<SEC-DOCUMENT>0001157523-15-003713.txt : 20151105
<SEC-HEADER>0001157523-15-003713.hdr.sgml : 20151105
<ACCEPTANCE-DATETIME>20151104181601
ACCESSION NUMBER:		0001157523-15-003713
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151104
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20151105
DATE AS OF CHANGE:		20151104

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:		151198236

	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>a51217431.htm
<DESCRIPTION>KIMCO REALTY CORP. 8-K
<TEXT>
<html>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported)</font><br><font style="font-family: Times New Roman; font-size: 10pt">November
      4, 2015</font><br><br><u><font style="font-family: Times New Roman; font-size: 18pt"><b>Kimco
      Realty Corporation</b></font></u><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      Name of Registrant as Specified in its Charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Maryland</u>
          </p>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; width: 34%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>1-10899</u>
          </p>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>13-2744380</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Of Incorporation)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; width: 41%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            3333 New Hyde Park Road
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Suite 100
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>New Hyde Park, NY</u>
          </p>
        </td>
        <td style="width: 26%">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>11042</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 41%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of Principal</font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">Executive
            Offices)</font>
          </p>
        </td>
        <td style="width: 26%">

        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      Registrant&#8217;s telephone number, including area code: (516) 869-9000<br><br><b>No
      Change</b><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      Name or Former Address, if Changed Since Last Report)</font><br><br>
    </p>
    <p>
      <!--end_optional_former-->
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 November 4, 2015, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter ended September 30,
      2015.&#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>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="6" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>KIMCO REALTY CORPORATION</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 6%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 44%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 3%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>By:</i>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Name:</i>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 25%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="padding-left: 0.0px; width: 5%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Title:</i>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 25%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="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 style="width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 6%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Dated:</i>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 44%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>November 4, 2015</i>
          </p>
        </td>
        <td style="width: 3%">

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; width: 15%; text-align: center" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated November 4, 2015 issued by Kimco Realty
            Corporation
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51217431ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Kimco
      Realty Announces Third Quarter 2015 Results and Raises Full Year 2015
      FFO Guidance Range; Board Approves 6.3% Dividend Increase per Common
      Share</b></font>
    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--November 4, 2015--Kimco Realty
      Corp. (NYSE:KIM) today reported results for the third quarter ended
      September 30, 2015.
    </p>
    <p>
      <u><b>Highlights and Subsequent Activity:</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy in both the U.S. and combined portfolios increased
        10 basis points over the third quarter of 2014 to 95.6% and 95.4%,
        respectively;
      </li>
      <li style="margin-bottom: 10.0px">
        Rent spreads for new U.S. leases were up 28.6% with overall U.S. rent
        spreads increasing 10.6%;
      </li>
      <li style="margin-bottom: 10.0px">
        Raised 2015 funds from operations (FFO) guidance range to $1.54 -
        $1.57 per diluted share;
      </li>
      <li style="margin-bottom: 10.0px">
        Subsequent to the third quarter, issued a new $500 million, seven-year
        unsecured bond with a coupon of 3.40%;
      </li>
      <li style="margin-bottom: 10.0px">
        Common quarterly dividend increased 6.3% to $0.255 per share from
        $0.24 per share; and
      </li>
      <li style="margin-bottom: 10.0px">
        Business simplification continues - completed the sale of Kimco&#8217;s
        interests in 19 Canadian shopping centers to RioCan Real Estate
        Investment Trust (&#8220;RioCan&#8221;) for CAD $477.3 million; additional 26
        Canadian properties under contract for sale or with an accepted offer
        with Kimco share totaling approximately CAD $773.9 million.
      </li>
    </ul>
    <p>
      <u><b>Financial Results</b></u>
    </p>
    <p>
      Net income available to common shareholders for the third quarter of
      2015 was $63.0 million, or $0.15 per diluted share, compared to $180.1
      million, or $0.44 per diluted share, for the third quarter of 2014. Net
      income available to common shareholders during the third quarter of 2015
      included $35.7 million of gains on the sale of operating properties and
      $17.7 million of impairments attributable to the sale or pending
      disposition of operating properties. This compares to $115.4 million of
      gains on the sale of operating properties and $5.3 million of
      impairments attributable to the sale or pending disposition of operating
      properties during the third quarter of 2014. Both gains on sales and
      impairments of operating properties are excluded from the calculation of
      FFO.
    </p>
    <p>
      For the nine months ended September 30, 2015, net income available to
      common shareholders was $471.2 million, or $1.14 per diluted share,
      compared to $327.5 million, or $0.80 per diluted share, through
      September 30, 2014. Net income available to common shareholders for the
      nine months ended September 30, 2015, included $308.0 million of gains
      on the sale of operating properties and $33.2 million of impairments
      attributable to the sale or pending disposition of operating properties.
      This compares to $256.0 million of gains on the sale of operating
      properties and $103.7 million of impairments attributable to the sale or
      pending disposition of operating properties during the comparable period
      in 2014.
    </p>
    <p>
      FFO, a widely accepted supplemental measure of REIT performance, was
      $163.9 million, or $0.40 per diluted share, for the third quarter of
      2015 compared to $159.9 million, or $0.39 per diluted share, for the
      third quarter of 2014. For the nine months ended September 30, 2015, FFO
      was $500.1 million, or $1.21 per diluted share, compared to $439.5
      million, or $1.07 per diluted share, for the same period last year.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 as adjusted, which excludes the effects of non-operating impairments
      as well as transactional income and expenses, was $150.5 million, or
      $0.36 per diluted share, for the third quarter of 2015 compared to
      $148.2 million, or $0.36 per diluted share, for the third quarter of
      2014. FFO as adjusted for the nine months ended September 30, 2015 was
      $450.4 million, or $1.09 per diluted share, compared to $432.2 million,
      or $1.05 per diluted share, for the same period in 2014.
    </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><b>Operating Results</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy in the U.S. and combined portfolios (including
        Canada) ended the quarter at 95.6% and 95.4%, respectively. This
        represents an increase of 10 basis points for both the U.S. and
        combined portfolios over the third quarter of 2014. Third quarter 2015
        occupancy includes a negative 20-basis-point impact from the
        bankruptcy of Anna&#8217;s Linens;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. shopping center portfolio pro-rata occupancy for anchor space
        (10,000 square feet and greater) was 98.3%, a 10-basis-point increase
        from the third quarter of 2014. The pro-rata occupancy for small shop
        space was 88.0%, a 100-basis-point increase over the third quarter of
        2014;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. same-property net operating income (NOI) for the third quarter of
        2015 increased 2.4%, which includes a negative 80-basis-point impact
        from an increase in credit loss mainly attributable to the
        bankruptcies of The Great Atlantic &amp; Pacific Tea Company (A&amp;P) and
        Anna&#8217;s Linens, compared to the same period in 2014;
      </li>
      <li style="margin-bottom: 10.0px">
        Kimco had a total of nine leases with A&amp;P at the time of their
        bankruptcy, of which five locations were sold at auction to other
        grocery operators. The remaining leases, which include one acquired by
        Kimco and represent $3.3 million of pro-rata annual base rent, were
        terminated. The company believes these leases, collectively, were
        substantially below market, and that based on current anchor interest,
        Kimco will be able to positively mark-to-market these spaces within
        the next twelve months;
      </li>
      <li style="margin-bottom: 10.0px">
        For the nine months ended September 30, 2015, U.S. same-property NOI
        increased 3.0% from the comparable 2014 period; and
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. portfolio pro-rata rental-rate leasing spreads increased 10.6%
        with rental rates for new leases up 28.6% and renewals/options
        increasing 6.2%.
      </li>
    </ul>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Investment Activity</b></u>
    </p>
    <p>
      The company continues to upgrade its portfolio with high-quality
      acquisitions and the selective disposition of retail properties in
      secondary markets. Since the company initiated its portfolio
      transformation in September 2010, Kimco has acquired 199 properties for
      a gross amount of $5.3 billion while selling 267 properties totaling
      $2.5 billion. The result has been a significant upgrade and
      repositioning of the company&#8217;s portfolio with fewer properties overall
      but with larger, higher-quality assets in key long-term growth markets.
    </p>
    <p>
      <i><b>Acquisitions:</b></i>
    </p>
    <p>
      As previously announced, in the third quarter, Kimco acquired the
      remaining 80% ownership interest in Montgomery Plaza, a
      465,000-square-foot power center located in the Dallas-Fort
      Worth-Arlington MSA, from RioCan for $58.3 million based upon a gross
      value of $72.9 million.
    </p>
    <p>
      The company opportunistically acquired a parcel adjacent to its flagship
      Suburban Square shopping center (Ardmore, Pa.) for $1.9 million that
      will be part of a larger future densification project at this site.
    </p>
    <p>
      Subsequently in October, Kimco exited another institutional joint
      venture by acquiring a partner&#8217;s 85% ownership interest in Conroe
      Marketplace (Houston-The Woodlands-Sugar Land MSA), a
      289,000-square-foot power center, for $54.4 million based on a gross
      value of $64.0 million.
    </p>
    <p>
      Also in October, the company purchased a 36-acre tract of land in
      Houston for $13.2 million. This parcel is directly across from Kimco&#8217;s
      Grand Parkway Marketplace ground-up development project and will be part
      of a phase II extension of this project.
    </p>
    <p>
      <i><b>Dispositions:</b></i>
    </p>
    <p>
      Kimco sold interests in 14 U.S. properties, totaling 1.6 million square
      feet, for a gross sales price of $141.6 million. In addition, the
      company sold 14 wholly owned net-leased restaurant properties for $17.3
      million. The company&#8217;s share from these sales was $97.4 million.
    </p>
    <p>
      The company also disposed of its 50% interest in Centre Jacques Cartier
      located in Montreal, Canada, for a gross sales price of $13.5 million
      (CAD $17.6 million). The company&#8217;s share from this sale was $6.7 million
      (CAD $8.8 million).
    </p>
    <p>
      In October, Kimco completed the sale of its ownership interests in 19
      Canadian properties to RioCan at a pro-rata purchase price of $366.1
      million (CAD $477.3 million), including the transfer of $97.0 million
      (CAD $126.5 million) of existing mortgage debt.
    </p>
    <p>
      Kimco currently has 22 U.S. properties for sale that are under contract
      or with an accepted offer totaling approximately $425.6 million, of
      which the company&#8217;s share from these sales is anticipated to be $352.9
      million. In addition, there are 26 Canadian properties in which Kimco
      holds an ownership interest that are under contract for sale or with an
      accepted offer totaling approximately CAD $1.2 billion. The company&#8217;s
      share from these sales is anticipated to be CAD $773.9 million before
      taxes and CAD $363.6 million of existing mortgage debt.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Capital Activity:</b></u>
    </p>
    <p>
      In October, the company issued a new $500 million, seven-year unsecured
      bond with a coupon of 3.40%. The proceeds were used for general
      corporate purposes, including the prefunding of near-term maturities
      that include the company&#8217;s $150 million 5.584% bond due November 2015, a
      $300 million 5.783% bond due March 2016 and $562.0 million of mortgage
      debt with a weighted average interest rate of 6.16% maturing during the
      remainder of 2015 and 2016, and to partially reduce borrowings under the
      company&#8217;s revolving credit facility maturing in March 2018.
    </p>
    <p>
      As previously announced, the company will redeem its 6.90% Class H
      Cumulative Redeemable Preferred Stock (and the related depositary
      shares) on November 25, 2015. In connection with this redemption, the
      company expects to incur a non-cash transaction charge to FFO of
      approximately $5.8 million, or $0.01 per diluted share, in the fourth
      quarter of 2015.
    </p>
    <p>
      <u><b>2015 Guidance</b></u>
    </p>
    <p>
      Kimco has revised its 2015 full-year guidance range for FFO, FFO as
      adjusted and transactional income, net:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Revised Guidance
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Previous Guidance
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="top">
          FFO (per diluted share):
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          $1.54 - $1.57
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          $1.52 - $1.56
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="top">
          FFO as adjusted (per diluted share):
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          $1.44 - $1.46
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          $1.43 - $1.46
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="top">
          Transactional Income, net
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="top">
          $41 million - $45 million
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="top">
          $37 million - $42 million
        </td>
      </tr>
    </table>
    </div>
    <p>
      The company reaffirms its previously provided 2015 operational guidance.
    </p>
    <p>
      <u><b>Dividend Declarations</b></u>
    </p>
    <p>
      Kimco&#8217;s board of directors declared and increased the company&#8217;s
      quarterly cash dividend 6.3% to $0.255 per common share, payable on
      January 15, 2016, to shareholders of record on January 4, 2016, with an
      ex-dividend date of December 30, 2015.
    </p>
    <p>
      <u><b>Conference Call and Supplemental Materials</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Thursday, November 5,
      2015, at 10:00 a.m. EST. The call will include a review of the company&#8217;s
      third quarter 2015 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: 3117139).
    </p>
    <p>
      A replay will be available through 9:00 a.m. EST on February 3, 2016, by
      dialing 1-877-344-7529 (Passcode: 10070573). Access to the live call and
      replay will be available on the company's website at
      investors.kimcorealty.com.
    </p>
    <p>
      <u><b>About Kimco</b></u>
    </p>
    <p>
      Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
      headquartered in New Hyde Park, N.Y., that is North America&#8217;s largest
      publicly traded owner and operator of open-air shopping centers. As of
      September 30, 2015, the company owned interests in 710 shopping centers
      comprising 105 million square feet of leasable space across 39 states,
      Puerto Rico, and Canada. 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>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Safe Harbor Statement</b></u>
    </p>
    <p>
      The statements in this release state the company&#8217;s and management&#8217;s
      intentions, beliefs, expectations or projections of the future and are
      forward-looking statements. It is important to note that the company&#8217;s
      actual results could differ materially from those projected in such
      forward-looking statements. Factors that could 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 and
      management&#8217;s ability to estimate the impact thereof, (vii) risks related
      to the company&#8217;s international operations, (viii) the availability of
      suitable acquisition, disposition, development and redevelopment
      opportunities, and risks related to acquisitions not performing in
      accordance with the company&#8217;s expectations, (ix) valuation and risks
      related to the company&#8217;s joint venture and preferred equity investments,
      (x) valuation of marketable securities and other investments, (xi)
      increases in operating costs, (xii) changes in the dividend policy for
      the company&#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&#8217;s 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 &#8220;Risk Factors&#8221; in
      the company&#8217;s Annual Report on Form 10-K for the year ended December 31,
      2014, as it may be updated or supplemented in the company&#8217;s Quarterly
      Reports on Form 10-Q and the company&#8217;s other filings filed with the SEC,
      which discuss these and other factors that could adversely affect the
      company&#8217;s results.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="23" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Condensed Consolidated Statements of Income</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="23" valign="top">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="23" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>September 30,</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Revenues
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Revenues from rental properties
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          283,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          246,555
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          847,973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          703,139
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Management and other fee income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          4,995
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          8,679
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          17,926
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          26,245
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 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>

        </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 style="padding-left: 35.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          288,382
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          255,234
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          865,899
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          729,384
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 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>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Operating expenses
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,913
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,559
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          9,479
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          10,362
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Real estate taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          36,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          31,470
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          109,343
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          91,542
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Operating and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          34,915
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          30,561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          104,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          85,618
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          27,310
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28,632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          89,322
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          94,525
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Provision for doubtful accounts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,920
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          901
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,324
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,094
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          6,058
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,591
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          27,908
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28,388
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          103,708
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          67,130
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          258,432
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          185,307
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 35.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          213,395
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          164,844
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          604,734
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          499,836
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 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>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          74,987
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          90,390
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          261,165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          229,548
        </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>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Other income/(expense)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Mortgage financing income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          445
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,544
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Interest, dividends and other investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,692
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          38,011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          643
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          615
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,397
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (4,307
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (54,031
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (51,225
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (162,739
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (153,936
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="top">
          <b>Income from continuing operations before income taxes,</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 10.0px; text-align: left" colspan="2" valign="top">
          <b>equity in income of joint ventures, gain on change in control</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 10.0px; text-align: left" colspan="2" valign="top">
          <b>of interests and equity in income from other real estate
          investments</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>27,708</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>38,449</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>139,034</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>74,492</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>

        </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 style="padding-left: 0.0px; text-align: left" valign="top">
          Provision for income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (2,844
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,252
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (11,933
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (14,693
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Equity in income of joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          10,894
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          51,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          130,808
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          150,073
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Gain on change in control of interests, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          6,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          14,431
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          146,143
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          83,773
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          11,319
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          6,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          31,236
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          16,404
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 35.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>Income from continuing operations</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>53,419</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>105,451</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>435,288</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>310,049</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 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>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <b>Discontinued operations</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income/(loss) from discontinued operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          6,715
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          31,552
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Impairment/loss on operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (4,116
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (75,675
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          89,259
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          118,804
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>Income/(loss) from discontinued operations</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>91,858</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>(75</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>74,681</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="top">
          <b>Gain on sale of operating properties, net of tax (1)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>27,665</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>86,219</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          <b>389</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 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>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>81,084</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>197,309</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>521,432</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>385,119</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>

        </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 style="padding-left: 0.0px; text-align: left" valign="top">
          Net income attributable to noncontrolling interests (3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (3,512
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (2,601
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (6,518
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (13,899
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>77,572</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>194,708</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>514,914</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>371,220</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>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (43,719
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (43,720
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </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>

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>62,999</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>180,135</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>471,195</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>327,500</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Per common share:
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income from continuing operations: (3)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.21</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.14</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.63</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.15</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><b>(2)</b></sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.21</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><b>(2)</b></sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.14</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><b>(2)</b></sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0.63</b>
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><b>(2</b>)</sup>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net income: (4)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.44</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.14</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.80</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.15</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><b>(2)</b></sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.44</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><b>(2)</b></sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.14</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><b>(2)</b></sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.80</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><b>(2)</b></sup>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </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 style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Weighted average shares:
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>411,487</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>409,326</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>411,202</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>408,868</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>412,686</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>411,101</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>413,262</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>410,687</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Includes the net income attributable to noncontrolling interests
          related to continued operations of ($3,512) and ($2,603) for the
          quarters ended September 30, 2015 and 2014 and ($6,518) and ($6,472)
          for the nine months ended September 30, 2015 and 2014, respectively.
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="top">
          <b>(4)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Includes earnings attributable from participating securities of
            $405 and $431 for the quarters ended September 30, 2015 and 2014
            and $2,178 and $1,292 for the nine months ended September 30, 2015
            and 2014, respectively.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="8" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="2" valign="top">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="2" valign="top">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="2" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="2" valign="bottom">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" colspan="2" valign="top">
          Assets:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          of $2,092,375 and $1,955,406, respectively
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          9,256,277
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          7,930,489
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          833,650
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,037,218
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          157,970
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          132,331
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          214,253
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          266,157
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          26,207
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          74,013
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          180,913
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          187,322
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          12,189
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          90,235
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          172,758
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          172,386
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          559,767
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          371,249
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          11,413,984
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          10,261,400
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" colspan="2" valign="top">
          Liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,852,640
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,171,742
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,645,946
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,424,228
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          111,480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          111,143
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          621,521
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          561,042
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          6,231,587
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,268,155
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="top">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          92,739
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          91,480
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" colspan="2" valign="top">
          Stockholders' equity:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          Preferred stock, $1.00 par value, authorized 5,959,100 shares
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          102,000 shares issued and outstanding (in series)
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Aggregate liquidation preference $975,000
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          Common stock, $.01 par value, authorized 750,000,000 shares
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          issued and outstanding 413,222,609 and 411,819,818 shares,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,132
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,118
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          Paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,770,970
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,732,021
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          Cumulative distributions in excess of net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (832,746)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,006,578)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (14,744)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          45,122
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" colspan="2" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,927,714
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,774,785
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          161,944
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          126,980
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left" colspan="2" valign="top">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,089,658
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          4,901,765
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; padding-bottom: 4.0px; text-align: left" colspan="2" valign="top">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          11,413,984
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          10,261,400
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>RECONCILIATION OF NET INCOME AVAILABLE TO COMMON SHAREHOLDERS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>TO FUNDS FROM OPERATIONS - &quot;FFO&quot;</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>(in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="21" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>September 30,</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          62,999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          180,135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          471,195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          327,500
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (27,251
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (89,262
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (85,714
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (118,420
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Gain on disposition of joint venture operating properties and change
          in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (8,470
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (26,106
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (222,335
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (137,530
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          101,216
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          68,014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          251,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          193,007
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          17,643
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          21,821
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          52,577
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          71,230
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          17,739
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          5,306
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          33,235
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          103,723
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>163,876</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>159,908</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>500,066</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>439,510</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (13,414
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (11,706
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (49,700
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (7,261
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>150,462</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>148,202</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>450,366</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>432,249</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          411,487
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          409,326
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          411,202
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          408,868
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,537
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,199
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          2,967
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          1,337
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          3,006
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          414,216
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          413,823
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          414,034
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          413,411
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.40</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.39</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.22</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.07</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.40</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.39</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.21</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.07</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <b>FFO as adjusted per common share - diluted</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.36</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>0.36</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.09</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          <b>1.05</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-bottom: 4.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          (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 $336 and $747 for the three months ended
          September 30, 2015 and 2014, and $1,008 and $2,240 for the nine
          months ended September 30, 2015 and 2014, respectively.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          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 change in control of interests and
          (ii) extraordinary items, plus (iii) depreciation and amortization
          of operating properties and (iv) impairment of depreciable real
          estate and in substance real estate equity investments. Included in
          these items are also the company&#8217;s share of unconsolidated real
          estate joint ventures and partnerships. FFO as adjusted excludes the
          effects of non-operating impairments, transactional income and
          expenses.
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="19" valign="top">
          <b>Reconciliation of Income From Continuing Operations to</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="19" valign="top">
          <b>Combined Same Property Net Operating Income &quot;NOI&quot; and</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="19" valign="top">
          <b>U.S. Same Property NOI</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="19" valign="top">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="19" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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 style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <b>Nine Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <b>September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          53,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          105,451
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          435,288
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          310,049
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (4,995
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (8,679
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (17,926
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (26,245
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          27,310
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28,632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          89,322
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          94,525
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          6,058
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,591
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          27,908
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28,388
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          103,708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          67,130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          258,432
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          185,307
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          47,279
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          51,941
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          122,131
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          155,056
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,844
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          11,933
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          14,693
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (6,342
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (14,431
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (146,143
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (83,773
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Equity in income of other real estate investments, net
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (11,319
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (6,036
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (31,236
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (16,404
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (11,861
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (3,992
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (58,375
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (16,250
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          Non-operational expense from joint ventures, net
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          47,794
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          24,274
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          52,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          86,933
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Impact from foreign currency
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (3,796
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (8,771
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Combined Same Property NOI</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          253,895
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          248,337
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          743,444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          723,508
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Canadian Same Property NOI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (18,985
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (18,824
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (58,553
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 1.0pt" valign="bottom">
          (58,295
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <b>U.S. Same Property NOI</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          234,910
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          229,513
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          684,891
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          665,213
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Combined Same Property NOI and U.S. Same Property NOI are
          supplemental non-GAAP financial measures of real estate companies&#8217;
          operating performance and should not be considered an alternative to
          net income in accordance with GAAP or as a measure of liquidity.
          Combined Same Property NOI and U.S. Same Property NOI are considered
          by management to be important performance measures of Kimco's
          operations, and management believes that these measures are
          frequently used by securities analysts and investors as measures of
          Kimco's operating performance as these measures include only the net
          operating income of properties that have been owned for the entire
          current and prior year reporting periods including those properties
          under redevelopment and exclude properties under development and
          pending stabilization. As such, Combined Same Property NOI and U.S.
          Same Property NOI assist in eliminating disparities in net income
          due to the development, acquisition or disposition of properties
          during the particular periods presented, and thus provide a more
          consistent performance measure for the comparison of the operating
          performance of Kimco's properties.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Combined Same Property NOI (and U.S. Same Property NOI) is
          calculated using revenues from rental properties (excluding
          straight-line rents, lease termination fees and above/below market
          rents and includes charges for bad debt) less operating and
          maintenance expense, real estate taxes, rent expense and the impact
          for foreign currency, plus Kimco's proportionate share of Combined
          Same Property NOI from unconsolidated real estate joint ventures,
          calculated on the same basis. Combined 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
          their inclusion in operating real estate. U.S. Same Property NOI
          excludes the company&#8217;s Canadian properties which are included in
          Combined Same Property NOI. Kimco&#8217;s method of calculating Combined
          Same Property NOI and U.S. Same Property NOI may differ from methods
          used by other REITs and, accordingly, may not be comparable to such
          other REITs.
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%">
      <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 cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Reconciliation of Projected Diluted Net Income Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>to Projected Diluted Funds From Operations Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="9" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt" colspan="7" valign="top">
          <b>Full Year 2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          shareholder per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1.56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1.75
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.80
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.82
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          joint ventures, net of noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.17
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          net of tax and noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.25
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          and change in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.80
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.95
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          and noncontrolling interests
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1.54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1.57
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.10
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.11
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          1.44
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right; border-bottom-width: 2.25pt" valign="bottom">
          1.46
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          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.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Kimco Realty Corp.<br>David F. Bujnicki<br>Vice President,
      Investor Relations and Corporate Communications<br>1-866-831-4297<br><u>dbujnicki@kimcorealty.com</u>
    </p>
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