<SEC-DOCUMENT>0001157523-18-000816.txt : 20180426
<SEC-HEADER>0001157523-18-000816.hdr.sgml : 20180426
<ACCEPTANCE-DATETIME>20180426074543
ACCESSION NUMBER:		0001157523-18-000816
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180426
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180426
DATE AS OF CHANGE:		20180426

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:		18776189

	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>a51795508.htm
<DESCRIPTION>KIMCO REALTY CORP. 8-K
<TEXT>
<html>
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported)</font><br><font style="font-family: Times New Roman; font-size: 10pt">April
      26, 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="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; width: 30%; border-bottom-style: solid; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Maryland</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; padding-bottom: 2.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; width: 30%; padding-right: 0.0px; border-bottom-style: solid; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1-10899</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 5%; padding-bottom: 2.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; width: 30%; padding-right: 0.0px; border-bottom-style: solid; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>13-2744380</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 30%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            of incorporation)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 30%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 30%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 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-size: 10pt; font-family: Times New Roman">(Former
      Name or Former Address, if Changed Since Last Report)</font><br><br>
    </p>
    <p>
      <!--end_optional_former-->
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <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-size: 10pt; font-family: Arial Unicode MS">&#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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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 April 26, 2018, Kimco Realty Corporation issued a press release
      announcing its financial results for the quarter ended March 31,
      2018.&#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 Form 8-K and shall not be deemed &#8220;filed&#8221;
      for purposes of Section 18 of the Securities Exchange Act of 1934, as
      amended.&#160;&#160;The information in this Current Report on Form 8-K, including
      the exhibit, shall not be deemed to be incorporated by reference into
      any filing of the Company whether made before or after the date hereof,
      regardless of any general incorporation language in such filing.
    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits</b>
    </p>
    <p>
      (d) Exhibits
    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;Press Release, dated April 26, 2018 issued by Kimco
      Realty Corporation
    </p>
    <p>
      <br>
      <br>
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td valign="top" colspan="6" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>KIMCO REALTY CORPORATION</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">
          &#160;
        </td>
        <td style="width: 44%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 17%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 6%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 44%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>April 26, 2018</i>
          </p>
        </td>
        <td style="width: 3%">

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

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

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

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

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

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

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

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 85%; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; width: 15%; padding-right: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51795508ex99_1.htm">99.1</a>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 85%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51795508ex99_1.htm">Press Release regarding results for
            the quarter ended March 31, 2018</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51795508ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Kimco
      Realty Announces First Quarter 2018 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>&#8211;
      Strong Operating Fundamentals Drive Growth in Occupancy, Leasing Spreads
      and Same Property Net Operating Income &#8211;</b></font></i>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--April 26, 2018--Kimco Realty Corp.
      (NYSE:KIM) today reported results for the first quarter ended March 31,
      2018.
    </p>
    <p>
      <u><b>First Quarter Highlights:</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Increased net income available to the company&#8217;s common shareholders to
        $0.30 per diluted share, compared to $0.15 per diluted share during
        the same period in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Achieved 5.4% growth in Funds from operations available to the
        company&#8217;s common shareholders (NAREIT FFO) to $0.39 per diluted share,
        compared to $0.37 per diluted share during the same period in 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Grew same-property net operating income 2.6% over the same period in
        2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Increased pro-rata occupancy to 96.1%, representing year-over-year and
        sequential improvement of 80 and 10 basis points, respectively.
      </li>
      <li style="margin-bottom: 10.0px">
        Generated new leasing spreads of 15.6%, representing the sixteenth
        consecutive quarter that the rental rate for new leases increased by
        more than 10% over the prior rent for the comparable space.
      </li>
      <li style="margin-bottom: 10.0px">
        Disposed of 21 shopping centers totaling 2.3 million square feet for a
        gross sales price of $219.5 million. Kimco&#8217;s share of the sales price
        was $210.2 million.
      </li>
    </ul>
    <p>
      <u><b>Financial Results</b></u>
    </p>
    <p>
      Net income available to the company&#8217;s common shareholders for the first
      quarter of 2018 was $129.5 million, or $0.30 per diluted share, compared
      to $65.2 million, or $0.15 per diluted share, for the first quarter
      2017. The increase was primarily due to $41.6 million of higher gains on
      the sales of operating properties, net of impairments, a $6.6 million
      increase in net operating income, and $12.1 million of lower
      depreciation expense on operating properties. Gains on sales, property
      impairments, and depreciation related to operating properties are
      excluded from the calculation of NAREIT FFO.
    </p>
    <p>
      NAREIT FFO was $164.9 million, or $0.39 per diluted share, for the first
      quarter 2018 compared to $155.1 million, or $0.37 per diluted share, for
      the first quarter 2017. NAREIT FFO for the first quarter of 2018
      included $7.0 million of transactional income (net of transactional
      charges). This compares to $0.6 million of transactional charges (net of
      transactional income) in the first quarter of 2017.
    </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 $157.8 million, or $0.37 per diluted share, for the first
      quarter 2018 compared to $155.8 million, or $0.37 per diluted share, for
      the first quarter 2017.
    </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>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Operating Results</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pro-rata anchor occupancy improved to 98.3%, a 100-basis-point
        increase over the same period in 2017 and a 20-basis-point increase
        sequentially; Small shop occupancy was unchanged at 89.6%.
      </li>
      <li style="margin-bottom: 10.0px">
        Pro-rata rental-rate leasing spreads increased 8.1% during the first
        quarter 2018, with rental rates for new leases up 15.6% and
        renewals/options up 7.3%.
      </li>
    </ul>
    <p>
      <u><b>Investment Activity</b></u>
    </p>
    <p>
      <u>Dispositions:</u>
    </p>
    <p>
      As previously announced, during the first quarter, the company disposed
      of 21 shopping centers totaling 2.3 million square feet for a gross
      sales price of $219.5 million. Kimco&#8217;s share of the sales price was
      $210.2 million. The dispositions included a five-property portfolio in
      the St. Louis market for $49.5 million and a five-property portfolio
      spread across Florida and Georgia totaling $72.7 million.
    </p>
    <p>
      Currently, the company has approximately $500 million of properties
      under contract or with an accepted offer and an additional $150 million
      of properties being marketed for sale.
    </p>
    <p>
      <u><b>Capital Activity</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        As previously announced, 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">
        The company repurchased 1.6 million shares of common stock for $24.3
        million during the first quarter under the company&#8217;s $300 million
        share buyback program.
      </li>
      <li style="margin-bottom: 10.0px">
        Repaid $161.5 million of consolidated secured debt, including $100
        million that was due in 2019.
      </li>
    </ul>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>2018 Full Year Guidance</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Guidance (per diluted share)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Current
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Previous
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Net Income attributable to common shareholders:
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          $0.72 to $0.79
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          $0.66 to $0.74
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          NAREIT FFO &amp; FFO as adjusted:
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Unchanged
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          $1.42 to $1.46
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Reconciliations are provided for these forward-looking non-GAAP
          metrics (NAREIT FFO and FFO as adjusted) in the tables accompanying
          this press release.
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Pro-rata Operational Assumptions
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Current
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Previous
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Same-property NOI (excluding redevelopments):
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          1.50% to 2.00%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          1.25% to 2.00%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Net dispositions (7.50% to 8.00% blended cap rate):
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Unchanged
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          $700 million to $900 million
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid">
          Total redevelopment &amp; development investment:
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Unchanged
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          $425 million to $525 million
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Dividend Declarations</b></u>
    </p>
    <p>
      Kimco&#8217;s board of directors declared a quarterly cash dividend of $0.28
      per common share, payable on July 16, 2018, to shareholders of record on
      July 3, 2018.
    </p>
    <p>
      The board of directors also declared quarterly dividends with respect to
      each of the company&#8217;s Class I, Class J, Class K, Class L and Class M
      series of cumulative redeemable preferred shares. All dividends on the
      preferred shares will be paid on July 16, 2018, to shareholders of
      record on July 2, 2018.
    </p>
    <p>
      <u><b>Conference Call and Supplemental Materials</b></u>
    </p>
    <p>
      Kimco will hold its quarterly conference call on Thursday, April 26,
      2018, at 10:00 a.m. Eastern Daylight Time (EDT). The call will include a
      review of the company&#8217;s first quarter 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: 7579900).
    </p>
    <p>
      A replay will be available through July 26, 2018, by dialing
      1-877-344-7529 (Passcode: 10118025). 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 March 31, 2018, the company owned interests in 475 U.S.
      shopping centers comprising 81 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>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Safe Harbor Statement</b></u>
    </p>
    <p>
      The statements in this news release state the company&#8217;s and management&#8217;s
      intentions, beliefs, expectations or projections of the future and are
      forward-looking statements. It is important to note that the company&#8217;s
      actual results could differ materially from those projected in such
      forward-looking statements. Factors which may cause actual results to
      differ materially from current expectations include, but are not limited
      to, (i) general adverse economic and local real estate conditions, (ii)
      the inability of major tenants to continue paying their rent obligations
      due to bankruptcy, insolvency or a general downturn in their business,
      (iii) financing risks, such as the inability to obtain equity, debt or
      other sources of financing or refinancing on favorable terms to the
      company, (iv) the company&#8217;s ability to raise capital by selling its
      assets, (v) changes in governmental laws and regulations and
      management&#8217;s ability to estimate the impact of such changes, (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 and preferred stock and the
      Company&#8217;s ability to pay dividends at current levels, (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>
    <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,
      2017, as may be updated or supplemented in the company&#8217;s Quarterly
      Reports on Form 10-Q and the company&#8217;s other filings with the SEC, which
      discuss these and other factors that could adversely affect the
      company&#8217;s results. The company disclaims any intention or obligation to
      update the forward-looking statements, whether as a result of new
      information, future events or otherwise.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Non-GAAP Financial Measures</b></u>
    </p>
    <p>
      <b>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 gains or
      losses from sales of operating real estate assets and change in control
      of interests, plus (i) depreciation and amortization of operating
      properties and (ii) impairment of depreciable real estate and in
      substance real estate equity investments and (iii) 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 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="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Condensed Consolidated Balance Sheets</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands, except share information)
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="text-align: center">
          March 31,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="text-align: center">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: center">
          2018
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: center">
          2017
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Assets:</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </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>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          of $2,440,836 and $2,433,053, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          9,362,899
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          560,068
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          465,682
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          203,905
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          21,376
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          218,313
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          238,513
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          11,627
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          184,533
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          189,757
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          344,099
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          378,515
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total assets
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          11,372,502
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          11,763,726
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          4,597,967
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          499,355
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          882,787
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Dividends payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          132,209
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          128,892
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          624,423
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          617,617
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total liabilities
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          5,853,954
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          6,225,436
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Redeemable noncontrolling interests
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          16,146
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          16,143
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          42,580 and 41,200 shares issued and outstanding (in series),
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Aggregate liquidation preference $1,064,500 and $1,030,000,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          issued and outstanding 424,899,762 and 425,646,380 shares,
          respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          4,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          6,164,185
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (743,845)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (761,337)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          (66)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          (1,480)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total stockholders' equity
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          5,424,566
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          5,394,244
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          77,836
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          127,903
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total equity
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          5,502,402
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          5,522,147
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Total liabilities and equity
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          11,372,502
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          11,763,726
        </td>
      </tr>
      <tr>
        <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="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="12" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Condensed Consolidated Statements of Income</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="12" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands, except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="12" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: center">
          2018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Revenues
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          230,415
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          227,711
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          63,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          58,129
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          5,586
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          3,551
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          4,361
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          4,197
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          304,078
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          293,588
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Operating expenses
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          2,818
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          2,783
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          40,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          38,269
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          43,331
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          42,574
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          22,398
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          22,230
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          2,131
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,404
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          7,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,617
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          81,382
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          92,074
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          200,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          200,951
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Operating income
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          103,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          92,637
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Other income/(expense)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          6,179
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,273
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (49,943)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (46,482)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income from continuing operations before income taxes, net, equity
            in
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            income of joint ventures, net, gain on change in control of
            interests and
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          60,174
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          47,428
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          493
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          16,913
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          14,733
        </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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          10,188
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          9,976
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          3,687
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income from continuing operations
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          87,011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          76,529
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gain on sale of operating properties/change in control of interests
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          56,971
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,686
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          143,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          78,215
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          (1,482)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income attributable to the Company
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          144,090
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          76,733
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          (14,589)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income available to the Company's common shareholders
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          129,501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          65,178
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; padding-bottom: 4.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Basic
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          0.30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; padding-bottom: 4.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Diluted
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          0.30
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 4.0px; text-align: left">
          (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          0.15
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 4.0px; text-align: left">
          (1)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Weighted average shares:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; padding-bottom: 4.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Basic
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          423,404
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          423,381
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; padding-bottom: 4.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Diluted
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          424,521
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          424,146
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td valign="top" colspan="2" 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. Adjusted for distributions on
          convertible units of $244 for the three months ended March 31, 2018.
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: left">
          (2) Adjusted for earnings attributable from participating securities
          of ($599) and ($531) for the three months ended March 31, 2018 and
          2017, respectively.
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: left">
          Certain reclassifications of prior year amounts have been made to
          conform with the current year presentation.
        </td>
      </tr>
      <tr>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td colspan="6">

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" 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 valign="top" colspan="10" 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 valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="6" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Three Months Ended March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: center">
          2018
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          129,501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          65,178
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Gain on sale of operating properties/change in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (56,971)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (1,098)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Gain on sale of joint venture operating properties/change in control
          of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (2,039)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (11,230)
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          78,992
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          90,849
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          9,284
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          9,540
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          7,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          2,595
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Benefit for income taxes (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (39)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Noncontrolling interests (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          (1,552)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          (655)
        </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>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          164,861
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          155,140
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Transactional (income)/expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          (7,049)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          623
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Funds from operations available to the Company's common shareholders
          as adjusted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          157,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          155,763
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          423,404
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          423,381
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Units
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          854
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Dilutive effect of equity awards
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          765
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Diluted (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          424,624
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          425,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          0.37
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          FFO per common share - diluted (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          0.37
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          FFO as adjusted per common share - diluted (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          0.37
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td valign="top" colspan="2" 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 $264 and $229 for the three months ended March
          31, 2018 and 2017, respectively.
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: left">
          (2) Related to gains, impairments and depreciation on operating
          properties, where applicable.
        </td>
      </tr>
      <tr>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" 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 valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <b>to Same Property NOI</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          (in thousands)
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="6" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Three Months Ended March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: center">
          2018
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          129,501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          65,178
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Adjustments:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (4,361)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (4,197)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          General and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          22,398
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          22,230
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Impairment charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          7,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,617
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          81,382
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          92,074
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Interest and other expense, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          43,764
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          45,209
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Provision/(benefit) for income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (493)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Gain on change in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (10,188)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Equity in income of other real estate investments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (9,976)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (3,687)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Gain on sale of operating properties/change in control of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (56,971)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (1,686)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Net (loss)/income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          1,482
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Preferred dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          14,589
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          11,555
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Non same property net operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (24,403)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (26,919)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; padding-bottom: 2.0px; text-align: left">
          Non-operational expense from joint ventures, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          14,372
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: solid; text-align: right">
          20,383
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Same Property NOI
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          217,885
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          212,558
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: left">
          Certain reclassifications of prior year amounts have been made to
          conform with the current year presentation.
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="14" 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 valign="top" colspan="14" 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 valign="top" colspan="14" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" colspan="6" style="padding-left: 0.0px; text-align: center">
          Projected Range
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" colspan="6" style="border-bottom-width: 1.0pt; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; text-align: center">
          Full Year 2018
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Low</u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>High</u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Diluted net income available to common shareholder
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          0.72
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          0.79
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          net of noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          0.07
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (0.14)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right">
          (0.21)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Gain on sale of joint venture operating properties/change in control
          of interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; border-bottom-style: double; text-align: right">
          1.46
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%">
      <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>
    </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>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
