

			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	$	119,760	$	25,083	$	145,769	$	(102,215	)	$	—		$	7,927	$	60,710	$	68,637	$	(4,635	)	2005
Alamance Crossing, Burlington, NC	45,464		20,853		62,852		39,634			(3,373		)	17,481		102,485		119,966		(37,055		)	2007
Arbor Place, Atlanta (Douglasville), GA	109,209		8,508		95,088		28,164			—			8,508		123,252		131,760		(70,005		)	1998-1999
Asheville Mall, Asheville, NC	66,038		7,139		58,386		65,419			(805		)	6,334		123,805		130,139		(58,609		)	1998
Brookfield Square, Brookfield, WI	8,172		8,996		78,533		77,878			(4,789		)	20,621		139,997		160,618		(73,080		)	2001
Burnsville Center, Burnsville, MN	67,312		12,804		71,748		59,357			(1,157		)	16,102		126,650		142,752		(64,697		)	1998
Cary Towne Center, Cary, NC	43,716		23,688		74,432		(67,149		)	—			—		30,971		30,971		—			2001
CherryVale Mall, Rockford, IL	—		11,892		64,117		58,028			(1,667		)	11,608		120,762		132,370		(55,397		)	2001
Cross Creek Mall, Fayetteville, NC	115,513		19,155		104,378		49,457			—			31,539		141,451		172,990		(60,311		)	2003
Dakota Square Mall, Minot, ND	—		4,552		87,625		26,417			—			4,473		114,121		118,594		(24,203		)	2012
East Towne Mall, Madison, WI	—		4,496		63,867		72,273			(715		)	3,781		136,140		139,921		(54,240		)	2001
EastGate Mall, Cincinnati, OH	34,057		13,046		44,949		34,818			(1,017		)	16,827		74,969		91,796		(32,035		)	2003
Eastland Mall, Bloomington, IL	—		5,746		75,893		(54,540		)	(753		)	3,150		23,196		26,346		—			2005
Fayette Mall, Lexington, KY	152,264		25,205		84,256		106,246			—			25,206		190,501		215,707		(67,310		)	2001
Frontier Mall, Cheyenne, WY	—		2,681		15,858		22,772			(80		)	2,601		38,630		41,231		(25,913		)	1981
Greenbrier Mall, Chesapeake, VA	68,101		3,181		107,355		17,791			(626		)	2,555		125,146		127,701		(48,288		)	2004
Hamilton Place, Chattanooga, TN	102,429		3,532		42,619		76,555			(441		)	8,484		113,781		122,265		(61,421		)	1986-1987
Hanes Mall, Winston-Salem, NC	—		17,176		133,376		60,016			(948		)	18,629		190,991		209,620		(85,272		)	2001
Harford Mall, Bel Air, MD	—		8,699		45,704		22,805			—			8,699		68,509		77,208		(30,258		)	2003
Hickory Point Mall, Forsyth, IL	27,446		10,731		31,728		(24,608		)	(293		)	4,336		13,222		17,558		(1,796		)	2005
Honey Creek Mall, Terre Haute, IN	24,027		3,108		83,358		(69,999		)	—			3,108		13,359		16,467		—			2004
Imperial Valley Mall, El Centro, CA	—		35,378		70,549		8,719			—			40,579		74,067		114,646		(15,162		)	2012
Jefferson Mall, Louisville, KY	63,379		13,125		40,234		46,836			(521		)	17,850		81,824		99,674		(36,074		)	2001
Kirkwood Mall, Bismarck, ND	—		3,368		118,945		29,480			—			3,447		148,346		151,793		(26,308		)	2012
Laurel Park Place, Livonia, MI	—		13,289		92,579		18,014			—			13,289		110,593		123,882		(47,483		)	2005
Layton Hills Mall, Layton, UT	—		20,464		99,836		(32,194		)	(464		)	13,761		73,881		87,642		(9,172		)	2006
Mall del Norte, Laredo, TX	—		21,734		142,049		51,941			(149		)	21,667		193,908		215,575		(87,961		)	2004
Mayfaire Town Center, Wilmington, NC	—		26,333		101,087		16,424			—			26,443		117,401		143,844		(12,460		)	2015



		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
Meridian Mall, Lansing, MI	—	2,797	103,678	69,052		—		4,500	171,027	175,527	(84,959	)	1998
Mid Rivers Mall, St. Peters, MO	—	16,384	170,582	21,040		(4,174	)	12,210	191,622	203,832	(64,003	)	2007
Monroeville Mall, Pittsburgh, PA	—	22,911	177,214	80,329		—		25,432	255,022	280,454	(96,888	)	2004
Northgate Mall, Chattanooga, TN	—	2,330	8,960	26,109		(492	)	3,406	33,501	36,907	(11,669	)	2011
Northpark Mall, Joplin, MO	—	9,977	65,481	44,259		—		11,071	108,646	119,717	(48,465	)	2004
Northwoods Mall, North Charleston, SC	65,193	14,867	49,647	29,883		(2,339	)	12,528	79,530	92,058	(33,870	)	2001
Old Hickory Mall, Jackson, TN	—	15,527	29,413	9,074		—		15,531	38,483	54,014	(18,300	)	2001
The Outlet Shoppes at Atlanta, Woodstock, GA	77,808	8,598	100,613	(36,505	)	(740	)	7,858	64,108	71,966	(20,181	)	2013
The Outlet Shoppes at El Paso, El Paso, TX	74,823	7,345	98,602	11,013		—		7,569	109,391	116,960	(23,623	)	2012
The Outlet Shoppes at Gettysburg, Gettysburg, PA	37,762	20,779	22,180	2,706		—		20,778	24,887	45,665	(6,256	)	2012
The Outlet Shoppes at Laredo, Laredo, TX	54,550	11,000	97,711	2,101		—		11,000	99,812	110,812	(7,869	)	2017
The Outlet Shoppes of the Bluegrass, Simpsonville, KY	81,221	3,193	72,962	5,010		—		3,193	77,972	81,165	(18,665	)	2014
Park Plaza Mall, Little Rock, AR	81,287	6,297	81,638	47,358		—		6,304	128,989	135,293	(55,540	)	2004
Parkdale Mall, Beaumont, TX	78,544	23,850	47,390	61,823		(307	)	25,381	107,375	132,756	(48,165	)	2001
Parkway Place, Huntsville, AL	34,486	6,364	67,067	7,722		—		6,364	74,789	81,153	(20,838	)	2010
Pearland Town Center, Pearland, TX	—	16,300	108,615	20,417		(857	)	15,480	128,995	144,475	(46,837	)	2008
Post Oak Mall, College Station, TX	—	3,936	48,948	17,118		(327	)	3,852	65,823	69,675	(39,171	)	1982
Richland Mall, Waco, TX	—	9,874	34,793	23,788		(1,225	)	8,662	58,568	67,230	(23,733	)	2002
South County Center, St. Louis, MO	—	15,754	159,249	16,181		—		15,790	175,394	191,184	(57,799	)	2007
Southaven Towne Center, Southaven, MS	—	8,255	29,380	9,496		—		11,384	35,747	47,131	(14,162	)	2005
Southpark Mall, Colonial Heights, VA	59,766	9,501	73,262	37,875		—		11,282	109,356	120,638	(47,209	)	2003
St. Clair Square, Fairview Heights, IL	—	11,027	75,620	38,853		—		11,027	114,473	125,500	(59,248	)	1996
Stroud Mall, Stroudsburg, PA	—	14,711	23,936	23,187		—		14,711	47,123	61,834	(20,956	)	1998
Sunrise Mall, Brownsville, TX	—	11,156	59,047	16,298		—		11,156	75,345	86,501	(29,067	)	2003
Turtle Creek Mall, Hattiesburg, MS	—	2,345	26,418	20,354		—		3,535	45,582	49,117	(27,255	)	1993-1994
Valley View Mall, Roanoke, VA	53,372	15,985	77,771	24,517		—		15,999	102,274	118,273	(42,013	)	2003
Volusia Mall, Daytona Beach, FL	41,332	2,526	120,242	37,405		—		8,945	151,228	160,173	(55,382	)	2004
West Towne Mall, Madison, WI	—	8,912	83,084	46,050		—		8,912	129,134	138,046	(57,121	)	2001
WestGate Mall, Spartanburg, SC	33,910	2,149	23,257	52,373		(432	)	1,742	75,605	77,347	(42,592	)	1995
Westmoreland Mall, Greensburg, PA	—	4,621	84,215	30,499		(1,240	)	3,381	114,714	118,095	(47,718	)	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
York Galleria, York, PA	—	5,757	63,316	20,618	—		5,757	83,934	89,691	(38,296	)	1999

Other Property Types
840 Greenbrier Circle, Chesapeake, VA	—	2,096	3,091	1,276	—		2,096	4,367	6,463	(1,518	)	2007
850 Greenbrier Circle, Chesapeake, VA	—	3,154	6,881	1,652	—		3,154	8,533	11,687	(2,331	)	2007
Annex at Monroeville, Pittsburgh, PA	—	—	29,496	721	—		—	30,217	30,217	(10,535	)	2004
CBL Center, Chattanooga, TN	17,780	1,332	24,675	1,084	—		1,863	25,228	27,091	(15,072	)	2001
CBL Center II, Chattanooga, TN	—	22	13,648	1,898	—		358	15,210	15,568	(5,598	)	2008
CoolSprings Crossing, Nashville, TN	—	2,803	14,985	5,935	—		3,554	20,169	23,723	(13,836	)	1991-1993
Courtyard at Hickory Hollow, Nashville, TN	—	3,314	2,771	397	(231	)	1,500	4,751	6,251	(1,298	)	1998
The Forum at Grandview, Madison, MS	—	9,234	17,285	21,475	(931	)	8,405	38,658	47,063	(6,626	)	2010
Frontier Square, Cheyenne, WY	—	346	684	434	(86	)	260	1,118	1,378	(776	)	1985
Gunbarrel Pointe, Chattanooga, TN	—	4,170	10,874	3,787	—		4,170	14,661	18,831	(6,848	)	2000
Hamilton Corner, Chattanooga, TN	—	630	5,532	8,319	—		734	13,747	14,481	(7,804	)	1986-1987
Hamilton Crossing, Chattanooga, TN	8,821	4,014	5,906	7,010	(1,370	)	2,644	12,916	15,560	(7,643	)	1987
Harford Annex, Bel Air, MD	—	2,854	9,718	1,357	—		2,854	11,075	13,929	(4,348	)	2003
The Landing at Arbor Place, Atlanta (Douglasville), GA	—	7,238	14,330	3,583	(2,242	)	4,996	17,913	22,909	(10,573	)	1998-1999
Layton Hills Convenience Center, Layton, UT	—	—	8	5,892	—		2,795	3,105	5,900	(1,728	)	2005
Layton Hills Plaza, Layton, UT	—	—	2	1,001	—		673	330	1,003	(234	)	2005
Parkdale Crossing, Beaumont, TX	—	2,994	7,408	2,124	(355	)	2,639	9,532	12,171	(3,906	)	2002
Pearland Hotel, Pearland, TX	—	—	16,149	2,301	—		—	18,450	18,450	(5,804	)	2008
Pearland Office, Pearland, TX	—	—	7,849	2,751	—		—	10,600	10,600	(3,727	)	2009
Pearland Residential Mgmt, Pearland, TX	—	—	9,666	9	—		—	9,675	9,675	(2,798	)	2008
The Plaza at Fayette, Lexington, KY	—	9,531	27,646	1,180	—		9,531	28,826	38,357	(9,688	)	2006
The Promenade, D'Iberville, MS	—	16,278	48,806	25,474	(706	)	17,953	71,899	89,852	(22,129	)	2009
The Shoppes At Hamilton Place, Chattanooga, TN	—	4,894	11,700	785	—		2,811	14,568	17,379	(5,188	)	2003
The Shoppes at St. Clair Square, Fairview Heights, IL	—	8,250	23,623	552	(5,044	)	3,206	24,175	27,381	(10,613	)	2007
Sunrise Commons, Brownsville, TX	—	1,013	7,525	2,520	—		1,013	10,045	11,058	(4,239	)	2003
The Terrace, Chattanooga, TN	12,334	4,166	9,929	7,991	—		6,536	15,550	22,086	(6,915	)	1997



			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
West Towne Crossing, Madison, WI	—		1,784		2,955		12,159			—			2,759		14,139		16,898		(4,994		)	1998
WestGate Crossing, Spartanburg, SC	—		1,082		3,422		8,274			—			1,082		11,696		12,778		(5,621		)	1997
Westmoreland Crossing, Greensburg, PA	—		2,898		21,167		9,525			—			2,898		30,692		33,590		(12,442		)	2002

DISPOSITIONS:
Chesterfield OP, St. Louis, MO	—		524		—		(524		)	—			—		—		—		—			2017
Gulf Coast Dick's Sporting Goods, Ft. Myers, FL	—		347		6,835		(7,110		)	(72		)	—		—		—		—			2005-2017
Janesville Mall, Janesville, WI	—		8,074		26,009		(34,083		)	—			—		—		—		—			1998
Parkway Plaza, Fort Oglethorpe, GA	—		2,675		13,435		(16,110		)	—			—		—		—		—			2015
Statesboro Crossing, Statesboro, GA	—		2,855		17,805		(20,660		)	—			—		—		—		—			2008

Other	—		19,248		4,002		(640		)	—			19,715		2,895		22,610		(1,255		)

Developments in progress consisting of construction and Development Properties	—		—		—		38,807			—			—		38,807		38,807		—
TOTALS	$	1,859,876	$	816,810	$	4,947,278	$	1,555,488		$	(40,968	)	$	793,944	$	6,484,664	$	7,278,608	$	(2,493,082	)


(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, 2018, excluding debt premium or discount, if applicable.


(3)	The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.735 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, 2018, 2017, and 2016 are set forth below (in thousands):



	Year Ended December 31,
	2018			2017			2016
REAL ESTATE ASSETS:
Balance at beginning of period	$	7,621,930		$	7,947,647		$	8,240,521
Additions during the period:
Additions and improvements	144,256			177,482			263,265
Acquisitions of real estate assets	3,301			78,516			—
Deductions during the period:
Disposals, deconsolidations and accumulated depreciation on impairments	(305,813		)	(506,399		)	(435,331		)
Transfers from real estate assets	(11,531		)	(3,915		)	(3,986		)
Impairment of real estate assets	(173,535		)	(71,401		)	(116,822		)
Balance at end of period	$	7,278,608		$	7,621,930		$	7,947,647

ACCUMULATED DEPRECIATION:
Balance at beginning of period	$	2,465,095		$	2,427,108		$	2,382,568
Depreciation expense	261,838			272,945			272,697
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired	(233,851		)	(234,958		)	(228,157		)
Balance at end of period	$	2,493,082		$	2,465,095		$	2,427,108