<SEC-DOCUMENT>0001157523-16-007078.txt : 20161027
<SEC-HEADER>0001157523-16-007078.hdr.sgml : 20161027
<ACCEPTANCE-DATETIME>20161027161429
ACCESSION NUMBER:		0001157523-16-007078
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161027
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161027
DATE AS OF CHANGE:		20161027

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:		161955686

	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>a51448852.htm
<DESCRIPTION>KIMCO REALTY CORPORATION 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported)</font><br><font style="font-family: Times New Roman; font-size: 10pt">October
      27, 2016</font><br><br><u><font style="font-family: Times New Roman; font-size: 18pt"><b>Kimco
      Realty Corporation</b></font></u><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      Name of Registrant as Specified in its Charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Maryland</u>
          </p>
        </td>
        <td style="width: 34%; white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>1-10899</u>
          </p>
        </td>
        <td style="width: 33%; white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>13-2744380</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" 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="width: 34%; text-align: center; padding-left: 0.0px" 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="width: 33%; text-align: center; padding-left: 0.0px" 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 style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 41%; text-align: center; padding-left: 0.0px" 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="width: 33%; white-space: nowrap; text-align: center; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>11042</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 41%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of Principal</font>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">Executive
            Offices)</font>
          </p>
        </td>
        <td style="width: 26%">

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

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

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

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

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

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition </b>
    </p>
    <p>
      On October 27, 2016, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter ended September 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>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;Press Release, dated October 27, 2016 issued by Kimco
      Realty Corporation
    </p>
    <p style="white-space: nowrap">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 5%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Name:</i>
          </p>
        </td>
        <td style="width: 25%; text-align: left; padding-left: 0.0px" 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="width: 5%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Title:</i>
          </p>
        </td>
        <td style="width: 25%; text-align: left; padding-left: 0.0px" 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="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 17%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51448852ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Kimco
      Realty Reports Third Quarter 2016 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Company&#8217;s
      2020 Vision Continues to Focus on Quality Portfolio and Strong Capital
      Structure;</b></font></i><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><i><font style="font-family: Times New Roman; font-size: 12pt">Board
      Approves 5.9% Increase in Common Stock Dividend</font></i></b>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--October 27, 2016--Kimco Realty
      Corp. (NYSE: KIM) today reported results for the third quarter ended
      September 30, 2016.
    </p>
    <p>
      <u><b>Highlights:</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Board increases quarterly common stock cash dividend 5.9% to $0.27 per
        share (equivalent to $1.08 per annum);
      </li>
      <li style="margin-bottom: 10.0px">
        Raised $146.7 million from the issuance of 4.8 million shares of
        common stock at a weighted average price of $30.59 per share under the
        company&#8217;s &#8220;at-the-market continuous offering program&#8221; (ATM program);
      </li>
      <li style="margin-bottom: 10.0px">
        Repaid two outstanding Canadian dollar-denominated bonds (CAD $150
        million at 5.99% due 2018 and CAD $200 million at 3.855% due 2020) and
        $428 million of U.S. debt (due 2017 at a blended rate of 5.9%);
      </li>
      <li style="margin-bottom: 10.0px">
        Sold interests in five of its six remaining Canadian shopping centers,
        totaling 1.0 million square feet, for a gross sales price of USD $97.4
        million; and
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. leasing spreads increased 26.6% for new leases and 7.8% for
        renewals/options. Combined leasing spreads increased 12.9%.
      </li>
    </ul>
    <p>
      &#8220;Notwithstanding the previously anticipated impact from the closure of
      the Sports Authority stores in the third quarter, we continue to deliver
      solid results as the fundamentals of our open-air shopping center
      portfolio remain healthy. The favorable balance of supply and demand is
      evident in the strength of our leasing spreads, the positive momentum
      we&#8217;ve seen in the re-leasing of the vacant Sports Authority boxes and
      the over three percent growth in same-property NOI during the third
      quarter&#8221; said Conor Flynn, President and Chief Executive Officer of
      Kimco. &#8220;We continue to focus on executing on our 2020 Vision to further
      reduce leverage, enhance Kimco&#8217;s long-term outlook and deliver superior
      returns for shareholders.&#8221;
    </p>
    <p>
      Flynn added, &#8220;Kimco&#8217;s 2016 guidance for net income and NAREIT FFO
      included one-time transactional gains from an anticipated partial
      monetization of our investment in Albertsons. It is unlikely that the
      timing of this will occur in 2016 and we have revised our guidance to
      reflect this. This does not have any impact on our guidance range for
      FFO as adjusted, which we have narrowed to reflect the company&#8217;s solid
      financial and operational performance. We remain confident that we will
      be able to monetize our Albertsons investment over time in accordance
      with Kimco&#8217;s 2020 Vision, and deliver meaningful value for Kimco
      shareholders. In addition, Kimco&#8217;s board has approved an increase in our
      quarterly common stock dividend of approximately six percent,
      demonstrating confidence in the company&#8217;s strong cash flow and future
      growth prospects.&#8221;
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Financial Results</b></u>
    </p>
    <p>
      The company reported a net loss available to common shareholders for the
      third quarter of 2016 of $55.1 million, or $0.13 per diluted share,
      compared to net income available to common shareholders of $63.0
      million, or $0.15 per diluted share, for the third quarter of 2015. The
      primary driver of the net loss available to common shareholders in the
      third quarter of 2016 was a $45.7 million charge for the early
      extinguishment of debt and a $63.5 million non-cash charge associated
      with the merger of the company&#8217;s taxable REIT subsidiary, Kimco Realty
      Services, Inc., into Kimco (TRS Merger). In addition, the change in net
      income available to common shareholders during the third quarter of 2016
      compared to the same period in 2015 resulted from a $19.1 million
      decrease in gains on sales of operating properties.
    </p>
    <p>
      For the nine months ended September 30, 2016, net income available to
      common shareholders was $265.9 million, or $0.63 per diluted share,
      compared to $471.2 million, or $1.14 per diluted share, for the nine
      months ended September 30, 2015. Net income available to common
      shareholders for the nine months ended September 30, 2016 included
      $109.2 million of charges related to the early extinguishment of debt
      and the TRS merger, recognized in the third quarter of 2016. The
      decrease in net income available to common shareholders during the nine
      months ended September 30, 2016 compared to the same period in 2015 also
      resulted from a $33.5 million decrease in gains on sales of operating
      properties and a $34.4 million increase in impairments attributable to
      the sale or pending disposition of operating properties. Both operating
      property impairments and gains on sales are excluded from the
      calculation of Funds From Operations available to common shareholders
      (NAREIT FFO).
    </p>
    <p>
      NAREIT FFO, a widely accepted supplemental measure of REIT performance,
      was $76.4 million, or $0.18 per diluted share, for the third quarter of
      2016 compared to $163.9 million, or $0.40 per diluted share, for the
      third quarter of 2015. During the third quarter of 2016, NAREIT FFO
      included transactional charges totaling $84.2 million of which $81.9
      million was attributable to the early extinguishment of debt and the TRS
      Merger. This compares to transactional income of $13.4 million in the
      third quarter of 2015.
    </p>
    <p>
      For the nine months ended September 30, 2016, NAREIT FFO available to
      common shareholders was $392.7 million, or $0.94 per diluted share,
      compared to $500.1 million, or $1.21 per diluted share, for the same
      period last year.
    </p>
    <p>
      FFO as adjusted, which excludes from NAREIT FFO the effects of
      non-operating impairments and transactional income and expenses, was
      $160.6 million, or $0.38 per diluted share, for the third quarter of
      2016 compared to $150.5 million, or $0.36 per diluted share, for the
      third quarter of 2015. FFO as adjusted for the nine months ended
      September 30, 2016 was $469.0 million, or $1.12 per diluted share,
      compared to $450.4 million, or $1.09 per diluted share, for the same
      period in 2015.
    </p>
    <p>
      A reconciliation of net income/(loss) available to common shareholders
      to NAREIT FFO and FFO as adjusted is provided in the tables accompanying
      this press release.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
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        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Operating Results</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Income from continuing operations decreased 196% compared to the third
        quarter of 2015. For the nine months ended September 30, 2016, income
        from continuing operations decreased 47% compared to the same period
        in 2015. The decrease in income from continuing operations includes
        $109.2 million of charges related to the early extinguishment of debt
        and merger of the taxable REIT subsidiary, recognized in the third
        quarter of 2016;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. same-property NOI increased 3.3% compared to the third quarter of
        2015. For the nine months ended September 30, 2016, same-property NOI
        increased 2.9% compared to the same period in 2015;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata occupancy ended the quarter at 95.1%, representing a
        decrease of 90 basis points sequentially and 50 basis points over the
        third quarter of 2015. The decrease in the third quarter was driven by
        the previously announced Sports Authority bankruptcy which accounted
        for 85 basis points of the 90-basis-point drop;
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata occupancy for small shop space (under 10,000 square
        feet) was 89.2%, unchanged sequentially and a 120-basis-point increase
        over the third quarter of 2015. Anchor occupancy was 97.0%, which
        included a 115-basis-point reduction attributable to the Sports
        Authority bankruptcy; and
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. pro-rata rental-rate leasing spreads increased 12.9% with new
        leases and renewals/options increasing 26.6% and 7.8%, respectively.
      </li>
    </ul>
    <p>
      A reconciliation of income/(loss) from continuing operations to U.S.
      same-property NOI is provided in the tables accompanying this press
      release.
    </p>
    <p>
      <u><b>Investment Activity</b></u>
    </p>
    <p>
      The third 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> Third quarter acquisitions totaled $292.8
      million and 1.0 million square feet (Kimco&#8217;s share of the purchase price
      was $263.4 million) including:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The remaining 85% interest in a four-property joint venture portfolio,
        totaling 681,000 square feet, for a gross price of $169.0 million,
        which includes the assumption of $77.0 million in mortgage debt. The
        portfolio includes <b>Perimeter Expo</b> in Atlanta, <b>Cranberry
        Commons</b> in Pittsburgh, <b>Cypress Towne Center</b> in Houston and <b>Doc
        Stone Commons</b> in Stafford, Virginia.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Kentlands Market Square</b>, a 221,000-square-foot, Whole
        Foods-anchored open-air shopping center located in the
        Washington-Arlington-Alexandria metropolitan statistical area (MSA)
        for $95.0 million which includes the assumption of $33.2 million in
        mortgage debt. The center, which boasts excellent demographics
        including a population of 107,000 with a median household income level
        of $99,000 within a three-mile radius, is anchored by a high-volume
        Whole Foods and offers a multitude of redevelopment and releasing
        opportunities.
      </li>
      <li style="margin-bottom: 10.0px">
        An increase in the company&#8217;s ownership in <b>Gateway Shopping
        Center</b> to 98.9% with the acquisition of an additional 84%
        ownership interest for a gross price of $18.1 million. The
        97,000-square-foot property is located in the Seattle-Bellevue-Everett
        MSA and is a prime candidate for redevelopment.
      </li>
      <li style="margin-bottom: 10.0px">
        A 21,000-square-foot parcel adjacent to Kimco&#8217;s <b>Webster
        Square </b>shopping center for $8.2 million. Webster Square is a
        176,000-square-foot multi-anchored property featuring Trader Joe&#8217;s, TJ
        Maxx and Michaels in the desirable retail market of Nashua, New
        Hampshire.
      </li>
    </ul>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
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        </div>
      </div>
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        <div style="text-align: center">

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

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

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        A parcel adjacent to <b>Coral Way Plaza</b>, a grocery-anchored
        shopping center in the Miami-Fort Lauderdale-West Palm Beach MSA, for
        a gross price of $1.6 million. Kimco&#8217;s share of the purchase price was
        $398,000.
      </li>
      <li style="margin-bottom: 10.0px">
        An additional land parcel at the <b>Grand Parkway Marketplace</b> for
        $900,000. Located in Spring, Texas, Grand Parkway Marketplace is a
        Kimco Signature Series development project that will be anchored by a
        new Target store which is expected to be completed in 2017.
      </li>
    </ul>
    <p>
      Year-to-date, Kimco&#8217;s share of acquisitions totaled $451.9 million.
    </p>
    <p>
      <i><b>Dispositions:</b></i> Sales for the third quarter totaled $150.7
      million from the disposition of 12 shopping centers, totaling 1.4
      million square feet (Kimco&#8217;s share of the sales price was $97.8 million)
      including:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Seven unencumbered U.S. properties, totaling 430,000 square feet, for
        a gross sales price of $53.3 million. The company&#8217;s share from these
        sales was $49.0 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Interests in five Canadian shopping centers, totaling 1.0 million
        square feet, for a gross sales price of USD $97.4 million, including
        USD $22.5 million of existing mortgage debt. Kimco&#8217;s share of the
        sales price was USD $48.7 million.
      </li>
    </ul>
    <p>
      Year-to-date, the company&#8217;s share of dispositions totaled $918.6 million
      from the sale of interests in 34 Canadian properties for USD $571.5
      million and 25 U.S. properties for $347.1 million.
    </p>
    <p>
      <u><b>Development/Redevelopment</b></u>
    </p>
    <p>
      During the third quarter of 2016, the company completed The Shoppes at
      Wynnewood, a Whole Foods-anchored center which is the first of the Kimco
      Signature Series development projects to be delivered. There are five
      additional Signature Series projects in the company&#8217;s active development
      pipeline with expected costs totaling $514 million.
    </p>
    <p>
      The company additionally completed $64.5 million in redevelopment
      projects in the third quarter, having approximately a 10% incremental
      return on investment. Kimco&#8217;s active redevelopment pipeline includes 31
      projects with expected costs totaling $313.0 million at the end of the
      third quarter.
    </p>
    <p>
      <u><b>Capital Activities</b></u>
    </p>
    <p>
      During the third quarter, Kimco issued $500 million of unsecured notes
      at a coupon of 2.80% per annum that are due in 2026. The proceeds were
      used to redeem the company&#8217;s $290.9 million 5.70% senior notes due in
      2017 and the prepayment of mortgage debt encumbering ten properties
      totaling $137.2 million at a weighted average rate of 6.32%. The
      remaining proceeds were used for general corporate purposes, including
      (i) the early extinguishment of debt charges totaling $19.4 million for
      the associated senior notes and mortgages, and (ii) and to partially
      reduce borrowings under the company&#8217;s $1.75 billion revolving credit
      facility.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
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        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      In August, the company&#8217;s wholly owned subsidiary, Kimco North Trust III,
      redeemed its CAD $150.0 million 5.99% notes due 2018 and its CAD $200.0
      million 3.855% notes due 2020. The company incurred extinguishment of
      debt charges of approximately USD $26.3 million in the third quarter of
      2016 as a result of the Canadian bond redemption.
    </p>
    <p>
      In addition, during the third quarter of 2016 Kimco issued 4.8 million
      shares of common stock at a weighted average price of $30.59 per share
      under the company&#8217;s ATM program, generating net proceeds of $146.7
      million.
    </p>
    <p>
      Also during the third quarter, the company completed the TRS merger,
      which effectively transferred ownership of certain long-term shopping
      center assets, as well as the company&#8217;s investment in Albertsons, to the
      REIT. As part of this transaction, the company established a valuation
      allowance against certain deferred tax assets currently on the balance
      sheet, resulting in a non-cash charge against net income/(loss) and
      NAREIT FFO of $63.5 million and $36.2 million, respectively, in the
      third quarter of 2016.
    </p>
    <p>
      <u><b>2016 Guidance</b></u>
    </p>
    <p>
      Kimco&#8217;s 2016 guidance for net income, NAREIT FFO and FFO as adjusted has
      been revised as follows:
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          2016 Guidance (per diluted share)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Current
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Previous
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Net income
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          $0.76 - $0.79
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          $0.86 - $0.94
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          NAREIT FFO
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          $1.30 - $1.32
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          $1.34 - $1.42
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          FFO as adjusted *
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          $1.49 - $1.51
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          $1.48 - $1.52
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          *Excludes transactional income/(expense), net
        </td>
      </tr>
    </table>
    </div>
    <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 style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          2016 Operational Assumptions
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Current
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Previous
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Transactional income/(expense), net:
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          $(79) million &#8211; $(78) million
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          $(59) million &#8211; $(40) million
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          U.S. portfolio occupancy
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          95.2% - 95.7%
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          95.7% - 96.2%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          U.S. same-property NOI
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          +2.70% - +3.30%
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          +2.50% - +3.50%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Operating Property Acquisitions
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          $450 million - $500 million
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          $450 million - $550 million
        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          Operating Property Dispositions
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          $1.1 billion - $1.2 billion
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="text-align: left; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="top">
          $1.0 billion - $1.15 billion
        </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 and increased the company&#8217;s
        quarterly cash dividend 5.9% to $0.27 per common share, payable on
        January 17, 2017, to shareholders of record on January 3, 2017, with
        an ex-dividend date of December 29, 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 January 17, 2017, to shareholders of record on
        January 3, 2017, with an ex-dividend date of December 29, 2016.
      </li>
    </ul>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Conference Call</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Friday, October 28,
      2016, at 10:00 a.m. EDT. The call will include a review of the company&#8217;s
      third 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: 3003492).
    </p>
    <p>
      A replay will be available through January 27, 2017 by dialing
      1-877-344-7529 (Passcode: 10091144). Access to the live call and replay
      will be available on the company's website at investors.kimcorealty.com.
    </p>
    <p>
      <u><b>About Kimco</b></u>
    </p>
    <p>
      Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
      headquartered in New Hyde Park, N.Y., that is North America&#8217;s largest
      publicly traded owner and operator of open-air shopping centers. As of
      September 30, 2016, the company owned interests in 534 U.S. shopping
      centers comprising 86 million square feet of leasable space across 35
      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 management&#8217;s ability to estimate
      the impact thereof, (vii) the availability of suitable acquisition,
      disposition, development and redevelopment opportunities, and risks
      related to acquisitions not performing in accordance with our
      expectations, (viii) valuation and risks related to the company&#8217;s joint
      venture and preferred equity investments, (ix) valuation of marketable
      securities and other investments, (x) increases in operating costs, (xi)
      changes in the dividend policy for the company&#8217;s common stock, (xii) 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, (xiii) impairment charges and (xiv)
      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>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      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>
    <p>
      <u><b>Non-GAAP Financial Measures</b></u>
    </p>
    <p>
      <b>NAREIT 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;NAREIT 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
      NAREIT FFO on the same basis.
    </p>
    <p>
      The company considers NAREIT FFO 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 NAREIT FFO when reporting
      results. Comparison of our presentation of NAREIT 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 NAREIT 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>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="10" valign="top">
          <b>CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="10" valign="top">
          (in thousands, except share information)
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="10" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Operating real estate, net of accumulated depreciation
        </td>
        <td colspan="3">

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          of $2,220,455 and 2,115,320, respectively
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          9,392,984
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          477,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          289,101
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          205,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          23,537
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          170,545
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,141
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          171,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2" valign="top">
          Other assets
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          466,968
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          536,112
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="3" valign="top">
          Total assets
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          11,206,102
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Notes payable
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,786,921
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,213,120
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          118,136
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2" valign="top">
          Other liabilities
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          569,107
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          584,019
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="3" valign="top">
          Total liabilities
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          5,687,284
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          6,075,511
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="3" valign="top">
          Redeemable noncontrolling interests
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          86,856
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Preferred stock, $1.00 par value, authorized 6,029,100 shares,
        </td>
        <td colspan="3">

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          32,000 shares issued and outstanding (in series),
        </td>
        <td colspan="3">

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Common stock, $.01 par value, authorized 750,000,000 shares
        </td>
        <td colspan="3">

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          issued and outstanding 425,013,233 and 413,430,756 shares,
          respectively
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          4,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,919,856
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (628,826
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2" valign="top">
          Accumulated other comprehensive income
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          6,145
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,301,457
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2" valign="top">
          Noncontrolling interests
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          130,505
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          135,651
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="3" valign="top">
          Total equity
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          5,431,962
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          5,181,951
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="3" valign="top">
          Total liabilities and equity
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          11,206,102
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          11,344,171
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>Condensed Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          (in thousands, except share information)
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          279,286
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          859,492
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          5,790
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          14,274
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          285,076
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          873,766
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          8,274
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          37,703
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          107,966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          32,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          100,366
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          27,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          89,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,092
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          5,752
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          68,126
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          96,827
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          264,436
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          208,996
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          644,760
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          76,080
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          229,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          477
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          827
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          3,473
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (46,552
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (149,482
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Early extinguishment of debt charges
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (45,674
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (45,674
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (11,788
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          37,026
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (61,426
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (73,292
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          11,537
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          190,155
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          6,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          53,096
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          3,774
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          11,319
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          22,532
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          31,236
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2" valign="top">
          Income/(loss) from continuing operations
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (51,319
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          229,517
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          9,771
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          75,935
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (41,548
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          305,452
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (1,997
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (3,512
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (4,875
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (6,518
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Net income/(loss) attributable to the Company
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (43,545
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          300,577
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (34,665
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="2" valign="top">
          Net income/(loss) available to the Company's common shareholders
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          (55,100
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          265,912
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          (0.13
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          (0.13
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          0.15
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          0.63
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          1.14
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          (0.13
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          (0.13
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          )
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          0.15
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          0.63
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          1.14
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (2)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          420,073
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          416,829
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          420,073
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          418,234
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Adjusted for earnings attributable from participating securities of
          ($502) and ($405) for the quarters ended September 30, 2016 and
          2015, and ($1,493) and ($2,178) for the nine months ended September
          30, 2016 and 2015, respectively.
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>Reconciliation of Net Income/(Loss) Available to Common
          Shareholders to</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>FFO and FFO as Adjusted</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Three Months Ended<br>September 30,
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Nine Months Ended<br>September 30,
          </p>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (55,100
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          265,912
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (9,773
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (29,767
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (81,874
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (88,472
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (9,852
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (8,988
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (202,939
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (229,811
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          94,814
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          257,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17,852
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          35,621
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          54,004
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          16,857
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          17,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          77,803
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          43,451
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          29,005
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          40,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1,943
        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (427
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (3,352
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          76,406
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          392,732
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          84,202
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          76,254
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          160,608
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            468,986
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            450,366
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          420,073
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          416,829
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          1,442
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          1,405
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          421,515
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          414,216
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          419,055
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          414,034
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
      </tr>
      <tr>
        <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>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="2" valign="top">
          FFO per common share - basic
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          0.94
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          0.40
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          0.94
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          1.21
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="2" valign="top">
          FFO as adjusted per common share - diluted
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          0.36
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          1.12
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          1.09
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: left; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (1)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          (1) Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. Funds from operations
          would be increased by $336 for the three months ended September 30,
          2015, and $621 and $1,008 for the nine months ended September 30,
          2016 and 2015, respectively
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          (2) Related to gains, impairments and depreciation on operating
          properties, where applicable.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          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>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Reconciliation of Income/(Loss) From Continuing Operations to</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>U.S. Same Property NOI</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          (in thousands)
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </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 style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Three Months Ended<br>September 30,
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Nine Months Ended<br>September 30,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (51,319
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          229,517
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (5,790
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (14,274
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          27,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          89,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          10,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          68,126
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          96,827
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          264,436
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          87,868
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          191,980
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          61,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          73,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (6,584
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (53,096
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (3,774
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (22,532
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (9,467
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (40,401
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (68,198
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (129,124
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Non-operational (income)/expense from joint ventures, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          25,530
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          47,794
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          (67,038
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          52,111
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="3" valign="top">
          U.S. Same Property NOI
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          232,773
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          225,355
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          692,053
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          672,696
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          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="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          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>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="10" valign="top">
          <b>Reconciliation of Projected Diluted Net Income Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="10" valign="top">
          <b>to Projected Diluted Funds From Operations Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="10" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="7" valign="top">
          Full Year 2016
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Low</u>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>High</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Projected diluted net income available to common
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.76
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.79
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.85
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Projected depreciation &amp; amortization real estate
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.12
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Gain on disposition of operating properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.20
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.23
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Gain on disposition of joint venture operating properties,
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.48
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          (0.50
        </td>
        <td style="white-space: nowrap; text-align: left; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.19
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Projected FFO per diluted common share
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          1.32
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.19
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          0.19
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="2" valign="top">
          Projected FFO, as adjusted per diluted common share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          1.49
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt" valign="bottom">
          1.51
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Projections involve numerous assumptions such as rental income
          (including assumptions on percentage rent), interest rates, tenant
          defaults, occupancy rates, foreign currency exchange rates (such as
          the US-Canadian rate), selling prices of properties held for
          disposition, expenses (including salaries and employee costs),
          insurance costs and numerous other factors. Not all of these factors
          are determinable at this time and actual results may vary from the
          projected results, and may be above or below the range indicated.
          The above range represents management&#8217;s estimate of results based
          upon these assumptions as of the date of this press release.
        </td>
      </tr>
    </table>
    </div>
    <p>

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

    </p>
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