

			Initial Costs									Gross Amount at Which Carried at Close of Period
	Encumbrances		Land and Land Improvements		Buildings and Improvements		Total Initial Acquisition Costs		Costs of Improvements Capitalized Subsequent to Acquisition Costs			Land and Land Improvements		Buildings & Buildings Improvements		Total Carrying Value		Accumulated Depreciation		Date of Construction(a)	Date Acquired
WEST REGION
Harbor at Mesa Verde	$	61,050	$	20,476	$	28,538	$	49,014	$	14,641		$	21,314	$	42,341	$	63,655	$	27,697	2003	Jun-03
27 Seventy Five Mesa Verde	36,423		99,329		110,644		209,973		92,673			112,650		189,996		302,646		87,007		1972/2013	Oct-04
Pacific Shores	42,552		7,345		22,624		29,969		9,913			7,913		31,969		39,882		20,771		2003	Jun-03
Huntington Vista	36,980		8,055		22,486		30,541		11,612			8,713		33,440		42,153		19,810		1970	Jun-03
Missions at Back Bay	—		229		14,129		14,358		2,526			10,874		6,010		16,884		4,229		1969	Dec-03
Coronado at Newport — North	—		62,516		46,082		108,598		29,014			66,770		70,842		137,612		44,814		2000	Oct-04
Vista Del Rey	—		10,670		7,080		17,750		2,502			10,988		9,264		20,252		6,117		1969	Sep-04
Foxborough	—		12,071		6,187		18,258		2,897			12,404		8,751		21,155		5,432		1969	Sep-04
Coronado South	—		58,785		50,067		108,852		19,393			59,278		68,967		128,245		43,476		2000	Mar-05
1818 Platinum Triangle	—		16,663		51,905		68,568		1,488			16,822		53,234		70,056		16,975		2009	Aug-10
Beach & Ocean	—		12,878		—		12,878		38,710			13,007		38,581		51,588		2,841		2014	Aug-11
The Residences at Bella Terra	—		25,000		—		25,000		125,818			25,058		125,760		150,818		19,253		2013	Oct-11
Los Alisos at Mission Viejo	—		17,298		—		17,298		70,345			16,398		71,245		87,643		9,016		2014	Jun-04
ORANGE COUNTY, CA	177,005		351,315		359,742		711,057		421,532			382,189		750,400		1,132,589		307,438
2000 Post Street	—		9,861		44,578		54,439		30,040			13,541		70,938		84,479		31,789		1987/2006	Dec-98
Birch Creek	—		4,365		16,696		21,061		7,536			5,139		23,458		28,597		13,756		1968	Dec-98
Highlands Of Marin	—		5,996		24,868		30,864		26,063			7,257		49,670		56,927		29,237		2010	Dec-98
Marina Playa	—		6,224		23,916		30,140		10,032			6,938		33,234		40,172		19,547		1971	Dec-98
River Terrace	39,310		22,161		40,137		62,298		4,307			22,428		44,177		66,605		25,943		2005	Aug-05
CitySouth	—		14,031		30,537		44,568		35,627			16,290		63,905		80,195		36,437		2012	Nov-05
Bay Terrace	—		8,545		14,458		23,003		5,046			11,458		16,591		28,049		9,622		1962	Oct-05
Highlands of Marin Phase II	—		5,353		18,559		23,912		11,088			5,758		29,242		35,000		15,221		2010	Oct-07
Edgewater	—		30,657		83,872		114,529		3,689			30,690		87,528		118,218		39,217		2007	Mar-08
Almaden Lake Village	27,000		594		42,515		43,109		6,031			773		48,367		49,140		21,469		1999	Jul-08
388 Beale	—		14,253		74,104		88,357		6,271			14,316		80,312		94,628		21,255		1999	Apr-11
Channel @ Mission Bay	—		23,625		—		23,625		128,433			23,662		128,396		152,058		15,675		2014	Sep-10
SAN FRANCISCO, CA	66,310		145,665		414,240		559,905		274,163			158,250		675,818		834,068		279,168
Crowne Pointe	—		2,486		6,437		8,923		5,666			2,868		11,721		14,589		7,585		1987	Dec-98
Hilltop	—		2,174		7,408		9,582		4,328			2,724		11,186		13,910		6,895		1985	Dec-98
The Hawthorne	34,934		6,474		30,226		36,700		4,621			6,644		34,677		41,321		20,306		2003	Jul-05
The Kennedy	—		6,179		22,307		28,486		1,931			6,272		24,145		30,417		13,947		2005	Nov-05
Hearthstone at Merrill Creek	22,591		6,848		30,922		37,770		3,829			6,975		34,624		41,599		15,574		2000	May-08
Island Square	—		21,284		89,389		110,673		4,695			21,428		93,940		115,368		40,021		2007	Jul-08
Borgata	—		6,379		34,569		40,948		(7,991		)	6,404		26,553		32,957		12,502		2001	May-07
elements too	—		27,468		72,036		99,504		15,676			30,244		84,936		115,180		39,911		2010	Feb-10
989elements	—		8,541		45,990		54,531		1,968			8,578		47,921		56,499		16,491		2006	Dec-09
Lightbox	—		6,449		38,884		45,333		422			6,449		39,306		45,755		3,374		2014	Aug-14
Waterscape	—		9,693		65,176		74,869		613			9,694		65,788		75,482		4,924		2014	Sep-14
SEATTLE, WA	57,525		103,975		443,344		547,319		35,758			108,280		474,797		583,077		181,530
Rosebeach	—		8,414		17,449		25,863		3,450			8,760		20,553		29,313		12,675		1970	Sep-04
Tierra Del Rey	43,078		39,586		36,679		76,265		3,250			39,674		39,841		79,515		18,883		1999	Dec-07
The Westerly	67,700		48,182		102,364		150,546		37,220			50,722		137,044		187,766		46,474		2013	Sep-10
Jefferson at Marina del Rey	—		55,651		—		55,651		90,660			61,455		84,856		146,311		32,288		2008	Sep-07
LOS ANGELES, CA	110,778		151,833		156,492		308,325		134,580			160,611		282,294		442,905		110,320
Boronda Manor	—		1,946		8,982		10,928		9,534			3,195		17,267		20,462		9,244		1979	Dec-98
Garden Court	—		888		4,188		5,076		5,435			1,559		8,952		10,511		4,981		1973	Dec-98
Cambridge Court	—		3,039		12,883		15,922		14,767			5,302		25,387		30,689		13,958		1974	Dec-98
Laurel Tree	—		1,304		5,115		6,419		6,080			2,188		10,311		12,499		5,627		1977	Dec-98



		Initial Costs				Gross Amount at Which Carried at Close of Period
	Encumbrances	Land and Land Improvements	Buildings and Improvements	Total Initial Acquisition Costs	Costs of Improvements Capitalized Subsequent to Acquisition Costs	Land and Land Improvements	Buildings & Buildings Improvements	Total Carrying Value	Accumulated Depreciation	Date of Construction(a)	Date Acquired
The Pointe At Harden Ranch	—	6,388	23,854	30,242	27,357	10,021	47,578	57,599	24,926	1986	Dec-98
The Pointe At Northridge	—	2,044	8,028	10,072	10,089	3,295	16,866	20,161	9,293	1979	Dec-98
The Pointe At Westlake	—	1,329	5,334	6,663	6,364	2,181	10,846	13,027	5,700	1975	Dec-98
MONTEREY PENINSULA, CA	—	16,938	68,384	85,322	79,626	27,741	137,207	164,948	73,729
Verano at Rancho Cucamonga Town Square	55,263	13,557	3,645	17,202	53,949	23,255	47,896	71,151	34,875	2006	Oct-02
Windemere at Sycamore Highland	—	5,810	23,450	29,260	2,964	6,129	26,095	32,224	17,614	2001	Nov-02
Villas at Carlsbad	—	6,517	10,718	17,235	2,876	6,780	13,331	20,111	7,826	1966	Oct-04
OTHER SOUTHERN CA	55,263	25,884	37,813	63,697	59,789	36,164	87,322	123,486	60,315
Tualatin Heights	—	3,273	9,134	12,407	6,745	3,841	15,311	19,152	10,231	1989	Dec-98
Hunt Club	—	6,014	14,870	20,884	6,866	6,395	21,355	27,750	14,364	1985	Sep-04
PORTLAND, OR	—	9,287	24,004	33,291	13,611	10,236	36,666	46,902	24,595
TOTAL WEST REGION	466,881	804,897	1,504,019	2,308,916	1,019,059	883,471	2,444,504	3,327,975	1,037,095
MID-ATLANTIC REGION
Dominion Middle Ridge	29,344	3,311	13,283	16,594	6,816	3,850	19,560	23,410	14,076	1990	Jun-96
Dominion Lake Ridge	20,047	2,366	8,387	10,753	7,490	2,866	15,377	18,243	10,431	1987	Feb-96
Presidential Greens	—	11,238	18,790	30,028	9,883	11,680	28,231	39,911	19,977	1938	May-02
The Whitmore	—	6,418	13,411	19,829	20,734	7,495	33,068	40,563	22,988	2008	Apr-02
Ridgewood	—	5,612	20,086	25,698	8,522	6,014	28,206	34,220	20,340	1988	Aug-02
DelRay Tower	—	297	12,786	13,083	113,357	9,461	116,979	126,440	9,914	2014	Jan-08
Waterside Towers	—	1,139	49,657	50,796	18,261	36,233	32,824	69,057	20,975	1971	Dec-03
Wellington Place at Olde Town	32,037	13,753	36,059	49,812	17,416	14,740	52,488	67,228	35,000	2008	Sep-05
Andover House	—	14,357	51,577	65,934	3,769	14,379	55,324	69,703	27,837	2004	Mar-07
Sullivan Place	—	1,137	103,676	104,813	7,066	1,364	110,515	111,879	51,643	2007	Dec-07
Circle Towers	70,884	32,815	107,051	139,866	13,056	33,357	119,565	152,922	53,022	1972	Mar-08
Delancey at Shirlington	—	21,606	66,765	88,371	2,195	21,632	68,934	90,566	30,609	2006/2007	Mar-08
View 14	—	5,710	97,941	103,651	2,888	5,721	100,818	106,539	25,845	2009	Jun-11
Signal Hill	—	13,290	—	13,290	69,769	25,510	57,549	83,059	25,243	2010	Mar-07
Capitol View on 14th	—	31,393	—	31,393	94,714	31,395	94,712	126,107	17,603	2013	Sep-07
Domain College Park	31,337	7,300	—	7,300	58,032	7,307	58,025	65,332	8,008	2014	Jun-11
1200 East West	—	9,748	68,022	77,770	85	9,749	68,106	77,855	878	2010	Oct-15
Courts at Huntington Station	—	27,749	111,878	139,627	78	27,749	111,956	139,705	1,682	2011	Oct-15
Eleven55 Ripley	—	15,566	107,539	123,105	76	15,566	107,615	123,181	1,402	2014	Oct-15
Arbor Park of Alexandria	95,818	50,881	159,728	210,609	99	50,881	159,827	210,708	2,428	1969/2015	Oct-15
Courts at Dulles	—	14,697	83,834	98,531	150	14,700	83,981	98,681	1,277	2000	Oct-15
Newport Village	127,600	55,283	177,454	232,737	475	55,285	177,927	233,212	2,704	1968	Oct-15
METROPOLITAN, D.C.	407,067	345,666	1,307,924	1,653,590	454,931	406,934	1,701,587	2,108,521	403,882
Dominion Kings Place	14,294	1,565	7,007	8,572	4,484	1,890	11,166	13,056	8,506	1983	Dec-92
Dominion At Eden Brook	—	2,361	9,384	11,745	6,787	2,977	15,555	18,532	12,406	1984	Dec-92
Ellicott Grove	—	2,920	9,099	12,019	23,363	5,379	30,003	35,382	23,332	2008	Jul-94
Dominion Constant Freindship	8,783	903	4,669	5,572	4,117	1,320	8,369	9,689	6,274	1990	May-95
Lakeside Mill	12,569	2,666	10,109	12,775	5,038	2,997	14,816	17,813	11,336	1989	Dec-99
Calvert’s Walk	—	4,408	24,692	29,100	7,396	4,817	31,679	36,496	20,827	1988	Mar-04
Arborview Apartments	—	4,653	23,952	28,605	8,090	5,249	31,446	36,695	21,388	1992	Mar-04
Liriope Apartments	—	1,620	6,791	8,411	1,374	1,653	8,132	9,785	5,352	1997	Mar-04
20 Lambourne	30,132	11,750	45,590	57,340	6,406	12,106	51,640	63,746	24,313	2003	Mar-08
Domain Brewers Hill	—	4,669	40,630	45,299	942	4,700	41,541	46,241	12,690	2009	Aug-10
BALTIMORE, MD	65,778	37,515	181,923	219,438	67,997	43,088	244,347	287,435	146,424
Gayton Pointe Townhomes	—	826	5,148	5,974	29,738	3,463	32,249	35,712	27,255	2007	Sep-95
Waterside At Ironbridge	—	1,844	13,239	15,083	7,614	2,328	20,369	22,697	13,860	1987	Sep-97



		Initial Costs				Gross Amount at Which Carried at Close of Period
	Encumbrances	Land and Land Improvements	Buildings and Improvements	Total Initial Acquisition Costs	Costs of Improvements Capitalized Subsequent to Acquisition Costs	Land and Land Improvements	Buildings & Buildings Improvements	Total Carrying Value	Accumulated Depreciation	Date of Construction(a)	Date Acquired
Carriage Homes at Wyndham	—	474	30,997	31,471	7,959	3,901	35,529	39,430	24,260	1998	Nov-03
Legacy at Mayland	34,567	1,979	11,524	13,503	29,886	4,946	38,443	43,389	32,042	1969/2007	Dec-91
RICHMOND, VA	34,567	5,123	60,908	66,031	75,197	14,638	126,590	141,228	97,417
TOTAL MID-ATLANTIC REGION	507,412	388,304	1,550,755	1,939,059	598,125	464,660	2,072,524	2,537,184	647,723
SOUTHEAST REGION
Seabrook	—	1,846	4,155	6,001	8,427	2,763	11,665	14,428	9,531	2004	Feb-96
Altamira Place	—	1,533	11,076	12,609	20,724	3,539	29,794	33,333	25,586	2007	Apr-94
Regatta Shore	—	757	6,608	7,365	16,031	2,060	21,336	23,396	17,330	2007	Jun-94
Alafaya Woods	17,776	1,653	9,042	10,695	9,245	2,555	17,385	19,940	13,299	2006	Oct-94
Los Altos	21,592	2,804	12,349	15,153	10,994	4,058	22,089	26,147	15,263	2004	Oct-96
Lotus Landing	—	2,185	8,639	10,824	10,108	2,873	18,059	20,932	11,987	2006	Jul-97
Seville On The Green	—	1,282	6,498	7,780	7,249	1,738	13,291	15,029	9,051	2004	Oct-97
Ashton @ Waterford	23,015	3,872	17,538	21,410	4,563	4,273	21,700	25,973	13,830	2000	May-98
Arbors at Lee Vista	—	6,692	12,860	19,552	12,894	7,264	25,182	32,446	19,618	2007	Aug-06
ORLANDO, FL	62,383	22,624	88,765	111,389	100,235	31,123	180,501	211,624	135,495
Legacy Hill	—	1,148	5,867	7,015	8,807	1,764	14,058	15,822	11,246	1977	Nov-95
Hickory Run	—	1,469	11,584	13,053	10,459	2,155	21,357	23,512	14,244	1989	Dec-95
Carrington Hills	—	2,117	—	2,117	34,535	4,506	32,146	36,652	21,305	1999	Dec-95
Brookridge	—	708	5,461	6,169	4,830	1,162	9,837	10,999	7,007	1986	Mar-96
Breckenridge	—	766	7,714	8,480	4,646	1,285	11,841	13,126	8,155	1986	Mar-97
Colonnade	16,677	1,460	16,015	17,475	5,766	1,952	21,289	23,241	12,268	1998	Jan-99
The Preserve at Brentwood	21,804	3,182	24,674	27,856	7,431	3,641	31,646	35,287	21,056	1998	Jun-04
Polo Park	—	4,583	16,293	20,876	16,508	5,741	31,643	37,384	22,411	2008	May-06
NASHVILLE, TN	38,481	15,433	87,608	103,041	92,982	22,206	173,817	196,023	117,692
Summit West	—	2,176	4,710	6,886	9,314	3,552	12,648	16,200	11,005	1972	Dec-92
The Breyley	—	1,780	2,458	4,238	17,606	3,457	18,387	21,844	16,978	2007	Sep-93
Lakewood Place	18,230	1,395	10,647	12,042	9,654	2,709	18,987	21,696	14,531	1986	Mar-94
Cambridge Woods	12,713	1,791	7,166	8,957	9,042	2,687	15,312	17,999	11,297	1985	Jun-97
Inlet Bay	—	7,702	23,150	30,852	15,659	9,304	37,207	46,511	27,055	1988/1989	Jun-03
MacAlpine Place	—	10,869	36,858	47,727	7,862	11,545	44,044	55,589	28,780	2001	Dec-04
The Vintage Lofts at West End	—	6,611	37,663	44,274	16,107	15,119	45,262	60,381	22,082	2009	Jul-09
TAMPA, FL	30,943	32,324	122,652	154,976	85,244	48,373	191,847	240,220	131,728
The Reserve and Park at Riverbridge	39,179	15,968	56,401	72,369	9,823	16,602	65,590	82,192	40,676	1999/2001	Dec-04
OTHER FLORIDA	39,179	15,968	56,401	72,369	9,823	16,602	65,590	82,192	40,676
TOTAL SOUTHEAST REGION	170,986	86,349	355,426	441,775	288,284	118,304	611,755	730,059	425,591
NORTHEAST REGION
10 Hanover Square	—	41,432	218,983	260,415	9,730	41,496	228,649	270,145	54,457	2005	Apr-11
21 Chelsea	—	36,399	107,154	143,553	12,592	36,414	119,731	156,145	28,031	2001	Aug-11
View 34	—	114,410	324,920	439,330	96,772	115,026	421,076	536,102	99,652	1985/2013	Jul-11
95 Wall Street	—	57,637	266,255	323,892	7,110	57,810	273,192	331,002	71,769	2008	Aug-11
NEW YORK, NY	—	249,878	917,312	1,167,190	126,204	250,746	1,042,648	1,293,394	253,909
Garrison Square	—	5,591	91,027	96,618	7,226	5,635	98,209	103,844	29,629	1887/1990	Sep-10
Ridge at Blue Hills	22,147	6,039	34,869	40,908	1,479	6,113	36,274	42,387	11,196	2007	Sep-10
Inwood West	54,919	20,778	88,096	108,874	5,121	19,324	94,671	113,995	26,028	2006	Apr-11
14 North	—	10,961	51,175	62,136	6,359	11,077	57,418	68,495	16,632	2005	Apr-11
100 Pier 4	—	24,584	—	24,584	190,695	24,584	190,695	215,279	7,259	2015	Dec-15
BOSTON, MA	77,066	67,953	265,167	333,120	210,880	66,733	477,267	544,000	90,744
TOTAL NORTHEAST REGION	77,066	317,831	1,182,479	1,500,310	337,084	317,479	1,519,915	1,837,394	344,653
SOUTHWEST REGION
THIRTY377	29,361	24,036	32,951	56,987	9,332	24,382	41,937	66,319	24,256	2007	Aug-06
Legacy Village	82,734	16,882	100,102	116,984	8,827	17,407	108,404	125,811	50,919	6/7/2005	Mar-08
Garden Oaks	—	2,132	5,367	7,499	1,812	6,947	2,364	9,311	1,996	1979	Mar-07
Glenwood	—	7,903	554	8,457	2,105	8,159	2,403	10,562	1,583	1970	May-07



				Initial Costs								Gross Amount at Which Carried at Close of Period
	Encumbrances			Land and Land Improvements		Buildings and Improvements		Total Initial Acquisition Costs		Costs of Improvements Capitalized Subsequent to Acquisition Costs		Land and Land Improvements		Buildings & Buildings Improvements		Total Carrying Value		Accumulated Depreciation		Date of Construction(a)	Date Acquired
Talisker of Addison	—			10,440		634		11,074		2,259		10,845		2,488		13,333		2,026		1975	May-07
Springhaven	—			6,688		3,354		10,042		1,543		8,359		3,226		11,585		2,465		1977	Apr-07
Clipper Pointe	—			13,221		2,507		15,728		2,615		15,001		3,342		18,343		2,897		1978	May-07
Highlands of Preston	—			2,151		8,168		10,319		31,543		6,044		35,818		41,862		26,252		2008	Mar-98
DALLAS, TX	112,095			83,453		153,637		237,090		60,036		97,144		199,982		297,126		112,394
Barton Creek Landing	—			3,151		14,269		17,420		22,588		4,913		35,095		40,008		22,924		2010	Mar-02
Residences at the Domain	36,299			4,034		55,256		59,290		3,668		4,281		58,677		62,958		25,547		2007	Aug-08
Red Stone Ranch	—			5,084		17,646		22,730		2,111		5,272		19,569		24,841		5,243		2000	Apr-12
Lakeline Villas	—			4,148		16,869		21,017		1,495		4,296		18,216		22,512		4,744		2004	Apr-12
AUSTIN, TX	36,299			16,417		104,040		120,457		29,862		18,762		131,557		150,319		58,458
TOTAL SOUTHWEST REGION	148,394			99,870		257,677		357,547		89,898		115,906		331,539		447,445		170,852
TOTAL OPERATING COMMUNITIES	1,370,739			1,697,251		4,850,356		6,547,607		2,332,450		1,899,820		6,980,237		8,880,057		2,625,914
REAL ESTATE UNDER DEVELOPMENT
Pacific City	—			78,085		—		78,085		45,987		78,085		45,987		124,072		—
TOTAL REAL ESTATE UNDER DEVELOPMENT	—			78,085		—		78,085		45,987		78,085		45,987		124,072		—
LAND
Waterside	—			11,862		—		11,862		283		12,084		61		12,145		284
345 Harrison Street	—			32,938		—		32,938		7,437		32,943		7,432		40,375		—
7 Harcourt	—			884		—		884		5,045		804		5,125		5,929		—
2919 Wilshire	—			6,773		—		6,773		1,563		6,773		1,563		8,336		553
Vitruvian Park^®	—			4,325		—		4,325		9,510		11,319		2,516		13,835		2,098
TOTAL LAND	—			56,782		—		56,782		23,838		63,923		16,697		80,620		2,935
HELD FOR DISPOSITION
3032 Wilshire	—			9,963		—		9,963		2,643		9,963		2,643		12,606		830
TOTAL HELD FOR DISPOSITION	—			9,963		—		9,963		2,643		9,963		2,643		12,606		830
COMMERCIAL
Hanover Village	—			1,624		—		1,624		—		1,104		520		1,624		553
Circle Towers Office Bldg	—			1,407		—		1,407		6,021		1,380		6,048		7,428		2,683
Brookhaven Shopping Center	—			4,943		—		4,943		16,785		7,793		13,935		21,728		12,496
Bellevue Plaza retail	—			24,377		—		24,377		8,103		29,920		2,560		32,480		772
TOTAL COMMERCIAL	—			32,351		—		32,351		30,909		40,197		23,063		63,260		16,504
Other (b)	—			—		—		—		5,356		—		5,356		5,356		62
1745 Shea Center I	11,755			3,034		20,534		23,568		737		3,034		21,271		24,305		629
TOTAL CORPORATE	11,755			3,034		20,534		23,568		6,093		3,034		26,627		29,661		691
TOTAL COMMERCIAL & CORPORATE	11,755			35,385		20,534		55,919		37,002		43,231		49,690		92,921		17,195
Deferred Financing Costs	$	(5,549	)
TOTAL REAL ESTATE OWNED	$	1,376,945		$	1,877,466	$	4,870,890	$	6,748,356	$	2,441,920	$	2,095,022	$	7,095,254	$	9,190,276	$	2,646,874


(a)	Date of construction or date of last major renovation.


(b)	Includes unallocated accruals and capital expenditures.

The aggregate cost for federal income tax purposes was approximately $8.3 billion at December 31, 2015.

The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years.