<SEC-DOCUMENT>0001157523-16-004406.txt : 20160203
<SEC-HEADER>0001157523-16-004406.hdr.sgml : 20160203
<ACCEPTANCE-DATETIME>20160202182501
ACCESSION NUMBER:		0001157523-16-004406
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160202
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20160203
DATE AS OF CHANGE:		20160202

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:		161382422

	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>a51271732.htm
<DESCRIPTION>KIMCO REALTY CORPORATION 8-K
<TEXT>
<html>
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    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-size: 18pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported)</font><br><font style="font-size: 10pt; font-family: Times New Roman">February
      2, 2016</font><br><br><u><font style="font-size: 18pt; font-family: Times New Roman"><b>Kimco
      Realty Corporation</b></font></u><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in its Charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Maryland</u>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 34%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>1-10899</u>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>13-2744380</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <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 valign="bottom" style="padding-left: 0.0px; width: 34%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 33%; text-align: center">
          <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; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 41%; text-align: center">
          <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 valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>11042</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 41%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">(Address
            of Principal</font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman">Executive
            Offices)</font>
          </p>
        </td>
        <td style="width: 26%">

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

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition </b>
    </p>
    <p style="text-indent: 60.0px">
      The information contained in this Item 2.02 of the Current Report on
      Form 8-K of Kimco Realty Corporation (the &#8220;Company&#8221;) is being furnished
      pursuant to &#8220;Item 2.02 &#8211; Results of Operations and Financial Condition&#8221;
      and &#8220;Item 7.01 &#8211; Regulation FD Disclosure&#8221; of Form 8-K.
    </p>
    <p style="text-indent: 60.0px">
      On February 2, 2016, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter and year ended December
      31, 2015.&#160;&#160;A copy of the press release is furnished as Exhibit 99.1 to
      this report.
    </p>
    <p style="text-indent: 60.0px">
      A copy of the Company&#8217;s press release is an exhibit to this Current
      Report on Form 8-K and is not being filed for purposes of Section 18 of
      the Securities Exchange Act of 1934, as amended.&#160;&#160;The information in
      this Current Report on Form 8-K, including the exhibit, shall not be
      deemed to be incorporated by reference into any filing of the Company,
      whether made before or after the date hereof, regardless of any general
      incorporation language in such filing.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="6" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>KIMCO REALTY CORPORATION</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">
          &#160;
        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <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 valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; width: 6%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; width: 44%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; width: 3%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>By:</i>
          </p>
        </td>
        <td colspan="2" valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left">
          <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 valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Name:</i>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 25%; text-align: left">
          <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 valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Title:</i>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 25%; text-align: left">
          <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 colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <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 valign="top" style="padding-left: 0.0px; width: 6%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 44%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>February 2, 2016</i>
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          <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="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 85%; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 15%; text-align: center">
          99.1
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 85%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated February 2, 2016 issued by Kimco Realty
            Corporation
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51271732-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Kimco
      Realty Announces Fourth Quarter and Full Year 2015 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Company
      Expanded Core Holdings in Top 25 U.S. Markets, Reduced Joint Venture
      Ownership and Commenced Canadian Exit; Tenant Demand Drives Strong
      Leasing Results</b></font></i>
    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--February 2, 2016--Kimco Realty
      Corp. (NYSE:KIM) today reported results for the fourth quarter and year
      ended December 31, 2015.
    </p>
    <p>
      <u><b>Highlights - Fourth Quarter and Full Year 2015</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Funds from Operations (FFO) as adjusted per diluted share increased
        5.7% for the fourth quarter and 4.3% for the full year 2015 over the
        comparable 2014 periods;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata occupancy ended the year at 95.8% - an increase of 10
        basis points over the fourth quarter 2014, representing the highest
        level since the first quarter of 2008;
      </li>
      <li style="margin-bottom: 10.0px">
        Small shop occupancy improved 70 basis points over the fourth quarter
        2014 to 88.7%, representing the highest small shop occupancy level in
        five years;
      </li>
      <li style="margin-bottom: 10.0px">
        Rent spreads for new U.S. leases were up 31.0% in the fourth quarter
        2015 with overall U.S. rent spreads increasing 13.1% during the same
        period;
      </li>
      <li style="margin-bottom: 10.0px">
        Issued a new $500 million, seven-year unsecured bond with a coupon of
        3.40% in the fourth quarter 2015;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. same-property net operating income (NOI) increased 3.1% for the
        full year 2015;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. gross transaction volume exceeded $2.8 billion in 2015 through
        the acquisition of 59 high-quality, core market properties totaling
        $2.1 billion and the sale of 95 properties for $762.9 million. This
        includes the reduction of 118 joint venture properties totaling $2.3
        billion;
      </li>
      <li style="margin-bottom: 10.0px">
        Commenced exit from Canada in 2015 with the disposition of 27 Canadian
        properties for a gross price of $1.4 billion.
      </li>
    </ul>
    <p>
      <u><b>Financial Results</b></u>
    </p>
    <p>
      Net income available to common shareholders for the fourth quarter of
      2015 was $360.0 million, or $0.87 per diluted share, compared to $38.2
      million, or $0.09 per diluted share, for the fourth quarter 2014. Net
      income available to common shareholders during the fourth quarter 2015
      included $320.5 million of gains on sales of operating properties and
      $6.5 million of impairments attributable to the sale or pending
      disposition of operating properties. This compares to $127.4 million of
      gains on the sales of operating properties and $153.9 million of
      impairments during the fourth quarter 2014. Both operating property
      impairments and gains on sales are excluded from the calculation of FFO.
    </p>
    <p>
      For the full year 2015, net income available to common shareholders was
      $831.2 million, or $2.00 per diluted share, compared to $365.7 million,
      or $0.89 per diluted share, for the full year 2014. Net income available
      to common shareholders for the full year 2015 included $628.5 million of
      gains on sales of operating properties and $39.8 million of impairments
      attributable to the sale or pending disposition of operating properties.
      This compares to $383.4 million of gains on the sales of operating
      properties and $257.7 million of impairments for the full year 2014.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      FFO, a widely accepted supplemental measure of REIT performance, was
      $143.2 million, or $0.35 per diluted share, for the fourth quarter 2015
      compared to $156.7 million, or $0.38 per diluted share, for the fourth
      quarter 2014. During the fourth quarter 2015, FFO was reduced $9.9
      million for transactional charges, net, including a previously disclosed
      $5.8 million charge for the redemption of the company&#8217;s 6.90% Class H
      Preferred Stock, compared to $12.1 million of transactional income, net,
      included in FFO during the fourth quarter of 2014.
    </p>
    <p>
      For the full year 2015, FFO was $643.2 million, or $1.56 per diluted
      share, compared to $596.2 million, or $1.45 per diluted share, for the
      full year 2014.
    </p>
    <p>
      FFO as adjusted, which excludes the effects of non-operating impairments
      as well as transactional income and charges, was $153.1 million, or
      $0.37 per diluted share, for the fourth quarter 2015 compared to $144.6
      million, or $0.35 per diluted share, for the fourth quarter 2014.
    </p>
    <p>
      For the full year 2015, FFO as adjusted was $603.4 million, or $1.46 per
      diluted share, compared to $576.9 million, or $1.40 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>U.S. Operating Results</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy ended the quarter at 95.8%. This represents an
        increase of 10 basis points over the fourth quarter of 2014;
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy for small shop space (under 10,000 square feet) was
        88.7%, a 70-basis-point increase over the fourth quarter of 2014.
        Anchor tenant occupancy was 98.2%, a 10-basis-point decrease over the
        fourth quarter of 2014;
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata rental-rate leasing spreads during the fourth quarter 2015
        increased 13.1%, with rental rates for new leases up 31.0% and
        renewals/options increasing 7.9%. For the full year 2015, pro-rata
        rental-rate leasing spreads increased 11.1% with rental rates for new
        leases up 25.0% and renewals/options increasing 7.8%;
      </li>
      <li style="margin-bottom: 10.0px">
        Same-property net operating income (NOI) for the fourth quarter of
        2015 increased 2.8%, which includes a 60-basis-point reduction
        attributable to the previously announced bankruptcies of Anna&#8217;s Linens
        and The Great Atlantic &amp; Pacific Tea Company (A&amp;P), compared to the
        same period in 2014;
      </li>
      <li style="margin-bottom: 10.0px">
        Full year 2015 same-property NOI increased 3.1%, compared to the same
        period in 2014, and includes a negative 30-basis-point impact from the
        bankruptcies of Anna&#8217;s Linens and A&amp;P.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Investment Activity</b></u>
    </p>
    <p>
      The company has been executing on its simplification initiative,
      focusing on its U.S. shopping center portfolio to become more
      concentrated in core major metro markets. At the same time, the company
      continues to reduce its joint venture program and Canadian platform
      after successfully exiting Mexico and South America.
    </p>
    <p>
      <u><i>United States</i></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        During the fourth quarter, the company acquired three U.S. shopping
        centers totaling $207.8 million, two of which are from existing joint
        ventures. The company&#8217;s pro-rata share of the purchase price was
        $193.9 million and includes the assumption of $111.2 million of
        mortgage debt;
      </li>
      <li style="margin-bottom: 10.0px">
        Also in the fourth quarter, Kimco sold ownership interests in 64
        properties (15 wholly owned and 49 joint ventures) in the U.S.,
        totaling 3.0 million square feet, for a gross sales price of $437.7
        million. The company&#8217;s pro-rata share of the sales was $275.5 million;
      </li>
      <li style="margin-bottom: 10.0px">
        For the full year 2015, Kimco acquired interests in 59 retail
        properties (57 acquired from existing joint ventures) totaling 9.4
        million square feet. The aggregate purchase price for these
        acquisitions was $2.1 billion, of which $1.4 billion was the company&#8217;s
        pro-rata share;
      </li>
      <li style="margin-bottom: 10.0px">
        During 2015, the company sold 95 U.S. shopping centers (34 wholly
        owned properties and 61 joint ventures), totaling 6.8 million square
        feet, for a gross sales price of $762.9 million. The company&#8217;s
        pro-rata share of the sales was $481.5 million.
      </li>
    </ul>
    <p>
      <u><i>Canada &amp; Latin America</i></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        In the fourth quarter of 2015, Kimco sold its interest in 23 Canadian
        shopping centers to RioCan based on a gross sales price of $1.2
        billion, including the assumption of $404.9 million of existing
        mortgage debt. Kimco&#8217;s share of the sales price and debt was $581.5
        million and $195.9 million, respectively;
      </li>
      <li style="margin-bottom: 10.0px">
        Also in the fourth quarter, Kimco sold its last remaining shopping
        center in South America, a wholly owned property in Chile, for $51.3
        million, including the assignment of $32.0 million of debt;
      </li>
      <li style="margin-bottom: 10.0px">
        For the full year 2015, Kimco completed the sale of 27 properties in
        Canada, totaling approximately 6.9 million square feet, for a gross
        sales price of $1.4 billion. The company&#8217;s pro-rata share of the sales
        was $683.7 million;
      </li>
      <li style="margin-bottom: 10.0px">
        In 2015, the company sold its three remaining shopping centers in
        Mexico and its last property in South America for a total sales price
        of $65.3 million.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Capital Activity</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        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
        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.
      </li>
      <li style="margin-bottom: 10.0px">
        As previously announced, the company redeemed 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 incurred a non-cash transaction charge to FFO of approximately
        $5.8 million in the fourth quarter of 2015.
      </li>
    </ul>
    <p>
      <u><b>2016 Guidance</b></u>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="5" valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Kimco&#8217;s full year 2016 financial, operational and transaction
            guidance is as follows:
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px">
          FFO (per diluted share)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          $1.54 - $1.62
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px">
          FFO as adjusted (per diluted share)<b>*</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          $1.48 - $1.52
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px">
          Transactional Income, net
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left">
          $24 million - $42 million
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px">
          U.S. Portfolio Occupancy
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          95.7% - 96.2%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px">
          U.S. Same-property NOI
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          +2.50% - +3.50%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px">
          Acquisitions (Kimco share)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left">
          $450 million - $550 million
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px">
          Dispositions (Kimco share)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left">
          $825 million - $975 million
        </td>
      </tr>
      <tr>
        <td colspan="5" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            *<i>Excludes Transactional Income, net</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Dividend Declarations</b></u>
    </p>
    <p>
      Kimco&#8217;s board of directors declared a quarterly cash dividend of $0.255
      per common share, payable on April 15, 2016, to shareholders of record
      on April 5, 2016, representing an ex-dividend date of April 1, 2016.
    </p>
    <p>
      The board of directors also declared quarterly dividends with respect to
      the company&#8217;s various series of cumulative redeemable preferred shares
      (Class I, Class J and Class K). All dividends on the preferred shares
      will be paid on April 15, 2016, to shareholders of record on April 4,
      2016, with an ex-dividend date of March 31, 2016.
    </p>
    <p>
      <u><b>Conference Call and Supplemental Materials</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Wednesday, February 3,
      2016, at 10:00 a.m. Eastern Standard Time (EST). The call will include a
      review of the company&#8217;s fourth quarter and full year 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: 9938802).
    </p>
    <p>
      A replay will be available through May 4, 2016, by dialing
      1-877-344-7529 (Passcode: 10077220). Access to the live call and replay
      will be available through the company's website at
      investors.kimcorealty.com.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>About Kimco</b></u>
    </p>
    <p>
      Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT)
      headquartered in New Hyde Park, N.Y., that is North America&#8217;s largest
      publicly traded owner and operator of open-air shopping centers. As of
      December 31, 2015, the company owned interests in 564 U.S. shopping
      centers comprising 90 million square feet of leasable space across 38
      states and Puerto Rico. Publicly traded on the NYSE since 1991, and
      included in the S&amp;P 500 Index, the company has specialized in shopping
      center acquisitions, development and management for more than 50 years.
      For further information, please visit <u>www.kimcorealty.com,</u> the
      company&#8217;s blog at blog.kimcorealty.com, or follow Kimco on Twitter at <u>www.twitter.com/kimcorealty</u>.
    </p>
    <p>
      <u><b>Safe Harbor Statement</b></u>
    </p>
    <p>
      The statements in this news release state the company&#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 which may cause actual results to
      differ materially from current expectations include, but are not limited
      to, (i) general adverse economic and local real estate conditions, (ii)
      the inability of major tenants to continue paying their rent obligations
      due to bankruptcy, insolvency or a general downturn in their business,
      (iii) financing risks, such as the inability to obtain equity, debt or
      other sources of financing or refinancing on favorable terms to the
      company, (iv) the company&#8217;s ability to raise capital by selling its
      assets, (v) changes in governmental laws and regulations, (vi) the level
      and volatility of interest rates and foreign currency exchange rates 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 and disposition opportunities, and risks related to
      acquisitions not performing in accordance with our 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 may be updated or supplemented in the company&#8217;s Quarterly
      Reports on Form 10-Q and the company&#8217;s other filings with the SEC, which
      discuss these and other factors that could adversely affect the
      company&#8217;s results.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center">
          <b>(unaudited)</b>
        </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 colspan="3" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Operating real estate, net of accumulated depreciation of
            $2,115,320 and $1,955,406, respectively
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          9,274,299
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Investments and advances in real estate joint ventures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          742,559
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Real estate under development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          179,190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Other real estate investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          215,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          23,824
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          189,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          7,565
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Accounts and notes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          175,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          536,112
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          11,344,171
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          10,261,400
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          3,761,328
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,614,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          115,182
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          584,019
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          6,075,511
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          86,709
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Preferred stock, $1.00 par value, authorized 6,029,100 and 5,959,100
          shares, respectively,
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          32,000 and 102,000 shares issued and outstanding (in series),
          respectively
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Aggregate liquidation preference $800,000 and $975,000, respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          issued and outstanding 413,430,756 and 411,819,818 shares,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          4,134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,608,881
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (572,335
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1,006,578
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,588
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,046,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          135,651
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,181,951
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          11,344,171
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          10,261,400
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>(in thousands, except share information)</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Three Months Ended</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Year Ended</b>
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>2015</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>2014</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>2015</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>2014</b>
        </td>
        <td colspan="2">

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Revenues from rental properties
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          296,501
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          255,748
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,144,474
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          958,888
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Management and other fee income
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          4,369
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          8,764
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          22,295
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          35,009
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left">
          Total revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          300,870
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          264,512
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,166,769
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          993,897
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Operating expenses
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,868
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          3,888
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          12,347
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          14,250
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Real estate taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          37,807
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          33,129
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          147,150
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          124,670
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Operating and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          40,054
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          34,078
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          144,980
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          119,697
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          33,413
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          27,675
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          122,735
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          122,201
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Provision for doubtful accounts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          751
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          788
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          6,075
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          4,882
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          17,475
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          11,420
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          45,383
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          39,808
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          86,095
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          72,767
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          344,527
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          258,074
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          218,463
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          183,745
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          823,197
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          683,582
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          82,407
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          80,767
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          343,572
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          310,315
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Other income/(expense)
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Mortgage financing income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          443
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          585
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,940
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          3,129
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Interest, dividends and other investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,050
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          323
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          39,061
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          966
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Other income/(expense), net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,134
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (4,238
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,234
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (8,544
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (56,152
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (49,823
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (218,891
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (203,759
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>29,882</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>27,614</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>168,916</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>102,107</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Provision for income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (48,297
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (7,735
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (60,230
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (22,438
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Equity in income of joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          349,587
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          9,487
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          480,395
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          159,560
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Gain on change in control of interests, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          3,091
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          23,462
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          149,234
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          107,235
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          4,854
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          21,638
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          36,090
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          38,042
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left">
          <b>Income from continuing operations</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>339,117</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>74,466</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>774,405</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>384,506</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Discontinued operations</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Income/(loss) from discontinued operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,618
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (15
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          36,780
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Impairment/loss on operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (101,040
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (60
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (176,315
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Gain on disposition of operating properties, net of tax
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          71,716
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          190,520
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          <b>(Loss)/income from discontinued operations</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(23,706</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(75</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>50,985</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>39,594</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>125,813</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>389</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>378,711</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>50,760</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>900,143</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>435,880</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Net loss/(income) attributable to noncontrolling interests (3)
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,020
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (6,028
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (11,879
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          <b>Net income attributable to the Company</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>379,201</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>52,780</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>894,115</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>424,001</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Preferred stock redemption costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (5,816
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (5,816
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (13,365
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (14,573
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (57,084
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (58,294
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 4.0px; text-align: left">
          <b>Net income available to the Company's common shareholders</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>360,020</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>38,207</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>831,215</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>365,707</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Income from continuing operations: (3)
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 4.0px; text-align: left">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.87</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.14</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>2.01</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.77</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 4.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.87</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(2</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.14</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(2</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>2.00</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(2</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.77</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(2</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Net income: (4)
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 4.0px; text-align: left">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.87</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.09</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>2.01</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.89</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 4.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.87</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(2</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>2.00</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(2</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.89</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>(2</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Weighted average shares:
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 4.0px; text-align: left">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>411,667</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>409,740</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>411,319</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>409,088</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; padding-bottom: 4.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>413,346</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>411,000</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>412,851</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>411,038</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. The impact of the
          conversion would have an anti-dilutive effect on net income and
          therefore have not been included.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(3)</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Includes the net income attributable to noncontrolling interests
          related to continued operations of $490 and ($3,290) for the
          quarters ended December 31, 2015 and 2014 and ($6,028) and ($9,763)
          for the year ended December 31, 2015 and 2014, respectively.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(4)</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted for earnings attributable from participating securities of
          ($1,950) and ($459) for the quarters ended December 31, 2015 and
          2014 and ($4,134) and ($1,749) for the year ended December 31, 2015
          and 2014, respectively.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

        </td>
        <td colspan="10">

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>RECONCILIATION OF NET INCOME AVAILABLE TO COMMON SHAREHOLDERS</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>TO FUNDS FROM OPERATIONS - &quot;FFO&quot;</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>(in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Three Months Ended</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Year Ended</b>
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>2015</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>2014</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>2015</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>2014</b>
        </td>
        <td colspan="2">

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          360,020
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          38,207
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          831,215
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          365,707
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (38,451
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (71,152
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (124,165
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (189,572
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (282,021
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (56,262
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (504,356
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (193,791
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          82,732
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          70,878
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          333,840
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          263,885
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          14,360
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          21,113
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          66,937
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          92,343
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          6,539
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          153,937
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          39,774
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          257,660
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>143,179</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>156,721</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>643,245</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>596,232</b>
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          9,892
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (12,079
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (39,808
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (19,341
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>153,071</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>144,642</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>603,437</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>576,891</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Weighted average shares outstanding for FFO calculations:
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          411,667
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          409,740
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          411,319
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          409,088
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          791
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,536
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,481
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          3,171
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,414
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          3,139
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          414,008
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          414,442
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          413,524
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          413,763
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>FFO per common share - basic</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.35</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.38</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1.56</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1.46</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.35</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.38</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1.56</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1.45</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>FFO as adjusted per common share - diluted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.37</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.35</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1.46</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1.40</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          (1) Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. Funds from operations
          would be increased by $217 and $795 for the three months ended
          December 31, 2015 and 2014, and $781 and $3,033 for the year ended
          December 31, 2015 and 2014, respectively.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          FFO is a widely accepted supplemental measure of REIT performance
          with the standards established by the National Association of Real
          Estate Investment Trusts (NAREIT). Given the company&#8217;s business as a
          real estate owner and operator, Kimco believes that FFO and FFO as
          adjusted is helpful to investors as a measure of its operating
          performance. NAREIT defines FFO as net income/(loss) attributable to
          common shareholders computed in accordance with generally accepted
          accounting principles, excluding (i) gains or losses from sales of
          operating real estate assets and 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>
      <tr>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Reconciliation of Income From Continuing Operations to</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Combined Same Property Net Operating Income &quot;NOI&quot; and</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>U.S. Same Property NOI</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>(in thousands)</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          339,117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          74,466
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          774,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          384,506
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (4,369
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (8,764
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (22,295
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (35,009
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          33,413
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          27,675
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          122,735
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          122,201
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          17,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          11,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          45,383
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          39,808
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          86,095
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          72,767
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          344,527
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          258,074
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          52,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          53,153
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          174,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          208,208
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          48,297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          7,735
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          60,230
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          22,438
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (3,091
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (23,462
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (149,234
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (107,235
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (4,854
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (21,638
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (36,090
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (38,042
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (28,483
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (20,777
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (142,606
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (97,277
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Non-operational expense from joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (297,489
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          61,987
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (245,379
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          148,918
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1,644
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (6,120
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Combined Same Property NOI</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          238,636
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          232,918
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          926,332
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          900,470
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (8,913
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (9,416
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (38,397
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (39,188
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>U.S. Same Property NOI</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          229,723
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          223,502
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          887,935
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          861,282
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          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 colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          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>
      <tr>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Reconciliation of Projected Diluted Net Income Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>to Projected Diluted Funds From Operations Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Projected Range</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="3" valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center">
          <b>Full Year 2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $ 2.00
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $ 0.70
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $ 0.78
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          0.81
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          0.83
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          0.13
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            net of noncontrolling interests, and change in control of interests
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (1.22)
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $ 1.62
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $ 1.46
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $ 1.48
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $ 1.52
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
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          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.
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    <p>

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