<SEC-DOCUMENT>0001157523-18-000341.txt : 20180215
<SEC-HEADER>0001157523-18-000341.hdr.sgml : 20180215
<ACCEPTANCE-DATETIME>20180215074032
ACCESSION NUMBER:		0001157523-18-000341
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180215
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180215
DATE AS OF CHANGE:		20180215

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:		18616161

	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>a51759139.htm
<DESCRIPTION>KIMCO REALTY CORPORATION 8-K
<TEXT>
<html>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported)</font><br><font style="font-family: Times New Roman; font-size: 10pt">February
      15, 2018</font><br><br><u><font style="font-family: Times New Roman; font-size: 18pt"><b>Kimco
      Realty Corporation</b></font></u><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      Name of Registrant as Specified in its Charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 30%; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Maryland</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; width: 30%; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-10899</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; width: 30%; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>13-2744380</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 30%; padding-left: 0.0px; text-align: center">
          <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 valign="bottom" style="width: 30%; padding-left: 0.0px; text-align: center">
          <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 valign="bottom" style="width: 30%; padding-left: 0.0px; text-align: center">
          <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="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition </b>
    </p>
    <p>
      On February 15, 2018, Kimco Realty Corporation issued a press release
      announcing its financial results for the year and quarter ended December
      31, 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 8.01. Other Events</b>
    </p>
    <p style="text-align: justify">
      On February&#160;14, 2018, the Company&#8217;s Board of Directors (the &#8220;Board&#8221;)
      approved a share repurchase program for up to $300.0&#160;million of shares
      of the Company&#8217;s common stock.&#160;The program is scheduled to expire on
      February&#160;28, 2020, unless extended by the Board.
    </p>
    <p>
      Repurchases may be made at management&#8217;s discretion from time to time in
      the open market, through privately negotiated transactions or by other
      means, all in accordance with the Securities and Exchange Commission and
      other applicable legal requirements. The specific timing, price and size
      of purchases will depend on prevailing stock prices, general economic
      and market conditions, and other considerations. The repurchase program
      does not obligate the Company to acquire any particular amount of its
      common stock, and the repurchase program may be suspended or
      discontinued at any time at the Company&#8217;s discretion.
    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits</b>
    </p>
    <p>
      (d) Exhibits
    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;Press Release, dated February 15, 2018 issued by Kimco
      Realty Corporation<br><br><br><br>
    </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 cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="6" valign="top" style="padding-left: 0.0px; text-align: center">
          <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" valign="top" style="padding-left: 0.0px; text-align: left">
          <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 valign="top" style="width: 6%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 3%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>By:</i>
          </p>
        </td>
        <td colspan="2" valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          <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 valign="top" style="width: 5%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Name:</i>
          </p>
        </td>
        <td valign="top" style="width: 25%; padding-left: 0.0px; text-align: left">
          <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 valign="top" style="width: 5%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Title:</i>
          </p>
        </td>
        <td valign="top" style="width: 25%; padding-left: 0.0px; text-align: left">
          <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" valign="top" style="padding-left: 0.0px; text-align: left">
          <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 valign="top" style="width: 6%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="width: 44%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>February 15, 2018</i>
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="width: 5%; padding-left: 0.0px; text-align: left">
          <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>
      <br>
      <br>
      <br>

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

        </td>
        <td valign="top" style="width: 85%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; width: 15%; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51759139ex99_1.htm">99.1</a>
          </p>
        </td>
        <td valign="top" style="width: 85%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51759139ex99_1.htm">Press Release regarding results for
            the year and quarter ended December 31, 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>a51759139ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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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 Announces Fourth Quarter and Full Year 2017 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>-
      10-Year Record High Leasing Volume Drives Strong Operating Results -</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>-
      Occupancy Nearing All-Time High -</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>-
      Board Authorizes $300 Million Share Repurchase Program -</b></font></i>
    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--February 15, 2018--Kimco Realty
      Corp. (NYSE:KIM) today reported results for the fourth quarter and year
      ended December 31, 2017.
    </p>
    <p>
      <u><b>Highlights - Fourth Quarter and Full Year 2017:</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        A 10.1% increase in net income available to the company&#8217;s common
        shareholders during the fourth quarter of 2017 to $73.5 million,
        compared to $66.7 million during the same period in 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Improved pro-rata occupancy to 96.0%, compared to the company&#8217;s
        historic record 96.2%, representing an increase of 20 basis points
        sequentially and 60 basis points from the fourth quarter 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Generated new leasing spreads of 13.2% in the fourth quarter with
        overall rent spreads expanding 9.2% during the same period.
      </li>
      <li style="margin-bottom: 10.0px">
        Leased over 10.0 million square feet in 2017 representing the highest
        leasing volume in the past 10 years.
      </li>
      <li style="margin-bottom: 10.0px">
        Issued $230 million of 5.25% Class M cumulative redeemable preferred
        stock during the fourth quarter with an additional $34.5 million
        subsequently issued after the underwriters exercised their 30-day
        over-allotment option in January of 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        In February 2018, the company&#8217;s board approved a $300 million share
        repurchase program.
      </li>
    </ul>
    <p>
      &#8220;We are pleased with the solid leasing spreads and positive operating
      results our team achieved in 2017. The strongest leasing activity in ten
      years raised our year-end occupancy to just shy of our all-time high,
      positioning us for continued success in 2018,&#8221; stated Conor Flynn, Chief
      Executive Officer of Kimco. &#8220;As we move forward, we will continue to
      build on these results while also taking steps to strengthen our
      portfolio in the rapidly changing retail environment.&#8221; Mr. Flynn
      continued, &#8220;Accelerating the divestiture of assets outside our core
      markets will allow us to concentrate our presence in target coastal
      markets, complete development projects underway and continue to invest
      in redevelopment, ultimately producing a stronger portfolio primed for
      sustained long-term growth.&#8221;
    </p>
    <p>
      <u><b>Financial Results</b></u>
    </p>
    <p>
      Net income available to common shareholders for the fourth quarter of
      2017 was $73.5 million, or $0.17 per diluted share, compared to $66.7
      million, or $0.16 per diluted share, for the fourth quarter 2016.
    </p>
    <p>
      For the full year 2017, net income available to common shareholders was
      $372.5 million, or $0.87 per diluted share, compared to $332.6 million,
      or $0.79 per diluted share, for the full year 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">
        $23.7 million cash distribution in 2017 from the company&#8217;s investment
        in Albertsons LLC.
      </li>
      <li style="margin-bottom: 10.0px">
        $63.5 million charge in 2016 for the merger of the company&#8217;s taxable
        REIT subsidiary (TRS).
      </li>
      <li style="margin-bottom: 10.0px">
        $10.0 million net gain on foreign currency translation in 2017 related
        to the company&#8217;s strategic exit from Canada.
      </li>
    </ul>
    <p>
      Offset by:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        $102.0 million of 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>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      NAREIT FFO was $160.1 million, or $0.38 per diluted share, for the
      fourth quarter 2017 compared to $163.0 million, or $0.38 per diluted
      share, for the fourth quarter 2016. NAREIT FFO for the fourth quarter of
      2017 included $6.3 million of transactional charges (net of
      transactional income). This compares to $2.6 million of transactional
      income (net of transactional charges) in the fourth quarter of 2016.
    </p>
    <p>
      For the full year 2017, NAREIT FFO was $655.6 million, or $1.55 per
      diluted share, compared to $555.7 million, or $1.32 per diluted share,
      for the full year 2016. NAREIT FFO for 2017 included $11.3 million of
      transactional income (net of transactional charges). This compares to
      $73.7 million of transactional charges (net of transactional income)
      recognized in 2016 NAREIT FFO.
    </p>
    <p>
      FFO as adjusted available to common shareholders, which excludes the
      effects of non-operating impairments as well as transactional income and
      charges, was $166.4 million, or $0.39 per diluted share, for the fourth
      quarter 2017 compared to $160.4 million, or $0.38 per diluted share, for
      the fourth quarter 2016. For the full year 2017, FFO as adjusted was
      $644.2 million, or $1.52 per diluted share, compared to $629.4 million,
      or $1.50 per diluted share, for the full year 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">
        Pro-rata occupancy ended the quarter at 96.0%, representing an
        increase of 20 basis points sequentially and 60 basis points from the
        fourth quarter 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Anchor and small shop pro-rata occupancy improved sequentially to
        98.1% (+20 basis points) and 89.6% (+10 basis points), respectively.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata rental-rate leasing spreads increased 9.2% during the fourth
        quarter 2017, with rental rates for new leases up 13.2% and
        renewals/options increasing 7.9%. For the full year 2017, pro-rata
        rental-rate leasing spreads increased 11.5% with rental rates for new
        leases up 22.9% and renewals/options increasing 8.9%.
      </li>
      <li style="margin-bottom: 10.0px">
        Signed 1,597 leases totaling 10.0 million square feet during 2017,
        representing the highest amount of square footage leased in the past
        10 years on what is an overall smaller portfolio.
      </li>
      <li style="margin-bottom: 10.0px">
        Same-property NOI increased by 1.2%&#160;in the fourth quarter of 2017
        compared to the same period in 2016, and included a 120-basis-point
        reduction in same-property NOI from Puerto Rico due to the impact
        of&#160;Hurricane Maria in September of 2017 and a 40-basis-point reduction
        from redevelopments.
      </li>
      <li style="margin-bottom: 10.0px">
        Same-property NOI increased 1.7% for the full year 2017 compared to
        the same period in 2016 despite the negative impact of 30 basis points
        from Puerto Rico.
      </li>
    </ul>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Investment Activity</b></u>
    </p>
    <p>
      <u>Dispositions:</u>
    </p>
    <p>
      During the fourth quarter, the company sold 16 shopping centers for a
      gross sales price of $234.2 million. Kimco&#8217;s share of the sales price
      was $174.0 million.
    </p>
    <p>
      For the full year 2017, the company&#8217;s dispositions included 38 shopping
      centers and 3 land parcels, totaling 4.4 million square feet, for a
      gross sales price of $565.7 million. Kimco&#8217;s share of the sales price
      was $430.4 million.
    </p>
    <p>
      In January of 2018, Kimco completed the sales of three shopping centers
      totaling over $30 million. Currently, the company has approximately $300
      million of properties under contract or with an accepted offer, and over
      $475 million of properties being marketed.
    </p>
    <p>
      <u>Acquisitions:</u>
    </p>
    <p>
      During the fourth quarter, Kimco acquired one shopping center and two
      adjacent parcels totaling 845,000 square feet for $140.6 million,
      including $43.0 million of mortgage debt.
    </p>
    <p>
      As previously announced during the fourth quarter, Kimco added <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, to its Signature Series
      portfolio. The center features Target, Vons, PetSmart, Cost Plus and 24
      Hour Fitness, in addition to Kohl&#8217;s, Sears and J.C. Penney, which pay
      substantially below-market rents, with an aggregate mark-to-market
      opportunity of 560%. The $123 million purchase price was funded with
      1031 Exchange proceeds along with the assumption of $43 million in
      mortgage debt, which was completed in the fourth quarter despite the
      offer having been accepted in April 2017.
    </p>
    <p>
      In 2017, Kimco acquired three shopping centers and ten land parcels for
      $382.1 million of which $377.4 million represents the company&#8217;s pro-rata
      share.
    </p>
    <p>
      <u><b>Capital Activity</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Kimco repaid 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 $230.0 million of 5.25% Class M cumulative redeemable preferred
        stock comprised of 9,200,000 Class M depositary shares ($25 par)
        callable in December 2022. Subsequently, the company issued an
        additional $34.5 million of 5.25% Class M cumulative redeemable
        preferred stock after the underwriters exercised their 30-day
        over-allotment option in January of 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        In February 2018, Kimco&#8217;s board of directors authorized a share
        repurchase program for up to $300.0&#160;million of the company&#8217;s common
        stock through February 28, 2020.&#160;Repurchases may be made at
        management&#8217;s discretion from time to time in the open market and,
        depending on market conditions and other factors, the program may be
        commenced or suspended without prior notice.
      </li>
    </ul>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>2018 Full Year Guidance</b></u>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          Net Income attributable to common shareholders (per diluted share):
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          $0.66 to $0.74
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          NAREIT FFO and FFO as adjusted<b> </b>(per diluted share):
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          $1.42 to $1.46
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
    <p>
      Reconciliations are provided for these forward-looking non-GAAP metrics
      (NAREIT FFO and FFO as adjusted) in the tables accompanying this press
      release.
    </p>
    <p>
      <u>Operating Assumptions:</u>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          Same-property NOI (excluding redevelopments):
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          1.25% to 2.00%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          Net dispositions (7.50% to 8.00% blended cap rate):
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          $700 million to $900 million
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          Total redevelopment &amp; development investment:
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          $425 million to $525 million
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
    <p>
      The following table outlines the key factors impacting 2018 FFO and FFO
      as adjusted guidance ranges, and accounts for the difference from the
      company&#8217;s 2017 reported FFO and FFO as adjusted:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <b>Low</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <b>High</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          <b>2017 NAREIT FFO (per diluted share)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <b>$1.55</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <b>$1.55</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 10.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          Transactional activity
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          $(0.03)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          $(0.03)
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          <b>2017 FFO as adjusted (per diluted share)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <b>$1.52</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <b>$1.52</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>2017 activity impacting 2018:</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <ul>
            <li>
              5.25% Class M cumulative redeemable preferred stock issuance
            </li>
          </ul>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          $(0.03)
        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          $(0.03)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <ul>
            <li>
              Fourth Quarter 2017 Net disposition activity
            </li>
          </ul>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          $(0.02)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          <ul>
            <li>
              U.S. GAAP* &amp; lease termination income
            </li>
          </ul>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          $(0.03)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          $(0.03)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Initial 2018 base:</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          $1.44
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          $1.44
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <ul>
            <li>
              2018 Net disposition activity**
            </li>
          </ul>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          $(0.06)
        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center">
          $(0.04)
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          <ul>
            <li>
              NOI Growth (including development)
            </li>
          </ul>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          +$0.04
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          +$0.06
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          <b>2018 NAREIT FFO &amp; FFO as adjusted (per diluted share)</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <b>$1.42</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <b>$1.46</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          * U.S. GAAP relates to lower straight-line rent adjustments and the
          amortization of above and below market rent as well as reduced
          mark-to-market debt adjustments.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          **2018 Net disposition activity assumes sales proceeds will fund
          2018 redevelopment and development capital investment requirements.
          Additional sales proceeds may be used toward the reduction of debt,
          which would result in lower financing costs with the incremental
          savings reflected in the range presented for the 2018 Net
          disposition activity, or repurchasing the company&#8217;s common stock.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Conference Call and Supplemental Materials</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Thursday, February 15,
      2018, at 10:00 a.m. Eastern Standard Time (EST). The call will include a
      review of the company&#8217;s fourth quarter and full year 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: 8360092).
    </p>
    <p>
      A replay will be available through May 15, 2018, by dialing
      1-877-344-7529 (Passcode: 10114786). Access to the live call and replay
      will be available through the company's website at
      investors.kimcorealty.com.
    </p>
    <p>
      <u><b>About Kimco</b></u>
    </p>
    <p>
      Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
      headquartered in New Hyde Park, N.Y., that is one of North America&#8217;s
      largest publicly traded owners and operators of open-air shopping
      centers. As of December 31, 2017, the company owned interests in 492
      U.S. shopping centers comprising 83 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 60 years. For further information, please
      visit <u>www.kimcorealty.com</u>, the company&#8217;s blog at
      blog.kimcorealty.com, or follow Kimco on Twitter at <u>www.twitter.com/kimcorealty</u>.
    </p>
    <p>
      <u><b>Safe Harbor Statement</b></u>
    </p>
    <p>
      The statements in this news release state the company&#8217;s and management&#8217;s
      intentions, beliefs, expectations or projections of the future and are
      forward-looking statements. It is important to note that the company&#8217;s
      actual results could differ materially from those projected in such
      forward-looking statements. Factors which may cause actual results to
      differ materially from current expectations include, but are not limited
      to, (i) general adverse economic and local real estate conditions, (ii)
      the inability of major tenants to continue paying their rent obligations
      due to bankruptcy, insolvency or a general downturn in their business,
      (iii) financing risks, such as the inability to obtain equity, debt or
      other sources of financing or refinancing on favorable terms to the
      company, (iv) the company&#8217;s ability to raise capital by selling its
      assets, (v) changes in governmental laws and regulations, (vi) the level
      and volatility of interest rates and foreign currency exchange rates and
      management&#8217;s ability to estimate the impact thereof, (vii) the
      availability of suitable acquisition, disposition, development and
      redevelopment opportunities, and risks related to acquisitions not
      performing in accordance with our expectations, (viii) valuation and
      risks related to the company&#8217;s joint venture and preferred equity
      investments, (ix) valuation of marketable securities and other
      investments, (x) increases in operating costs, (xi) changes in the
      dividend policy for the company&#8217;s common stock, (xii) the reduction in
      the company&#8217;s income in the event of multiple lease terminations by
      tenants or a failure by multiple tenants to occupy their premises in a
      shopping center, (xiii) impairment charges and (xiv) unanticipated
      changes in the company&#8217;s intention or ability to prepay certain debt
      prior to maturity and/or hold certain securities until maturity.
      Additional information concerning factors that could cause actual
      results to differ materially from those forward-looking statements is
      contained from time to time in the company&#8217;s SEC filings. Copies of each
      filing may be obtained from the company or the SEC.
    </p>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      The company refers you to the documents filed by the company from time
      to time with the SEC, specifically the section titled &#8220;Risk Factors&#8221; in
      the company&#8217;s Annual Report on Form 10-K for the year ended December 31,
      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>
    <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. 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>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2017
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2016
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Operating real estate, net of accumulated depreciation
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          of $2,433,053 and $2,278,292, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          9,817,875
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          483,861
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          402,518
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          217,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          21,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          238,513
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          13,265
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          189,757
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          378,515
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          431,855
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          11,763,726
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          11,230,600
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          4,596,140
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          882,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          128,892
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          617,617
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          549,888
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          6,225,436
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          5,740,773
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          16,143
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          86,953
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Preferred stock, $1.00 par value, authorized 5,996,240 and 6,029,100
          shares, respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          41,200 and 32,000 shares issued and outstanding (in series),
          respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Aggregate liquidation preference $1,030,000 and $800,000,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Common stock, $.01 par value, authorized 750,000,000 shares
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          issued and outstanding 425,646,380 and 425,034,113 shares,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          6,152,764
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (761,337
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (676,867
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          (1,480
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          )
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          5,766
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          5,394,244
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          127,903
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          146,735
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Total equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          5,522,147
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          5,402,874
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Total liabilities and equity
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          11,763,726
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          11,230,600
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="22" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" valign="top" style="padding-left: 0.0px; text-align: center">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td colspan="22" valign="top" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Three Months Ended<br>December 31,
          </p>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2017
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2017
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          310,632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,183,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          4,593
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          17,049
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          315,225
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          1,200,834
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,833
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          11,145
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          41,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          157,196
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          39,925
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          142,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          32,060
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          118,455
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          5,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          33,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          67,331
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          85,024
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          360,811
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          236,139
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          863,355
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          79,086
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          337,479
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (1,254
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,559
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          5,425
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (52,126
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (191,956
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (1,753
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (45,674
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          25,706
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          146,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (1,344
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          23,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          60,763
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          5,049
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          67,001
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          53,130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          346,133
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          31,436
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          10,850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          93,538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          86,785
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          84,566
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          439,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          330
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          (13,596
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          84,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          426,075
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          (11,431
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          (46,600
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          73,465
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          372,461
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          0.17
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          0.17
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          0.16
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          0.87
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          0.79
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Weighted average shares:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          423,734
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          423,614
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          424,088
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          424,019
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (1) Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. The impact of the
          conversion would have an anti-dilutive effect on net income and
          therefore have not been included.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (2) Adjusted for earnings attributable from participating securities
          of ($536) and ($524) for the three months ended December 31, 2017
          and 2016, and ($2,132) and ($2,018) for the year ended December 31,
          2017 and 2016, respectively.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="22">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="22" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Reconciliation of Net Income Available to the Company's Common
          Shareholders to</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>FFO and FFO as Adjusted Available to the Company's Common
          Shareholders</b>
        </td>
      </tr>
      <tr>
        <td colspan="22" valign="top" style="padding-left: 0.0px; text-align: center">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td colspan="22" valign="top" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2017
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2017
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          73,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          372,461
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (31,436
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (92,830
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (6,849
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (79,034
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          83,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          356,191
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          9,835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          39,248
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          32,854
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          65,148
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          (1,688
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          (5,583
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          160,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          655,562
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          6,251
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          (11,327
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          166,391
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          644,235
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          423,734
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          423,614
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          961
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          354
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          425,049
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          424,871
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          1.55
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          1.55
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          1.32
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          FFO as adjusted per common share - diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          0.39
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          1.52
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-bottom: 4.0px">
          (1)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (1) Reflects the potential impact if certain units were converted to
          common stock at the beginning of the period. Funds from operations
          would be increased by $274 and $229 for the three months ended
          December 31, 2017 and 2016, and $923 and $881 for the year ended
          December 31, 2017 and 2016, respectively.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (2) Related to gains, impairments and depreciation on operating
          properties, where applicable.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          FFO is a widely accepted supplemental measure of REIT performance
          with the standards established by the National Association of Real
          Estate Investment Trusts (NAREIT). Given the company&#8217;s business as a
          real estate owner and operator, Kimco believes that FFO and FFO as
          adjusted is helpful to investors as a measure of its operating
          performance. NAREIT defines FFO as net income/(loss) attributable to
          common shareholders computed in accordance with generally accepted
          accounting principles, excluding (i) gains or losses from sales of
          operating real estate assets and change in control of interests and
          (ii) extraordinary items, plus (iii) depreciation and amortization
          of operating properties and (iv) impairment of depreciable real
          estate and in substance real estate equity investments. Included in
          these items are also the company&#8217;s share of unconsolidated real
          estate joint ventures and partnerships. FFO as adjusted excludes the
          effects of non-operating impairments, transactional income and
          expenses.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="18">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="18" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Reconciliation of Net Income Available to the Company's Common
          Shareholders</b>
        </td>
      </tr>
      <tr>
        <td colspan="18" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>to Same Property NOI</b>
        </td>
      </tr>
      <tr>
        <td colspan="18" valign="top" style="padding-left: 0.0px; text-align: center">
          (in thousands)
        </td>
      </tr>
      <tr>
        <td colspan="18" valign="top" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2017
        </td>
        <td>

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

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2017
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2016
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income available to the Company's common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          73,465
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          372,461
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Management and other fee income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (4,593
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (17,049
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (18,391
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          General and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          32,060
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          118,455
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Impairment charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          33,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          67,331
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          85,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          360,811
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Interest and other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          53,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          191,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Provision/(benefit) for income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,344
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Gain on change in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (57,386
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (5,049
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (67,001
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (27,773
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Gain on sale of operating properties, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (31,436
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (10,850
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (93,538
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (86,785
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Net (loss)/income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (330
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          2,413
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          13,596
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          7,288
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Preferred stock redemption charge
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Preferred stock dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          11,431
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          46,600
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          46,220
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (27,390
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (20,555
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (85,681
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (108,248
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Non-operational expense/(income) from joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          9,360
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          72,970
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right; border-bottom-style: solid; border-bottom-color: black">
          (58,563
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left; border-bottom-style: solid; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Same Property NOI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          230,317
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          227,664
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          915,079
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          900,223
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          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>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          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>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Reconciliation of Diluted Net Income Available to Common
          Shareholders Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>to Diluted Funds From Operations Available to Common Shareholders
          Per Common Share</b>
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center; border-bottom-style: solid; border-bottom-color: black">
          Full Year 2018
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          0.87
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          0.66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          0.74
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          0.77
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (0.16
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          0.16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1.55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1.42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1.46
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (0.03
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          1.52
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right; border-bottom-style: double; border-bottom-color: black">
          1.42
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          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>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

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