

			Initial Cost ⁽¹⁾									Gross Amounts at Which Carried at Close of Period
Description /Location	Encumbrances⁽²⁾		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition		Sales of Outparcel Land			Land		Buildings and Improvements		Total ⁽³⁾		Accumulated Depreciation ⁽⁴⁾			Date of Construction / Acquisition
MALLS:
Acadiana Mall, Lafayette, LA	$	132,068	$	22,511	$	145,769	$	13,633	$	—		$	19,919	$	161,994	$	181,913	$	(64,670	)	2005
Alamance Crossing, Burlington, NC	48,660		20,853		63,105		38,372		(2,803		)	18,050		101,477		119,527		(23,120		)	2007
Arbor Place, Douglasville, GA	117,496		7,862		95,330		25,161		—			7,862		120,491		128,353		(53,004		)	1998-1999
Asheville Mall, Asheville, NC	73,260		7,139		58,747		52,846		(805		)	6,334		111,593		117,927		(43,955		)	1998
Bonita Lakes Mall, Meridian, MS	—		4,924		31,933		6,964		(985		)	4,924		37,912		42,836		(17,624		)	1997
Brookfield Square, Brookfield, WI	87,816		8,996		84,250		47,966		(18		)	9,170		132,024		141,194		(51,316		)	2001
Burnsville Center, Burnsville, MN	75,752		12,804		71,355		58,800		(1,157		)	16,102		125,700		141,802		(48,146		)	1998
Cary Towne Center, Cary, NC	51,250		23,688		74,432		27,986		—			23,701		102,405		126,106		(35,729		)	2001
CherryVale Mall, Rockford, IL	78,280		11,892		63,973		56,227		(1,667		)	11,608		118,817		130,425		(39,588		)	2001
Chesterfield Mall, Chesterfield, MO	140,000		11,083		282,140		2,407		—			11,083		284,547		295,630		(64,738		)	2007
College Square, Morristown, TN	—		2,954		17,787		25,998		(88		)	2,866		43,785		46,651		(20,195		)	1987-1988
Cross Creek Mall, Fayetteville, NC	130,600		19,155		104,353		32,973		—			20,169		136,312		156,481		(37,883		)	2003
Dakota Square Mall, Minot, ND	56,705		4,552		87,625		2,972		—			4,552		90,597		95,149		(7,290		)	2012
Eastland Mall, Bloomington, IL	59,400		5,746		75,893		7,741		(753		)	5,304		83,323		88,627		(27,256		)	2005
East Towne Mall, Madison, WI	66,772		4,496		63,867		45,386		(366		)	4,130		109,253		113,383		(38,587		)	2002
EastGate Mall, Cincinnati, OH	39,852		13,046		44,949		27,097		(1,017		)	12,029		72,046		84,075		(26,052		)	2001
Fashion Square, Saginaw, MI	39,736		15,218		64,970		11,273		—			15,218		76,243		91,461		(28,246		)	2001
Fayette Mall, Lexington, KY	171,192		25,194		84,267		98,831		11			25,205		183,098		208,303		(45,714		)	2001
Frontier Mall, Cheyenne, WY	—		2,681		15,858		19,810		—			2,681		35,668		38,349		(20,329		)	1984-1985
Foothills Mall, Maryville, TN	—		5,558		25,244		11,992		—			5,558		37,236		42,794		(23,234		)	1996
Greenbrier Mall, Chesapeake, VA	73,907		3,181		107,355		13,301		(626		)	2,555		120,656		123,211		(33,545		)	2004
Hamilton Place, Chattanooga, TN	101,624		3,532		42,623		40,715		(441		)	3,091		83,338		86,429		(44,607		)	1986-1987
Hanes Mall, Winston-Salem, NC	151,584		17,176		133,376		46,402		(948		)	16,808		179,198		196,006		(62,398		)	2001
Harford Mall, Bel Air, MD	—		8,699		45,704		21,495		—			8,699		67,199		75,898		(21,441		)	2003
Hickory Point, Forsyth, IL	28,338		10,731		31,728		16,208		(293		)	10,439		47,935		58,374		(16,593		)	2005
Honey Creek Mall, Terre Haute, IN	28,978		3,108		83,358		13,055		—			3,108		96,413		99,521		(28,022		)	2004
Imperial Valley Mall, El Centro, CA	49,945		35,378		70,549		170		—			35,378		70,719		106,097		(4,910		)	2012
Janesville Mall, Janesville, WI	—		8,074		26,009		8,190		—			8,074		34,199		42,273		(14,164		)	1998
Jefferson Mall, Louisville, KY	68,470		13,125		40,234		24,578		(521		)	12,604		64,812		77,416		(22,693		)	2001
Kirkwood Mall , Bismarck ND	39,196		3,368		118,945		1,577		—			3,368		120,522		123,890		(7,713		)	2012
The Lakes Mall, Muskegon, MI	—		3,328		42,366		11,330		—			3,328		53,696		57,024		(23,387		)	2000-2001
Laurel Park Place, Livonia, MI	—		13,289		92,579		10,983		—			13,289		103,562		116,851		(36,139		)	2005
Layton Hills Mall, Layton, UT	94,383		20,464		99,836		13,187		(275		)	20,189		113,023		133,212		(35,589		)	2005



		Initial Cost ⁽¹⁾						Gross Amounts at Which Carried at Close of Period
Description /Location	Encumbrances⁽²⁾	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition		Sales of Outparcel Land		Land	Buildings and Improvements	Total ⁽³⁾	Accumulated Depreciation ⁽⁴⁾		Date of Construction / Acquisition
Madison Square, Huntsville, AL	—	17,596	39,186	(48,797	)	—		2,550	5,435	7,985	(289	)	1984
Mall del Norte, Laredo, TX	—	21,734	142,049	49,058		—		21,734	191,107	212,841	(65,256	)	2004
Meridian Mall, Lansing, MI	—	529	103,678	72,085		—		2,232	174,060	176,292	(71,072	)	1998
Midland Mall, Midland, MI	33,179	10,321	29,429	10,817		—		10,321	40,246	50,567	(15,817	)	2001
Mid Rivers Mall, St. Peters, MO	—	16,384	170,582	13,846		—		16,384	184,428	200,812	(43,296	)	2007
Monroeville Mall, Pittsburgh, PA	—	22,195	177,214	68,866		—		24,716	243,559	268,275	(63,177	)	2004
Northgate Mall, Chattanooga, TN	—	2,330	8,960	19,734		—		2,330	28,694	31,024	(2,562	)	2011
Northpark Mall, Joplin, MO	—	9,977	65,481	39,750		—		10,962	104,246	115,208	(34,289	)	2004
Northwoods Mall, North Charleston, SC	70,194	14,867	49,647	22,298		(2,339	)	12,528	71,945	84,473	(24,569	)	2001
Old Hickory Mall, Jackson, TN	—	15,527	29,413	8,219		—		15,527	37,632	53,159	(14,033	)	2001
The Outlet Shoppes at Atlanta, Woodstock, GA	79,149	8,598	96,640	(37,801	)	—		8,598	58,839	67,437	(4,788	)	2013
The Outlet Shoppes at El Paso, El Paso, TX	69,566	9,239	96,640	11,416		—		9,463	107,832	117,295	(10,213	)	2012
The Outlet Shoppes at Gettysburg, Gettysburg, PA	38,659	20,953	22,180	744		—		20,953	22,924	43,877	(3,119	)	2012
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK	65,051	8,364	50,268	14,015		—		7,795	64,852	72,647	(14,314	)	2011
The Outlet Shoppes of the Bluegrass, Simpsonville, KY	77,398	3,146	63,365	282		—		3,146	63,647	66,793	(1,190	)	2014
Parkdale Mall, Beaumont, TX	87,961	23,850	47,390	52,786		(307	)	23,544	100,175	123,719	(34,015	)	2001
Park Plaza Mall, Little Rock, AR	91,643	6,297	81,638	35,895		—		6,304	117,526	123,830	(42,871	)	2004
Parkway Place, Huntsville, AL	38,567	6,364	67,067	4,189		—		6,364	71,256	77,620	(10,961	)	2010
Pearland Town Center, Pearland, TX	—	16,300	108,615	13,743		(366	)	15,443	122,849	138,292	(32,011	)	2008
Post Oak Mall, College Station, TX	—	3,936	48,948	13,105		(327	)	3,608	62,054	65,662	(29,448	)	1984-1985
Randolph Mall, Asheboro, NC	—	4,547	13,927	12,000		—		4,547	25,927	30,474	(8,919	)	2001
Regency Mall, Racine, WI	—	3,384	36,839	15,355		—		4,244	51,334	55,578	(20,193	)	2001
Richland Mall, Waco, TX	—	9,874	34,793	16,046		—		9,887	50,826	60,713	(16,084	)	2002
River Ridge Mall, Lynchburg, VA	—	4,824	59,052	12,100		(252	)	4,572	71,152	75,724	(18,112	)	2003
South County Center, St. Louis, MO	—	15,754	159,249	15,165		—		15,754	174,414	190,168	(39,006	)	2007
Southaven Towne Center, Southaven, MS	40,023	8,255	29,380	13,187		—		8,478	42,344	50,822	(14,741	)	2005
Southpark Mall, Colonial Heights, VA	64,486	9,501	73,262	33,585		—		11,282	105,066	116,348	(31,929	)	2003
Stroud Mall, Stroudsburg, PA	31,960	14,711	23,936	20,734		—		14,711	44,670	59,381	(15,768	)	1998
St. Clair Square, Fairview Heights, IL	—	11,027	75,620	33,955		—		11,027	109,575	120,602	(46,327	)	1996
Sunrise Mall, Brownsville, TX	—	11,156	59,047	(2,154	)	—		11,156	56,893	68,049	(17,906	)	2003
Turtle Creek Mall , Hattiesburg, MS	—	2,345	26,418	18,820		—		3,535	44,048	47,583	(21,695	)	1993-1995
Valley View Mall, Roanoke, VA	59,688	15,985	77,771	20,191		—		15,999	97,948	113,947	(28,491	)	2003
Volusia Mall, Daytona Beach, FL	49,849	2,526	120,242	23,156		—		6,431	139,493	145,924	(36,470	)	2004



		Initial Cost ⁽¹⁾						Gross Amounts at Which Carried at Close of Period
Description /Location	Encumbrances⁽²⁾	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition		Sales of Outparcel Land		Land	Buildings and Improvements	Total ⁽³⁾	Accumulated Depreciation ⁽⁴⁾		Date of Construction / Acquisition
Walnut Square, Dalton, GA	—	50	15,138	16,928		—		50	32,066	32,116	(18,200	)	1984-1985
Wausau Center, Wausau, WI	18,369	5,231	24,705	16,478		(5,231	)	—	41,183	41,183	(17,157	)	2001
West Towne Mall, Madison, WI	94,316	9,545	83,084	45,467		—		9,545	128,551	138,096	(44,536	)	2002
WestGate Mall, Spartanburg, SC	37,931	2,149	23,257	46,857		(432	)	1,742	70,089	71,831	(34,577	)	1995
Westmoreland Mall, Greensburg, PA	—	4,621	84,215	16,517		—		4,621	100,732	105,353	(35,014	)	2002
York Galleria, York, PA	51,037	5,757	63,316	9,811		—		5,757	73,127	78,884	(29,037	)	1995

ASSOCIATED CENTERS:
Annex at Monroeville, Monroeville, PA	—	716	29,496	(685	)	—		716	28,811	29,527	(7,611	)	2004
Bonita Lakes Crossing, Meridian, MS	—	794	4,786	8,650		—		794	13,436	14,230	(5,659	)	1997
Chapel Hill Suburban, Akron, OH	—	925	2,520	1,900		—		925	4,420	5,345	(1,204	)	2004
CoolSprings Crossing, Nashville, TN	11,946	2,803	14,985	4,543		—		3,554	18,777	22,331	(11,135	)	1991-1993
Courtyard at Hickory Hollow, Nashville, TN	—	3,314	2,771	(1,865	)	(231	)	1,500	2,489	3,989	(327	)	1998
EastGate Crossing, Cincinnati, OH	14,707	707	2,424	7,890		(11	)	696	10,314	11,010	(3,824	)	2001
Foothills Plaza, Maryville, TN	—	132	2,132	531		—		148	2,647	2,795	(1,961	)	1984-1988
Frontier Square, Cheyenne, WY	—	346	684	374		(86	)	260	1,058	1,318	(636	)	1985
Gunbarrel Pointe, Chattanooga, TN	10,641	4,170	10,874	3,455		—		4,170	14,329	18,499	(4,921	)	2000
Hamilton Corner, Chattanooga, TN	14,965	630	5,532	8,275		—		734	13,703	14,437	(5,783	)	1986-1987
Hamilton Crossing, Chattanooga, TN	9,853	4,014	5,906	6,736		(1,370	)	2,644	12,642	15,286	(6,146	)	1987
Harford Annex , Bel Air, MD	—	2,854	9,718	1,034		—		2,854	10,752	13,606	(2,954	)	2003
The Landing at Arbor Place, Douglasville, GA	—	4,993	14,330	1,511		(748	)	4,245	15,841	20,086	(7,840	)	1998-1999
Layton Hills Convenience Center, Layton Hills, UT	—	—	8	980		—		—	988	988	(336	)	2005
Layton Hills Plaza, Layton Hills, UT	—	—	2	299		—		—	301	301	(159	)	2005
Madison Plaza , Huntsville, AL	—	473	2,888	3,828		—		473	6,716	7,189	(4,397	)	1984
The Plaza at Fayette, Lexington, KY	38,987	9,531	27,646	3,813		—		9,531	31,459	40,990	(8,918	)	2006
Parkdale Crossing, Beaumont, TX	—	2,994	7,408	2,113		(355	)	2,639	9,521	12,160	(2,972	)	2002
The Shoppes At Hamilton Place, Chattanooga, TN	—	4,894	11,700	1,424		—		4,894	13,124	18,018	(3,747	)	2003
Sunrise Commons, Brownsville, TX	—	1,013	7,525	1,108		—		1,013	8,633	9,646	(2,637	)	2003
The Shoppes at St. Clair Square, Fairview Heights, IL	19,759	8,250	23,623	163		(5,044	)	3,206	23,786	26,992	(7,045	)	2007
The Terrace, Chattanooga, TN	13,683	4,166	9,929	8,097		—		6,536	15,656	22,192	(4,882	)	1997
West Towne Crossing, Madison, WI	—	1,151	2,955	7,913		—		2,126	9,893	12,019	(1,248	)	1998
WestGate Crossing, Spartanburg, SC	—	1,082	3,422	6,925		—		1,082	10,347	11,429	(3,934	)	1997
Westmoreland Crossing, Greensburg, PA	—	2,898	21,167	9,233		—		2,898	30,400	33,298	(9,163	)	2002



		Initial Cost ⁽¹⁾						Gross Amounts at Which Carried at Close of Period
Description /Location	Encumbrances⁽²⁾	Land	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition		Sales of Outparcel Land		Land	Buildings and Improvements	Total ⁽³⁾	Accumulated Depreciation ⁽⁴⁾		Date of Construction / Acquisition
COMMUNITY CENTERS:
Cobblestone Village, Palm Coast, FL	—	6,082	12,070	(524	)	(220	)	4,296	13,112	17,408	(2,482	)	2007
The Crossings at Marshalls Creek, Marshalls Creek, PA	—	6,456	15,351	197		—		6,453	15,551	22,004	(834	)	2013
The Promenade, D'Iberville, MS	—	16,278	48,806	24,761		(706	)	17,953	71,186	89,139	(10,716	)	2009
The Forum at Grand View, Madison , MS	—	9,234	17,285	14,710		(684	)	8,652	31,893	40,545	(3,027	)	2010
Statesboro Crossing, Statesboro, GA	11,212	2,855	17,805	432		(235	)	2,840	18,017	20,857	(3,576	)	2008
Waynesville Commons, Waynesville, NC	—	3,511	6,141	13		—		3,511	6,154	9,665	(397	)	2008

OFFICE BUILDINGS AND OTHER:
840 Greenbrier Circle, Chesapeake, VA	—	2,096	3,091	218		—		2,096	3,309	5,405	(881	)	2007
850 Greenbrier Circle, Chesapeake, VA	—	3,154	6,881	(303	)	—		3,154	6,578	9,732	(1,425	)	2007
CBL Center, Chattanooga, TN	—	—	13,648	1,422		—		—	15,070	15,070	(3,943	)	2008
CBL Center II, Chattanooga, TN	20,485	140	24,675	(12	)	—		140	24,663	24,803	(12,877	)	2001
Oak Branch Business Center, Greensboro, NC	—	535	2,192	(25	)	—		535	2,167	2,702	(523	)	2007
One Oyster Point, Newport News, VA	—	1,822	3,623	843		—		1,822	4,466	6,288	(774	)	2007
Pearland Hotel, Pearland, TX	—	—	16,149	389		—		—	16,538	16,538	(3,495	)	2008
Pearland Office, Pearland, TX	—	—	7,849	1,341		—		—	9,190	9,190	(662	)	2009
Pearland Residential Mgmt, Pearland, TX	—	—	9,666	9		—		—	9,675	9,675	(1,724	)	2008
Port Orange Apartments, Daytona Beach, FL	—	—	3,474	(182	)	—		—	3,292	3,292	(43	)	2014
Two Oyster Point, Newport News, VA	—	1,543	3,974	460		—		1,543	4,434	5,977	(1,358	)	2007

DISPOSITIONS:
Chapel Hill Mall, Akron, OH	—	6,578	68,043	(74,621	)	—		—	—	—	—		2004
Citadel Mall, Charleston, SC	—	10,990	44,008	(54,998	)	—		—	—	—	—		2001
Columbia Place, Columbia, SC	—	1,526	52,348	(53,874	)	—		—	—	—	—		2002
Foothills Plaza Expansion, Maryville, TN	—	137	1,960	(2,097	)	—		—	—	—	—		1984-1988
Lakeshore Mall, Sebring, FL	—	1,443	28,819	(30,262	)	—		—	—	—	—		1991-1992
Pemberton Plaza, Vicksburg, MS	—	1,284	1,379	(2,663	)	—		—	—	—	—		2004



			Initial Cost ⁽¹⁾									Gross Amounts at Which Carried at Close of Period
Description /Location	Encumbrances⁽²⁾		Land		Buildings and Improvements		Costs Capitalized Subsequent to Acquisition		Sales of Outparcel Land			Land		Buildings and Improvements		Total ⁽³⁾		Accumulated Depreciation ⁽⁴⁾			Date of Construction / Acquisition
Other ⁽⁵⁾	—		2,024		3,458		54		(63		)	1,961		3,512		5,473		(2,502		)

Developments in progress consisting of construction and Development Properties	—		—		117,966		—		—			—		117,966		117,966		—

TOTALS	$	3,270,528	$	894,092	$	5,827,242	$	1,497,607	$	(31,759	)	$	847,829	$	7,339,353	$	8,187,182	$	(2,240,007	)


(1)	Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the Property opened or was acquired.


(2)	Encumbrances represent the face amount of the mortgage and other indebtedness balance at December 31, 2014, excluding debt premium or discount.


(3)	The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.878 billion.


(4)	Depreciation for all Properties is computed over the useful life which is generally 40 years for buildings, 10-20 years for certain improvements and 7-10 years for equipment and fixtures.


(5)	Includes non-property mortgages and unsecured credit line mortgages.

The changes in real estate assets and accumulated depreciation for the years ending December 31, 2014, 2013, and 2012 are set forth below (in thousands):



	Year Ended December 31,
	2014			2013			2012
REAL ESTATE ASSETS:
Balance at beginning of period	$	8,123,514		$	8,301,013		$	7,767,819
Additions during the period:
Additions and improvements	282,282			282,664			217,161
Acquisitions of real estate assets	—			29,912			474,623
Deductions during the period:
Disposals, deconsolidations and accumulated depreciation on impairments	(189,373		)	(412,976		)	(108,554		)
Transfers from real estate assets	(11,383		)	(8,031		)	808
Impairment of real estate assets	(17,858		)	(69,068		)	(50,844		)
Balance at end of period	$	8,187,182		$	8,123,514		$	8,301,013

ACCUMULATED DEPRECIATION:
Balance at beginning of period	$	2,056,357		$	1,972,031		$	1,762,149
Depreciation expense	269,602			253,142			247,702
Accumulated depreciation on real estate assets sold, retired, impaired or deconsolidated	(85,952		)	(168,816		)	(37,820		)
Balance at end of period	$	2,240,007		$	2,056,357		$	1,972,031