

			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	$	129,037	$	22,511	$	145,769	$	10,168		$	—		$	19,919	$	158,529	$	178,448	$	(66,175	)	2005
Alamance Crossing, Burlington, NC	47,928		20,853		63,105		39,653			(2,803		)	18,050		102,758		120,808		(26,849		)	2007
Arbor Place, Douglasville, GA	115,578		7,862		95,330		26,960			—			7,862		122,290		130,152		(57,196		)	1998-1999
Asheville Mall, Asheville, NC	71,607		7,139		58,747		55,550			(805		)	6,334		114,297		120,631		(47,104		)	1998
Bonita Lakes Mall, Meridian, MS	—		4,924		31,933		6,671			(985		)	4,924		37,619		42,543		(18,086		)	1997
Brookfield Square, Brookfield, WI	—		8,996		84,250		54,603			(18		)	9,170		138,661		147,831		(56,903		)	2001
Burnsville Center, Burnsville, MN	73,828		12,804		71,355		58,585			(1,157		)	16,102		125,485		141,587		(52,179		)	1998
Cary Towne Center, Cary, NC	48,607		23,688		74,432		31,081			—			23,701		105,500		129,201		(38,886		)	2001
CherryVale Mall, Rockford, IL	—		11,892		63,973		57,288			(1,667		)	11,608		119,878		131,486		(43,561		)	2001
Chesterfield Mall, Chesterfield, MO	140,000		11,083		282,140		(172,841		)	—			11,083		109,299		120,382		—			2007
College Square, Morristown, TN	—		2,954		17,787		25,832			(88		)	2,866		43,619		46,485		(21,615		)	1987-1988
Cross Creek Mall, Fayetteville, NC	127,081		19,155		104,353		35,785			—			20,169		139,124		159,293		(43,052		)	2003
Dakota Square Mall, Minot, ND	55,711		4,552		87,625		16,421			—			4,552		104,046		108,598		(10,953		)	2012
Eastland Mall, Bloomington, IL	—		5,746		75,893		7,007			(753		)	5,304		82,589		87,893		(28,648		)	2005
East Towne Mall, Madison, WI	—		4,496		63,867		47,046			(366		)	4,130		110,913		115,043		(42,178		)	2002
EastGate Mall, Cincinnati, OH	38,527		13,046		44,949		28,819			(1,017		)	12,029		73,768		85,797		(26,166		)	2001
Fashion Square, Saginaw, MI	38,749		15,218		64,970		11,405			—			15,218		76,375		91,593		(30,429		)	2001
Fayette Mall, Lexington, KY	166,837		25,194		84,267		103,748			11			25,205		188,015		213,220		(51,212		)	2001
Frontier Mall, Cheyenne, WY	—		2,681		15,858		20,184			—			2,681		36,042		38,723		(21,660		)	1984-1985
Foothills Mall, Maryville, TN	—		6,376		27,376		11,692			—			6,392		39,052		45,444		(24,850		)	1996
Greenbrier Mall, Chesapeake, VA	72,171		3,181		107,355		14,001			(626		)	2,555		121,356		123,911		(37,009		)	2004
Hamilton Place, Chattanooga, TN	99,224		3,532		42,643		41,215			(441		)	3,091		83,838		86,929		(47,699		)	1986-1987
Hanes Mall, Winston-Salem, NC	149,019		17,176		133,376		50,988			(948		)	18,618		181,974		200,592		(67,472		)	2001
Harford Mall, Bel Air, MD	—		8,699		45,704		22,070			—			8,699		67,774		76,473		(23,484		)	2003
Hickory Point Mall, Forsyth, IL	27,569		10,731		31,728		16,867			(293		)	10,439		48,594		59,033		(16,932		)	2005
Honey Creek Mall, Terre Haute, IN	27,884		3,108		83,358		13,158			—			3,108		96,516		99,624		(31,234		)	2004
Imperial Valley Mall, El Centro, CA	—		35,378		70,549		2,342			—			35,378		72,891		108,269		(7,426		)	2012
Janesville Mall, Janesville, WI	—		8,074		26,009		21,062			—			8,074		47,071		55,145		(15,685		)	1998
Jefferson Mall, Louisville, KY	67,285		13,125		40,234		28,694			(521		)	12,604		68,928		81,532		(24,801		)	2001
Kirkwood Mall, Bismarck, ND	38,579		3,368		118,945		7,645			—			3,368		126,590		129,958		(11,541		)	2012
The Lakes Mall, Muskegon, MI	—		3,328		42,366		12,858			—			3,328		55,224		58,552		(24,634		)	2000-2001
Laurel Park Place, Livonia, MI	—		13,289		92,579		19,473			—			13,289		112,052		125,341		(39,089		)	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
Layton Hills Mall, Layton, UT	92,215	20,464	99,836	9,726		(275	)	20,189	109,562	129,751	(35,330	)	2005
Mall del Norte, Laredo, TX	—	21,734	142,049	49,073		—		21,734	191,122	212,856	(71,302	)	2004
Mayfaire Town Center, Wilmington, NC	—	26,333	101,087	—		—		26,333	101,087	127,420	(1,667	)	2004 - 2015
Meridian Mall, Lansing, MI	—	529	103,678	81,188		—		2,232	183,163	185,395	(76,860	)	1998
Midland Mall, Midland, MI	32,418	10,321	29,429	11,569		—		10,321	40,998	51,319	(17,130	)	2001
Mid Rivers Mall, St. Peters, MO	—	16,384	170,582	16,717		—		16,384	187,299	203,683	(48,989	)	2007
Monroeville Mall, Pittsburgh, PA	—	22,911	177,214	74,427		—		25,432	249,120	274,552	(70,212	)	2004
Northgate Mall, Chattanooga, TN	—	2,330	8,960	23,159		—		2,330	32,119	34,449	(4,782	)	2011
Northpark Mall, Joplin, MO	—	9,977	65,481	40,840		—		10,962	105,336	116,298	(38,003	)	2004
Northwoods Mall, North Charleston, SC	69,036	14,867	49,647	24,405		(2,339	)	12,528	74,052	86,580	(26,958	)	2001
Old Hickory Mall, Jackson, TN	—	15,527	29,413	8,271		—		15,527	37,684	53,211	(15,176	)	2001
The Outlet Shoppes at Atlanta, Woodstock, GA	83,247	8,598	100,613	(27,176	)	—		17,167	64,868	82,035	(8,687	)	2013
The Outlet Shoppes at El Paso, El Paso, TX	70,335	7,345	98,602	11,432		—		7,569	109,810	117,379	(14,098	)	2012
The Outlet Shoppes at Gettysburg, Gettysburg, PA	38,450	20,779	22,180	1,173		—		20,779	23,353	44,132	(4,004	)	2012
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK	63,875	7,402	50,268	12,727		—		6,833	63,564	70,397	(17,711	)	2011
The Outlet Shoppes of the Bluegrass, Simpsonville, KY	86,221	3,193	72,962	1,887		—		3,193	74,849	78,042	(5,109	)	2014
Parkdale Mall, Beaumont, TX	85,808	23,850	47,390	56,407		(307	)	23,544	103,796	127,340	(37,557	)	2001
Park Plaza Mall, Little Rock, AR	89,255	6,297	81,638	34,867		—		6,304	116,498	122,802	(46,325	)	2004
Parkway Place, Huntsville, AL	37,644	6,364	67,067	4,396		—		6,364	71,463	77,827	(13,521	)	2010
Pearland Town Center, Pearland, TX	—	16,300	108,615	16,234		(366	)	15,443	125,340	140,783	(36,465	)	2008
Post Oak Mall, College Station, TX	—	3,936	48,948	13,452		(327	)	3,608	62,401	66,009	(32,127	)	1984-1985
Randolph Mall, Asheboro, NC	—	4,547	13,927	12,117		—		4,547	26,044	30,591	(9,902	)	2001
Regency Mall, Racine, WI	—	3,539	36,839	18,190		—		4,399	54,169	58,568	(21,836	)	2001
Richland Mall, Waco, TX	—	9,874	34,793	16,233		—		9,887	51,013	60,900	(18,114	)	2002
River Ridge Mall, Lynchburg, VA	—	4,824	59,052	13,393		(252	)	4,572	72,445	77,017	(20,618	)	2003
South County Center, St. Louis, MO	—	15,754	159,249	14,798		—		15,754	174,047	189,801	(44,133	)	2007
Southaven Towne Center, Southaven, MS	39,066	8,255	29,380	13,365		—		8,478	42,522	51,000	(16,728	)	2005
Southpark Mall, Colonial Heights, VA	63,389	9,501	73,262	35,226		—		11,282	106,707	117,989	(35,872	)	2003
Stroud Mall, Stroudsburg, PA	30,621	14,711	23,936	20,799		—		14,711	44,735	59,446	(17,206	)	1998
St. Clair Square, Fairview Heights, IL	—	11,027	75,620	34,952		—		11,027	110,572	121,599	(49,515	)	1996
Sunrise Mall, Brownsville, TX	—	11,156	59,047	11,980		—		11,156	71,027	82,183	(20,025	)	2003
Turtle Creek Mall, Hattiesburg, MS	—	2,345	26,418	17,506		—		3,535	42,734	46,269	(21,801	)	1993-1995
Valley View Mall, Roanoke, VA	58,259	15,985	77,771	21,699		—		15,999	99,456	115,455	(31,818	)	2003



		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
Volusia Mall, Daytona Beach, FL	47,967	2,526	120,242	28,071		—		6,431	144,408	150,839	(40,988	)	2004
Walnut Square, Dalton, GA	—	50	15,138	17,347		—		50	32,485	32,535	(19,168	)	1984-1985
Wausau Center, Wausau, WI	17,923	5,231	24,705	16,463		(5,231	)	—	41,168	41,168	(18,636	)	2001
West Towne Mall, Madison, WI	—	9,545	83,084	51,282		—		9,545	134,366	143,911	(48,193	)	2002
WestGate Mall, Spartanburg, SC	37,000	2,149	23,257	47,215		(432	)	1,742	70,447	72,189	(36,682	)	1995
Westmoreland Mall, Greensburg, PA	—	4,621	84,215	23,152		—		4,621	107,367	111,988	(38,028	)	2002
York Galleria, York, PA	48,891	5,757	63,316	9,995		—		5,757	73,311	79,068	(31,135	)	1995

ASSOCIATED CENTERS:
Annex at Monroeville, Pittsburgh, PA	—	—	29,496	(685	)	—		—	28,811	28,811	(8,375	)	2004
Bonita Lakes Crossing, Meridian, MS	—	794	4,786	8,729		—		794	13,515	14,309	(6,073	)	1997
CoolSprings Crossing, Nashville, TN	11,443	2,803	14,985	5,561		—		3,554	19,795	23,349	(11,722	)	1991-1993
Courtyard at Hickory Hollow, Nashville, TN	—	3,314	2,771	(1,816	)	(231	)	1,500	2,538	4,038	(536	)	1998
Frontier Square, Cheyenne, WY	—	346	684	350		(86	)	260	1,034	1,294	(627	)	1985
Gunbarrel Pointe, Chattanooga, TN	10,197	4,170	10,874	3,469		—		4,170	14,343	18,513	(5,400	)	2000
Hamilton Corner, Chattanooga, TN	14,621	630	5,532	8,548		—		734	13,976	14,710	(6,549	)	1986-1987
Hamilton Crossing, Chattanooga, TN	9,618	4,014	5,906	6,819		(1,370	)	2,644	12,725	15,369	(6,526	)	1987
Harford Annex, Bel Air, MD	—	2,854	9,718	1,084		—		2,854	10,802	13,656	(3,287	)	2003
The Landing at Arbor Place, Douglasville, GA	—	4,993	14,330	1,511		(748	)	4,245	15,841	20,086	(8,432	)	1998-1999
Layton Hills Convenience Center, Layton, UT	—	—	8	2,799		—		—	2,807	2,807	(471	)	2005
Layton Hills Plaza, Layton, UT	—	—	2	299		—		—	301	301	(186	)	2005
The Plaza at Fayette, Lexington, KY	38,092	9,531	27,646	3,810		—		9,531	31,456	40,987	(9,892	)	2006
Parkdale Crossing, Beaumont, TX	—	2,994	7,408	2,282		(355	)	2,639	9,690	12,329	(3,182	)	2002
The Shoppes At Hamilton Place, Chattanooga, TN	—	4,894	11,700	1,592		—		4,894	13,292	18,186	(4,134	)	2003
Sunrise Commons, Brownsville, TX	—	1,013	7,525	1,063		—		1,013	8,588	9,601	(2,918	)	2003
The Shoppes at St. Clair Square, Fairview Heights, IL	19,305	8,250	23,623	597		(5,044	)	3,206	24,220	27,426	(7,996	)	2007
The Terrace, Chattanooga, TN	13,381	4,166	9,929	8,102		—		6,536	15,661	22,197	(5,444	)	1997
West Towne Crossing, Madison, WI	—	1,151	2,955	7,940		—		2,126	9,920	12,046	(1,948	)	1998
WestGate Crossing, Spartanburg, SC	—	1,082	3,422	6,722		—		1,082	10,144	11,226	(4,197	)	1997
Westmoreland Crossing, Greensburg, PA	—	2,898	21,167	9,262		—		2,898	30,429	33,327	(10,040	)	2002

COMMUNITY CENTERS:
Cobblestone Village at Palm Coast, Palm Coast, FL	—	6,082	12,070	(524	)	(220	)	4,296	13,112	17,408	(2,840	)	2007
The Crossings at Marshalls Creek, Middle Smithfield, PA	—	6,456	15,351	(1,744	)	—		6,453	13,610	20,063	(1,377	)	2013



			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
The Forum at Grand View, Madison, MS	—		9,234		17,285		14,710			(684		)	8,652		31,893		40,545		(3,905		)	2010
Parkway Plaza, Fort Oglethorpe, GA	—		2,675		13,435		—			—			2,675		13,435		16,110		(365		)	2015
The Promenade, D'Iberville, MS	—		16,278		48,806		24,400			(706		)	17,953		70,825		88,778		(13,341		)	2009
Statesboro Crossing, Statesboro, GA	11,087		2,855		17,805		2,234			(235		)	2,840		19,819		22,659		(4,200		)	2008

OFFICE BUILDINGS AND OTHER:
840 Greenbrier Circle, Chesapeake, VA	—		2,096		3,091		173			—			2,096		3,264		5,360		(1,021		)	2007
850 Greenbrier Circle, Chesapeake, VA	—		3,154		6,881		(289		)	—			3,154		6,592		9,746		(1,625		)	2007
CBL Center, Chattanooga, TN	—		—		13,648		1,101			—			—		14,749		14,749		(4,036		)	2008
CBL Center II, Chattanooga, TN	19,844		140		24,675		45			—			140		24,720		24,860		(13,479		)	2001
Oak Branch Business Center, Greensboro, NC	—		535		2,192		210			—			535		2,402		2,937		(621		)	2007
One Oyster Point, Newport News, VA	—		1,822		3,623		853			—			1,822		4,476		6,298		(965		)	2007
Pearland Hotel, Pearland, TX	—		—		16,149		503			—			—		16,652		16,652		(3,978		)	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		(1,993		)	2008
Two Oyster Point, Newport News, VA	—		1,543		3,974		542			—			1,543		4,516		6,059		(1,467		)	2007

DISPOSITIONS:
Chapel Hill Suburban, Akron, OH	—		925		2,520		(3,445		)	—			—		—		—		—			2004
EastGate Crossing, Cincinnati, OH	—		11		2,424		(2,424		)	(11		)	—		—		—		—			2001
Madison Plaza, Huntsville, AL	—		473		2,888		(3,361		)	—			—		—		—		—			1984
Madison Square, Huntsville, AL	—		17,596		39,186		(56,782		)	—			—		—		—		—			1984
Waynesville Commons, Waynesville, NC	—		3,511		6,141		(9,652		)	—			—		—		—		—			2008

Other	—		2,058		3,458		75,616			(1,561		)	1,710		1,870		3,580		(1,639		)

Developments in progress consisting of construction and Development Properties	—		—		—		75,991			—			—		75,991		75,991		—
TOTALS	$	2,774,429	$	898,338	$	5,639,319	$	1,812,132		$	(33,257	)	$	876,668	$	7,363,853	$	8,240,521	$	(2,382,568	)


(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, 2015, excluding debt premium or discount.


(3)	The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $8.036 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.

The changes in real estate assets and accumulated depreciation for the years ending December 31, 2015, 2014, and 2013 are set forth below (in thousands):



	Year Ended December 31,
	2015			2014			2013
REAL ESTATE ASSETS:
Balance at beginning of period	$	8,187,183		$	8,123,514		$	8,301,013
Additions during the period:
Additions and improvements	230,990			282,282			282,664
Acquisitions of real estate assets	182,747			—			29,912
Deductions during the period:
Disposals and accumulated depreciation on impairments	(249,716		)	(189,372		)	(412,976		)
Transfers from real estate assets	(4,738		)	(11,383		)	(8,031		)
Impairment of real estate assets	(105,945		)	(17,858		)	(69,068		)
Balance at end of period	$	8,240,521		$	8,187,183		$	8,123,514

ACCUMULATED DEPRECIATION:
Balance at beginning of period	$	2,240,007		$	2,056,357		$	1,972,031
Depreciation expense	274,544			269,602			253,142
Accumulated depreciation on real estate assets sold, retired or impaired	(131,983		)	(85,952		)	(168,816		)
Balance at end of period	$	2,382,568		$	2,240,007		$	2,056,357