DDR Corp.

Real Estate and Accumulated Depreciation

December 31, 2013

(In thousands)


	Initial Cost						Total Cost⁽¹⁾									Accumulated Depreciation			Total Cost, Net of Accumulated Depreciation		Encumbrances			Depreciable Lives (Years)⁽²⁾		Date of Construction (C) Acquisition (A)
	Land		Buildings & Improvements		Improvements		Land			Buildings & Improvements			Total			Accumulated Depreciation			Total Cost, Net of Accumulated Depreciation		Encumbrances			Depreciable Lives (Years)⁽²⁾		Date of Construction (C) Acquisition (A)
Bayamon, PR	$	132,074	$	152,441	$	—	$	132,759		$	176,723		$	309,482		$	45,468		$	264,014	$	—			S/L 31.5		2005	(A)
Carolina, PR		28,522		76,947		—		28,601			81,889			110,490			23,128			87,362		—			S/L 31.5		2005	(A)
Humacao, PR		16,386		74,059		—		16,386			82,824			99,210			24,948			74,262		—			S/L 31.5		2005	(A)
Isabela, PR		8,175		41,094		—		8,236			42,814			51,050			12,309			38,741		22,400			S/L 31.5		2005	(A)
San German, PR		3,215		24		—		3,215			41			3,256			31			3,225		—			S/L 31.5		2005	(A)
Cayey, PR		18,226		25,101		—		18,538			26,978			45,516			7,674			37,842		21,209			S/L 31.5		2005	(A)
Bayamon, PR		91,645		98,007		—		92,027			109,104			201,131			30,465			170,666		125,700			S/L 31.5		2005	(A)
Rio Piedras, PR		10,338		23,285		—		10,338			29,778			40,116			8,248			31,868		—			S/L 31.5		2005	(A)
Bayamon, PR		4,294		11,987		—		4,584			23,890			28,474			4,940			23,534		—			S/L 31.5		2005	(A)
Arecibo, PR		7,965		29,898		—		8,094			32,451			40,545			9,285			31,260		—			S/L 31.5		2005	(A)
Hatillo, PR		101,219		105,465		—		101,219			130,042			231,261			35,861			195,400		—			S/L 31.5		2005	(A)
Vega Baja, PR		7,076		18,684		—		7,076			18,928			26,004			5,479			20,525		—			S/L 31.5		2005	(A)
Guayama, PR		1,960		18,721		—		1,960			19,642			21,602			5,546			16,056		11,918			S/L 31.5		2005	(A)
Fajardo, PR		4,376		41,199		—		4,376			47,198			51,574			12,056			39,518		25,500			S/L 31.5		2005	(A)
San German, PR		6,470		20,751		—		6,470			21,409			27,879			6,238			21,641		—			S/L 31.5		2005	(A)
Brandon, FL		—		4,111		—		—			6,351			6,351			5,268			1,083		—			S/L 30.0		1972	(C)
Stow, OH		993		9,028		—		993			36,730			37,723			15,823			21,900		—			S/L 30.0		1969	(C)
Westlake, OH		424		3,803		201		424			10,501			10,925			6,855			4,070		—			S/L 30.0		1974	(C)
Palm Harbor, FL		1,137		4,089		—		1,137			4,937			6,074			2,647			3,427		—			S/L 31.5		1995	(A)
Homestead, FL		23,390		59,639		—		24,103			62,099			86,202			7,716			78,486		—			S/L 31.5		2008	(C)
Tarpon Springs, FL		146		7,382		81		146			9,788			9,934			7,009			2,925		—			S/L 30.0		1974	(C)
McHenry, IL		1,294		5,251		—		13,771			59,409			73,180			10,944			62,236		—			S/L 31.5		2006	(C)
Miami, FL		11,626		30,457		—		26,743			113,896			140,639			21,435			119,204		—			S/L 31.5		2006	(C)
San Antonio, TX		3,990		28,404		—		3,990			36,741			40,731			6,841			33,890		—			S/L 31.5		2007	(C)
Starkville, MS		703		6,921		—		703			7,130			7,833			3,858			3,975		—			S/L 31.5		1994	(A)
Gulfport, MS		—		36,370		—		—			51,901			51,901			19,322			32,579		23,479			S/L 31.5		2003	(A)
Tupelo, MS		2,213		14,979		—		2,213			18,884			21,097			10,578			10,519		—			S/L 31.5		1994	(A)
Long Beach, CA		—		111,512		—		—			145,131			145,131			44,934			100,197		—			S/L 31.5		2005	(C)
Brunswick, ME		3,796		15,459		—		3,796			20,842			24,638			10,552			14,086		—			S/L 31.5		1997	(A)
Oceanside, CA		—		10,643		—		—			14,387			14,387			5,925			8,462		—			S/L 31.5		2000	(C)
Reno, NV		1,132		4,696		—		1,132			4,722			5,854			1,358			4,496		2,595			S/L 31.5		2000	(C)
Everett, MA		9,311		44,647		—		9,462			51,541			61,003			20,200			40,803		—			S/L 31.5		2001	(C)
Pasadena, CA		46,957		101,475		2,053		46,957			105,967			152,924			39,837			113,087		—			S/L 31.5		2003	(A)
Salisbury, MD		2,070		12,495		277		2,071			15,488			17,559			5,405			12,154		8,332			S/L 31.5		1999	(C)
Apex, NC		9,576		43,619		—		10,521			55,713			66,234			12,316			53,918		—			S/L 31.5		2006	(C)
Erie, PA		6,373		19,201		—		6,373			52,661			59,034			25,612			33,422		—			S/L 31.5		1995	(C)
San Francisco, CA		10,464		25,730		—		10,464			26,229			36,693			7,724			28,969		—			S/L 31.5		2002	(A)
Chillicothe, OH		43		2,549		2		1,170			4,405			5,575			2,539			3,036		4,097			S/L 31.5		1974	(C)
Phoenix, AZ		18,701		18,811		118		18,701			20,027			38,728			4,916			33,812		16,803			S/L 31.5		1999	(A)
Macedonia, OH		11,582		34,323		—		11,582			34,811			46,393			6,241			40,152		19,834			S/L 31.5		2011	(A)
Huber Hts, OH		757		14,469		—		757			25,404			26,161			13,804			12,357		—			S/L 31.5		1993	(A)
Boardman, OH		8,152		27,983		—		8,152			30,383			38,535			14,834			23,701		24,907			S/L 31.5		1997	(C)
Solon, OH		6,220		7,454		—		6,220			24,870			31,090			10,434			20,656		—			S/L 31.5		1998	(C)
Bedford, IN		706		8,425		6		1,067			11,508			12,575			6,616			5,959		—			S/L 31.5		1993	(A)
Sunset Hills, MO		12,791		38,404		—		13,403			51,322			64,725			24,181			40,544		26,701			S/L 31.5		1998	(A)
Brentwood, MO		10,018		32,053		—		10,018			34,419			44,437			15,380			29,057		31,612			S/L 31.5		1998	(A)
Cedar Rapids, IA		4,219		12,697		—		4,219			14,067			18,286			7,053			11,233		5,825			S/L 31.5		1998	(A)
Des Peres, MO		2,775		8,370		—		4,275			9,492			13,767			4,623			9,144		—			S/L 31.5		1998	(A)
Springfield, MO		—		2,048		—		—			2,655			2,655			1,194			1,461		—			S/L 31.5		1998	(A)
St. Louis, MO		4,159		3,818		—		6,051			7,508			13,559			2,168			11,391		—			S/L 31.5		1998	(A)
Aurora, OH		832		7,560		—		1,592			14,136			15,728			6,805			8,923		—			S/L 31.5		1995	(C)
Nampa, ID		1,395		8,563		—		9,609			92,404			102,013			12,146			89,867		—			S/L 31.5		2007	(A)
Fenton, MO		414		4,244		476		430			7,643			8,073			5,965			2,108		—			S/L 30.0		1983	(A)
Simpsonville, SC		417		6,563		—		417			6,800			7,217			4,321			2,896		—			S/L 31.5		1994	(A)
Camden, SC		627		7,519		7		1,021			11,690			12,711			7,234			5,477		—			S/L 31.5		1993	(A)
N. Charleston, SC		911		11,346		1		1,081			16,914			17,995			10,809			7,186		10,451			S/L 31.5		1993	(A)
Mt. Pleasant, SC		2,430		10,470		—		2,430			21,205			23,635			10,558			13,077		11,441			S/L 31.5		1995	(A)
Sault St. Marie,MI		1,826		13,710		—		1,826			20,610			22,436			9,792			12,644		—			S/L 31.5		1994	(A)
Grand Rapids, MI		3,380		17,323		—		3,380			24,897			28,277			11,273			17,004		—			S/L 31.5		1995	(A)
Howell, MI		332		11,938		1		332			13,933			14,265			8,810			5,455		—			S/L 31.5		1993	(A)
Mt. Pleasant, MI		767		7,769		20		1,112			21,279			22,391			10,121			12,270		—			S/L 31.5		1993	(A)
Meridian, ID		24,591		31,779		—		24,841			61,903			86,744			20,976			65,768		—			S/L 31.5		2001	(C)
Midvale, UT		25,662		56,759		—		28,395			93,895			122,290			34,375			87,915		—			S/L 31.5		1998	(A)
Taylorsville, UT		24,327		53,686		—		31,368			77,697			109,065			35,361			73,704		—			S/L 31.5		1998	(A)
Orem, UT		5,428		12,259		—		5,428			17,317			22,745			7,085			15,660		—			S/L 31.5		1998	(A)
Riverdale, UT		24,755		45,635		—		24,755			59,314			84,069			24,182			59,887		—			S/L 31.5		1998	(C)
Birmingham, AL		10,573		26,002		—		11,434			49,515			60,949			24,724			36,225		23,524			S/L 31.5		1994	(A)
Valencia, CA		—		15,784		—		—			18,015			18,015			4,263			13,752		—			S/L 31.5		2006	(A)
Mooresville, NC		14,369		43,688		—		14,369			46,676			61,045			13,930			47,115		17,345			S/L 31.5		2004	(A)
Wilmington, NC		4,287		16,852		1,183		4,287			34,907			39,194			21,353			17,841		—			S/L 31.5		1989	(C)
Spring Hill, FL		1,084		4,816		266		2,096			11,838			13,934			7,171			6,763		2,985			S/L 30.0		1988	(C)
Centennial, CO		7,833		35,550		—		8,082			62,797			70,879			27,858			43,021		—			S/L 31.5		1997	(C)
New Bern, NC		441		6,575		—		441			7,107			7,548			3,969			3,579		—			S/L 31.5		1989	(C)
Princeton, NJ		13,448		74,249		—		14,464			97,982			112,446			40,289			72,157		57,000			S/L 31.5		1997	(A)
Phoenix, AZ		15,352		22,813		1,601		15,352			27,005			42,357			12,805			29,552		30,000			S/L 31.5		2003	(A)
Russellville, AR		606		13,391		—		606			17,814			18,420			9,312			9,108		—			S/L 31.5		1994	(A)
N. Little Rock, AR		907		17,160		—		907			21,448			22,355			10,448			11,907		—			S/L 31.5		1994	(A)
Littleton, CO		12,249		50,709		—		12,621			69,633			82,254			21,172			61,082		—			S/L 31.5		2002	(C)
San Antonio, TX		3,475		37,327		—		4,873			47,510			52,383			15,148			37,235		24,800			S/L 31.5		2002	(C)
Denver, CO		1,141		3,593		—		1,141			5,666			6,807			1,127			5,680		—			S/L 31.5		2001	(A)
Dublin, OH		3,609		11,546		—		3,609			15,036			18,645			6,526			12,119		—			S/L 31.5		1998	(A)
Columbus, OH		11,087		44,494		—		12,243			59,258			71,501			25,689			45,812		50,200			S/L 31.5		1998	(A)
Freehold, NJ		2,460		2,475		—		3,166			3,319			6,485			528			5,957		—			S/L 31.5		2005	(C)
Jackson, MS		4,190		6,783		—		4,190			7,519			11,709			2,582			9,127		—			S/L 31.5		2003	(A)
Ocala, FL		1,916		3,893		—		1,916			6,160			8,076			1,943			6,133		—			S/L 31.5		2003	(A)
Tallahassee, FL		1,881		2,956		—		1,881			7,461			9,342			2,354			6,988		—			S/L 31.5		2003	(A)
Cumming, GA		14,249		23,653		—		14,249			24,734			38,983			8,984			29,999		—			S/L 31.5		2003	(A)
Douglasville, GA		3,540		9,625		—		3,540			9,877			13,417			3,598			9,819		—			S/L 31.5		2003	(A)
Columbus, GA		4,220		8,159		—		4,220			10,326			14,546			3,695			10,851		—			S/L 31.5		2003	(A)
Newnan, GA		2,858		15,248		—		2,858			15,779			18,637			4,221			14,416		—			S/L 31.5		2003	(A)
Warner Robins, GA		5,729		7,459		—		5,729			7,933			13,662			2,939			10,723		6,491			S/L 31.5		2003	(A)
Woodstock, GA		1,486		2,573		—		1,486			2,689			4,175			1,912			2,263		—			S/L 31.5		2003	(A)
Fayetteville, NC		8,524		10,627		—		8,524			14,720			23,244			4,858			18,386		9,483			S/L 31.5		2003	(A)
Charleston, SC		3,479		9,850		—		3,479			19,087			22,566			8,309			14,257		—			S/L 31.5		2003	(A)
Denver, CO		20,733		22,818		—		20,804			25,094			45,898			9,033			36,865		—			S/L 31.5		2003	(A)
Chattanooga, TN		1,845		13,214		—		1,845			17,575			19,420			6,454			12,966		9,336			S/L 31.5		2003	(A)
Hendersonville, TN		3,249		9,068		—		3,249			9,123			12,372			3,266			9,106		4,782			S/L 31.5		2003	(A)
Johnson City, TN		—		521		—		—			2,067			2,067			480			1,587		—			S/L 31.5		2003	(A)
Chester, VA		10,780		4,752		—		10,780			7,221			18,001			3,116			14,885		7,135			S/L 31.5		2003	(A)
Milwaukee, WI		4,527		3,600		—		4,527			4,888			9,415			1,710			7,705		—			S/L 31.5		2003	(A)
Suwanee, GA		13,479		23,923		—		13,335			30,661			43,996			10,851			33,145		24,907			S/L 31.5		2003	(A)
West Allis, WI		2,371		10,982		—		2,371			12,265			14,636			4,125			10,511		—			S/L 31.5		2003	(A)
Orland Park, IL		10,430		13,081		—		10,430			14,039			24,469			4,165			20,304		6,399			S/L 31.5		2004	(A)
Louisville, KY		4,180		747		—		4,288			2,029			6,317			689			5,628		—			S/L 31.5		2004	(A)
N. Charleston, SC		5,146		5,990		—		5,146			10,641			15,787			3,297			12,490		—			S/L 31.5		2004	(A)
West Long Branch, NJ		14,131		51,982		—		14,131			57,832			71,963			17,124			54,839		—			S/L 31.5		2004	(A)
Mays Landing, NJ		49,033		107,230		—		49,033			114,711			163,744			36,302			127,442		62,176			S/L 31.5		2004	(A)
Toledo, OH		1,316		3,961		—		928			3,142			4,070			1,237			2,833		—			S/L 31.5		2004	(A)
Mays Landing, NJ		36,224		56,949		—		36,224			62,196			98,420			19,660			78,760		3,296			S/L 31.5		2004	(A)
Ashtabula, OH		1,444		9,912		—		119			3,620			3,739			3,018			721		—			S/L 31.5		2004	(A)
Horseheads, NY		659		2,426		—		4,777			33,556			38,333			4,738			33,595		—			S/L 31.5		2008	(C)
West Seneca, NY		2,929		12,926		—		2,929			13,193			16,122			4,098			12,024		—			S/L 31.5		2004	(A)
Amherst, NY		—		28,331		—		—			25,779			25,779			10,722			15,057		—			S/L 31.5		2004	(A)
Ithaca, NY		9,198		42,969		—		9,198			44,363			53,561			13,553			40,008		8,424			S/L 31.5		2004	(A)
Hamburg, NY		2,565		9,238		—		2,565			9,367			11,932			2,887			9,045		—			S/L 31.5		2004	(A)
Hamburg, NY		6,598		31,853		—		6,598			33,684			40,282			10,641			29,641		—			S/L 31.5		2004	(A)
Tonawanda, NY		3,061		6,887		—		1,591			5,899			7,490			2,706			4,784		—			S/L 31.5		2004	(A)
Hamburg, NY		4,152		22,075		—		4,152			22,738			26,890			7,090			19,800		—			S/L 31.5		2004	(A)
Olean, NY		8,834		29,813		—		8,844			31,677			40,521			10,121			30,400		—			S/L 31.5		2004	(A)
Big Flats, NY		22,229		52,579		—		22,279			58,398			80,677			19,989			60,688		—			S/L 31.5		2004	(A)
Williamsville, NY		5,021		6,768		—		5,021			8,852			13,873			3,373			10,500		—			S/L 31.5		2004	(A)
Buffalo, NY		6,010		19,044		—		4,468			16,158			20,626			5,968			14,658		—			S/L 31.5		2004	(A)
Lockport, NY		9,253		23,829		—		9,253			24,287			33,540			7,548			25,992		3,591			S/L 31.5		2004	(A)
Buffalo, NY		3,568		29,001		—		3,620			30,232			33,852			9,193			24,659		9,760			S/L 31.5		2004	(A)
Cheektowaga, NY		15,471		25,600		—		15,471			27,267			42,738			9,233			33,505		2,062			S/L 31.5		2004	(A)
New Hartford, NY		1,279		13,685		—		1,279			13,790			15,069			4,308			10,761		—			S/L 31.5		2004	(A)
Gates, NY		9,369		40,672		—		9,369			42,207			51,576			13,501			38,075		—			S/L 31.5		2004	(A)
Rome, NY		4,565		5,078		—		4,565			9,412			13,977			2,722			11,255		1,303			S/L 31.5		2004	(A)
Dewitt, NY		881		5,686		—		561			4,199			4,760			1,693			3,067		—			S/L 31.5		2004	(A)
Niskayuna, NY		20,297		51,155		—		20,297			52,733			73,030			16,750			56,280		11,884			S/L 31.5		2004	(A)
Victor, NY		2,374		6,433		—		1,427			5,239			6,666			2,157			4,509		—			S/L 31.5		2004	(A)
Allentown, PA		5,558		20,060		—		5,558			23,125			28,683			7,719			20,964		11,168			S/L 31.5		2003	(A)
St. John, MO		2,613		7,040		—		2,827			8,149			10,976			2,839			8,137		—			S/L 31.5		2003	(A)
Ft. Collins, CO		1,129		2,054		—		1,129			4,581			5,710			1,531			4,179		—			S/L 31.5		2003	(A)
Lakeland, FL		1,445		—		—		1,445			5,877			7,322			1,393			5,929		—			S/L 31.5		2003	(A)
Hamilton, NJ		8,039		49,896		—		11,774			85,704			97,478			26,011			71,467		39,594			S/L 31.5		2003	(A)
Lansing, MI		1,598		6,999		—		2,094			14,827			16,921			3,836			13,085		6,364			S/L 31.5		2003	(A)
San Antonio, TX		1,613		10,791		—		6,168			71,565			77,733			11,641			66,092		—			S/L 31.5		2007	(C)
San Antonio, TX		2,381		6,487		—		2,381			22,157			24,538			4,755			19,783		—			S/L 31.5		2007	(A)
Kyle, TX		2,548		7,349		—		6,236			20,961			27,197			1,730			25,467		19,006			S/L 31.5		2009	(C)
Brandon, FL		4,775		13,117		—		4,775			14,324			19,099			1,858			17,241		—			S/L 31.5		2009	(A)
Atlanta, GA		14,078		41,050		—		14,078			42,094			56,172			5,445			50,727		43,300			S/L 31.5		2009	(A)
Marietta, GA		8,425		27,737		—		8,425			27,756			36,181			3,781			32,400		—			S/L 31.5		2009	(A)
Maple Grove, MN		8,917		23,954		—		8,917			24,336			33,253			2,238			31,015		—			S/L 31.5		2011	(A)
Charlotte, NC		27,707		45,021		—		27,707			46,986			74,693			3,620			71,073		—			S/L 31.5		2011	(A)
Charlotte, NC		4,733		5,424		—		4,733			5,515			10,248			419			9,829		—			S/L 31.5		2011	(A)
Colorado Springs, CO		4,890		25,531		—		4,890			25,946			30,836			1,795			29,041		8,880			S/L 31.5		2011	(A)
Columbus, OH		18,716		25,531		—		18,716			65,096			83,812			4,773			79,039		44,225			S/L 31.5		2011	(A)
Portland, OR		20,208		50,738		—		20,208			51,165			71,373			3,142			68,231		—			S/L 31.5		2012	(A)
Phoenix, AZ		15,090		36,880		—		15,090			38,400			53,490			2,633			50,857		—			S/L 31.5		2012	(A)
Charlotte, NC		3,600		30,392		—		3,600			30,392			33,992			578			33,414		15,725			S/L 31.5		2013	(C)
Tucson, AZ		19,298		94,117		—		19,298			95,826			115,124			4,843			110,281		23,632			S/L 31.5		2012	(A)
Phoenix, AZ		34,201		88,475		—		34,201			94,937			129,138			4,687			124,451		—			S/L 31.5		2012	(A)
Independence, MO		5,011		45,752		—		5,011			45,990			51,001			2,043			48,958		—			S/L 31.5		2012	(A)
Arnold, MO		892		5,283		—		892			5,376			6,268			222			6,046		—			S/L 31.5		2012	(A)
Charlotte, NC		11,224		82,124		—		11,224			84,737			95,961			3,151			92,810		—			S/L 31.5		2012	(A)
Raleigh, NC		3,317		35,411		—		3,317			35,671			38,988			1,330			37,658		—			S/L 31.5		2012	(A)
Oakland, CA		4,361		33,538		—		4,361			33,538			37,899			912			36,987		—			S/L 31.5		2013	(A)
Highland Village, TX		5,545		28,365		—		5,545			28,601			34,146			774			33,372		—			S/L 31.5		2013	(A)
Tampa, FL		4,124		20,082		—		4,124			20,098			24,222			487			23,735		—			S/L 31.5		2013	(A)
Douglasville, GA		6,812		24,645		—		6,812			24,914			31,726			598			31,128		—			S/L 31.5		2013	(A)
Midlothian, VA		3,507		9,229		—		3,507			9,229			12,736			227			12,509		—			S/L 31.5		2013	(A)
Midlothian, VA		4,754		20,273		—		4,754			20,508			25,262			527			24,735		—			S/L 31.5		2013	(A)
Newport News, VA		963		7,120		—		963			7,120			8,083			187			7,896		—			S/L 31.5		2013	(A)
Cumming, GA		6,851		49,659		—		6,851			49,666			56,517			802			55,715		34,083			S/L 31.5		2013	(A)
Winter Garden, FL		38,945		130,382		—		38,945			130,413			169,358			2,008			167,350		105,044			S/L 31.5		2013	(A)
Grandville, MI		6,483		18,933		—		6,483			18,937			25,420			373			25,047		—			S/L 31.5		2013	(A)
Aurora, CO		4,816		20,798		—		4,816			20,829			25,645			175			25,470		—			S/L 31.5		2013	(A)
Irving, TX		17,701		10,571		—		17,701			10,702			28,403			116			28,287		—			S/L 31.5		2013	(A)
Brentwood, TN		6,101		25,956		—		6,101			26,113			32,214			240			31,974		—			S/L 31.5		2013	(A)
Clarence, NY		2,232		4,705		—		2,232			4,705			6,937			86			6,851		—			S/L 20.0		2013	(A)
Monaca, PA		4,317		27,501		—		4,317			27,512			31,829			261			31,568		—			S/L 31.5		2013	(A)
St. Paul, MN		7,150		21,558		—		7,150			22,259			29,409			299			29,110		—			S/L 20.0		2013	(A)
Columbia, SC		2,950		29,065		—		2,950			29,165			32,115			263			31,852		—			S/L 31.5		2013	(A)
Merriam, KS		7,153		41,811		—		7,153			41,859			49,012			383			48,629		—			S/L 31.5		2013	(A)
Apopka, FL		2,721		5,302		—		2,721			5,313			8,034			85			7,949		—			S/L 20.0		2013	(A)
Plant City, FL		4,304		24,875		—		4,304			25,197			29,501			217			29,284		—			S/L 31.5		2013	(A)
North Canton, OH		9,889		46,335		—		9,889			46,872			56,761			432			56,329		—			S/L 31.5		2013	(A)
North Olmsted, OH		24,352		61,449		—		24,352			61,477			85,829			851			84,978		—			S/L 20.0		2013	(A)
Parker, CO		9,089		35,697		—		9,089			35,704			44,793			317			44,476		—			S/L 31.5		2013	(A)
Birmingham, AL		1,974		13,884		—		1,974			14,056			16,030			122			15,908		—			S/L 31.5		2013	(A)
Schaumburg, IL		27,466		84,679		—		27,466			84,748			112,214			782			111,432		66,282			S/L 31.5		2013	(A)
Naples, FL		10,172		39,342		—		10,172			39,366			49,538			362			49,176		25,987			S/L 31.5		2013	(A)
Fairfax, VA		15,681		68,536		—		15,681			68,671			84,352			581			83,771		39,419			S/L 31.5		2013	(A)
Framingham, MA		75,675		185,094		—		75,675			185,236			260,911			1,650			259,261		129,158			S/L 31.5		2013	(A)
Lithonia, GA		2,477		3,476		—		2,477			3,511			5,988			28			5,960		—			S/L 31.5		2013	(A)
Lithonia, GA		4,546		5,951		—		4,546			5,951			10,497			61			10,436		—			S/L 31.5		2013	(A)
Frisco, TX		4,793		4,708		—		4,793			4,710			9,503			37			9,466		—			S/L 31.5		2013	(A)
McKinney, TX		4,813		10,034		—		4,813			10,038			14,851			94			14,757		—			S/L 31.5		2013	(A)
Mesquite, TX		7,051		25,531		—		7,051			25,531			32,582			232			32,350		—			S/L 31.5		2013	(A)
Overland Park, KS		4,776		3,652		—		4,776			3,659			8,435			31			8,404		—			S/L 31.5		2013	(A)
Plainville, CT		17,528		59,777		—		17,528			60,087			77,615			546			77,069		48,233			S/L 31.5		2013	(A)
Coon Rapids, MN		25,692		106,300		—		25,692			106,623			132,315			1,477			130,838		59,624			S/L 31.5		2013	(A)
Brandon, FL		2,938		13,685		—		2,938			13,741			16,679			130			16,549		9,532			S/L 31.5		2013	(A)
Brookfield, WI		4,791		16,023		—		4,791			16,064			20,855			967			19,888		5,958			S/L 20.0		2013	(A)
Brown Deer, WI		8,465		32,652		—		8,465			33,509			41,974			460			41,514		12,297			S/L 20.0		2013	(A)
Tinley Park, IL		9,120		37,496		—		9,120			47,474			56,594			2,688			53,906		—			S/L 31.5		2012	(A)
Macon, GA		2,940		5,192		—		2,940			6,214			9,154			1,248			7,906		—			S/L 31.5		2007	(A)
Snellville, GA		10,185		51,815		—		10,342			54,934			65,276			12,210			53,066		21,200			S/L 31.5		2007	(A)
Union, NJ		7,650		15,689		—		7,650			22,897			30,547			4,461			26,086		—			S/L 31.5		2007	(A)
Boiling Springs, SC		1,015		4,486		—		1,015			4,492			5,507			1,426			4,081		—			S/L 31.5		2007	(A)
Taylors, SC		1,732		4,506		—		1,732			4,516			6,248			1,013			5,235		—			S/L 31.5		2007	(A)
Dothan, AL		3,358		26,903		—		2,770			24,532			27,302			6,340			20,962		—			S/L 31.5		2007	(A)
Bradenton, FL		10,766		31,203		—		10,916			39,465			50,381			14,167			36,214		—			S/L 31.5		2007	(A)
Clearwater, FL		5,579		15,855		—		5,579			17,554			23,133			4,117			19,016		6,814			S/L 31.5		2007	(A)
Tampa, FL		1,699		3,338		—		1,699			3,394			5,093			750			4,343		—			S/L 31.5		2007	(A)
Tequesta, FL		2,108		7,400		—		2,108			7,129			9,237			1,639			7,598		—			S/L 31.5		2007	(A)
Roswell, GA		6,566		15,005		—		7,416			24,767			32,183			7,181			25,002		—			S/L 31.5		2007	(A)
Hagerstown, MD		2,440		9,697		—		2,440			11,949			14,389			2,826			11,563		—			S/L 31.5		2007	(A)
Greensboro, NC		5,012		11,162		—		2,849			7,713			10,562			2,536			8,026		—			S/L 31.5		2007	(A)
Greensboro, NC		3,153		9,455		—		3,153			9,689			12,842			2,155			10,687		4,580			S/L 31.5		2007	(A)
East Hanover, NJ		3,847		23,798		—		3,847			24,240			28,087			5,291			22,796		—			S/L 31.5		2007	(A)
Camp Hill, PA		1,631		8,402		—		589			4,201			4,790			1,883			2,907		—			S/L 31.5		2007	(A)
Middletown, RI		3,804		16,805		—		3,842			18,023			21,865			3,792			18,073		—			S/L 31.5		2007	(A)
Lexington, SC		1,795		9,933		—		1,795			10,005			11,800			2,218			9,582		4,120			S/L 31.5		2007	(A)
Newport News, VA		10,064		21,272		—		4,026			11,155			15,181			4,392			10,789		—			S/L 31.5		2007	(A)
Richmond, VA		11,879		34,736		—		11,879			35,681			47,560			8,022			39,538		11,969			S/L 31.5		2007	(A)
Springfield, VA		12,627		30,572		—		12,627			31,546			44,173			7,027			37,146		10,588			S/L 31.5		2007	(A)
Springfield, VA		4,389		9,466		—		4,389			10,167			14,556			2,484			12,072		—			S/L 31.5		2007	(A)
Sterling, VA		8,426		18,651		—		8,426			18,692			27,118			4,142			22,976		—			S/L 31.5		2007	(A)
Windsor Court, CT		6,090		11,745		—		6,090			11,758			17,848			2,613			15,235		6,951			S/L 31.5		2007	(A)
Valrico, FL		3,282		12,190		—		3,282			18,438			21,720			3,047			18,673		—			S/L 31.5		2007	(A)
Atlanta, GA		11,120		31,341		—		11,120			34,629			45,749			7,366			38,383		11,555			S/L 31.5		2007	(A)
Norcross, GA		3,007		8,489		—		3,007			8,635			11,642			1,897			9,745		—			S/L 31.5		2007	(A)
Bowie, MD		5,739		14,301		—		5,744			14,404			20,148			3,246			16,902		—			S/L 31.5		2007	(A)
Charlotte, NC		2,842		9,807		—		2,842			10,008			12,850			2,240			10,610		—			S/L 31.5		2007	(A)
Cornelius, NC		4,382		15,184		—		4,382			20,355			24,737			4,931			19,806		—			S/L 31.5		2007	(A)
Raleigh, NC		2,728		10,665		—		2,728			10,819			13,547			2,411			11,136		—			S/L 31.5		2007	(A)
Morgantown, WV		4,645		10,341		—		4,645			10,513			15,158			2,512			12,646		—			S/L 31.5		2007	(A)
Edgewater, NJ		7,714		30,473		—		7,714			30,992			38,706			6,799			31,907		—			S/L 31.5		2007	(A)
Highland Ranch, CO		1,380		4,682		—		1,078			4,481			5,559			1,056			4,503		—			S/L 31.5		2007	(A)
Dania Beach, FL		9,593		17,686		—		9,593			17,691			27,284			4,001			23,283		—			S/L 31.5		2007	(A)
Plantation, FL		21,729		37,331		—		22,112			94,158			116,270			20,138			96,132		45,800			S/L 31.5		2007	(A)
Rome, GA		1,523		4,007		—		24			2,081			2,105			999			1,106		—			S/L 31.5		2007	(A)
Sylvania, GA		431		3,774		—		431			3,774			4,205			875			3,330		—			S/L 31.5		2007	(A)
Worcester, MA		5,395		10,938		—		1,230			4,126			5,356			2,193			3,163		5,157			S/L 31.5		2007	(A)
Westland, MI		1,400		2,531		—		1,303			2,393			3,696			573			3,123		—			S/L 31.5		2007	(A)
Winston Salem, NC		7,156		15,010		—		7,156			15,010			22,166			3,462			18,704		4,566			S/L 31.5		2007	(A)
Dunkirk, NY		—		1,487		—		—			1,414			1,414			337			1,077		—			S/L 31.5		2007	(A)
Alliance, OH		812		16,244		—		812			16,244			17,056			3,728			13,328		6,859			S/L 31.5		2007	(A)
Cincinnati, OH		2,805		5,028		—		2,805			5,028			7,833			1,129			6,704		2,486			S/L 31.5		2007	(A)
Erie, PA		—		1,486		—		0			1,433			1,433			334			1,099		—			S/L 31.5		2007	(A)
Greenville, SC		1,452		1,891		—		419			877			1,296			413			883		—			S/L 31.5		2007	(A)
Greenville, SC		5,659		14,411		—		5,659			14,411			20,070			3,335			16,735		4,534			S/L 31.5		2007	(A)
Houston, TX		4,380		8,729		—		4,380			8,775			13,155			2,059			11,096		—			S/L 31.5		2007	(A)
Olympia, WA		2,946		3,050		—		2,061			2,884			4,945			665			4,280		—			S/L 31.5		2007	(A)
Evansville, IN		8,964		18,764		—		8,964			18,807			27,771			4,320			23,451		—			S/L 31.5		2007	(A)
Apex, NC		2,362		4,452		—		2,362			4,452			6,814			641			6,173		—			S/L 31.5		2007	(A)
Portfolio Balance (DDR) –unencumbered		178,644		189,116		—		178,644			189,116			367,760			332			367,428		—			S/L 31.5
Portfolio Balance (DDR) –encumbered		61,866		188,988		—		61,866			188,988			250,854			72,270			178,584		44,974			S/L 31.5

	$	2,385,742	$	6,474,093	$	6,293	$	2,444,001	(3)	$	7,784,060	(4)	$	10,228,061	(5)	$	1,826,979	(5)	$	8,401,082	$	1,709,351	(6)

(1)	The Aggregate Cost for Federal Income Tax purposes was approximately $10.4 billion at December 31, 2013.

(2)	S/L refers to straight-line depreciation.

(3)	Includes $230.4 million of land under development at December 31, 2013.

(4)	Includes $222.6 million of construction in progress at December 31, 2013.

(5)	Includes assets held for sale at December 31, 2013.

(6)	Does not include tax-exempt certificates and fair market value of debt adjustments aggregating $15.4 million and $36.7 million, respectively.

The changes in Total Real Estate Assets, excluding real estate held for sale, for the three years ended December 31, 2013 are as follows:


	2013			2012			2011
Balance, beginning of year	$	8,639,111		$	8,266,839		$	8,411,239
Acquisitions and transfers from joint ventures		1,776,474			594,633			260,161
Developments, improvements and expansions		196,127			105,132			104,245
Changes in land under development and construction in progress		(1,884	)		3,188			(15,153	)
Real estate held for sale		(16,450	)		—			(3,267	)
Adjustment of property carrying values		(72,597	)		(135,813	)		(125,844	)
Sales, transfers to joint ventures and retirements		(309,170	)		(194,868	)		(364,542	)

Balance, end of year	$	10,211,611		$	8,639,111		$	8,266,839

The changes in Accumulated Depreciation and Amortization, excluding real estate held for sale, for the three years ended December 31, 2013 are as follows:


	2013			2012			2011
Balance, beginning of year	$	1,670,717		$	1,550,066		$	1,452,112
Depreciation for year		267,096			233,619			230,332
Real estate held for sale		(3,780	)		—			(977	)
Sales and retirements		(110,834	)		(112,968	)		(131,401	)

Balance, end of year	$	1,823,199		$	1,670,717		$	1,550,066