      </li>
      <li style="margin-bottom: 10.0px">
        Recognized 13.5 percent positive spread on new U.S. leases signed
        during the quarter;
      </li>
      <li style="margin-bottom: 10.0px">
        Signed 693 new leases, renewals and options during the quarter
        totaling 3.7 million square feet;
      </li>
      <li style="margin-bottom: 10.0px">
        Completed the funding of Kimco&#8217;s 15 percent interest in the consortium
        that acquired five grocery banners from SUPERVALU Inc. (NYSE: SVU), as
        well as a minority interest in the outstanding common shares of SVU;
        and
      </li>
      <li style="margin-bottom: 10.0px">
        Executed a purchase and sales agreement for the sale of a
        nine-property Mexican shopping center portfolio for a gross sales
        price of approximately US$271 million.
      </li>
    </ul>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Financial Results</b></font></u>
    </p>
    <p>
      Net income available to common shareholders for the first quarter of
      2013 was $53.2 million, or $0.13 per diluted share, compared to $38.1
      million, or $0.09 per diluted share, for the first quarter of 2012.
    </p>
    <p>
      FFO, a widely accepted supplemental measure of REIT performance, was
      $134.9 million, or $0.33 per diluted share, for the first quarter of
      2013, compared to $126.2 million, or $0.31 per diluted share, for the
      first quarter of 2012.
    </p>
    <p>
      FFO as adjusted, which excludes the effects of non-operating impairments
      and transactional income and expenses, was $132.2 million, or $0.32 per
      diluted share, for the first quarter of 2013, compared to $125.9
      million, or $0.31 per diluted share, for the first quarter of 2012.
    </p>
    <p>
      A reconciliation of net income to FFO and FFO as adjusted is provided in
      the tables accompanying this press release.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Shopping Center
      Operating Results</b></font></u>
    </p>
    <p>
      First quarter 2013 shopping center portfolio operating results:
    </p>
    <p>
      <u>Combined Shopping Center Portfolio (includes U.S., Canada and Latin
      America)</u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy was 93.6 percent, an increase of 70 basis points
        over the first quarter of 2012;
      </li>
      <li style="margin-bottom: 10.0px">
        Combined same-property NOI increased 4.0 percent over the first
        quarter of 2012; and
      </li>
      <li style="margin-bottom: 10.0px">
        Total leases executed in the combined portfolio: 693 new leases,
        renewals and options totaling 3.7 million square feet.
      </li>
    </ul>
    <p>
      The combined same-property NOI increase of 4.0 percent represents twelve
      consecutive quarters of positive same-property NOI, and the highest
      quarterly increase since the fourth quarter of 2007. Kimco reports
      same-property NOI on a cash-basis, excluding lease termination fees, and
      including charges for bad debts.
    </p>
    <p>
      <u>U.S. Shopping Center Portfolio</u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy was 93.7 percent, an increase of 90 basis points
        over the first quarter of 2012;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. same-property NOI increased 3.7 percent during the first quarter
        of 2013, compared to the same period in 2012; and
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata U.S. cash-basis leasing spreads increased 3.8 percent; new
        leases increased 13.5 percent, and renewals/options increased 2.7
        percent.
      </li>
    </ul>
    <p>
      In addition, the U.S. shopping center portfolio&#8217;s pro-rata occupancy for
      small shop space (defined as space of less than 10,000 square feet) was
      84.0 percent, an increase of 170 basis points from the first quarter of
      2012.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Investment Activity</b></font></u>
    </p>
    <p>
      <i><b>Acquisitions:</b></i>
    </p>
    <p>
      As previously announced, during the first quarter of 2013, Kimco
      acquired or increased its equity interests in eight retail properties
      totaling 1.5 million square feet for approximately $221 million. First
      quarter acquisition activity includes:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Purchased four properties that were either adjacent or in close
        proximity to an existing Kimco shopping center and are supported by an
        average household income of $121,000 within a three-mile radius, for a
        total purchase price of $76.0 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Acquired from existing joint venture partners the remaining interest
        in three shopping centers that are 97.5 percent occupied for a gross
        purchase price of $144.9 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Converted a Canadian retail preferred equity investment into a pari
        passu joint venture. Kimco holds a 55.5 percent interest in this
        429,000 square foot shopping center.
      </li>
    </ul>
    <p>
      Also in the first quarter of 2013, Kimco increased its ownership
      interest in the Kimco Income Fund (KIF) joint venture portfolio from
      15.2 percent to 29.8 percent through the acquisition of a minority
      partner&#8217;s interest for $19.9 million.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i><b>Dispositions:</b></i>
    </p>
    <p>
      As previously announced, Kimco sold two shopping centers, totaling
      292,000 square feet, for a gross sales price of $10.3 million during the
      first quarter. Currently, the company has 14 U.S. retail properties in
      contract negotiations for approximately $111 million. Since Kimco&#8217;s
      Investor Day in September 2010, the company has disposed of 110
      properties, comprising 11.1 million square feet, for $835.6 million,
      including $194.1 million of mortgage debt. The company&#8217;s share of the
      proceeds from these sales was $514.5 million.
    </p>
    <p>
      Also during the first quarter, the company sold a non-retail urban
      property located in Bronx, N.Y., for $3.6 million. In addition, Kimco
      anticipates completing the sale of the InTown Suites extended-stay
      portfolio and two New York City non-retail urban properties that are
      under contract during the second quarter of 2013. These transactions are
      expected to generate proceeds to the company of approximately $137
      million.
    </p>
    <p>
      Subsequent to the end of the first quarter of 2013, a purchase and sales
      agreement was executed for the sale of a portfolio of nine Mexican
      shopping centers to a local real estate operator for a gross sales price
      of 3.35 billion Mexican pesos (US$271 million), including mortgage debt
      of 574 million Mexican pesos (US$46 million). Kimco holds a 47.6 percent
      interest in this portfolio, which totals 2.6 million square feet and is
      approximately 91 percent occupied.
    </p>
    <p>
      <i><b>SUPERVALU:</b></i>
    </p>
    <p>
      As previously announced, Kimco, through wholly owned subsidiaries,
      invested a total of approximately $71 million for its 15 percent
      interest in a consortium that is participating in two previously
      announced transactions with SUPERVALU Inc. The company invested $37
      million toward the acquisition of the Albertsons, Shaw&#8217;s, Jewel-Osco,
      Acme and Star Market banners from SUPERVALU Inc., comprising 877 grocery
      locations for $3.3 billion. In addition, as part of a tender offer,
      Kimco funded approximately $34 million for 8.2 million common shares of
      SUPERVALU Inc. (NYSE: SVU), priced at $4 per share which compares
      favorably to the current market price.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Dividend Declarations</b></font></u>
    </p>
    <p>
      Kimco&#8217;s board of directors declared a quarterly cash dividend of $0.21
      per common share, payable on July 15, 2013, to shareholders of record on
      July 3, 2013, representing an ex-dividend date of July 1, 2013.
    </p>
    <p>
      The board of directors also declared quarterly dividends for the
      company&#8217;s preferred shares as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        For the Class H depositary shares, each representing 1/100 of a share
        of 6.90 percent Class H cumulative redeemable preferred shares, a
        quarterly dividend of $0.43125 per preferred depositary share will be
        paid on July 15, 2013, to shareholders of record on July 2, 2013,
        representing an ex-dividend date of June 28, 2013;
      </li>
    </ul>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        For the Class I depositary shares, each representing 1/1000 of a share
        of 6.00 percent Class I cumulative redeemable preferred shares, a
        quarterly dividend of $0.37500 per preferred depositary share will be
        paid on July 15, 2013, to shareholders of record on July 2, 2013,
        representing an ex-dividend date of June 28, 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        For the Class J depositary shares, each representing 1/1000 of a share
        of 5.50 percent Class J cumulative redeemable preferred shares, a
        quarterly dividend of $0.34375 per preferred depositary share will be
        paid on July 15, 2013, to shareholders of record on July 2, 2013,
        representing an ex-dividend date of June 28, 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        For the Class K depositary shares, each representing 1/1000 of a share
        of 5.625 percent Class K cumulative redeemable preferred shares, a
        quarterly dividend of $0.35156 per preferred depositary share will be
        paid on July 15, 2013, to shareholders of record on July 2, 2013,
        representing an ex-dividend date of June 28, 2013.
      </li>
    </ul>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>2013 Revised Guidance</b></font></u>
    </p>
    <p>
      The company&#8217;s 2013 full-year guidance range for FFO as adjusted, which
      does not include any estimate for transactional activities or
      non-operating impairments, has been increased by raising the low end of
      the guidance range. In addition, Kimco has increased its 2013 guidance
      range for the combined same-property NOI. Kimco&#8217;s 2013 revised guidance
      is as follows:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Revised Guidance</u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Previous Guidance</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          FFO as adjusted per diluted share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          $1.29 - $1.33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          $1.28 - $1.33
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          Combined portfolio occupancy:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px">
          +50 to +75 basis points
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px">
          +50 to +75 basis points
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">
          Combined same-property NOI:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px">
          +2.75 to +3.75 percent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px">
          +2.5 to +3.5 percent
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Conference Call and Supplemental Materials</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Thursday, May 2, 2013,
      at 10:00 a.m. EDT. The call will include a review of the company&#8217;s first
      quarter 2013 results, as well as a discussion of the company&#8217;s strategy
      and expectations for the future. To participate, dial 1-888-317-6003
      (Passcode: 2655185).
    </p>
    <p>
      A replay will be available through 9:00 a.m. EDT on June 3, 2013, by
      dialing 1-877-344-7529 (Passcode: 10026626). Access to the live call and
      replay will be available through the company's website at
      investors.kimcorealty.com.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>About Kimco</b></u>
    </p>
    <p>
      Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
      headquartered in New Hyde Park, N.Y., that owns and operates North
      America&#8217;s largest portfolio of neighborhood and community shopping
      centers. As of March 31, 2013, the company owned interests in 895
      shopping centers comprising 131 million square feet of leasable space
      across 44 states, Puerto Rico, Canada, Mexico and South America.
      Publicly traded on the NYSE since 1991, and included in the S&amp;P 500
      Index, the company has specialized in shopping center acquisitions,
      development and management for more than 50 years. For further
      information, please visit <u>www.kimcorealty.com,</u> the company&#8217;s blog
      at blog.kimcorealty.com, or follow Kimco on Twitter at <u>www.twitter.com/kimcorealty</u>.
    </p>
    <p>
      <u><b>Safe Harbor Statement</b></u>
    </p>
    <p>
      The statements in this news release state the company's and management's
      intentions, beliefs, expectations or projections of the future and are
      forward-looking statements. It is important to note that the company's
      actual results could differ materially from those projected in such
      forward-looking statements. 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&#8217;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,
      (vii) risks related to our international operations, (viii) the
      availability of suitable acquisition and disposition opportunities, and
      risks related to acquisitions not performing in accordance with our
      expectations, (ix) valuation and risks related to our 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&#8217;s common stock, (xiii) the reduction
      in the company&#8217;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 and (xv) unanticipated changes
      in the company&#8217;s intention or ability to prepay certain debt prior to
      maturity and/or hold certain securities until maturity. Additional
      information concerning factors that could cause actual results to differ
      materially from those forward-looking statements is contained from time
      to time in the company's Securities and Exchange Commission (SEC)
      filings, including but not limited to the company's Annual Report on
      Form 10-K for the year ended December 31, 2012. Copies of each filing
      may be obtained from the company or the SEC.
    </p>
    <p>
      The company refers you to the documents filed by the company from time
      to time with the SEC, specifically the section titled &quot;Risk Factors&quot; in
      the company's Annual Report on Form 10-K for the year ended December 31,
      2012, as may be updated or supplemented in the company&#8217;s Quarterly
      Reports on Form 10-Q and the company&#8217;s other filings with the SEC, which
      discuss these and other factors that could adversely affect the
      company's results.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="11">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="8">
          <b>Three Months Ended</b>
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="8">
          <b>March 31,</b>
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="3">
          <b>2013</b>
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="3">
          <b>2012</b>
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left">
          Revenues
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Revenues from rental properties
        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          232,785
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          214,564
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Management and other fee income
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,393
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9,425
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left">
          Total revenues
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          241,178
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          223,989
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left">
          Operating expenses
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Rent
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,325
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,263
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Real estate taxes
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          29,855
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          28,152
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Operating and maintenance
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          28,849
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          26,415
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          General and administrative expenses
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34,119
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34,414
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Provision for doubtful accounts
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,960
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,097
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Impairment charges
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,198
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          233
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Depreciation and amortization
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          62,738
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          59,556
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 2.0px">
          Total operating expenses
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          164,044
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          155,130
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left">
          Operating income
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          77,134
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          68,859
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left">
          Other income/(expense)
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Mortgage financing income
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          986
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,007
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Interest, dividends and other investment income
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,663
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          164
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Other expense, net
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (3,485
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (3,597
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Interest expense
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (53,624
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (57,283
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Income from other real estate investments
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          403
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          727
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Income from continuing operations before income taxes, equity
            in income of joint ventures, gains on change in control of
            interests and equity in income from other real estate investments</b>
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>24,077</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>10,877</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Provision for income taxes, net
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (15,133
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (4,054
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Equity in income of joint ventures, net
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          24,111
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34,738
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Gains on change in control of interests
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23,170
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,008
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Equity in income of other real estate investments, net
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,163
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,027
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 2.0px">
          <b>Income from continuing operations</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>67,388</b>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>54,596</b>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left">
          <b>Discontinued operations</b>
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Income from discontinued operating properties, net of tax
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          115
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,497
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Impairment/loss on operating properties sold, net of tax
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (31
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (8,924
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Gain on disposition of operating properties
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,496
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,979
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          <b>Income from discontinued operations</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>2,580</b>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>4,552</b>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Gain on sale of operating properties, net of tax (1)</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>540</b>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>-</b>
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left">
          <b>Net income</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>70,508</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>59,148</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Net income attributable to noncontrolling interests (3)
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (2,738
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (5,510
        </td>
        <td valign="bottom" style="width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left">
          <b>Net income attributable to the Company</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>67,770</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>53,638</b>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Preferred stock dividends
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (14,573
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: solid black 1.0pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (15,574
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; width: 1%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 4.0px">
          <b>Net income available to the Company's common shareholders</b>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>53,197</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>38,064</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left">
          Per common share:
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Income from continuing operations: (3)
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 4.0px">
          Basic
        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.12</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.09</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 4.0px">
          Diluted
        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.12</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td valign="bottom" style="width: 4%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.09</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td valign="bottom" style="width: 4%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 20.0px; text-align: left">
          Net income: (4)
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 4.0px">
          Basic
        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.13</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.09</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 4.0px">
          Diluted
        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.13</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td valign="bottom" style="width: 4%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 5%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.09</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td valign="bottom" style="width: 4%; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          <b>(2)</b>
        </td>
      </tr>
      <tr>
        <td style="width: 63%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="width: 5%; padding-left: 0.0px; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="width: 8%; padding-left: 0.0px; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td valign="bottom" style="width: 5%; padding-left: 0.0px; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="width: 7%; padding-left: 0.0px; text-align: right">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 0.0px; text-align: left">
          Weighted average shares:
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 4.0px">
          Basic
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: double black 2.25pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>406,662</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: double black 2.25pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>406,272</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 63%; padding-left: 40.0px; text-align: left; padding-bottom: 4.0px">
          Diluted
        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: double black 2.25pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 8%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>407,666</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 1%">

        </td>
        <td style="border-bottom: double black 2.25pt; width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; width: 7%; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>407,279</b>
        </td>
        <td style="border-bottom: double black 2.25pt; width: 1%">
          &#160;
        </td>
        <td style="width: 4%">

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <b>(1)</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Included in the calculation of income from continuing operations per
          common share in accordance with SEC guidelines.
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <b>(2)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. The impact of the
          conversion would have an anti-dilutive effect on net income and
          therefore has not been included.
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <b>(3)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Includes the net income attributable to noncontrolling interests
          related to continued operations of ($2,750) and ($3,269) for the
          quarters ended March 31, 2013 and 2012, respectively.
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <b>(4)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Includes earnings attributable to unvested restricted shares of $390
          and $338 for the quarters ended March 31, 2013 and 2012,
          respectively.
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="9">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="9">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="9">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="3">
          <b>March 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="3">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="3">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="3">
          <b>2012</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Assets:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Operating real estate, net of accumulated depreciation of
            $1,801,679 and $1,745,462, respectively
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          7,307,210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          7,104,562
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Investments and advances in real estate joint ventures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,442,240
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,428,155
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Real estate under development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          97,260
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          97,263
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Other real estate investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          334,082
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          317,557
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Mortgages and other financing receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          72,361
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          70,704
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          166,894
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          141,875
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          76,786
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          36,541
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Accounts and notes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          164,510
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          171,540
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          400,492
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          383,037
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,061,835
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9,751,234
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Notes payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,337,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,192,127
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Mortgages payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,113,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,003,190
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Dividends payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          99,156
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          96,518
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Other liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          469,494
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          445,843
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,019,723
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,737,678
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          86,324
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          81,076
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Stockholders' equity:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Preferred stock, $1.00 par value, authorized 5,961,200 shares
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            102,000 shares issued and outstanding (in series)
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Aggregate liquidation preference $975,000
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          102
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          102
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Common stock, $.01 par value, authorized 750,000,000 shares
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          issued and outstanding 408,622,972 and 407,782,102 shares,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,086
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,078
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,667,845
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,651,170
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Cumulative distributions in excess of net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (856,620
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (824,008
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (27,678
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (66,182
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,787,735
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,765,160
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          168,053
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          167,320
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,955,788
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,932,480
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,061,835
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9,751,234
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>Reconciliation of Net Income Available to Common Shareholders</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>to Funds From Operations (&quot;FFO&quot;)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>(in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="11">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="8">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="8">
          <b>March 31,</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="3">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="3">
          <b>2012</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income available to common shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          53,197
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          38,064
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Gain on disposition of operating property, net of tax and
          noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (3,036
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (9,390
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Gain on disposition of joint venture operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (13,303
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (10,424
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Depreciation and amortization - real estate related
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          60,784
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          63,664
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Depr. and amort. - real estate joint ventures, net of noncontrolling
          interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          32,961
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34,042
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Impairments of operating properties, net of tax and noncontrolling
          interests
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,276
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,293
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Funds from operations</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>134,879</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>126,249</b>
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Transactional income, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (2,699
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (361
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>Funds from operations as adjusted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>132,180</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>125,888</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Weighted average shares outstanding for FFO calculations:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          406,662
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          406,272
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Units
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,531
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Dilutive effect of equity awards
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,668
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,378
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          410,854
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          410,181
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          (1)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>FFO per common share - basic</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.33</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.31</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>FFO per common share - diluted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.33</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.31</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          (1)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <b>FFO as adjusted per common share - diluted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.32</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <b>0.31</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px">
          (1)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (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 $640 and $525 for
          the three months ended March 31, 2013 and 2012, respectively. The
          impact of the conversion of other units would have an anti-dilutive
          effect on FFO and therefore has not been included.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          FFO is a widely accepted supplemental measure of REIT performance
          with the standards established by the National Association of Real
          Estate Investment Trusts (NAREIT). Given the company&#8217;s business as a
          real estate owner and operator, Kimco believes that FFO and FFO as
          adjusted is helpful to investors as a measure of its operating
          performance. NAREIT defines FFO as net income/(loss) attributable to
          common shareholders computed in accordance with generally accepted
          accounting principles, excluding (i) gains or losses from sales of
          operating real estate assets and (ii) extraordinary items, plus
          (iii) depreciation and amortization of operating properties and (iv)
          impairment of depreciable real estate and in substance real estate
          equity investments. Included in these items are also the company&#8217;s
          share of unconsolidated real estate joint ventures and partnerships.
          FFO as adjusted excludes the effects of non-operating impairments,
          transactional income and expenses.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="9">
          <b>Reconciliation of Projected Diluted Net Income per Common Share</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="9">
          <b>to Projected Diluted Funds From Operations (&quot;FFO&quot;) per Common
          Share</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="9">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="7">
          <b>Projected Range</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" colspan="7">
          <b>Full Year 2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Low</u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>High</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Projected diluted net income available to common shareholder per
            share
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.46
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Projected depreciation &amp; amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.63
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Projected depreciation &amp; amortization real estate joint ventures,
            net of noncontrolling interests
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.32
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Gain on disposition of operating properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (0.03
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Gain on disposition of joint venture operating properties, net of
            noncontrolling interests
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (0.03
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (0.05
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Impairments of operating properties, net of tax and noncontrolling
            interests
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.01
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Projected FFO per diluted common share
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1.30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1.34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Transactional income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Projected FFO, as adjusted per diluted common share
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1.29
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1.33
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Projections involve numerous assumptions such as rental income
      (including assumptions on percentage rent), interest rates, tenant
      defaults, occupancy rates, foreign currency exchange rates (such as the
      US-Canadian rate), selling prices of properties held for disposition,
      expenses (including salaries and employee costs), insurance costs and
      numerous other factors. Not all of these factors are determinable at
      this time and actual results may vary from the projected results, and
      may be above or below the range indicated. The above range represents
      management&#8217;s estimate of results based upon these assumptions as of the
      date of this press release.
    </p>
    <p>
      CONTACT:<br>Kimco Realty Corporation<br>David F. Bujnicki, 1-866-831-4297<br>Vice
      President, Investor Relations and Corporate Communications
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
