<SEC-DOCUMENT>0001157523-14-001992.txt : 20140507
<SEC-HEADER>0001157523-14-001992.hdr.sgml : 20140507
<ACCEPTANCE-DATETIME>20140507172035
ACCESSION NUMBER:		0001157523-14-001992
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140507
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20140507
DATE AS OF CHANGE:		20140507

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:		14822051

	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>a50860246.htm
<DESCRIPTION>KIMCO REALTY CORPORATION 8-K
<TEXT>
<html>
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    <title></title>
<!--Copyright 2014 Business Wire, a Berkshire Hathaway company.-->
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    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported)</font><br><font style="font-size: 10pt; font-family: Times New Roman">May
      7, 2014</font><br><br><u><font style="font-size: 18pt; font-family: Times New Roman"><b>Kimco
      Realty Corporation</b></font></u><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in its Charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Maryland</u>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 34%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>1-10899</u>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 33%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>13-2744380</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <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="text-align: center; padding-left: 0.0px; width: 34%">
          <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="text-align: center; padding-left: 0.0px; width: 33%">
          <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="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 41%">
          <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="padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 33%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>11042</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 41%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of Principal</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">Executive
            Offices)</font>
          </p>
        </td>
        <td style="width: 26%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <font style="font-size: 10pt; font-family: Times New Roman">(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-size: 10pt; font-family: Times New Roman">(Former
      Name or Former Address, if Changed Since Last Report)</font><br><br>
    </p>
    <p>
      <!--end_optional_former-->
      <font style="font-size: 10pt; font-family: Times New Roman">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>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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: 30.0px; font-size: 10pt; font-family: Times New Roman">
      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: 30.0px; font-size: 10pt; font-family: Times New Roman">
      On May 7, 2014, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter ended March 31,
      2014.&#160;&#160;A copy of the press release is furnished as Exhibit 99.1 to this
      report.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      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 style="text-indent: 60.0px">

    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="6" valign="top" style="text-align: center; padding-left: 0.0px">
          <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 colspan="3" valign="top" style="text-align: left; padding-left: 0.0px">
          <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="text-align: left; padding-left: 0.0px; width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 44%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 3%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>By:</i>
          </p>
        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <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="text-align: left; padding-left: 0.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Name:</i>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 25%">
          <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="text-align: left; padding-left: 0.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Title:</i>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 25%">
          <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 colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <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="text-align: left; padding-left: 0.0px; width: 17%">
          &#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="text-align: left; padding-left: 0.0px; width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 44%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>May 7, 2014</i>
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          <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-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 15%; white-space: nowrap">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release, dated May 7, 2014 issued by Kimco Realty Corporation
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50860246ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2014 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 style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Kimco
      Realty Announces First Quarter 2014 Operating Results - Reports a 6.3%
      Increase in FFO as Adjusted per Diluted Share; Advances Portfolio
      Simplification and Transformation Efforts</b></font>
    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--May 7, 2014--Kimco Realty Corp.
      (NYSE:KIM) today reported results for the first quarter ended March 31,
      2014.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Highlights for the
      First Quarter 2014 and Subsequent Activity:</b></font></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Reported funds from operations (FFO) of $0.34 per diluted share for
        the first quarter of 2014, compared to $0.33 per diluted share for the
        same period in 2013;
      </li>
      <li style="margin-bottom: 10.0px">
        FFO as adjusted was $0.34 per diluted share for the first quarter of
        2014 compared to $0.32 per diluted share for the same period in 2013,
        representing a 6.3% increase;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. same-property net operating income (NOI) increased 2.0% over the
        prior year, which includes an approximately 40-basis-point negative
        impact from snow-related costs;
      </li>
      <li style="margin-bottom: 10.0px">
        Recognized positive rental-rate leasing spreads in the U.S. of 8.8%,
        with rental rates for new leases up 50.7% and rental rates for
        renewals/options increasing 4.6%;
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy increased 100 basis points in the U.S. shopping
        center portfolio to 94.7%, and 90 basis points in the combined
        shopping center portfolio to 94.5%, compared to the first quarter of
        2013;
      </li>
      <li style="margin-bottom: 10.0px">
        Continued to transform the consolidated U.S. retail portfolio:
        Acquired 26 retail properties (including a 24-property portfolio
        primarily in the Greater Boston area) for a gross price of $392.8
        million; and
      </li>
      <li style="margin-bottom: 10.0px">
        Continued to simplify the company&#8217;s business model by reducing the
        number of properties in joint ventures and its exposure to Latin
        America: Purchased 15 Kimco-managed joint venture properties from
        partners for a total price of $501.2 million; disposed of six joint
        venture properties for a gross sales price of $40.5 million; and sold
        a nine-property retail portfolio in Mexico for a gross sales price of
        $222 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
      2014 was $72.4 million, or $0.18 per diluted share, compared to $53.2
      million, or $0.13 per diluted share, for the first quarter of 2013. Net
      income available to common shareholders during the first quarter of 2014
      included $32.8 million of gains on sales of operating properties and
      $12.8 million of impairments attributable to the sale or pending
      disposition of operating properties. This compares to $16.3 million of
      gains on the sales of operating properties and $4.3 million of
      impairments during the first quarter of 2013. Both operating property
      impairments and gains on sales are excluded from the calculation of FFO.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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>
      FFO, a widely accepted supplemental measure of REIT performance, was
      $138.4 million, or $0.34 per diluted share, for the first quarter of
      2014 compared to $134.9 million, or $0.33 per diluted share, for the
      first quarter of 2013.
    </p>
    <p>
      FFO as adjusted, which excludes the effects of non-operating impairments
      and transactional income and expenses, was $140.8 million, or $0.34 per
      diluted share, for the first quarter of 2014 compared to $132.2 million,
      or $0.32 per diluted share, for the first quarter of 2013.
    </p>
    <p>
      A reconciliation of net income to FFO and FFO as adjusted is provided in
      the tables accompanying this press release.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Shopping Center
      Operating Results</b></font></u>
    </p>
    <p>
      First quarter 2014 shopping center portfolio operating results:
    </p>
    <p>
      <u>U.S. Shopping Center Portfolio</u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy was 94.7%, an increase of 100 basis points over the
        first quarter of 2013;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. same-property NOI increased 2.0%, which includes a
        five-basis-point positive impact from the inclusion of redevelopments
        and an approximately 40-basis-point negative impact from snow-related
        costs across the portfolio, compared to the same period in 2013; and
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata rental-rate leasing spreads increased 8.8%; rental rates on
        new leases increased 50.7%, and rental rates for renewals/options
        increased 4.6%.
      </li>
    </ul>
    <p>
      Kimco reports same-property NOI on a cash basis, excluding lease
      termination fees and including charges for bad debts.
    </p>
    <p>
      In addition, the U.S. shopping center portfolio&#8217;s pro-rata occupancy for
      anchor space (10,000 square feet and greater) was 97.6%, an 80 basis
      point increase from the first quarter of 2013. Kimco&#8217;s pro-rata
      occupancy for small shop space increased 160 basis points to 85.6% in
      the first quarter of 2014, compared to the same period in 2013.
    </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 94.5%, an increase of 90 basis points over the
        first quarter of 2013;
      </li>
      <li style="margin-bottom: 10.0px">
        Combined same-property NOI increased 1.5% over same period in 2013
        (2.5% when excluding the impact of foreign currency); and
      </li>
      <li style="margin-bottom: 10.0px">
        Total leases executed in the combined portfolio: 625 new leases,
        renewals and options totaling 3.8 million square feet.
      </li>
    </ul>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
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        <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>Investment Activity</b></font></u>
    </p>
    <p>
      <i><b>Acquisitions:</b></i>
    </p>
    <p>
      As previously announced, in the first quarter Kimco purchased five
      high-quality shopping centers including: (i) two well-positioned
      properties located in affluent areas of North Carolina, comprising
      nearly 600,000 square feet, for $122.8 million, including $89.7 million
      of mortgage debt, and (ii) the remaining 89% equity interest in three
      grocery-anchored shopping centers, totaling 316,000 square feet, in the
      Greater Baltimore area from an institutional joint venture partner for a
      gross purchase price of $93.2 million, including the assumption of $23.3
      million in mortgage debt.
    </p>
    <p>
      Subsequent to the first quarter, Kimco completed the acquisition of a
      24-property retail portfolio located predominately in the Boston
      metropolitan market, comprising 1.4 million square feet, for a total
      purchase price of $270 million, including $120.5 million of mortgage
      debt.
    </p>
    <p>
      In addition, the company purchased the remaining 60.9% interest in the
      12-property Kimco Income Fund I portfolio (KIF I) from its joint venture
      partners for a gross price of $408.0 million, including $38.2 million of
      mortgage debt. As part of this transaction, the company repaid $118.9
      million of mortgage debt encumbering nine of the properties. In
      addition, Kimco earned a cash promote of approximately $18.8 million,
      which was used to reduce the company&#8217;s overall cash payment to $251.4
      million.
    </p>
    <p>
      In September 2010, Kimco commenced its portfolio transformation
      initiative to sell non-core, limited-growth properties in favor of
      acquiring high-quality shopping centers in the company&#8217;s key markets.
      Since then, Kimco has acquired 123 U.S. retail properties, comprising
      14.4 million square feet, for a gross purchase price of $2.8 billion,
      including $996.1 million of mortgage debt. These properties have, on a
      pro-rata basis, an average occupancy of 96.1% and an annual base rent of
      $14.40 per square foot and are supported by excellent demographics,
      including an average household income of $92,000 within a three-mile
      radius.
    </p>
    <p>
      <i><b>Dispositions:</b></i>
    </p>
    <p>
      <u><i>United States</i></u>
    </p>
    <p>
      During the first quarter, Kimco sold ownership interests in 11 U.S.
      properties (seven wholly owned and four unconsolidated properties held
      in joint ventures) totaling 1 million square feet for a gross sales
      price of $63.7 million, including $14.0 million of mortgage debt. The
      company&#8217;s share of the proceeds from these sales was $42.1 million.
    </p>
    <p>
      Subsequent to the first quarter, Kimco sold four properties (two wholly
      owned and two unconsolidated properties held in joint ventures) totaling
      217,000 square feet for a gross sales price of $18.5 million. The
      company&#8217;s share of the proceeds from these sales was $11.3 million.
    </p>
    <p>
      Since the start of the company&#8217;s disposition efforts in 2010, Kimco has
      sold 158 retail properties, comprising 16.1 million square feet, for a
      gross sales price of $1.3 billion, including $302.6 million of mortgage
      debt. The company&#8217;s share of the proceeds from these sales was
      approximately $751.7 million. These properties had an average pro-rata
      occupancy of 86.1% and an annual base rent of $8.80 per square foot,
      which was 33% below Kimco&#8217;s portfolio average at March 31, 2014.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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>
      Kimco remains committed to actively identifying and disposing of
      non-core retail properties and is accelerating the company&#8217;s planned
      level of U.S. dispositions, on a pro-rata basis, to approximately $600
      million - $700 million in 2014. The company is currently negotiating
      contracts for the sale of 40 properties for a gross sales price of
      approximately $344.0 million and is planning to market an additional 60
      properties for sale.
    </p>
    <p>
      <u><i>Mexico and South America (Latin America)</i></u>
    </p>
    <p>
      In the first quarter of 2014, Kimco made further progress on reducing
      its exposure to Latin America by completing the sale of a nine-property
      retail portfolio in Mexico for a gross sales price of $222 million,
      including $36.3 million of mortgage debt. Kimco&#8217;s pro-rata share of the
      sales price was approximately $153.0 million. With the sale of these
      nine properties, Kimco&#8217;s remaining Latin American shopping center
      portfolio comprises 36 properties totaling 5.9 million square feet. The
      company is currently negotiating contracts for the sale of these
      remaining.
    </p>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>Capital Structure</b></font></u>
    </p>
    <p>
      In March, the company closed on a new $1.75 billion unsecured revolving
      credit facility with commitments from 23 lending institutions, replacing
      the company&#8217;s existing credit facility of the same amount. The new
      facility, which can be increased to $2.25 billion through an accordion
      feature, is scheduled to mature on March 17, 2018 with two additional
      six-month options to extend the maturity date to March 17, 2019 at
      Kimco&#8217;s discretion. Interest accrues at an annual rate of LIBOR plus
      92.5 basis points on drawn funds.
    </p>
    <p>
      In April, Kimco subsequently issued $500 million 3.20% notes due on May
      1, 2021. The company intends to use the net proceeds of approximately
      $495.4 million for general corporate purposes, including to (i)
      partially reduce borrowings under its revolving credit facility and (ii)
      pre-fund near-term maturities, including one or more of its (a) $100
      million 5.95% Senior Notes due June 2014, (b) $194.6 million 4.82%
      Senior Notes due June 2014 and (c) $97.6 million of mortgage debt
      maturing during the remainder of 2014 with a weighted average interest
      rate of 6.14%.
    </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 $0.225
      per common share, payable on July 15, 2014, to shareholders of record on
      July 3, 2014, with an ex-dividend date of July 1, 2014. This dividend
      represents a 7.1% increase over the previous dividend paid for the
      comparable period in 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% Class H cumulative redeemable preferred shares, a quarterly
        dividend of $0.43125 per preferred depositary share will be paid on
        July 15, 2014, to shareholders of record on July 2, 2014, with an
        ex-dividend date of June 30, 2014;
      </li>
    </ul>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
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        <div style="text-align: left">

        </div>
      </div>
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        <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% Class I cumulative redeemable preferred shares, a quarterly
        dividend of $0.37500 per preferred depositary share will be paid on
        July 15, 2014, to shareholders of record on July 2, 2014, with an
        ex-dividend date of June 30, 2014;
      </li>
      <li style="margin-bottom: 10.0px">
        For the Class J depositary shares, each representing 1/1000 of a share
        of 5.50% Class J cumulative redeemable preferred shares, a quarterly
        dividend of $0.34375 per preferred depositary share will be paid on
        July 15, 2014, to shareholders of record on July 2, 2014, with an
        ex-dividend date of June 30, 2014;
      </li>
      <li style="margin-bottom: 10.0px">
        For the Class K depositary shares, each representing 1/1000 of a share
        of 5.625% Class K cumulative redeemable preferred shares, a quarterly
        dividend of $0.35156 per preferred depositary share will be paid on
        July 15, 2014, to shareholders of record on July 2, 2014, with an
        ex-dividend date of June 30, 2014.
      </li>
    </ul>
    <p>
      <u><font style="border-bottom: 1px solid black"><b>2014 Guidance</b></font></u>
    </p>
    <p>
      The company affirms its 2014 full-year guidance range for FFO as
      adjusted, which does not include any estimate for transactional
      activities or non-operating impairments, of $1.36 - $1.40 per diluted
      share.
    </p>
    <p>
      Estimated 2014 shopping center operating metrics for the combined
      portfolio are as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Combined portfolio occupancy: +50 to +75 basis points
      </li>
      <li style="margin-bottom: 10.0px">
        Combined same-property NOI: +2.5% to +3.5%
      </li>
    </ul>
    <p>
      <u><b>Conference Call and Supplemental Materials</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Thursday, May 8, 2014,
      at 10:00 a.m. EDT. The call will include a review of the company&#8217;s first
      quarter 2014 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: 6028703).
    </p>
    <p>
      A replay will be available through 9:00 a.m. EDT on June 9, 2014, by
      dialing 1-877-344-7529 (Passcode: 10042872). Access to the live call and
      replay will be available through the company's website at
      investors.kimcorealty.com.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt">
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        <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, New York, that owns and operates North
      America&#8217;s largest publicly traded portfolio of neighborhood and
      community shopping centers. As of March 31, 2014, the company owned
      interests in 835 shopping centers comprising 122 million square feet of
      leasable space across 42 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. 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,
      2013, 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-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Revenues
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Revenues from rental properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          237,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          218,622
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Management and other fee income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          9,041
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          8,393
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Total revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          246,878
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          227,015
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 0.0px">
          Operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,321
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Real estate taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          31,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          28,454
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Operating and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          29,672
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          25,669
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          37,219
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          34,020
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Provision for doubtful accounts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,832
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Impairment charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,832
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          398
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          61,231
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          58,976
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          168,283
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          152,670
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 0.0px">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          78,595
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          74,345
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 0.0px">
          Other income/(expense)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Mortgage financing income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,699
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Interest, dividends and other investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2,641
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (2,218
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (3,002
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (50,636
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (53,497
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Income from continuing operations before income taxes,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 5.0px; white-space: nowrap">
          <b>equity in income of joint ventures, gain on change in control</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 5.0px; white-space: nowrap">
          <b>of interests and equity in income from other real estate
          investments</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          <b>27,490</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          <b>21,473</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 5.0px">
          Provision for income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (7,730
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (15,573
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Equity in income of joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          53,261
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Gain on change in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,353
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          <b>Income from continuing operations</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>80,118</b>
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>64,344</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 0.0px">
          <b>Discontinued operations</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Income from discontinued operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          9,466
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          5,959
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Impairment/loss on operating properties sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (3,061
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (2,831
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Gain on disposition of operating properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          9,337
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2,496
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          <b>Income from discontinued operations</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>15,742</b>
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>5,624</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 15.0px">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          <b>95,860</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 5.0px">
          Net income attributable to noncontrolling interests (3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (8,860
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <b>Net income attributable to the Company</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          <b>87,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Preferred stock dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          <b>Net income available to the Company's common shareholders</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>72,427</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Per common share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Income from continuing operations: (3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>0.15</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>0.15</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          <b>(2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>0.12</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          <b>(2)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Net income: (4)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>0.18</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>0.18</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          <b>(2)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <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="text-align: left; padding-left: 5.0px">
          Weighted average shares:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>408,367</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>409,444</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          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 have not been included.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          <b>(3)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Includes the net income attributable to noncontrolling interests
          related to continued operations of ($2,287) and ($2,439) for the
          quarters ended March 31, 2014 and 2013, respectively.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          <b>(4)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Includes earnings attributable to unvested restricted shares of $422
          and $390 for the quarters ended March 31, 2014 and 2013,
          respectively.
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>March 31, 2014</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31, 2013</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Assets:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Operating real estate, net of accumulated depreciation
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 25.0px; white-space: nowrap">
          of $1,916,505 and $1,878,681, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          7,291,039
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          7,146,845
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Investments and advances in real estate joint ventures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,198,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,257,010
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Real estate under development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          97,990
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          97,818
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Other real estate investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          266,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          274,641
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Mortgages and other financing receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          23,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          30,243
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          268,911
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          148,768
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          63,312
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          62,766
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Accounts and notes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          158,528
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          164,326
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          465,434
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          481,213
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 4.0px">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          9,833,697
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          9,663,630
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Liabilities:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Notes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,305,065
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,186,047
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Mortgages payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,075,281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,035,354
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Dividends payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          104,670
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          104,496
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          515,032
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          482,054
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          5,000,048
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          4,807,951
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          91,319
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          86,153
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Stockholders' equity:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Preferred stock, $1.00 par value, authorized 5,961,200 shares
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 30.0px; white-space: nowrap">
          102,000 shares issued and outstanding (in series)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          Aggregate liquidation preference $975,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Common stock, $.01 par value, authorized 750,000,000 shares issued
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 20.0px; white-space: nowrap">
          and outstanding 410,506,232 and 409,731,058 shares, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4,105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4,097
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          5,705,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          5,689,258
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Cumulative distributions in excess of net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (1,015,995
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (996,058
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (76,870
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          (64,982
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4,617,211
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4,632,417
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          125,119
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          137,109
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px">
          Total equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          4,742,330
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          4,769,526
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 5.0px; padding-bottom: 4.0px">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          9,833,697
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          9,663,630
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Reconciliation of Net Income Available to Common Shareholders</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>To Funds From Operations - &quot;FFO&quot;</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap">
          <b>Three Months Ended</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 72,427
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (9,337)
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (23,465)
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          59,481
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          26,523
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          12,764
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          <b>138,393</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2,427
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$ 140,820</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          408,367
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,522
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          2,952
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          412,841
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          (1)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$ 0.34</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$ 0.34</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$ 0.33</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          (1)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>FFO as adjusted per common share - diluted</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          <b>$ 0.34</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          (1)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (1) Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. Funds from operations
          would be increased by $733 and $640 for the three months ended March
          31, 2014 and 2013, respectively.
        </td>
      </tr>
    </table>
    </div>
    <p>
      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.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="8">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Reconciliation of Income From Continuing Operations</b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>to Same Property Net Operating Income &quot;Same Property NOI&quot;</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2014</b>
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          80,118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          64,344
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Management and other fee income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (9,041
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (8,393
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          37,219
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          34,020
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Impairment of property carrying values
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,832
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          398
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          61,231
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          58,976
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          51,105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          52,872
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Provision for income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          7,730
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          15,573
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Gain on change in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (3,744
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (23,170
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (3,353
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (11,163
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (16,767
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (27,161
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px; padding-bottom: 2.0px">
          Non-operational expense from joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          29,706
        </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="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap">
          78,261
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Same Property NOI</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          238,036
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          234,557
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Same Property Net Operating Income is a supplemental non-GAAP financial
      measure of real estate companies&#8217; operating performance. Same Property
      NOI is considered by management to be an important performance measure
      of Kimco's operations and management believes that it is helpful to
      investors as a measure of Kimco's operating performance because it
      includes only the net operating income of properties that have been
      owned for the entire current and prior year reporting periods and
      excludes properties under development and pending stabilization. As
      such, Same Property NOI assists in eliminating disparities in net income
      due to the development, acquisition or disposition of properties during
      the particular period presented, and thus provides a more consistent
      performance measure for the comparison of Kimco's properties.
    </p>
    <p>
      Same Property NOI is calculated using revenues from rental properties
      (excluding straight-line rents, lease termination fees and above/below
      market rents) less operating and maintenance expense, real estate taxes
      and rent expense, plus Kimco's proportionate share of Same Property NOI
      from unconsolidated real estate joint ventures, calculated on the same
      basis. Same Property NOI includes all properties that are owned for the
      entire current and prior year reporting periods and excludes properties
      under development and properties pending stabilization. Properties are
      deemed stabilized at the earlier of (i) reaching 90% leased or (ii) one
      year following a projects inclusion in operating real estate (two years
      for Latin American properties).
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 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="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Reconciliation of Projected Diluted Net Income Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="text-align: center; padding-left: 0.0px">
          <b>to Projected Diluted Funds From Operations Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>Projected Range</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          <b>Full Year 2014</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          Low
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt">
          High
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Projected diluted net income available to common
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          shareholder per share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          0.57
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          0.65
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          0.67
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          joint ventures, net of noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          0.22
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          0.24
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (0.02
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (0.04
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          net of noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (0.06
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (0.08
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap">
          and noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1.36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1.40
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          1.36
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap">
          1.40
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

    </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>
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</DOCUMENT>
</SEC-DOCUMENT>
