<SEC-DOCUMENT>0001157523-17-002793.txt : 20171025
<SEC-HEADER>0001157523-17-002793.hdr.sgml : 20171025
<ACCEPTANCE-DATETIME>20171025173004
ACCESSION NUMBER:		0001157523-17-002793
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171025
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171025
DATE AS OF CHANGE:		20171025

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:		171153968

	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>a51705384.htm
<DESCRIPTION>KIMCO REALTY CORP. 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported)</font><br><font style="font-family: Times New Roman; font-size: 10pt">October
      25, 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">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Maryland</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black; width: 30%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-10899</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black; width: 30%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>13-2744380</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 30%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 30%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 30%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>3333 New Hyde Park Road<br>Suite 100<br>New Hyde Park, NY 11042</b><br>(Address
      of principal executive offices) (Zip Code)<br><br>Registrant&#8217;s telephone
      number, including area code: <b>(516) 869-9000</b><br><br><b>Not
      Applicable</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>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p>
      Emerging growth company <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
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        <div style="text-align: left">

        </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>

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition </b>
    </p>
    <p>
      On October 25, 2017, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter ended September 30,
      2017.&#160;&#160;A copy of the press release is furnished as Exhibit 99.1 to this
      Current Report.
    </p>
    <p>
      The information in this Current Report, including the exhibit, is
      furnished under Item 2.02 of&#160;&#160;Form 8-K and shall not be deemed &#8220;filed&#8221;
      for purposes of Section 18 of the Securities Exchange Act of 1934, as
      amended.&#160;&#160;The information in this Current Report on Form 8-K, including
      the exhibit, shall not be deemed to be incorporated by reference into
      any filing of the Company whether made before or after the date hereof,
      regardless of any general incorporation language in such filing.
    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits</b>
    </p>
    <p>
      (d) Exhibits
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      99.1&#160;&#160;&#160;Press Release, dated October 25, 2017 issued by Kimco Realty
      Corporation
    </p>
    <p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; width: 6%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 44%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>October 25, 2017</i>
          </p>
        </td>
        <td style="width: 3%">

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 85%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center; width: 15%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51705384ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left; width: 85%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51705384ex99_1.htm">Press Release regarding results for
            the quarter ended September 30, 2017</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51705384ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Kimco
      Realty Reports Third Quarter 2017 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Solid
      Operating Performance Leads Board to Approve Increase in Common Stock
      Dividend; </b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Company
      Adds a New Signature Series Asset with the Acquisition of Whittwood Town
      Center</b></font></i>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--October 25, 2017--Kimco Realty
      Corp. (NYSE:KIM) today reported results for the third quarter ended
      September 30, 2017.
    </p>
    <p>
      <u><b>Highlights:</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net income available to the company&#8217;s common shareholders increased to
        $102.0 million during the third quarter of 2017 compared to a net loss
        available to the company&#8217;s common shareholders of $(55.1) million
        during the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata occupancy increased to 95.8%, up 30 basis points sequentially
        and 70 basis points year over year.
      </li>
      <li style="margin-bottom: 10.0px">
        Leasing spreads increased 16.0%, with new leases and renewals/options
        up 52.0% and 8.1%, respectively.
      </li>
      <li style="margin-bottom: 10.0px">
        Same property net operating income (NOI) for the third quarter grew
        3.1% over the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Completed $1.1 billion in capital market transactions: i) a $500
        million unsecured bond due 2025 at 3.30%; ii) a $350 million unsecured
        bond due 2047 at 4.45%; and iii) $225 million of perpetual preferred
        stock at 5.125%.
      </li>
      <li style="margin-bottom: 10.0px">
        Board increased quarterly common stock cash dividend approximately 4%
        to $0.28 per share (equivalent to $1.12 per annum).
      </li>
      <li style="margin-bottom: 10.0px">
        Subsequent to the quarter, acquired Whittwood Town Center, a
        783,000-square-foot, 98% occupied grocery-anchored open-air shopping
        center in the densely populated Los Angeles suburb of Whittier,
        California.
      </li>
    </ul>
    <p>
      <u><b>Financial Results</b></u>
    </p>
    <p>
      Net Income available to the company&#8217;s common shareholders was $102.0
      million, or $0.24 per diluted share, compared to a net loss available to
      the company&#8217;s common shareholders of $(55.1) million, or $(0.13) per
      diluted share, for the third quarter of 2016. The increase was due to:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        $43.9 million of lower charges related to the early extinguishment of
        debt and $29.1 million* of higher gains on sales of operating
        properties, net of impairments in the third quarter of 2017 compared
        to the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        $63.5 million non-cash charge for the merger of the company&#8217;s taxable
        REIT subsidiary (TRS) in the third quarter 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        $10.0 million net cumulative foreign currency translation gain related
        to the company&#8217;s strategic exit from Canada, offset by a $7.0 million
        charge for the partial redemption of the 6.000% Series I Cumulative
        Redeemable Preferred Stock (Series I Preferred Stock) in the third
        quarter of 2017.
      </li>
    </ul>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 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>
      For the nine months ended September 30, 2017, net income available to
      the company&#8217;s common shareholders was $299.0 million, or $0.70 per
      diluted share, compared to $265.9 million, or $0.63 per diluted share,
      for the nine months ended September 30, 2016. The increase was due to:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        $43.9 million of lower charges associated with the early
        extinguishment of debt.
      </li>
      <li style="margin-bottom: 10.0px">
        $63.5 million charge for the TRS merger in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        $23.7 million cash distribution from the company&#8217;s investment in
        Albertsons LLC in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        $10.0 million net gain on foreign currency translation in 2017.
      </li>
    </ul>
    <p>
      Offset by:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        $105.7 million* lower gains on sales of operating properties, net of
        impairments in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        $7.0 million charge related to the partial preferred stock redemption
        in 2017.
      </li>
    </ul>
    <p>
      NAREIT FFO was $165.3 million, or $0.39 per diluted share, for the third
      quarter of 2017 compared to $76.4 million, or $0.18 per diluted share,
      for the third quarter of 2016. NAREIT FFO for the third quarter of 2017
      included transactional income (net of transactional charges) of $3.9
      million. This compares to $84.2 million of transactional charges (net of
      transactional income) for the third quarter 2016 of which $81.9 million
      was attributable to the early extinguishment of debt and the TRS Merger.
    </p>
    <p>
      For the nine months ended September 30, 2017, NAREIT FFO was $495.4
      million, or $1.17 per diluted share, compared to $392.7 million, or
      $0.94 per diluted share, for the same period last year. NAREIT FFO for
      the nine months ended September 30, 2017 included $17.6 million of
      transactional income (net of transactional charges). This compares to
      $76.3 million of transactional charges (net of transactional income) for
      the same period in 2016.
    </p>
    <p>
      FFO as adjusted available to the company&#8217;s common shareholders, which
      excludes the effects of transactional income and charges, was $161.3
      million, or $0.38 per diluted share, for the third quarter of 2017
      compared to $160.6 million, or $0.38 per diluted share, during the same
      period in 2016. FFO as adjusted for the nine months ended September 30,
      2017 was $477.8 million, or $1.13 per diluted share, compared to $469.0
      million, or $1.12 per diluted share, for the same period in 2016.
    </p>
    <p>
      A reconciliation of net income to NAREIT FFO, FFO as adjusted and
      same-property NOI 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">
        Reported pro-rata portfolio occupancy of 95.8% at the end of the third
        quarter, representing increases of 30 basis points sequentially and 70
        basis points over the third quarter of 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Increased anchor and small shop occupancy by 90 basis points and 30
        basis points, respectively, over the third quarter of 2016. At
        September 30, 2017, anchor and small shop occupancy were 97.9% and
        89.5%, respectively.
      </li>
      <li style="margin-bottom: 10.0px">
        Expanded pro-rata leasing spreads by 16.0%, with rental rates for new
        leases up 52.0% and renewals/options increasing 8.1%.
      </li>
      <li style="margin-bottom: 10.0px">
        Generated a 3.1% increase in same-property NOI, which includes the
        impact from redevelopments, compared to the third quarter of 2016. For
        the nine months ended September 30, 2017, same-property NOI increased
        1.7% compared to the same period in 2016.
      </li>
    </ul>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
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        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Hurricane and Wildfire Impact:</b></u>
    </p>
    <p>
      During the third quarter, three named hurricanes occurred which impacted
      the company&#8217;s portfolio with varying degrees of damage. The first two,
      Hurricanes Harvey and Irma, resulted in minimal damage to the company&#8217;s
      properties located in Texas and Florida.
    </p>
    <p>
      The third storm, Hurricane Maria, hit the island of Puerto Rico where
      Kimco has a total of seven properties totaling 2.2 million square feet
      representing approximately 3% of the company&#8217;s annual base rents. Two
      assets located in the southern region of the island were less impacted,
      while the remaining five properties in the northern region sustained
      varying amounts of damage.&#160;Currently, the majority of all tenants are
      open and operating at five of the seven properties with power being
      provided from both utility sources and generators.
    </p>
    <p>
      Kimco continues to assess the impact of damage and potential loss for
      all seven properties. The company maintains a comprehensive property
      insurance policy on these properties with total coverage of up to $62.0
      million, as well as business interruption insurance with coverage up to
      $39.3 million in the aggregate, subject to a collective deductible of
      $1.2 million. Kimco anticipates that all damages and any loss of
      operations sustained will be covered under these existing policies.
    </p>
    <p>
      In addition, there was no impact on any of the company&#8217;s properties in
      California due to the recent wildfires during the third quarter of 2017.
    </p>
    <p>
      <u><b>Investment Activity</b></u>
    </p>
    <p>
      <u>Acquisitions</u>: As previously announced, Kimco acquired:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Jantzen Beach Center</b>, a 96%-occupied, 752,000-square-foot,
        open-air shopping center on 67 acres in Portland, Oregon for $131.8
        million. Jantzen Beach is the company&#8217;s eighth property in the
        Portland-Vancouver-Hillsboro MSA, expanding Kimco&#8217;s concentration in a
        top 25 market where it also maintains a regional office.
      </li>
      <li style="margin-bottom: 10.0px">
        An 83,000-square-foot parcel adjacent to the company&#8217;s <b>Del
        Monte Plaza</b>, in Reno, Nevada for $24.1 million. The parcel is
        anchored by Whole Foods and Sierra Trading Post.
      </li>
    </ul>
    <p>
      Also during the third quarter, Kimco acquired parcels adjacent to its <b>Jantzen
      Beach</b>, <b>Gateway Station</b> and <b>Webster Square</b> shopping
      centers, for a total of $26.4 million.
    </p>
    <p>
      Subsequent to the third quarter, Kimco added to its Signature Series
      portfolio with the acquisition of <b>Whittwood Town Center</b>, a
      783,000-square-foot, grocery-anchored open-air shopping center on a
      54-acre infill site in the densely populated Los Angeles suburb of
      Whittier, California. The $123 million purchase price was funded with
      1031 exchange proceeds along with the assumption of $43 million in
      mortgage debt.
    </p>
    <p>
      Whittwood is 98% occupied, with anchors including Target, Vons,
      PetSmart, Cost Plus and 24 Hour Fitness in addition to Kohl&#8217;s, Sears and
      J.C. Penney, who pay substantially below-market rents, with an aggregate
      mark-to-market opportunity of 560%. The center is well-located along an
      established commercial corridor in Los Angeles County, which ranks among
      the world&#8217;s largest economies and is considered the entertainment,
      manufacturing and international trade capital of the U.S. Within a
      three-mile radius there is a population of 175,000 with an average
      household income of over $91,000, and there are approximately 900,000
      residents in the primary trade area.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
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        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      Whittwood&#8217;s flexible, open-air &#8220;town center&#8221; layout allows for further
      densification and mixed-use redevelopment &#8211; a key component of Kimco&#8217;s
      2020 Vision &#8211; to create a 24/7 live, work, play environment. The
      acquisition of Whittwood expands the number of properties owned by Kimco
      in the Los Angeles market to 25, and allows the company to further
      leverage its regional office.
    </p>
    <p>
      <u>Dispositions</u>: Third quarter dispositions totaled $62.5 million,
      including four wholly-owned shopping centers and a parcel, totaling
      579,000 square feet.
    </p>
    <p>
      <u><b>Capital Market Activity</b></u>
    </p>
    <p>
      During the third quarter of 2017, the company completed the following
      transactions:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Issued a $500 million, unsecured bond due 2025 with a coupon of 3.30%
        and a $350 million, unsecured bond due 2047 with a coupon of 4.45%.
      </li>
      <li style="margin-bottom: 10.0px">
        Completed a tender offer for $211 million of the $300 million in
        outstanding 4.30% Series E Medium-Term Notes due in 2018. As a result
        of this transaction, Kimco recognized a $1.8 million charge for the
        early extinguishment of debt. Subsequently, Kimco announced that it
        will redeem the remaining $89.0 million outstanding of its 4.30%
        Series E Medium-Term Notes due 2018 on November 1, 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Issued $225 million of 5.125% Series L cumulative redeemable preferred
        stock callable in August 2022. The proceeds from this transaction were
        used to partially redeem $225 million of the company&#8217;s $400 million
        6.00% Series I cumulative redeemable preferred shares. In connection
        with this redemption, the company incurred a charge of approximately
        $7.0 million.
      </li>
    </ul>
    <p>
      <u><b>2017 Guidance</b></u>
    </p>
    <p>
      The company is updating its 2017 guidance as follows:
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          2017 Guidance (per diluted share)
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Current
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Previous
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Net income
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          $0.87 - $0.89
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          $0.78 - $0.82
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          NAREIT FFO
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          $1.55 - $1.56
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          $1.53 - $1.57
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          FFO as adjusted *
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          $1.51 - $1.52
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          $1.50 - $1.54
        </td>
      </tr>
      <tr>
        <td colspan="8" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            *Excludes transactional income/(charges), net
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      A reconciliation of these forward-looking non-GAAP metrics (NAREIT FFO
      and FFO as adjusted) is provided in the tables accompanying this press
      release.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
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        <div style="text-align: left">

        </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>
      The company&#8217;s pro-rata operational assumptions for 2017 are revised as
      follows:
    </p>
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        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          2017 Operational Assumptions
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Current
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Previous
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Transactional income/(charges), net
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          $17 million
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          $14 million
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Year-end U.S. portfolio occupancy
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          Unchanged
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          95.8% - 96.2%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          U.S. same property NOI
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          +1.50% - +2.00%
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          +2.00% - +3.00%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Operating property acquisitions
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $340 million - $375 million
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Cap rates unchanged
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $300 million - $400 million
          </p>
          <ul>
            <li>
              5.25% to 5.75% cap rate
            </li>
          </ul>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black" valign="top">
          Operating property dispositions
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $350 million - $400 million
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Cap rates unchanged
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $300 million - $400 million
          </p>
          <ul>
            <li>
              6.50% to 7.50% cap rate
            </li>
          </ul>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Dividend Declarations</b></u>
    </p>
    <p>
      Kimco&#8217;s board of directors increased the company&#8217;s quarterly cash
      dividend to $0.28 per common share, payable on January 16, 2018, to
      shareholders of record on January 2, 2018.
    </p>
    <p>
      The board of directors also declared quarterly dividends with respect to
      the company&#8217;s Class I, Class J, Class K and Class L series of cumulative
      redeemable preferred shares. All dividends on the preferred shares will
      be paid on January 16, 2018, to shareholders of record on January 2,
      2018.
    </p>
    <p>
      <u><b>Conference Call</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Thursday, October 26,
      2017, at 10:00 a.m. EDT. The call will include a review of third quarter
      2017 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: 8207911).
    </p>
    <p>
      A replay will be available through January 26, 2018, by dialing
      1-877-344-7529 (Passcode: 10111601). Access to the live call and replay
      will also 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 September 30, 2017, the company owned interests in 507
      U.S. shopping centers comprising 84 million square feet of leasable
      space primarily concentrated in the top major metropolitan markets.
      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-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 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>
      <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,
      2016, as may be updated or supplemented in the company&#8217;s Quarterly
      Reports on Form 10-Q and the company&#8217;s other filings with the SEC, which
      discuss these and other factors that could adversely affect the
      company&#8217;s results. The company disclaims any intention or obligation to
      update the forward-looking statements, whether as a result of new
      information, future events or otherwise.
    </p>
    <p>
      <u><b>Non-GAAP Financial Measures</b></u>
    </p>
    <p>
      <b>NAREIT FFO</b>: A supplemental non-GAAP measure utilized to evaluate
      the operating performance of real estate companies. The National
      Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;) defines funds
      from operations (&#8220;NAREIT FFO&#8221;) as net income/(loss) attributable to
      common shareholders computed in accordance with generally accepted
      accounting principles in the United States (&#8220;GAAP&#8221;), excluding (i) gains
      or losses from sales of operating real estate assets and change in
      control of interests, plus (ii) depreciation and amortization of
      operating properties and (iii) impairment of depreciable real estate and
      in substance real estate equity investments and (iv) after adjustments
      for unconsolidated partnerships and joint ventures calculated to reflect
      NAREIT FFO on the same basis.
    </p>
    <p>
      The company considers NAREIT FFO an important supplemental measure of
      our operating performance and believes it is frequently used by
      securities analysts, investors and other interested parties in the
      evaluation of REITs, many of which present NAREIT FFO when reporting
      results. Comparison of our presentation of NAREIT FFO to similarly
      titled measures for other REITs may not necessarily be meaningful due to
      possible differences in the application of the NAREIT definition used by
      such REITs.
    </p>
    <p>
      <b>FFO as Adjusted</b>: A supplemental non-GAAP measure that the company
      believes is more reflective of its core operating performance and
      provides investors and analysts an additional measure to compare the
      company&#8217;s performance across reporting periods on a consistent basis by
      excluding items that we do not believe are indicative of our core
      operating performance. FFO as adjusted is generally calculated by the
      Company as NAREIT FFO excluding certain transactional income and
      expenses and non-operating impairments which management believes are not
      reflective of the results within the company&#8217;s operating real estate
      portfolio.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 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>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 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 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. 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>
      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 same-property NOI from
      unconsolidated real estate joint ventures, calculated on the same basis.
      The company&#8217;s method of calculating same-property NOI may differ from
      methods used by other REITs and, accordingly, may not be comparable to
      such other REITs.
    </p>
    <p>
      *Amounts shown before any impact from taxes and non-controlling interests
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          (in thousands, except share information)
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          of $2,458,806 and $2,278,292, respectively
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,771,654
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          509,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          361,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          213,859
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          22,538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          156,588
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,044
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          182,012
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          470,834
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          431,855
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          11,702,241
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          11,230,600
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,700,423
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          850,848
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          123,270
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          603,417
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          549,888
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          6,277,958
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          5,740,773
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          16,139
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          86,953
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Preferred stock, $1.00 par value, authorized 6,017,400 and 6,029,100
          shares, respectively,
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          issued and outstanding 425,633,409 and 425,034,113 shares,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,926,392
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (715,621
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (1,727
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          5,766
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 0.0px; text-align: left" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,213,332
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          194,812
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          146,735
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          5,408,144
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          5,402,874
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          11,702,241
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          11,230,600
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 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="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="12">

        </td>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="24" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Condensed Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td colspan="24" style="padding-left: 0.0px; text-align: center" valign="top">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td colspan="24" style="padding-left: 0.0px; text-align: center" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Revenues from rental properties
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          290,919
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          873,153
        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Management and other fee income
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          3,926
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          5,790
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          12,456
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          14,274
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Total revenues
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          294,845
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          285,076
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          885,609
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          873,766
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,764
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,312
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Real estate taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          38,363
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          115,379
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Operating and maintenance
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          33,197
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          102,862
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          General and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,588
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          86,395
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Provision for doubtful accounts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          701
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,201
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Impairment charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,944
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          34,280
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          88,443
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          96,827
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          275,787
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          264,436
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          195,000
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          208,996
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          627,216
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          644,760
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          99,845
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          258,393
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,101
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,358
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,813
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,176
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (47,258
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (46,552
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (139,830
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (149,482
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Early extinguishment of debt charges
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (1,753
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (45,674
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (1,753
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (45,674
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          income of joint ventures, net, gain on change in control of
          interests and
        </td>
        <td>

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          equity in income from other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          51,935
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (11,788
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          120,623
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Benefit/(provision) for income taxes, net
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (61,426
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,224
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (73,292
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Equity in income of joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,142
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          37,044
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Gain on change in control of interests
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          71,160
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          19,909
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          61,952
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          81,683
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (51,319
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          293,003
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          40,533
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,771
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          62,102
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          75,935
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          122,216
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (41,548
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          355,105
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (1,186
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (1,997
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (13,926
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (4,875
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          121,030
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (43,545
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          341,179
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Preferred stock redemption charge
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (7,014
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (7,014
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="top">
          Preferred stock dividends
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (12,059
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (35,169
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (34,665
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Net income/ (loss) available to the Company's common shareholders
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          101,957
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (55,100
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          298,996
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          265,912
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Net income/(loss) available to the Company: (2)
        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 4.0px; padding-left: 40.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.24
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (0.13
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.70
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 4.0px; padding-left: 40.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.24
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (0.13
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.70
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.63
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-left: 20.0px; text-align: left" valign="top">
          Weighted average shares:
        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 4.0px; padding-left: 40.0px; text-align: left" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          423,688
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          420,073
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          423,574
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          416,829
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="3" style="padding-bottom: 4.0px; padding-left: 40.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          424,311
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          420,073
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          424,193
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          418,234
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (1) Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. The impact of the
          conversion would have an anti-dilutive effect on net income and
          therefore have not been included.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (2) Adjusted for earnings attributable from participating securities
          of ($526) and ($502) for the three months ended September 30, 2017
          and 2016, and ($1,596) and ($1,493) for the nine months ended
          September 30, 2017 and 2016, respectively.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 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="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Reconciliation of Net Income Available to the Company's Common
          Shareholders to</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>FFO and FFO as Adjusted Available to the Company's Common
          Shareholders</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="top">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td colspan="22" style="padding-left: 0.0px; text-align: center" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

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

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Net income/ (loss) available to the Company's common shareholders
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          101,957
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (55,100
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          298,996
        </td>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 25.0px; text-align: left" valign="top">
          Gain on disposition of operating property
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (40,533
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (9,773
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (61,394
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (81,874
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 25.0px; text-align: left" valign="top">
          Gain on disposition of joint venture operating properties and change
          in control of interests
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (9,852
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (72,185
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (202,939
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 25.0px; text-align: left" valign="top">
          Depreciation and amortization - real estate related
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          87,262
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          272,232
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 25.0px; text-align: left" valign="top">
          Depreciation and amortization - real estate jv's
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,562
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,413
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 25.0px; text-align: left" valign="top">
          Impairments of operating properties
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,651
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          32,294
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 25.0px; text-align: left" valign="top">
          Provision/ (benefit) for income taxes (2)
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (39
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left" valign="top">
          Noncontrolling interests (2)
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (1,613
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (3,895
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (427
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          165,286
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          495,422
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left" valign="top">
          Transactional (income)/ expense, net
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (3,947
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          84,202
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (17,578
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          76,254
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Funds from operations available to the Company's common shareholders
          as adjusted
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          161,339
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          160,608
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          477,844
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          468,986
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Weighted average shares outstanding for FFO calculations:
        </td>
        <td colspan="3">

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Basic
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          423,688
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          420,073
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          423,574
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          416,829
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 25.0px; text-align: left" valign="top">
          Units
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left" valign="top">
          Dilutive effect of equity awards
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          513
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1,442
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          556
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1,405
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Diluted
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          425,174
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          421,515
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          424,984
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          419,055
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          FFO per common share - basic
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.39
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.18
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1.17
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.94
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          FFO per common share - diluted
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.39
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.18
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1.17
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.94
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          FFO as adjusted per common share - diluted
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.38
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          0.38
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1.13
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1.12
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (1) Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. Funds from operations
          available to the Company's common shareholders would be increased by
          $268 for the three months ended September 30, 2017, and $688 and
          $621 for the nine months ended September 30, 2017 and 2016,
          respectively.
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (2) Related to gains, impairments and depreciation on operating
          properties, where applicable.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Funds from operations is a supplemental non-GAAP measure utilized to
          evaluate the operating performance of real estate companies. The
          National Association of Real Estate Investment Trusts (&#8220;NAREIT&#8221;)
          defines funds from operations as net income/(loss) available to the
          company's 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-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 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="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Reconciliation of Net Income/ (Loss) Available to the Company's
            Common Shareholders</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>to Same Property NOI</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-color: black" valign="bottom">
          2016
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Net income/ (loss) available to the Company's common shareholders
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          101,957
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          298,996
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments:
          </p>
        </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 style="padding-left: 40.0px; text-align: left" valign="top">
          Management and other fee income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (3,926
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (12,456
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (14,274
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          General and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,588
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          86,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,944
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          34,280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          88,443
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          275,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          47,910
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          137,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (2,224
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (71,160
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (53,096
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (19,909
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (61,952
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (22,532
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Gain on sale of operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (40,533
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (9,771
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (62,102
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (75,935
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,186
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,997
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          13,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,875
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Preferred stock redemption charge
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          7,014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          7,014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Preferred stock dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,555
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          35,169
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          34,665
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (13,166
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (12,834
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (45,577
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (74,466
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left" valign="top">
          Non-operational expense/ (income) from joint ventures, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          24,580
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          25,531
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          63,611
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          (67,037
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-color: black" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Same Property NOI
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          236,450
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          229,407
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          697,477
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          685,786
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          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. 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, Same Property NOI assists in
          eliminating disparities in net income due to the development,
          acquisition or disposition of properties during the particular
          periods presented, and thus provides a more consistent performance
          measure for the comparison of the operating performance of Kimco's
          properties.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Same Property NOI is calculated using revenues from rental
          properties (excluding straight-line rent adjustments, lease
          termination fees and above/below market rents) less charges for bad
          debt, less operating and maintenance expense, real estate taxes and
          rent expense, plus Kimco's proportionate share of Same Property NOI
          from unconsolidated real estate joint ventures, calculated on the
          same basis. 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 Same Property NOI may differ
          from methods used by other REITs and, accordingly, may not be
          comparable to such other REITs.
        </td>
      </tr>
      <tr>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 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="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Reconciliation of Diluted Net Income Available to Common
          Shareholders Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>to Diluted Funds From Operations Available to Common Shareholders
          Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="padding-left: 0.0px; text-align: center" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Low</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>High</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Projected diluted net income available to common shareholder
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.87
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.89
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.86
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3" style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 0.0px; text-align: left" valign="top">
          Projected FFO per diluted common share
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1.55
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0.04
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0.04
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="3" style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Projected FFO, as adjusted per diluted common share
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1.51
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-color: black" valign="bottom">
          1.52
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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