

			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	$	122,435	$	22,511	$	145,769	$	(101,239	)	$	—		$	5,722	$	61,319	$	67,041	$	(1,763	)	2005
Alamance Crossing, Burlington, NC	46,337		20,853		63,105		39,634			(2,803		)	18,051		102,738		120,789		(33,958		)	2007
Arbor Place, Atlanta (Douglasville), GA	111,448		7,862		95,330		28,164			—			7,862		123,494		131,356		(65,818		)	1998-1999
Asheville Mall, Asheville, NC	68,008		7,139		58,747		65,419			(805		)	6,334		124,166		130,500		(54,990		)	1998
Brookfield Square, Brookfield, WI	—		8,996		84,250		77,878			(18		)	25,392		145,714		171,106		(70,871		)	2001
Burnsville Center, Burnsville, MN	69,615		12,804		71,355		59,357			(1,157		)	16,102		126,257		142,359		(61,024		)	1998
Cary Towne Center, Cary, NC	46,716		23,688		74,432		31,752			—			25,901		103,971		129,872		(44,007		)	2001
CherryVale Mall, Rockford, IL	—		11,892		63,973		58,028			(1,667		)	11,608		120,618		132,226		(51,651		)	2001
Cross Creek Mall, Fayetteville, NC	119,545		19,155		104,353		49,457			—			31,539		141,426		172,965		(54,965		)	2003
Dakota Square Mall, Minot, ND	—		4,552		87,625		25,872			—			4,552		113,497		118,049		(20,032		)	2012
East Towne Mall, Madison, WI	—		4,496		63,867		62,471			(715		)	3,781		126,338		130,119		(49,240		)	2001
EastGate Mall, Cincinnati, OH	35,635		13,046		44,949		33,616			(1,017		)	16,827		73,767		90,594		(29,692		)	2003
Eastland Mall, Bloomington, IL	—		5,746		75,893		7,864			(753		)	6,002		82,748		88,750		(32,671		)	2005
Fayette Mall, Lexington, KY	157,387		25,205		84,256		105,684			—			25,205		189,940		215,145		(61,756		)	2001
Frontier Mall, Cheyenne, WY	—		2,681		15,858		20,973			(80		)	2,601		36,831		39,432		(24,019		)	1981
Greenbrier Mall, Chesapeake, VA	70,801		3,181		107,355		17,147			(626		)	2,555		124,502		127,057		(44,067		)	2004
Hamilton Place, Chattanooga, TN	104,317		3,532		42,623		61,473			(441		)	8,484		98,703		107,187		(55,322		)	1986-1987
Hanes Mall, Winston-Salem, NC	—		17,176		133,376		56,679			(948		)	18,629		187,654		206,283		(79,178		)	2001
Harford Mall, Bel Air, MD	—		8,699		45,704		22,887			—			8,699		68,591		77,290		(28,104		)	2003
Hickory Point Mall, Forsyth, IL	27,446		10,731		31,728		(24,207		)	(293		)	4,336		13,623		17,959		(842		)	2005
Honey Creek Mall, Terre Haute, IN	25,417		3,108		83,358		19,563			—			3,108		102,921		106,029		(38,411		)	2004
Imperial Valley Mall, El Centro, CA	—		35,378		70,549		3,922			—			35,378		74,471		109,849		(12,716		)	2012
Janesville Mall, Janesville, WI	—		8,074		26,009		22,531			—			8,074		48,540		56,614		(20,792		)	1998
Jefferson Mall, Louisville, KY	64,747		13,125		40,234		40,046			(521		)	17,850		75,034		92,884		(31,580		)	2001
Kirkwood Mall, Bismarck, ND	37,295		3,368		118,945		24,238			—			3,368		143,183		146,551		(21,210		)	2012
Laurel Park Place, Livonia, MI	—		13,289		92,579		20,671			—			13,289		113,250		126,539		(47,331		)	2005
Layton Hills Mall, Layton, UT	—		20,464		99,836		(4,734		)	(340		)	13,885		101,341		115,226		(34,063		)	2006
Mall del Norte, Laredo, TX	—		21,734		142,049		51,295			—			21,734		193,344		215,078		(83,039		)	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
Mayfaire Town Center, Wilmington, NC	—	26,333	101,087	15,712		—		26,333	116,799	143,132	(8,592	)	2015
Meridian Mall, Lansing, MI	—	529	103,678	80,804		—		2,232	182,779	185,011	(88,679	)	1998
Mid Rivers Mall, St. Peters, MO	—	16,384	170,582	16,465		(2,050	)	14,334	187,047	201,381	(60,034	)	2007
Monroeville Mall, Pittsburgh, PA	—	22,911	177,214	79,105		—		25,432	253,798	279,230	(87,876	)	2004
Northgate Mall, Chattanooga, TN	—	2,330	8,960	26,245		(123	)	3,274	34,138	37,412	(9,922	)	2011
Northpark Mall, Joplin, MO	—	9,977	65,481	48,398		—		10,962	112,894	123,856	(45,028	)	2004
Northwoods Mall, North Charleston, SC	66,544	14,867	49,647	24,754		(2,339	)	12,528	74,401	86,929	(31,154	)	2001
Old Hickory Mall, Jackson, TN	—	15,527	29,413	8,845		—		15,531	38,254	53,785	(16,976	)	2001
The Outlet Shoppes at Atlanta, Woodstock, GA	79,407	8,598	100,613	(37,409	)	(740	)	7,858	63,204	71,062	(16,251	)	2013
The Outlet Shoppes at El Paso, El Paso, TX	6,613	7,345	98,602	10,852		—		7,569	109,230	116,799	(20,419	)	2012
The Outlet Shoppes at Gettysburg, Gettysburg, PA	38,354	20,779	22,180	1,863		—		20,778	24,044	44,822	(5,477	)	2012
The Outlet Shoppes at Laredo, Laredo, TX	80,145	11,000	97,711	—		—		11,000	97,711	108,711	(3,285	)	2017
The Outlet Shoppes of the Bluegrass, Simpsonville, KY	82,990	3,193	72,962	3,846		—		3,193	76,808	80,001	(13,970	)	2014
Park Plaza Mall, Little Rock, AR	84,084	6,297	81,638	44,837		—		6,304	126,468	132,772	(51,198	)	2004
Parkdale Mall, Beaumont, TX	81,108	23,850	47,390	63,881		(307	)	25,333	109,481	134,814	(45,229	)	2001
Parkway Place, Huntsville, AL	35,608	6,364	67,067	6,903		—		6,364	73,970	80,334	(18,384	)	2010
Pearland Town Center, Pearland, TX	—	16,300	108,615	20,375		(857	)	15,443	128,990	144,433	(42,952	)	2008
Post Oak Mall, College Station, TX	—	3,936	48,948	16,680		(327	)	3,609	65,628	69,237	(36,072	)	1982
Richland Mall, Waco, TX	—	9,874	34,793	20,716		(1,225	)	8,662	55,496	64,158	(23,072	)	2002
South County Center, St. Louis, MO	—	15,754	159,249	15,830		—		15,754	175,079	190,833	(52,942	)	2007
Southaven Towne Center, Southaven, MS	—	8,255	29,380	7,434		—		8,896	36,173	45,069	(13,336	)	2005
Southpark Mall, Colonial Heights, VA	61,036	9,501	73,262	38,039		—		11,282	109,520	120,802	(43,696	)	2003
St. Clair Square, Fairview Heights, IL	—	11,027	75,620	35,962		—		11,027	111,582	122,609	(55,751	)	1996
Stroud Mall, Stroudsburg, PA	—	14,711	23,936	23,007		—		14,711	46,943	61,654	(19,792	)	1998
Sunrise Mall, Brownsville, TX	—	11,156	59,047	16,752		—		11,156	75,799	86,955	(26,322	)	2003
Turtle Creek Mall, Hattiesburg, MS	—	2,345	26,418	20,509		—		3,535	45,737	49,272	(25,218	)	1993-1994
Valley View Mall, Roanoke, VA	55,107	15,985	77,771	23,706		—		15,999	101,463	117,462	(38,647	)	2003
Volusia Mall, Daytona Beach, FL	43,722	2,526	120,242	31,492		—		8,945	145,315	154,260	(50,781	)	2004
West Towne Mall, Madison, WI	—	9,545	83,084	50,229		—		9,545	133,313	142,858	(54,298	)	2001
WestGate Mall, Spartanburg, SC	34,991	2,149	23,257	51,917		(432	)	1,742	75,149	76,891	(40,075	)	1995



		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
Westmoreland Mall, Greensburg, PA	—	4,621	84,215	28,744		(397	)	4,224	112,959	117,183	(44,138	)	2002
York Galleria, York, PA	—	5,757	63,316	18,065		—		5,757	81,381	87,138	(35,236	)	1999

Other Property Types
840 Greenbrier Circle, Chesapeake, VA	—	2,096	3,091	379		—		2,096	3,470	5,566	(1,357	)	2007
850 Greenbrier Circle, Chesapeake, VA	—	3,154	6,881	(289	)	—		3,154	6,592	9,746	(1,985	)	2007
Annex at Monroeville, Pittsburgh, PA	—	—	29,496	321		—		—	29,817	29,817	(9,971	)	2004
CBL Center, Chattanooga, TN	18,522	140	24,675	1,982		—		1,864	24,933	26,797	(14,569	)	2001
CBL Center II, Chattanooga, TN	—	—	13,648	1,759		—		358	15,049	15,407	(5,134	)	2008
CoolSprings Crossing, Nashville, TN	—	2,803	14,985	5,830		—		3,554	20,064	23,618	(13,122	)	1991-1993
Courtyard at Hickory Hollow, Nashville, TN	—	3,314	2,771	(1,603	)	(231	)	1,500	2,751	4,251	(983	)	1998
The Forum at Grandview, Madison, MS	—	9,234	17,285	21,323		(684	)	8,652	38,506	47,158	(5,862	)	2010
Frontier Square, Cheyenne, WY	—	346	684	434		(86	)	260	1,118	1,378	(729	)	1985
Gulf Coast Town Center, Ft. Myers, FL	—	628	6,835	—		—		628	6,835	7,463	—		2005-2017
Gunbarrel Pointe, Chattanooga, TN	—	4,170	10,874	3,748		—		4,170	14,622	18,792	(6,362	)	2000
Hamilton Corner, Chattanooga, TN	—	630	5,532	8,179				734	13,607	14,341	(7,300	)	1986-1987
Hamilton Crossing, Chattanooga, TN	9,102	4,014	5,906	7,004		(1,370	)	2,644	12,910	15,554	(7,265	)	1987
Harford Annex, Bel Air, MD	—	2,854	9,718	1,357		—		2,854	11,075	13,929	(3,986	)	2003
The Landing at Arbor Place, Atlanta (Douglasville), GA	—	4,993	14,330	3,512		(2,242	)	2,751	17,842	20,593	(9,684	)	1998-1999
Layton Hills Convenience Center, Layton, UT	—	—	8	6,270		—		2,794	3,484	6,278	(1,711	)	2005
Layton Hills Plaza, Layton, UT	—	—	2	982		—		673	311	984	(241	)	2005
Parkdale Crossing, Beaumont, TX	—	2,994	7,408	2,482		(355	)	2,639	9,890	12,529	(3,769	)	2002
Parkway Plaza, Fort Oglethorpe, GA	—	2,675	13,435	22		—		2,675	13,457	16,132	(1,335	)	2015
Pearland Hotel, Pearland, TX	—	—	16,149	2,266		—		—	18,415	18,415	(5,054	)	2008
Pearland Office, Pearland, TX	—	—	7,849	2,594		—		—	10,443	10,443	(3,176	)	2009
Pearland Residential Mgmt, Pearland, TX	—	—	9,666	9		—		—	9,675	9,675	(2,531	)	2008
The Plaza at Fayette, Lexington, KY	—	9,531	27,646	2,308		—		9,531	29,954	39,485	(9,796	)	2006
The Promenade, D'Iberville, MS	—	16,278	48,806	25,035		(706	)	17,953	71,460	89,413	(18,791	)	2009
The Shoppes At Hamilton Place, Chattanooga, TN	—	4,894	11,700	(575	)	—		2,811	13,208	16,019	(4,799	)	2003
The Shoppes at St. Clair Square, Fairview Heights, IL	—	8,250	23,623	552		(5,044	)	3,206	24,175	27,381	(9,883	)	2007



			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
Statesboro Crossing, Statesboro, GA	10,836		2,855		17,805		2,368			(235		)	2,840		19,953		22,793		(5,547		)	2008
Sunrise Commons, Brownsville, TX	—		1,013		7,525		2,520			—			1,013		10,045		11,058		(3,790		)	2003
The Terrace, Chattanooga, TN	12,709		4,166		9,929		8,475			—			6,536		16,034		22,570		(6,573		)	1997
West Towne Crossing, Madison, WI	—		1,151		2,955		7,940			—			2,126		9,920		12,046		(3,346		)	1998
WestGate Crossing, Spartanburg, SC	—		1,082		3,422		8,348			—			1,082		11,770		12,852		(5,128		)	1997
Westmoreland Crossing, Greensburg, PA	—		2,898		21,167		9,252			—			2,898		30,419		33,317		(11,683		)	2002

DISPOSITIONS:
Chesterfield Mall, Chesterfield, MO	—		11,083		282,140		(293,223		)	—			—		—		—		—			2007
College Square, Morristown, TN	—		2,954		17,787		(20,653		)	(88		)	—		—		—		—			1987-1988
Foothills Mall, Maryville, TN	—		5,558		25,244		(30,802		)	—			—		—		—		—			1996
Midland Mall, Midland, MI	—		10,321		29,429		(39,750		)	—			—		—		—		—			2001
One Oyster Point, Newport News, VA	—		1,822		3,623		(5,445		)	—			—		—		—		—			2007
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK	—		7,402		50,268		(57,670		)	—			—		—		—		—			2011
Two Oyster Point, Newport News, VA	—		1,543		3,974		(5,517		)	—			—		—		—		—			2007
Wausau Center, Wausau, WI	—		5,231		24,705		(24,705		)	(5,231		)	—		—		—		—			2001

Other	—		2,777		4,002		(1,385		)	(324		)	3,214		1,856		5,070		(1,719		)

Developments in progress consisting of construction and Development Properties	—		—		—		85,346			—			—		85,346		85,346		—
TOTALS	$	1,908,027	$	837,065	$	5,390,463	$	1,431,979		$	(37,577	)	$	813,390	$	6,808,540	$	7,621,930	$	(2,465,095	)


(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, 2017, excluding debt premium or discount, if applicable.


(3)	The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.721 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, 2017, 2016, and 2015 are set forth below (in thousands):



	Year Ended December 31,
	2017			2016			2015
REAL ESTATE ASSETS:
Balance at beginning of period	$	7,947,647		$	8,240,521		$	8,187,183
Additions during the period:
Additions and improvements	177,482			263,265			230,990
Acquisitions of real estate assets	78,516			—			182,747
Deductions during the period:
Disposals, deconsolidations and accumulated depreciation on impairments	(506,399		)	(435,331		)	(249,716		)
Transfers from real estate assets	(3,915		)	(3,986		)	(4,738		)
Impairment of real estate assets	(71,401		)	(116,822		)	(105,945		)
Balance at end of period	$	7,621,930		$	7,947,647		$	8,240,521

ACCUMULATED DEPRECIATION:
Balance at beginning of period	$	2,427,108		$	2,382,568		$	2,240,007
Depreciation expense	272,945			272,697			274,544
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired	(234,958		)	(228,157		)	(131,983		)
Balance at end of period	$	2,465,095		$	2,427,108		$	2,382,568