SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2015



			Initial Cost to Company						Amount at which Carried at December 31, 2015
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Core Portfolio:
Crescent Plaza Brockton, MA	$	—	$	1,147	$	7,425	$	1,502	$	1,147	$	8,927	$	10,074	$	7,127	1993	(a)
New Loudon Center Latham, NY	—		505		4,161		13,068		505		17,229		17,734		13,535		1993	(a)
Mark Plaza Edwardsville, PA	—		—		3,396		—		—		3,396		3,396		2,838		1993	(c)
Plaza 422 Lebanon, PA	—		190		3,004		2,765		190		5,769		5,959		5,108		1993	(c)
Route 6 Mall Honesdale, PA	—		1,664		—		12,276		1,664		12,276		13,940		8,089		1994	(c)
Abington Towne Center Abington, PA	—		799		3,197		2,390		799		5,587		6,386		3,539		1998	(a)
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		21,869		3,207		35,643		38,850		17,407		1998	(a)
Elmwood Park Shopping Center Elmwood Park, NJ	—		3,248		12,992		15,855		3,798		28,297		32,095		16,879		1998	(a)
Merrillville Plaza Hobart, IN	25,150		4,288		17,152		5,643		4,288		22,795		27,083		10,339		1998	(a)
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		4,900		2,577		15,190		17,767		7,116		1998	(a)
239 Greenwich Avenue Greenwich, CT	26,000		1,817		15,846		772		1,817		16,618		18,435		6,965		1998	(a)
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,903		1,793		9,075		10,868		4,574		1998	(a)
Village Commons Shopping Center Smithtown, NY	—		3,229		12,917		4,051		3,229		16,968		20,197		8,323		1998	(a)
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,736		907		11,217		12,124		8,761		1998	(a)
Branch Shopping Center Smithtown, NY	—		3,156		12,545		15,108		3,401		27,408		30,809		8,225		1998	(a)
Methuen Shopping Center Methuen, MA	—		956		3,826		739		961		4,560		5,521		2,256		1998	(a)
Gateway Shopping Center South Burlington, VT	—		1,273		5,091		12,258		1,273		17,349		18,622		8,272		1999	(a)
Mad River Station Dayton, OH	—		2,350		9,404		1,167		2,350		10,571		12,921		4,900		1999	(a)
Pacesetter Park Shopping Center Ramapo, NY	—		1,475		5,899		2,828		1,475		8,727		10,202		4,142		1999	(a)
Brandywine Town Center Wilmington, DE	141,825		21,993		87,988		13,346		24,213		99,114		123,327		31,686		2003	(a)
Brandywine Market Square Wilmington, DE	24,375		4,308		17,239		1,630		4,262		18,915		23,177		6,468		2003	(a)
Bartow Avenue Bronx, NY	—		1,691		5,803		653		1,691		6,456		8,147		2,520		2005	(c)
Amboy Road Staten Island, NY	—		—		11,909		2,482		—		14,391		14,391		5,060		2005	(a)
613-623 W. Diversey Chicago, IL	—		10,061		2,773		592		10,061		3,365		13,426		893		2006	(a)
Chestnut Hill Philadelphia, PA	—		8,289		5,691		4,514		8,289		10,205		18,494		2,660		2006	(a)
2914 Third Avenue Bronx, NY	—		11,108		8,038		4,581		11,855		11,872		23,727		2,154		2006	(a)



		Initial Cost to Company			Amount at which Carried at December 31, 2015
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
West Shore Expressway Staten Island, NY	—	3,380	13,499	—	3,380	13,499	16,879	3,351	2007	(a)
West 54th Street Manhattan, NY	—	16,699	18,704	984	16,699	19,688	36,387	4,253	2007	(a)
5-7 East 17th Street Manhattan, NY	—	3,048	7,281	3,779	3,048	11,060	14,108	1,653	2008	(a)
651-671 W Diversey Chicago, IL	—	8,576	17,256	8	8,576	17,264	25,840	1,978	2011	(a)
15 Mercer Street New York, NY	—	1,887	2,483	—	1,887	2,483	4,370	279	2011	(a)
4401 White Plains Bronx, NY	6,015	1,581	5,054	—	1,581	5,054	6,635	548	2011	(a)
Chicago Street Retail Portfolio Chicago, IL	14,955	18,521	55,627	1,670	18,521	57,297	75,818	5,189	2012	(a)
330 River Street Cambridge, MA	3,857	3,510	2,886	—	3,510	2,886	6,396	316	2012	(a)
Rhode Island Place Shopping Center Washington, D.C.	15,727	7,458	15,968	709	7,458	16,677	24,135	1,614	2012	(a)
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—	2,110	1,306	3,416	128	2012	(a)
340 River Street Cambridge, MA	6,564	4,894	11,349	—	4,894	11,349	16,243	1,128	2012	(a)
930 Rush Street Chicago, IL	—	4,933	14,587	—	4,933	14,587	19,520	1,367	2012	(a)
28 Jericho Turnpike Westbury, NY	15,315	6,220	24,416	—	6,220	24,416	30,636	2,294	2012	(a)
181 Main Street Westport, CT	—	1,908	12,158	41	1,908	12,199	14,107	959	2012	(a)
83 Spring Street Manhattan, NY	—	1,754	9,200	—	1,754	9,200	10,954	805	2012	(a)
60 Orange Street Bloomfield, NJ	8,006	3,609	10,790	—	3,609	10,790	14,399	967	2012	(a)
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	580	11,690	10,715	22,405	878	2012	(a)
639 West Diversey Chicago, IL	4,142	4,429	6,102	802	4,429	6,904	11,333	549	2012	(a)
664 North Michigan Chicago, IL	43,107	15,240	65,331	—	15,240	65,331	80,571	4,717	2013	(a)
8-12 E. Walton Chicago, IL	—	5,398	15,601	29	5,398	15,630	21,028	1,021	2013	(a)
3200-3204 M Street Washington, DC	—	6,899	4,249	—	6,899	4,249	11,148	266	2013	(a)
868 Broadway Manhattan, NY	—	3,519	9,247	5	3,519	9,252	12,771	479	2013	(a)
313-315 Bowery Manhattan, NY	—	—	5,516	—	—	5,516	5,516	446	2013	(a)
120 West Broadway Manhattan, NY	—	—	32,819	65	—	32,884	32,884	995	2013	(a)
11 E. Walton Chicago, IL	—	16,744	28,346	—	16,744	28,346	45,090	1,472	2014	(a)
61 Main Street Westport, CT	—	4,578	2,645	—	4,578	2,645	7,223	178	2014	(a)
865 W. North Avenue Chicago, IL	—	1,893	11,594	23	1,893	11,617	13,510	521	2014	(a)
152-154 Spring Street Manhattan, NY	—	8,544	27,001	—	8,544	27,001	35,545	1,159	2014	(a)
2520 Flatbush Avenue Brooklyn, NY	—	6,613	10,419	193	6,613	10,612	17,225	482	2014	(a)
252-256 Greenwich Avenue Greenwich, CT	—	10,175	12,641	119	10,175	12,760	22,935	657	2014	(a)
Bedford Green Bedford Hills, NY	29,151	12,425	32,730	1,159	12,425	33,889	46,314	1,356	2014	(a)



		Initial Cost to Company			Amount at which Carried at December 31, 2015
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
131-135 Prince Street Manhattan, NY	—	—	57,536	71	—	57,607	57,607	3,719	2014	(a)
Shops at Grand Ave Queens, NY	—	20,264	33,131	230	20,264	33,361	53,625	1,051	2014	(a)
201 Needham Street Newton, MA	—	4,550	4,459	—	4,550	4,459	9,009	80	2014	(a)
City Center San Francisco, CA	—	38,750	116,250	321	38,750	116,571	155,321	2,180	2015	(a)
163 Highland Avenue Needham, MA	9,595	6,000	18,000	1	6,000	18,001	24,001	338	2015	(a)
Roosevelt Galleria Chicago, IL	—	4,900	14,700	—	4,900	14,700	19,600	123	2015	(a)
Route 202 Shopping Center, Wilmington, DE	—	—	7,255	—	—	7,255	7,255	136	2015	(a)
Undeveloped Land	—	100	—	—	100	—	100	—
Fund II:
216th Street	25,500	7,261	—	18,481	7,261	18,481	25,742	4,304	2005	(a)
City Point Brooklyn, NY	25,324	—	—	13,463	—	13,463	13,463	405	2010	(c)
161st Street Bronx, NY	29,500	16,679	28,410	25,590	16,679	54,000	70,679	10,363	2005	(a)
Fund III:
Cortlandt Towne Center Mohegan Lake, NY	83,070	7,293	61,395	10,087	7,293	71,482	78,775	20,855	2009	(a)
Heritage Shops Chicago, IL	24,500	13,131	15,409	325	13,131	15,734	28,865	2,575	2011	(a)
654 Broadway Manhattan, NY	8,835	9,040	3,654	2,801	9,040	6,455	15,495	504	2011	(a)
New Hyde Park Shopping Center New Hyde Park, NY	11,240	3,016	7,733	4,088	3,016	11,821	14,837	1,635	2011	(a)
640 Broadway Manhattan, NY	22,109	12,503	19,960	9,786	12,503	29,746	42,249	2,734	2012	(a)
3780-3858 Nostrand Avenue Brooklyn, NY	11,527	6,229	11,216	4,581	6,229	15,797	22,026	1,009	2013	(a)
Fund IV:
Paramus Plaza Paramus, NJ	13,339	11,052	7,037	2,988	11,052	10,025	21,077	477	2013	(a)
1151 Third Ave Manhattan, NY	12,481	8,306	9,685	1,380	8,306	11,065	19,371	644	2013	(a)
Lake Montclair Center Dumfries, VA	14,904	7,077	12,028	422	7,077	12,450	19,527	735	2013	(a)
938 W. North Avenue Chicago, IL	12,500	2,314	17,067	35	2,314	17,102	19,416	878	2013	(a)
17 E. 71st Street Manhattan, NY	19,000	7,391	20,176	245	7,391	20,421	27,812	619	2014	(a)
1035 Third Ave Manhattan, NY	42,000	12,759	38,306	797	12,759	39,103	51,862	879	2015	(a)
801 Madison Avenue Manhattan, NY	—	8,250	24,750	57	8,250	24,807	33,057	464	2015	(a)
2208-2216 Fillmore Street San Francisco, CA	—	2,156	6,469	—	2,156	6,469	8,625	27	2015	(a)
146 Geary Street San Francisco, CA	—	9,500	28,500	—	9,500	28,500	38,000	119	2015	(a)
2207 Fillmore Street San Francisco, CA	1,120	700	2,100	—	700	2,100	2,800	4	2015	(a)



				Initial Cost to Company						Amount at which Carried at December 31, 2015
Description	Encumbrances			Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
1861 Union Street San Francisco, CA	—			875		2,625		—		875		2,625		3,500		5		2015	(a)
Real Estate Under Development	328,521			32,705		24,878		551,991		32,705		576,869		609,574		—
Unamortized Loan Costs	(10,567		)	—		—		—		—		—		—		—
Unamortized Premium	1,364			—		—		—		—		—		—		—

Total	$	1,050,051		$	543,034	$	1,380,715	$	812,534	$	546,788	$	2,189,495	$	2,736,283	$	298,703

Notes:

(1) Depreciation on buildings and improvements reflected in the consolidated statements of income is calculated over the estimated useful life of the assets as follows:

Buildings: 30 to 40 years

Improvements: Shorter of lease term or useful life

(2) The aggregate gross cost of property included above for Federal income tax purposes was $2,030.6 million as of December 31, 2015

(3) (a) Reconciliation of Real Estate Properties:

The following table reconciles the activity for real estate properties from January 1, 2013 to December 31, 2015:



	For the years ended December 31,
(dollars in thousands)	2015			2014			2013
Balance at beginning of year	$	2,208,595		$	1,819,053		$	1,287,198
Other improvements	162,760			162,827			112,622
Property acquisitions	418,396			299,793			272,661
Property dispositions	(66,359		)	(73,078		)	—
Consolidation of previously unconsolidated investments	12,891			—			146,572
Balance at end of year	$	2,736,283		$	2,208,595		$	1,819,053

(3) (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2013 to December 31, 2015:



	For the years ended December 31,
(dollars in thousands)	2015			2014		2013
Balance at beginning of year	$	256,015		$	229,538	$	169,718
Depreciation related to real estate	49,775			26,477		31,732
	(7,087		)
Consolidation of previously unconsolidated investments	—			—		28,088
Balance at end of year	$	298,703		$	256,015	$	229,538