<SEC-DOCUMENT>0001157523-17-000334.txt : 20170202
<SEC-HEADER>0001157523-17-000334.hdr.sgml : 20170202
<ACCEPTANCE-DATETIME>20170202172548
ACCESSION NUMBER:		0001157523-17-000334
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170202
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170202
DATE AS OF CHANGE:		20170202

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:		17569437

	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>a51504436.htm
<DESCRIPTION>KIMCO REALTY CORP. 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-family: Times New Roman; font-size: 18pt"></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">February
      2, 2017</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="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Maryland</u>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>1-10899</u>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>13-2744380</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Of Incorporation)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <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="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 41%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            3333 New Hyde Park Road
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Suite 100
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>New Hyde Park, NY</u>
          </p>
        </td>
        <td style="width: 26%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; width: 33%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>11042</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 41%">
          <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 valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <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="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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 February 2, 2017, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter and year ended December
      31, 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>

    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits</b>
    </p>
    <p>
      (d) Exhibits
    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;Press Release, dated February 2, 2017 issued by Kimco
      Realty Corporation
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="6">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>KIMCO REALTY CORPORATION</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">
          &#160;
        </td>
        <td style="width: 44%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 44%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>February 2, 2017</i>
          </p>
        </td>
        <td style="width: 3%">

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

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

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

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

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

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

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

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

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; width: 15%">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release regarding results for the quarter ended December 31,
            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>a51504436ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2017 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Kimco
      Realty Announces Fourth Quarter and Full Year 2016 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Company
      advances 2020 Vision focused on ownership of high-quality properties in
      core U.S. markets</b></font></i>
    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--February 2, 2017--Kimco Realty
      Corp. (NYSE: KIM) today reported results for the fourth quarter and year
      ended December 31, 2016.
    </p>
    <p>
      <u><b>Highlights - Fourth Quarter and Full Year 2016:</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Increased pro-rata occupancy by 30 basis points over the prior quarter
        to 95.4%;
      </li>
      <li style="margin-bottom: 10.0px">
        Achieved small shop occupancy of 89.9%, representing an increase of
        120 basis points year-over-year and the highest small shop occupancy
        level since 2010;
      </li>
      <li style="margin-bottom: 10.0px">
        Generated new leasing spreads of 36.5% in the fourth quarter with
        overall rent spreads expanding 14.8% during the same period;
      </li>
      <li style="margin-bottom: 10.0px">
        As previously announced, issued a new $400 million, seven-year
        unsecured bond with a coupon of 2.70% and a new $350 million, 30-year
        unsecured bond with a coupon of 4.125% in the fourth quarter 2016;
      </li>
      <li style="margin-bottom: 10.0px">
        As previously announced, completed $1.3 billion of transaction volume
        in the U.S. during 2016 through the acquisition of 20 high-quality
        core market properties and land parcels totaling $746.1 million, as
        well as the sale of 40 non-core assets for $528.2 million; and
      </li>
      <li style="margin-bottom: 10.0px">
        Essentially completed the exit from Canada through the sale of 34
        Canadian shopping centers for a gross price of USD $894.7 million
        during 2016.
      </li>
    </ul>
    <p>
      <u><b>Financial Results</b></u>
    </p>
    <p>
      Net income available to common shareholders for the fourth quarter of
      2016 was $66.7 million, or $0.16 per diluted share, compared to $360.0
      million, or $0.87 per diluted share, for the fourth quarter 2015. The
      decrease was primarily due to $345.5 million<sup>*</sup> of lower gains
      on sales of operating properties and $15.6 million<sup>*</sup> of higher
      impairments attributable to the sale or pending disposition of operating
      properties in 2016. Both gains on sales and operating property
      impairments are excluded from the calculation of Funds From Operations
      available to common shareholders (NAREIT FFO).
    </p>
    <p>
      For the full year 2016, net income available to common shareholders was
      $332.6 million, or $0.79 per diluted share, compared to $831.2 million,
      or $2.00 per diluted share, for the full year 2015. The change was
      attributable to $379.0 million<sup>*</sup> of lower gains on sales of
      operating properties and $49.9 million<sup>*</sup> of higher impairments
      attributable to the sale or pending disposition of operating properties
      in 2016.
    </p>
    <p>
      NAREIT FFO, a widely accepted supplemental measure of REIT performance,
      was $163.0 million, or $0.38 per diluted share, for the fourth quarter
      2016 compared to $143.2 million, or $0.35 per diluted share, for the
      fourth quarter 2015. NAREIT FFO for the fourth quarter of 2016 included
      $2.6 million of transactional income (net of transactional charges).
      This compares to ($9.9) million of transactional charges (net of
      transactional income) in the fourth quarter of 2015.
    </p>
    <p>
      For the full year 2016, NAREIT FFO was $555.7 million, or $1.32 per
      diluted share, compared to $643.2 million, or $1.56 per diluted share,
      for the full year 2015. NAREIT FFO for 2016 included ($73.7) million of
      transactional charges (net of transactional income) primarily
      attributable to charges incurred for the prepayment of debt and the
      merging of the company&#8217;s taxable REIT subsidiary, Kimco Realty Services,
      Inc., into Kimco (TRS Merger) which totaled $109.2 million. This
      compares to $39.8 million of transactional income (net of transactional
      charges) recognized in 2015 NAREIT FFO.
    </p>
    <p>
      *Amounts shown before any impact from taxes and non-controlling interests
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
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        <div style="text-align: center">

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          <hr style="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      FFO as adjusted, which excludes the effects of non-operating impairments
      as well as transactional income and charges, was $160.4 million, or
      $0.38 per diluted share, for the fourth quarter 2016 compared to $153.1
      million, or $0.37 per diluted share, for the fourth quarter 2015.
    </p>
    <p>
      For the full year 2016, FFO as adjusted was $629.4 million, or $1.50 per
      diluted share, compared to $603.4 million, or $1.46 per diluted share,
      for the full year 2015.
    </p>
    <p>
      A reconciliation of net income available to common shareholders to
      NAREIT FFO and FFO as adjusted is provided in the tables accompanying
      this press release.
    </p>
    <p>
      <u><b>Operating Results</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy ended the quarter at 95.4%, representing an
        increase of 30 basis points sequentially and a decrease of 40 basis
        points from the fourth quarter 2015;
      </li>
      <li style="margin-bottom: 10.0px">
        Small shop (under 10,000 square feet) pro-rata occupancy ended the
        quarter at 89.9%, an increase of 70 basis points sequentially and 120
        basis points over the fourth quarter of 2015. Anchor occupancy ended
        the quarter at 97.3%, representing a 30 basis-point increase over the
        third quarter of 2016 and a 90 basis-point decrease compared to the
        fourth quarter of 2015;
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata rental-rate leasing spreads increased 14.8% during the fourth
        quarter 2016, with rental rates for new leases up 36.5% and
        renewals/options increasing 7.1%. For the full year 2016, pro-rata
        rental-rate leasing spreads increased 12.0% with rental rates for new
        leases up 29.3% and renewals/options increasing 7.5%;
      </li>
      <li style="margin-bottom: 10.0px">
        Income from continuing operations was $69.8 million during the fourth
        quarter of 2016, representing a $269.3 million decrease compared to
        the same period in 2015 primarily due to lower gains on sales and
        higher impairments of operating properties. For the full year 2016,
        income from continuing operations totaled $299.4 million compared to
        $774.4 million for 2015. The decrease was attributable to $109.2
        million of charges related to the early extinguishment of debt and the
        TRS merger as well as $329.0 million from lower gains on sales and
        higher impairments of operating properties; and
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. same-property NOI increased 2.7% in the fourth quarter of 2016
        compared to the fourth quarter of 2015. Full year 2016 same-property
        NOI increased 2.8% compared to full year 2015. U.S. same-property NOI
        for the fourth quarter and full year 2016 was reduced 110 basis points
        and 70 basis points, respectively, from the bankruptcy of Sports
        Authority.
      </li>
    </ul>
    <p>
      A reconciliation of income from continuing operations to U.S.
      same-property NOI is provided in the tables accompanying this press
      release.
    </p>
    <p>
      <u><b>Investment Activity</b></u>
    </p>
    <p>
      The fourth quarter and year-to-date transactions, as previously
      announced, highlight the company&#8217;s 2020 Vision focused on the ownership
      of high-quality assets in core U.S. markets. Portfolio transformation
      activities included the principal exit from Canada, the departure from
      secondary markets, and the reduction of joint venture ownership
      interests.
    </p>
    <p>
      <b>Acquisitions: </b>As previously announced, fourth quarter
      acquisitions totaled $88.7 million and 353,000 square feet. Kimco&#8217;s
      share of the total gross purchase price was $68.1 million and included
      the following transactions:
    </p>
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        <div style="text-align: center">

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

        </div>
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    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        The purchase of the remaining 85% interest in Creekside Center in
        Hayward, California and Brookhurst Center in Anaheim, California,
        totaling 234,000 square feet, for a gross purchase price of $54.5
        million, which includes the assumption of $35.7 million in mortgage
        debt that was subsequently repaid. Kimco&#8217;s share of the purchase price
        was $46.3 million. Both assets are located in core markets supported
        by strong density levels in which the estimated population within a
        three-mile area exceeds 250,000;
      </li>
      <li style="margin-bottom: 10.0px">
        Vail Ranch Plaza, a 102,000-square-foot center in Temecula, California
        anchored by a Sprouts Farmers Market, for a gross sales price of $27.5
        million. The asset is adjacent to Kimco&#8217;s 417,000-square-foot Redhawk
        Town Center in an affluent community with an average household income
        of approximately $101,000 within a three-mile radius. Kimco&#8217;s share of
        the purchase price, based on its 55% ownership interest, was $15.1
        million; and
      </li>
      <li style="margin-bottom: 10.0px">
        Two parcels adjacent to the company&#8217;s flagship asset Suburban Square
        (Philadelphia-Camden-Wilmington MSA) for a purchase price of $6.8
        million. Suburban Square, in Ardmore, Pennsylvania, is a lifestyle
        center anchored by a high-volume Trader Joe&#8217;s and Apple Store in the
        heart of the Main Line with an estimated average household income in
        excess of $131,000 and a population of over 125,000 within a
        three-mile radius.
      </li>
    </ul>
    <p>
      For the full year 2016, Kimco acquired interests in 15 shopping centers
      totaling 2.4 million square feet, including eight acquired from existing
      joint venture partners. The aggregate gross purchase price for these
      acquisitions was $625.3 million, including $210.2 million of debt.
      Kimco&#8217;s share of the purchase price totaled $457.1 million.
    </p>
    <p>
      Subsequent to year-end, the company acquired Plaza Del Prado, a
      142,000-square-foot, grocery-anchored shopping center located in the
      Chicago-Naperville-Elgin MSA for a gross sales price of $38.0 million.
      In addition to the Jewel-Osco grocery store, Plaza Del Prado features
      other national retailers, including Starbucks, McDonalds, Chase Bank and
      Petco. The center is located in Glenview, Illinois, an affluent suburb
      in Chicago&#8217;s North Shore, supported by a population of approximately
      83,000 with an average household income of $126,000 within a three-mile
      radius. At the time of acquisition, the shopping center was 87.6%
      occupied, offering some near-term lease up opportunities.
    </p>
    <p>
      <b>Dispositions: </b>Fourth quarter dispositions totaled $134.4 million
      and 966,000 square feet for six U.S. shopping centers. Kimco&#8217;s share of
      the sales price was $63.7 million. Additionally, the company sold two
      land parcels in the fourth quarter for a gross sales price of $5.3
      million. Kimco&#8217;s share of the sales price was $1.8 million.
    </p>
    <p>
      For the full year 2016, the company&#8217;s share of shopping center
      dispositions totaled $982.4 million from the sale of interests in 34
      Canadian properties for USD $571.5 million and 31 U.S. properties for
      $410.9 million.
    </p>
    <p>
      <u><b>Capital Activity</b></u>
    </p>
    <p>
      In November, the company issued a new $400 million, seven-year unsecured
      bond with a coupon of 2.70% and a new $350 million, 30-year unsecured
      bond with a coupon of 4.125%. The proceeds were used for general
      corporate purposes, including (i) repayment of $400 million on the
      company&#8217;s $650 unsecured term loan, (ii) toward the repayment of $505.6
      million of mortgage debt (weighted average interest rate of 5.6%)
      maturing in 2017, along with any associated prepayment penalties, and
      (iii) temporarily reducing borrowings under the company&#8217;s revolving
      credit facility.
    </p>
    <p>
      In February 2017, the company closed on a new $2.25 billion unsecured
      revolving credit facility with an initial maturity date of March 17,
      2021 with two additional six-month extension options. The new credit
      facility replaces the company&#8217;s previous $1.75 billion unsecured
      revolving credit facility that was scheduled to mature in March of 2018.
      The new facility is priced at LIBOR plus 87.5 basis points plus a
      facility fee of 15 basis points per annum, for a total drawn cost of
      LIBOR plus 102.5 basis points.
    </p>
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        <div style="text-align: center">

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          <hr style="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>2017 Guidance</b></u>
    </p>
    <p>
      Kimco&#8217;s full year 2017 outlook for Net Income, NAREIT FFO and FFO as
      adjusted is as follows:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          Net Income (per diluted share)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          $0.64 to $0.67
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          NAREIT FFO (per diluted share)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          $1.50 to $1.54
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          FFO as adjusted<b> </b>(per diluted share) **
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          $1.50 to $1.54
        </td>
      </tr>
    </table>
    </div>
    <p>
      **<i>Excludes transactional income/(charges), net</i>
    </p>
    <p>
      The Company&#8217;s full year 2017 operational assumptions (Kimco&#8217;s share) are
      as follows:
    </p>
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          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          Portfolio Occupancy
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          95.8% to 96.2%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          Same-Property NOI (including redevelopments)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          +2.0% to +3.0%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          Operating Property Acquisitions
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          $300 million to $400 million

          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <ul>
            <li>
              5.50% to 6.00% cap rate
            </li>
          </ul>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          Operating Property Dispositions
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black">
          $250 million to $350 million

          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <ul>
            <li>
              6.50% to 7.50% cap rate
            </li>
          </ul>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
    <p>
      Reconciliations to be provided for these forward-looking non-GAAP
      metrics (NAREIT FFO and FFO as adjusted).
    </p>
    <p>
      <u><b>Dividend Declarations</b></u>
    </p>
    <p>
      Kimco&#8217;s board of directors declared a quarterly cash dividend of $0.27
      per common share, payable on April 17, 2017, to shareholders of record
      on April 5, 2017, representing an ex-dividend date of April 3, 2017.
    </p>
    <p>
      The board of directors also declared quarterly dividends with respect to
      the company&#8217;s various series of cumulative redeemable preferred shares
      (Class I, Class J and Class K). All dividends on the preferred shares
      will be paid on April 17, 2017, to shareholders of record on April 4,
      2017, with an ex-dividend date of March 31, 2017.
    </p>
    <p>
      <u><b>Conference Call and Supplemental Materials</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Friday, February 3,
      2017, at 10:00 a.m. Eastern Standard Time (EST). The call will include a
      review of the company&#8217;s fourth quarter and full year 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: 9974446).
    </p>
    <p>
      A replay will be available through May 3, 2017, by dialing
      1-877-344-7529 (Passcode: 10096539). Access to the live call and replay
      will be available through 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 one of North America&#8217;s
      largest publicly traded owners and operators of open-air shopping
      centers. As of December 31, 2016, the company owned interests in 524
      U.S. shopping centers comprising 85 million square feet of leasable
      space across 34 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>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
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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>
    <p>
      <u><b>Safe Harbor Statement</b></u>
    </p>
    <p>
      The statements in this news release state the company&#8217;s and management&#8217;s
      intentions, beliefs, expectations or projections of the future and are
      forward-looking statements. It is important to note that the company&#8217;s
      actual results could differ materially from those projected in such
      forward-looking statements. Factors which may cause actual results to
      differ materially from current expectations include, but are not limited
      to, (i) general adverse economic and local real estate conditions, (ii)
      the inability of major tenants to continue paying their rent obligations
      due to bankruptcy, insolvency or a general downturn in their business,
      (iii) financing risks, such as the inability to obtain equity, debt or
      other sources of financing or refinancing on favorable terms to the
      company, (iv) the company&#8217;s ability to raise capital by selling its
      assets, (v) changes in governmental laws and regulations, (vi) the level
      and volatility of interest rates and foreign currency exchange rates and
      management&#8217;s ability to estimate the impact thereof, (vii) risks related
      to the company&#8217;s international operations, (viii) the availability of
      suitable acquisition, disposition, development and redevelopment
      opportunities, and risks related to acquisitions not performing in
      accordance with our expectations, (ix) valuation and risks related to
      the company&#8217;s joint venture and preferred equity investments, (x)
      valuation of marketable securities and other investments, (xi) increases
      in operating costs, (xii) changes in the dividend policy for the
      company&#8217;s common stock, (xiii) the reduction in the company&#8217;s income in
      the event of multiple lease terminations by tenants or a failure by
      multiple tenants to occupy their premises in a shopping center, (xiv)
      impairment charges and (xv) unanticipated changes in the company&#8217;s
      intention or ability to prepay certain debt prior to maturity and/or
      hold certain securities until maturity. Additional information
      concerning factors that could cause actual results to differ materially
      from those forward-looking statements is contained from time to time in
      the company&#8217;s SEC filings. Copies of each filing may be obtained from
      the company or the SEC.
    </p>
    <p>
      The company refers you to the documents filed by the company from time
      to time with the SEC, specifically the section titled &#8220;Risk Factors&#8221; in
      the company&#8217;s Annual Report on Form 10-K for the year ended December 31,
      2015, as may be updated or supplemented in the company&#8217;s Quarterly
      Reports on Form 10-Q and the company&#8217;s other filings with the SEC, which
      discuss these and other factors that could adversely affect the
      company&#8217;s results. The company disclaims any intention or obligation to
      update the forward-looking statements, whether as a result of new
      information, future events or otherwise.
    </p>
    <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>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <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>
    <p>
      U.S. same-property NOI is calculated using revenues from rental
      properties (excluding straight-line rent adjustments, lease termination
      fees, amortization of above/below market rents and includes charges for
      bad debt) less operating and maintenance expense, real estate taxes and
      rent expense plus the company&#8217;s proportionate share of U.S.
      same-property NOI from U.S. unconsolidated real estate joint ventures,
      calculated on the same basis. The company&#8217;s method of calculating U.S.
      same-property NOI may differ from methods used by other REITs and,
      accordingly, may not be comparable to such other REITs.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          (in thousands, except share information)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>December 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>2016</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Assets:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Operating real estate, net of accumulated depreciation of
            $2,278,292 and 2,115,320, respectively
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,394,755
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Investments and advances in real estate joint ventures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          504,209
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Real estate under development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          335,028
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Other real estate investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          209,146
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Mortgages and other financing receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          23,197
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          142,486
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8,101
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Accounts and notes receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          181,823
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          431,855
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          536,112
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          11,230,600
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          11,344,171
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,927,251
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,139,117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          124,517
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Other liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          549,888
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          584,019
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          5,740,773
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          6,075,511
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          86,953
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          86,709
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Preferred stock, $1.00 par value, authorized 6,029,100 shares,
            32,000 shares issued and outstanding (in series),
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Aggregate liquidation preference $800,000
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, $.01 par value, authorized 750,000,000 shares issued
            and outstanding 425,034,113 and 413,430,756 shares, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,922,958
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Cumulative distributions in excess of net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (676,867
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (572,335
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          5,766
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          5,588
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,256,139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          146,735
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          135,651
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          5,402,874
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          5,181,951
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          11,230,600
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          11,344,171
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="21">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="21">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="21">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="8">
          Three Months Ended December 31,
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="8">
          Year Ended December 31,
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          2015
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          2015
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Revenues from rental properties
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          292,909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,152,401
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Management and other fee income
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          4,117
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          18,391
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Total revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          297,026
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1,170,792
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          10,993
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          38,649
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          146,615
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          40,544
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          140,910
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          27,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          117,302
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Provision for doubtful accounts
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,563
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          25,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          93,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          90,884
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          355,320
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          225,209
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          869,969
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          71,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          300,823
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          402
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,634
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Interest, dividends and other investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          651
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,478
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,196
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,313
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (43,067
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (192,549
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Early extinguishment of debt charges
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income from continuing operations before income taxes, equity in
            income of joint ventures, gain on change in control of interests
            and equity in income of other real estate investments
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          30,999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          68,025
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Benefit/(provision) for income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          747
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (72,545
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Equity in income of joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          28,559
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          218,714
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Gain on change in control of interests, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,290
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          57,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          5,241
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          27,773
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          69,836
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          299,353
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Loss from discontinued operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Impairment/loss on operating properties, net of tax
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          10,850
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          86,785
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          80,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          386,138
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Net (income)/loss attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (2,413
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          490
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (7,288
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (6,028
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          78,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          378,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Preferred stock redemption costs
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Preferred stock dividends
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (46,220
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          66,718
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          332,630
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Income from continuing operations
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          0.16
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          0.79
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          0.16
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          0.79
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          2.00
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Net income: (3)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          0.16
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          0.79
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          0.16
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          0.79
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          2.00
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Weighted average shares:
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          423,087
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          418,402
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          424,249
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          419,709
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Adjusted for earnings attributable from participating securities of
          ($524) and ($1,950) for the three months ended December 31, 2016 and
          2015, and ($2,018) and ($4,134) for the year ended December 31, 2016
          and 2015, respectively.
        </td>
      </tr>
      <tr>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="21">
          <b>Reconciliation of Net Income Available to Common Shareholders to</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="21">
          <b>FFO and FFO as Adjusted</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="21">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="21">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="8">
          Three Months Ended December 31,
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="8">
          Year Ended December 31,
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          2015
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          2015
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          66,718
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          332,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Gain on disposition of operating property
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (10,950
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (43,347
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (92,824
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (131,844
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Gain on disposition of joint venture operating properties and change
          in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (14,880
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (327,933
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (217,819
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (557,744
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Depreciation and amortization - real estate related
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          89,476
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          347,315
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Depreciation and amortization - real estate jv's
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,477
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          14,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          45,098
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          68,556
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Impairments of operating properties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          24,125
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8,545
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          101,928
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          52,021
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          (Benefit)/provision for income taxes (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1,227
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          51,849
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          39,570
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          53,792
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Noncontrolling interests (2)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (3,239
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (182
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (6,591
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          162,984
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          555,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          Transactional (income)/charges, net
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (2,565
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          73,689
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          629,405
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          423,087
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          418,402
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          841
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1,162
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1,307
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          425,090
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          420,562
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1.33
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1.32
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1.56
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          FFO as adjusted per common share - diluted
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1.50
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1.46
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (1) Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. Funds from operations
          would be increased by $229 and $217 for the three months ended
          December 31, 2016 and 2015, and $881 and $781 for the year ended
          December 31, 2016 and 2015, respectively
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (2) Related to gains, impairments and depreciation on operating
          properties, where applicable.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Funds from operations is a supplemental non-GAAP measure utilized to
          evaluate the operating performance of real estate companies. The
          National Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;)
          defines funds from operations as net income/(loss) attributable to
          common shareholders computed in accordance with generally accepted
          accounting principles in the United States (&#8220;GAAP&#8221;), excluding (i)
          gains or losses from sales of operating real estate assets and
          change in control of interests, plus (ii) depreciation and
          amortization of operating properties and (iii) impairment of
          depreciable real estate and in substance real estate equity
          investments and (iv) after adjustments for unconsolidated
          partnerships and joint ventures calculated to reflect funds from
          operations on the same basis.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="17">
          <b>Reconciliation of Income From Continuing Operations to</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="17">
          <b>U.S. Same Property NOI</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="17">
          (in thousands)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="17">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="7">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Three Months Ended
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="7">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Year Ended
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black" colspan="7">
          <p style="margin-bottom: 0px; margin-top: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="7">
          <p style="margin-bottom: 0px; margin-top: 0px">
            December 31,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          2016
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          2015
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          2016
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="3">
          2015
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income from continuing operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          69,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          339,117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          299,353
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          774,405
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          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 valign="top" style="text-align: left; padding-left: 40.0px">
          Management and other fee income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (4,117
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (4,369
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (18,391
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (22,295
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          27,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          117,302
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Impairment charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          25,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          93,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          90,884
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          86,095
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          355,320
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          344,527
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          40,818
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          52,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          232,798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          174,656
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          (Benefit)/provision for income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (747
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          72,545
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Gain on change in control of interests, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (4,290
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (57,386
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (149,234
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (5,241
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (4,854
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (27,773
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (36,090
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (16,194
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (88,070
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (173,189
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px">
          Non-operational (income)/expense from joint ventures, net
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          8,474
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (297,488
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (58,563
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          (245,380
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          U.S. Same Property NOI
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          232,025
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          225,902
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          920,401
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          895,748
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          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>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          U.S. Same Property NOI is calculated using revenues from rental
          properties (excluding straight-line rent adjustments, lease
          termination fees and above/below market rents and includes charges
          for bad debt) less operating and maintenance expense, real estate
          taxes and rent expense, plus Kimco's proportionate share of U.S.
          Same Property NOI from unconsolidated real estate joint ventures,
          calculated on the same basis. U.S. Same Property NOI includes all
          properties that are owned for the entire current and prior year
          reporting periods and excludes properties under development and
          properties pending stabilization. Properties are deemed stabilized
          at the earlier of (i) reaching 90% leased or (ii) one year following
          their inclusion in operating real estate. Kimco&#8217;s method of
          calculating U.S. Same Property NOI may differ from methods used by
          other REITs and, accordingly, may not be comparable to such other
          REITs.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          <b>Reconciliation of Diluted Net Income Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          <b>to Diluted Funds From Operations Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          Actual
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="7">
          Projected Range
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="top" style="text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px" colspan="7">
          Full Year 2017
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Low</u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>High</u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Diluted net income available to common shareholder per share
          </p>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.64
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.83
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.83
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Depreciation &amp; amortization real estate joint ventures, net of
            noncontrolling interests
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.09
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0.05
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gain on disposition of joint venture operating properties, net of
            noncontrolling interests, and change in control of interests
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0.52
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (0.01
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.09
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1.50
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1.50
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1.50
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px">
          1.54
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Projections involve numerous assumptions such as rental income
      (including assumptions on percentage rent), interest rates, tenant
      defaults, occupancy rates, foreign currency exchange rates (such as the
      US-Canadian rate), selling prices of properties held for disposition,
      expenses (including salaries and employee costs), insurance costs and
      numerous other factors. Not all of these factors are determinable at
      this time and actual results may vary from the projected results, and
      may be above or below the range indicated. The above range represents
      management&#8217;s estimate of results based upon these assumptions as of the
      date of this press release.
    </p>
    <p>
      CONTACT:<br>Kimco Realty Corp.<br>David F. Bujnicki, 1-866-831-4297<br>Senior
      Vice President, Investor Relations and Strategy<br><u>dbujnicki@kimcorealty.com</u>
    </p>
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