<SEC-DOCUMENT>0001157523-16-006254.txt : 20160727
<SEC-HEADER>0001157523-16-006254.hdr.sgml : 20160727
<ACCEPTANCE-DATETIME>20160727165536
ACCESSION NUMBER:		0001157523-16-006254
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160727
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160727
DATE AS OF CHANGE:		20160727

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:		161787320

	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>a51390254.htm
<DESCRIPTION>KIMCO REALTY CORPORATION 8-K
<TEXT>
<html>
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    <title></title>
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  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-size: 12pt; font-family: Times New Roman">Washington,
      D.C. 20549</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">July
      27, 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="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Maryland</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>1-10899</u>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>13-2744380</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Of Incorporation)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 41%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            3333 New Hyde Park Road
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Suite 100
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>New Hyde Park, NY</u>
          </p>
        </td>
        <td style="width: 26%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>11042</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 41%" valign="bottom">
          <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 style="padding-left: 0.0px; text-align: center; width: 33%" valign="top">
          <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-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

        </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>
      On July 27, 2016, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter ended June 30, 2016.&#160;&#160;A
      copy of the press release is furnished as Exhibit 99.1 to this Current
      Reports.
    </p>
    <p>
      The information in this Current Report, including the exhibit, is
      furnished under Item 2.02 of&#160;&#160;Form 8-K and shall not be deemed &#8220;filed&#8221;
      for purposes of Section 18 of the Securities Exchange Act of 1934, as
      amended.&#160;&#160;The information in this Current Report on Form 8-K, including
      the exhibit, shall not be deemed to be incorporated by reference into
      any filing of the Company whether made before or after the date hereof,
      regardless of any general incorporation language in such filing.
    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits</b>
    </p>
    <p>
      (d) Exhibits
    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;Press Release, dated July 27, 2016 issued by Kimco
      Realty Corporation
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

        </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="margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="6">
          <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 style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 17%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

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

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

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

        </td>
        <td style="width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 6%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 44%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>July 27, 2016</i>
          </p>
        </td>
        <td style="width: 3%">

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

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

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

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

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

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

        </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="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 15%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Exhibits
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 85%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 85%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; white-space: nowrap; width: 15%" valign="top">
          99.1
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 85%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release regarding results for the quarter ended June 30, 2016
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51390254-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-family: Times New Roman; font-size: 8pt">
    <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 Reports Second Quarter 2016 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Strong
      Operating Fundamentals and Tenant Demand Drive Occupancy to Eight-Year
      High</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Company
      Remains Focused on 2020 Vision - Exit from Canada 90% Complete and</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Early
      Debt Repayment Plan Strengthens Capital Structure</b></font></i>
    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--July 27, 2016--Kimco Realty Corp.
      (NYSE: KIM) today reported results for the second quarter ended June 30,
      2016.
    </p>
    <p>
      <u><b>Highlights and Subsequent Activity:</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata occupancy increased 20 basis points over the prior
        quarter to 96.0% - the company&#8217;s highest occupancy rate since the
        fourth quarter of 2007;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata small shop occupancy improved to 89.2%;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. leasing spreads increased 29.8% for new leases and 10.7% for
        renewals/options. Combined leasing spreads increased 16.2%;
      </li>
      <li style="margin-bottom: 10.0px">
        Income from continuing operations increased 63.8% for the second
        quarter compared to the same period in 2015;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. same-property net operating income (NOI) increased 3.1% for the
        second quarter compared to the same period in 2015;
      </li>
      <li style="margin-bottom: 10.0px">
        Sold interests in 22 Canadian shopping centers, all of which were in
        joint ventures, for a gross sales price of USD $474.4 million. Six
        remaining Canadian joint venture assets are expected to be sold by
        year end; and
      </li>
      <li style="margin-bottom: 10.0px">
        Announced capital structure initiative with the planned prepayment of
        two Canadian dollar-denominated bonds outstanding (CAD $150M at 5.99%
        due 2018 and CAD $200M at 3.855% due 2020) and $428 million of U.S.
        debt (due 2017 at blended rate of 5.9%).
      </li>
    </ul>
    <p>
      <u><b>Financial Results</b></u>
    </p>
    <p>
      Net income available to common shareholders for the second quarter of
      2016 was $191.9 million, or $0.46 per diluted share, compared to $112.4
      million, or $0.27 per diluted share, for the second quarter of 2015. Net
      income available to common shareholders during the second quarter of
      2016 included $180.6 million of gains on sales of operating properties
      (before tax expense and non-controlling interests of $21.4 million) and
      $55.0 million of impairments attributable to the sale or pending
      disposition of operating properties (before tax benefit and
      non-controlling interests of $21.3 million). This compares to $34.8
      million of gains on the sales of operating properties (before tax
      expense and non-controlling interests of $0.3 million) and $17.7 million
      of impairments (before tax benefit and non-controlling interests of $7.9
      million) during the second quarter 2015. Both operating property
      impairments and gains on sales are excluded from the calculation of
      Funds From Operations available to common shareholders (FFO).
    </p>
    <p>
      For the six months ended June 30, 2016, net income available to common
      shareholders was $321.0 million, or $0.77 per diluted share, compared to
      $408.2 million, or $0.98 per diluted share, for the six months ended
      June 30, 2015. Net income available to common shareholders for the six
      months ended June 30, 2016 included $265.2 million of gains on sales of
      operating properties (before tax expense and non-controlling interests
      of $33.4 million) and $60.9 million of impairments attributable to the
      sale or pending disposition of operating properties (before tax benefit
      and non-controlling interests of $21.4 million). This compares to $279.6
      million of gains on the sales of operating properties (before tax
      expense and non-controlling interests of $7.3 million) and $25.8 million
      of impairments (before tax benefit and non-controlling interests of
      $10.3 million) for the six months ended June 30, 2015.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      FFO, a widely accepted supplemental measure of REIT performance, was
      $158.1 million, or $0.38 per diluted share, for the second quarter of
      2016 compared to $182.7 million, or $0.44 per diluted share, for the
      second quarter of 2015. For the six months ended June 30, 2016, FFO
      available to common shareholders was $316.3 million, or $0.76 per
      diluted share compared, to $336.2 million, or $0.81 per diluted share,
      for the same period last year.
    </p>
    <p>
      FFO as adjusted, which excludes the effects of non-operating impairments
      and transactional income and expenses, was $155.5 million, or $0.37 per
      diluted share, for the second quarter of 2016 compared to $152.7
      million, or $0.37 per diluted share, for the second quarter of 2015. FFO
      available to common shareholders as adjusted for the six months ended
      June 30, 2016 was $308.4 million, or $0.74 per diluted share, compared
      to $299.9 million, or $0.73 per diluted share, for the same period in
      2015.
    </p>
    <p>
      A reconciliation of net income available to common shareholders to FFO
      and FFO as adjusted is provided in the tables accompanying this press
      release.
    </p>
    <p>
      <u><b>Operating Results</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata occupancy ended the quarter at 96.0%, representing an
        increase of 20 basis points sequentially and 30 basis points over the
        second quarter of 2015;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata occupancy for small shop space (under 10,000 square
        feet) was 89.2%, a 60-basis-point increase sequentially and a
        120-basis-point increase over the second quarter of 2015. Anchor
        tenant occupancy was 98.3%, an increase of 10 basis points
        sequentially;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata rental-rate leasing spreads increased 16.2%, the highest
        combined leasing spreads reported in three years. Rental rates for new
        leases were up 29.8% and renewals/options increased 10.7%;
      </li>
      <li style="margin-bottom: 10.0px">
        Income from continuing operations increased 63.8% compared to the
        second quarter of 2015. For the six months ended June 30, 2016, income
        from continuing operations decreased 26.5% compared to the same period
        in 2015; and
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. Same-property NOI increased 3.1% compared to the second quarter
        of 2015. For the six months ended June 30, 2016, same-property NOI
        increased 2.5% compared to the same period in 2015.
      </li>
    </ul>
    <p>
      A reconciliation of income from continuing operations to U.S.
      same-property NOI is provided in the tables accompanying this press
      release.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Investment Activity</b></u>
    </p>
    <p>
      The second quarter and year-to-date transactions, as previously
      announced, highlight the company&#8217;s continued focus on the ownership of
      high-quality assets in major U.S. markets.
    </p>
    <p>
      <i><b>Acquisitions:</b></i> Second quarter acquisitions totaled $328.9
      million, of which Kimco&#8217;s share was $164.4 million:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Acquired the remaining 45% ownership interest in both Oakwood Plaza
        shopping center for a gross sales price of $215.0 million and the
        signature Dania Pointe development project for a gross sales price of
        $84.2 million; and
      </li>
      <li style="margin-bottom: 10.0px">
        Acquired an improved parcel for $29.8 million at the Whole
        Foods-anchored Jericho Commons shopping center in Jericho, New York,
        as part of a future redevelopment opportunity.
      </li>
    </ul>
    <p>
      Year-to-date acquisitions, including land parcels, totaled $364.6
      million, of which Kimco&#8217;s share was $188.6 million.
    </p>
    <p>
      <i><b>Dispositions:</b></i> Sales for the second quarter totaled $696.0
      million from the disposition of 34 shopping centers, totaling 4.3
      million square feet, and one land parcel. Kimco&#8217;s share of the sales
      price was $562.9 million:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Sold interests in 22 Canadian shopping centers, totaling 2.8 million
        square feet, for a gross sales price of USD $474.4 million. Kimco&#8217;s
        share of the sales price was USD $367.5 million;
      </li>
      <li style="margin-bottom: 10.0px">
        Disposed of 12 unencumbered U.S. properties, totaling 1.5 million
        square feet, for a gross sales price of $220.5 million. Kimco&#8217;s share
        from these sales was $194.4 million; and
      </li>
      <li style="margin-bottom: 10.0px">
        Sold one land parcel for a gross sales price of $1.1 million.
      </li>
    </ul>
    <p>
      Year-to-date dispositions totaled $1.1 billion from the sale of 47
      shopping centers, totaling 6.8 million square feet; Kimco&#8217;s share from
      these sales was $820.8 million. In addition, the company sold five land
      parcels with Kimco&#8217;s share totaling $7.1 million.
    </p>
    <p>
      <u><b>Capital Activities</b></u>
    </p>
    <p>
      During the second quarter, Kimco issued an additional $150 million of
      its 4.25% notes due 2045 using the proceeds to fund 2016 debt maturities.
    </p>
    <p>
      Subsequent to the second quarter, Kimco announced an early debt
      repayment initiative to strengthen the company&#8217;s capital structure by
      extending its debt maturity profile, reducing leverage and unencumbering
      an additional 10 properties.
    </p>
    <p>
      Under this initiative, Kimco has elected to prepay $137 million of
      mortgage debt due in 2017 and will redeem its $291 million 5.70% senior
      notes due 2017, and Kimco North Trust III, a wholly-owned subsidiary,
      will redeem its CAD $150.0 million 5.99% notes due 2018 and its CAD
      $200.0 million 3.855% notes due 2020.
    </p>
    <p>
      As a result of these transactions, Kimco will recognize a one-time
      charge of approximately $48 million related to the early extinguishment
      of debt during the third quarter of 2016.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      The company plans to merge Kimco Realty Services, Inc. (the &#8220;TRS&#8221;) into
      Kimco (the &#8220;REIT&#8221;) which will effectively transfer ownership of certain
      desirable long-term shopping center assets, as well as the company&#8217;s
      investment in Albertsons, to the REIT. Any non-REIT qualifying assets or
      activities would reside in a newly formed taxable REIT subsidiary. The
      transaction will provide greater tax efficiency and reduce ongoing
      administrative costs. In conjunction with this merger, Kimco will
      establish a valuation allowance against certain deferred tax assets
      currently on the balance sheet, resulting in a non-cash charge against
      Net Income and FFO of approximately $66 million and $41 million,
      respectively, in the third quarter of 2016.
    </p>
    <p>
      <u><b>2016 Guidance</b></u>
    </p>
    <p>
      Kimco revises its full year 2016 guidance for net income and FFO
      resulting from the pending one-time transaction charges associated with
      the planned early repayment of debt and TRS merger as outlined within
      the Capital Activities section above; the 2016 guidance range for FFO as
      adjusted is unchanged:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          2016 Guidance (per diluted share)
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Current
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Previous
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Net income
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $0.86 - $0.94
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $0.81 - $0.92
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          FFO
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $1.34 - $1.42
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $1.54 - $1.62
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          FFO as adjusted *
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $1.48 - $1.52
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $1.48 - $1.52
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      *Excludes transactional income/(expense), net
    </p>
    <p>
      The company&#8217;s current 2016 operational assumptions (Kimco&#8217;s share)
      related to the revised 2016 guidance is as follows:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          2016 Operational Assumptions
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Current
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Previous
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Transactional income/(expense), net:
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          $(59) million &#8211; $(40) million
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          $25 million - $42 million
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          U.S. portfolio occupancy
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          95.7% - 96.2%
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          95.7% - 96.2%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          U.S. same property NOI
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          +2.50% - +3.50%
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          +2.50% - +3.50%
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Operating Property Acquisitions
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          $450 million - $550 million
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          $450 million - $550 million
        </td>
      </tr>
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Operating Property Dispositions
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          $1.0 billion - $1.15 billion
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          $825 million - $975 million
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Dividend Declarations</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Kimco&#8217;s board of directors declared a quarterly cash dividend of
        $0.255 per common share, payable on October 17, 2016, to shareholders
        of record on October 5, 2016, with an ex-dividend date of October 3,
        2016.
      </li>
      <li style="margin-bottom: 10.0px">
        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 October 17, 2016, to shareholders of record on
        October 4, 2016, with an ex-dividend date of September 30, 2016.
      </li>
    </ul>
    <div style="margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Conference Call</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Thursday, July 28,
      2016, at 10:00 a.m. EDT. The call will include a review of the company&#8217;s
      second quarter 2016 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: 5347589).
    </p>
    <p>
      A replay will be available through October 28, 2016 by dialing
      1-877-344-7529 (Passcode: 10085925). Access to the live call and replay
      will be available on the company's website at investors.kimcorealty.com.
    </p>
    <p>
      <u><b>About Kimco</b></u>
    </p>
    <p>
      Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
      headquartered in New Hyde Park, N.Y., that is North America&#8217;s largest
      publicly traded owner and operator of open-air shopping centers. As of
      June 30, 2016, the company owned interests in 537 U.S. shopping centers
      comprising 86 million square feet of leasable space across 36 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, disposition, development and redevelopment
      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,
      2015, 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. The company disclaims any intention or obligation to
      update the forward-looking statements, whether as a result of new
      information, future events or otherwise.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Non-GAAP Financial Measures</b></u>
    </p>
    <p>
      <b>FFO</b>: A supplemental non-GAAP measure utilized to evaluate the
      operating performance of real estate companies. The National Association
      of Real Estate Investment Trusts (&#8220;NAREIT&#8221;) defines funds from
      operations (&#8220;FFO&#8221;) as net income/(loss) attributable to common
      shareholders computed in accordance with generally accepted accounting
      principles in the United States (&#8220;GAAP&#8221;), excluding (i) gains or losses
      from sales of operating real estate assets and change in control of
      interests, plus (ii) depreciation and amortization of operating
      properties and (iii) impairment of depreciable real estate and in
      substance real estate equity investments and (iv) after adjustments for
      unconsolidated partnerships and joint ventures calculated to reflect FFO
      on the same basis.
    </p>
    <p>
      The company considers FFO as an important supplemental measure of our
      operating performance and believes it is frequently used by securities
      analysts, investors and other interested parties in the evaluation of
      REITs, many of which present FFO when reporting results. Comparison of
      our presentation of FFO to similarly titled measures for other REITs may
      not necessarily be meaningful due to possible differences in the
      application of the NAREIT definition used by such REITs.
    </p>
    <p>
      <b>FFO as Adjusted</b>: A supplemental non-GAAP measure that the company
      believes is more reflective of its core operating performance and
      provides investors and analysts an additional measure to compare the
      company&#8217;s performance across reporting periods on a consistent basis by
      excluding items that we do not believe are indicative of our core
      operating performance. FFO as adjusted is generally calculated by the
      Company as FFO excluding certain transactional income and expenses and
      non-operating impairments which management believes are not reflective
      of the results within the company&#8217;s operating real estate portfolio.
    </p>
    <p>
      <b>U.S. Same Property NOI</b>: A supplemental non-GAAP measure 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. The company considers U.S. same property NOI as an important
      operating performance measure because it is frequently used by
      securities analysts and investors to measure only the net operating
      income of U.S. properties that have been owned by the company for the
      entire current and prior year reporting periods including those
      properties under redevelopment. It excludes properties under development
      and pending stabilization; properties are deemed stabilized at the
      earlier of (i) reaching 90% leased or (ii) one year following a projects
      inclusion in operating real estate. U.S. same property NOI assists in
      eliminating disparities in net income due to the development,
      acquisition or disposition of properties during the particular period
      presented, and thus provides a more consistent performance measure for
      the comparison of the Company's properties.
    </p>
    <p>
      U.S. same property NOI is calculated using revenues from rental
      properties (excluding straight-line rent adjustments, lease termination
      fees, amortization of above/below market rents and includes charges for
      bad debt) less operating and maintenance expense, real estate taxes and
      rent expense plus the company&#8217;s proportionate share of U.S. same
      property NOI from U.S. unconsolidated real estate joint ventures,
      calculated on the same basis. The company&#8217;s method of calculating U.S.
      same property NOI may differ from methods used by other REITs and,
      accordingly, may not be comparable to such other REITs.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="12">
          <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="12">
          (in thousands, except share information)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="12">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="3">
          <b>June 30,</b>
        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="3">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          <b>2016</b>
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Operating real estate, net of accumulated depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          of $2,199,725 and 2,115,320, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          9,171,988
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Investments and advances in real estate joint ventures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          519,268
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          293,306
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          204,062
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Mortgages and other financing receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          23,815
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          337,815
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,006
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          172,702
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          662,470
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          536,112
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top" colspan="3">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,392,432
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,344,171
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,728,629
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,460,188
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          116,857
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          555,299
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          584,019
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="3">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,860,973
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,075,511
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="3">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          86,774
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          86,709
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Preferred stock, $1.00 par value, authorized 6,029,100 shares,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          32,000 shares issued and outstanding (in series),
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Aggregate liquidation preference $800,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Common stock, $.01 par value, authorized 750,000,000 shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          issued and outstanding 419,997,765 and 413,430,756 shares,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,200
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,768,093
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Cumulative distributions in excess of net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (465,348
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,150
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,588
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,314,127
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          130,558
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          135,651
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="3">
          Total equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,444,685
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,181,951
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top" colspan="3">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,392,432
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,344,171
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="23">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="23">
          (in thousands, except share information)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="23">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top" colspan="8">
          Three Months Ended June 30,
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top" colspan="8">
          Six Months Ended June 30,
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2016
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2016
        </td>
        <td colspan="2">

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Revenues from rental properties
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          287,115
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          289,080
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          580,206
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          564,586
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Management and other fee income
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,373
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,981
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,484
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          12,931
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Total revenues
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          291,488
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          294,061
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          588,690
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          577,517
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Operating expenses
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,728
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,012
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,546
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,566
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          35,791
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          36,700
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          70,263
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          72,772
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          33,223
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          36,109
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          67,776
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          70,011
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          29,928
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          29,307
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          61,857
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          62,012
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,185
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,107
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,660
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,404
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          52,213
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,459
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          58,053
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,850
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Depreciation and amortization
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          82,753
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          80,155
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          167,609
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          154,724
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Total operating expenses
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          237,821
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          201,849
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          435,764
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          391,339
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Operating income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          53,667
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          92,212
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          152,926
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          186,178
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Other income/(expense)
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          414
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,052
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Interest, dividends and other investment income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          644
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          32,102
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          350
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          32,319
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2,070
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (515
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Interest expense
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (50,479
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (56,130
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (102,930
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (108,708
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Income from continuing operations before income taxes,
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          equity in income of joint ventures, gain on change in control
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          of interests and equity in income of other real estate investments
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          69,570
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          48,814
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          111,326
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Benefit/ (provision) for income taxes, net
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,628
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (11,866
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (9,089
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Equity in income of joint ventures, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          108,685
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          22,364
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          178,618
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          119,914
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Gain on change in control of interests, net
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          46,512
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          46,512
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          139,801
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Equity in income of other real estate investments, net
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,959
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,548
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,758
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          19,917
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="3">
          Income from continuing operations
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          165,578
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          101,110
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          280,836
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          381,869
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Discontinued operations
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Loss from discontinued operating properties, net of tax
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Impairment/loss on operating properties, net of tax
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (60
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="3">
          Loss from discontinued operations
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="3">
          Gain on sale of operating properties, net of tax (1)
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          39,268
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          26,499
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          66,164
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          58,554
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          204,846
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          127,609
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          347,000
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          440,348
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Net income attributable to noncontrolling interests
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1,437
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (609
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2,878
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (3,006
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Net income attributable to the Company
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          203,409
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          127,000
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          344,122
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          437,342
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Preferred stock dividends
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (11,555
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (23,110
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (29,146
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top" colspan="3">
          Net income available to the Company's common shareholders
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          191,854
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          112,427
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          321,012
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          408,196
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          Per common share:
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Income from continuing operations
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Basic
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.46
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.27
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.99
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Diluted
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.46
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.27
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.77
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.98
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Net income: (3)
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Basic
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.46
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.27
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.99
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Diluted
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.46
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.27
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.77
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.98
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Weighted average shares:
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 15.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Basic
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          417,748
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          411,317
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          415,189
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          411,057
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td style="padding-left: 15.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          Diluted
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          419,302
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          413,086
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          416,732
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          413,148
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Adjusted for earnings attributable from participating securities of
          ($1,067) and ($458) for the quarters ended June 30, 2016 and 2015,
          and ($1,701) and ($1,940) for the six months ended June 30, 2016 and
          2015, respectively.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="25">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="25">
          <b>Reconciliation of Net Income Available to Common Shareholders to</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="25">
          <b>FFO and FFO as Adjusted</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="25">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="25">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top" colspan="8">
          Three Months Ended June 30,
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top" colspan="10">
          Six Months Ended June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2016
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2016
        </td>
        <td colspan="2">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Net income available to common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          191,854
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          112,427
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          321,012
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          408,196
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (41,218
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (26,676
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (72,101
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (58,731
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (139,361
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (8,113
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (193,087
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (220,823
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          80,574
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          77,737
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          163,024
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          149,892
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,470
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          17,772
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          24,902
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          36,153
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Impairments of operating properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          54,993
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          17,692
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          60,946
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          25,815
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (Benefit)/provision for income taxes (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (226
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (5,214
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,792
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (727
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Noncontrolling interests (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2,911
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (163
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (3,585
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Funds from operations available to common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          158,104
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          182,714
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          316,325
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          336,190
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (2,587
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (29,983
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (7,948
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (36,286
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top" colspan="2">
          Funds from operations available to common shareholders as adjusted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          155,517
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          152,731
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          308,377
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          299,904
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top" colspan="2">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          417,748
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          411,317
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          415,189
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          411,057
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,468
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,496
        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Dilutive effect of equity awards
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,457
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,103
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,450
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,281
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top" colspan="2">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          420,050
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          413,888
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          417,491
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          413,834
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.44
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.76
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.82
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.38
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.44
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.76
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.81
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top" colspan="2">
          FFO as adjusted per common share - diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.37
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.37
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.74
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.73
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          (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 $336 for the three months ended June
          30, 2016 and 2015, and $434 and $672 for the six months ended June
          30, 2016 and 2015, respectively
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          (2) Related to gains, impairments and depreciation on operating
          properties, where applicable
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Funds from operations is a supplemental non-GAAP measure utilized to
          evaluate the operating performance of real estate companies. The
          National Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;)
          defines funds from operations as net income/(loss) attributable to
          common shareholders computed in accordance with generally accepted
          accounting principles in the United States (&#8220;GAAP&#8221;), excluding (i)
          gains or losses from sales of operating real estate assets and
          change in control of interests, plus (ii) depreciation and
          amortization of operating properties and (iii) impairment of
          depreciable real estate and in substance real estate equity
          investments and (iv) after adjustments for unconsolidated
          partnerships and joint ventures calculated to reflect funds from
          operations on the same basis.
        </td>
      </tr>
      <tr>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="22">
          <b>Reconciliation of Income From Continuing Operations to</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="22">
          <b>U.S. Same Property NOI</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="22">
          (in thousands)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="22">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top" colspan="7">
          Three Months Ended June 30,
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top" colspan="7">
          Six Months Ended June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2016
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2016
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          165,578
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          101,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          280,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          381,869
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (4,373
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (4,981
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (8,484
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (12,931
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          29,928
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          29,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          61,857
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          62,012
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          52,213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          15,459
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          58,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,850
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          82,753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          80,155
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          167,609
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          154,724
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          51,491
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          22,642
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          104,112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          74,852
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (3,628
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,866
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          9,089
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (46,512
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (46,512
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (139,801
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (7,959
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (5,548
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (18,758
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (19,917
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (22,845
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (47,173
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (61,052
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (90,064
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Non-operational expense from joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (67,501
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          38,183
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (92,568
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,315
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top" colspan="3">
          U.S. Same Property NOI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          232,527
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          225,526
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          456,959
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          445,998
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          U.S. Same Property NOI is a supplemental non-GAAP financial measure
          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. U.S. Same Property NOI is considered by
          management to be important performance measure of Kimco's
          operations, and management believes that this measure is frequently
          used by securities analysts and investors as a measure of Kimco's
          operating performance as this measure includes 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, U.S. Same Property NOI assists in
          eliminating disparities in net income due to the development,
          acquisition or disposition of properties during the particular
          periods presented, and thus provides a more consistent performance
          measure for the comparison of the operating performance of Kimco's
          properties.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          U.S. Same Property NOI is calculated using revenues from rental
          properties (excluding straight-line rent adjustments, lease
          termination fees and above/below market rents and includes charges
          for bad debt) less operating and maintenance expense, real estate
          taxes and rent expense, plus Kimco's proportionate share of U.S.
          Same Property NOI from unconsolidated real estate joint ventures,
          calculated on the same basis. U.S. 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. Kimco&#8217;s method of
          calculating 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-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="13">
          <b>Reconciliation of Projected Diluted Net Income Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="13">
          <b>to Projected Diluted Funds From Operations Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="13">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top" colspan="7">
          Full Year 2016
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Low</u>
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>High</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Projected diluted net income available to common
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.86
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.94
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Projected depreciation &amp; amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.81
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Projected depreciation &amp; amortization real estate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.12
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Gain on disposition of operating properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.16
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.19
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Gain on disposition of joint venture operating properties,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.43
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          (0.45
        </td>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Impairments of operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.19
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Projected FFO per diluted common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.42
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          Transactional charges, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top" colspan="2">
          Projected FFO, as adjusted per diluted common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.48
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; padding-left: 0.0px; border-bottom-width: 2.25pt; text-align: right; border-bottom-color: black; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1.52
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Projections involve numerous assumptions such as rental income
          (including assumptions on percentage rent), interest rates, tenant
          defaults, occupancy rates, foreign currency exchange rates (such as
          the US-Canadian rate), selling prices of properties held for
          disposition, expenses (including salaries and employee costs),
          insurance costs and numerous other factors. Not all of these factors
          are determinable at this time and actual results may vary from the
          projected results, and may be above or below the range indicated.
          The above range represents management&#8217;s estimate of results based
          upon these assumptions as of the date of this press release.
        </td>
      </tr>
    </table>
    </div>
    <p>

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