UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.DC 20549
Form 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year endedDecember 31, 20062007
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from __________ to
Commission file number1-10899
1-10899
(Exact name of registrant as specified in its charter)
Maryland | 13-2744380 | |
(State of incorporation) | (I.R.S. Employer Identification No.) | |
3333 New Hyde Park Road, New Hyde Park, NY 11042-0020
(Address of principal executive offices - zip code)
(516) 869-9000
(Registrant’s telephone number, including area code(516) 869-9000code)
Securities registeredRegistered pursuant to Section 12(b) of the Act:
Title of each class | Name of each exchange on | |
Common Stock, par value $.01 per share. | New York Stock Exchange | |
Depositary Shares, each representing | New York Stock Exchange | |
Depositary Shares, each representing one-hundredth of a share of 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share. | New York Stock Exchange |
Securities registeredRegistered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yesþ
[ X ]
Noo
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Indicate by check mark whether the Registrant (i)(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (ii)(2) has been subject to such filing requirements for the past 90 days.
Yesþ
[ X ]
Noo
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in the definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yesþ
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12-b of the Exchange Act.
Large Accelerated Filerþ
[ X ]
Accelerated fileroFiler
[ ]
Non-accelerated filero
[ ]
Smaller Reporting Company
[ ]
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yeso
[ ]
Noþ
[ X ]
The aggregate market value of the voting stock held by non-affiliates of the Registrant was approximately $9.8$8.4 billion based upon the closing price on the New York Stock Exchange for such stock on January 31,June 29, 2007.
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding of each of the Registrant’sRegistrant's classes of common stock, as of the latest practicable date.
252,857,002 shares as of January 31, 2007.February 21, 2008.
Page 1 of 198
Part III incorporates certain information by reference to the Registrant’sRegistrant's definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 17, 2007.
Index to Exhibits begins on page 63.
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TABLE OF CONTENTS
Item No. |
| Form 10-K |
| PART I |
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1. | Business | 4 |
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1A. | Risk Factors | 13 |
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1B. | Unresolved Staff Comments | 18 |
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2. | Properties | 18 |
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3. | Legal Proceedings | 20 |
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4. | Submission of Matters to a Vote of Security Holders | 20 |
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| Executive Officers of the Registrant | 35 |
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| PART II |
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5. | Market for the Registrant’s Common Equity and Related Shareholder Matters | 36 |
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6. | Selected Financial Data | 37 |
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7. | Management’s Discussion and Analysis of Financial Condition and | 39 |
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7A. | Quantitative and Qualitative Disclosures About Market Risk | 54 |
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8. | Financial Statements and Supplementary Data | 55 |
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9. | Changes in and Disagreements with Accountants on Accounting and | 55 |
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9A. | Controls and Procedures | 55 |
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9B. | Other Information | 56 |
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| PART III |
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10. | Directors and Executive Officers of the Registrant | 59 |
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11. | Executive Compensation | 59 |
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12. | Security Ownership of Certain Beneficial Owners and Management | 59 |
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13. | Certain Relationships and Related Transactions | 59 |
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14. | Principal Accountant Fees and Services | 59 |
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| PART IV |
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15. | Exhibits, Financial Statements, Schedules and Reports on Form 8-K | 60 |
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PART I
FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K, together with other statements and information publicly disseminated by Kimco Realty Corporation (the “Company”"Company" or “Kimco”"Kimco") contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project”"believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing on favorable terms, (iv) changes in governmental laws and regulations, (v) the level and volatility of interest rates and foreign currency exchange rates, (vi) the availability of suitable acquisition opportunities and (vii) increases in operating costs. Accordingly, there is no assurance that the Company’s expectations will be realized.
SHARE SPLIT
As of August 23, 2005, the Company effected a two-for-one split (the “Stock Split”"Stock Split") of the Company’s common stock in the form of a stock dividend paid to stockholders of record on August 8, 2005. All common share and per common share data included in this annual report on Form 10-K and the accompanying Consolidated Financial Statements and Notes thereto have been adjusted to reflect this Stock Split.
Item 1. Business
General
Kimco Realty Corporation, a Maryland corporation, is one of the nation’snation's largest owners and operators of neighborhood and community shopping centers. The terms "Kimco", the "Company", "we", "our" and "us" each refer to Kimco Realty Corporation and our subsidiaries unless the context indicates otherwise. The Company is a self-administered real estate investment trust (“REIT”("REIT") and manages its properties through present management which has owned and operated neighborhood and community shopping centers for over 45 years. The Company has not engaged, nor does it expect to retain, any REIT advisors in connection with the operation of its properties. As of JanuaryDecember 31, 2007, the Company had interests in 1,3481,973 properties, totaling approximately 175.4183 million square feet of gross leasable area (“GLA”("GLA") located in 45 states, Canada, Mexico, Puerto Rico and Puerto Rico.Chile. The Company’s ownership interests in real estate consist of its consolidated portfolio and in portfolios where the Company owns an economic interest, such as properties in the Company’s investment management program,programs, where the Company partners with institutional investors and also retains management (See Recent Developments — Operating Real Estate Joint Venture Investments and Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K). The Company believes its portfolio of neighborhood and community shopping center properties is the largest (measured by GLA) currently held by any publicly-tradedpublicly traded REIT.
The Company’sCompany's executive offices are located at 3333 New Hyde Park Road, New Hyde Park, New York 11042-0020 and its telephone number is (516) 869-9000. Unless the context indicates otherwise, the term the “Company”"Company" as used herein is intended to include all subsidiaries of the Company.
The Company’s web site is located athttp://www.kimcorealty.com. The information contained on our web site does not constitute part of this Annual Report on Form 10-K. On the Company’s web site you can obtain, free of charge, a copy of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and
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amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended, as soon as reasonably practicable after we file such material electronically with, or furnish it to, the Securities and Exchange Commission (the “SEC”"SEC").
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The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the contribution of several shopping center properties owned by its principal stockholders. In 1973, these principals formed the Company as a Delaware corporation, and in 1985, the operations of The Kimco Corporation were merged into the Company. The Company completed its initial public stock offering (the “IPO”"IPO") in November 1991, and commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”"Code"). In 1994, the Company reorganized as a Maryland corporation.
The Company’sCompany's growth through its first 15 years resulted primarily from the ground-up development and construction of its shopping centers. By 1981, the Company had assembled a portfolio of 77 properties that provided an established source of income and positioned the Company for an expansion of its asset base. At that time, the Company revised its growth strategy to focus on the acquisition of existing shopping centers and creating value through the redevelopment and re-tenanting of those properties. As a result of this strategy, a majority of the operating shopping centers added to the Company’s portfolio since 1981 have been through the acquisition of existing shopping centers.
During 1998, the Company, through a merger transaction, completed the acquisition of The Price REIT, Inc., a Maryland corporation, (the “Price REIT”"Price REIT"). Prior to the merger, Price REIT was a self-administered and self-managed equity REIT that was primarily focused on the acquisition, development, management and redevelopment of large retail community shopping center properties concentrated in the western part of the United States. In connection with the merger, the Company acquired interests in 43 properties, located in 17 states. With the completion of the Price REIT merger, the Company expanded its presence in certain western states including Arizona, California Arizona and Washington. In addition, Price REIT had strong ground-up development capabilities. These development capabilities, coupled with the Company’s own construction management expertise, provide the Company on a selective basis, the ability to pursue ground-up development opportunities.
Also during 1998, the Company formed Kimco Income REIT (“KIR”("KIR"), an entity in which the Company held a 99.99% limited partnership interest. KIR was established for the purpose of investing in high-quality properties financed primarily with individual non-recourse mortgages. The Company believed that these properties were appropriate for financing with greater leverage than the Company traditionally used. At the time of formation, the Company contributed 19 properties to KIR, each encumbered by an individual non-recourse mortgage. During 1999, KIR sold a significant interest in the partnership to institutional investors. As of December 31, 2006,investors, thus establishing the Company’s investment management program. The Company holds a 45.0% non-controlling limited partnership interest in KIR and accounts for its investment in KIR under the equity method of accounting. (See Recent Developments — Operating Real Estate Joint Venture Investments and Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
The Company has expanded its investment management businessprogram through the establishment of other various institutional joint venture programs in which the Company has non-controlling interests ranging generally from 5% to 45%. The Company’s largest joint venture, Kimco Prudential Joint Venture (“KimPru”("KimPru"), was formed in 2006, in connection with the Pan Pacific Retail Properties Inc. (“("Pan Pacific”Pacific") merger transaction, with Prudential Real Estate Investors (“PREI”("PREI"), which holds approximately $4.1$3.6 billion in assets. The Company earns management fees, acquisition fees, disposition fees and promoted interests based on value creation. As of December 31, 2006,2007, the Company’s assets under management were valued at approximately $14.0 billion, comprising 458 of441 properties. (See Recent Developments — Operating Real Estate Joint Venture Investments and Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
In connection with the Tax Relief Extension Act of 1999 (the “RMA”"RMA") which became effective January 1, 2001, the Company is permitted to participate in activities from which it was previously precluded from previously in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries, is engaged in various retail real estate related opportunities, including (i) merchant building through its
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wholly-owned taxable REIT subsidiary,subsidiaries, including Kimco Developers, Inc. (“KDI”("KDI"), which isare primarily engaged in the ground-up development of neighborhood and community shopping centers and subsequent sale thereof upon completion (see Recent Developments —- Ground-Up Development), (ii) retail real estate advisory and disposition services, which primarily focus on leasing and disposition strategies for real estate property interests of both healthy and distressed retailers and
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The Company has continued its geographic expansion with investments in Canada, Mexico, Puerto Rico and Puerto Rico.Chile. During October 2001, the Company formed the RioCan Venture with (“("RioCan Venture”Venture") with RioCan Real Estate Investment Trust (“RioCan”("RioCan", Canada’s largest publicly traded REIT measured by GLA) in which the Company has a 50% non-controlling interest, to acquire retail properties and development projects in Canada. The Company accounts for this investment under the equity method of accounting. The Company has expanded its presence in Canada with the establishment of other joint venture arrangements. During 2002, the Company, along with various strategic co-investment partners, began acquiring operating and development properties located in Mexico. During 2006, the Company acquired interests in shopping center properties located in Puerto Rico through joint ventures in which the Company holds controlling ownership interests. During 2007, the Company acquired an interest in four shopping center properties located in Chile through a joint venture in which the Company holds a non-controlling ownership interest. (See Recent Developments — Operating Properties and Operating Real Estate Joint Venture Investments and Notes 3 and 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
In addition, the Company continues to capitalize on its established expertise in retail real estate by establishing other ventures in which the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The Company also provides preferred equity capital for real estate entrepreneurs and provides real estate capital and advisory services to both healthy and distressed retailers. The Company also makes selective investments in secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying real estate.
Investment and Operating Strategy
The Company’sCompany's investment objective has been to increase cash flow, current income and, consequently, the value of its existing portfolio of properties and to seek continued growth through (i) the strategic re-tenanting, renovation and expansion of its existing centers and (ii) the selective acquisition of established income-producing real estate properties and properties requiring significant re-tenanting and redevelopment, primarily in neighborhood and community shopping centers in geographic regions in which the Company presently operates. The Company has and will continue to consider investments in other real estate sectors and in geographic markets where it does not presently operate should suitable opportunities arise.
The Company’sCompany's neighborhood and community shopping center properties are designed to attract local area customers and typically are anchored by a discount department store, a supermarket or a drugstore tenant offering day-to-day necessities rather than high-priced luxury items. The Company may either purchase or lease income-producing properties in the future and may also participate with other entities in property ownership through partnerships, joint ventures or similar types of co-ownership. Equity investments may be subject to existing mortgage financing and/or other indebtedness. Financing or other indebtedness may be incurred simultaneously or subsequently in connection with such investments. Any such financing or indebtedness willwould have priority over the Company’s equity interest in such property. The Company may make loans to joint ventures in which it may or may not participate.
In addition to property or equity ownership, the Company provides property management services for fees relating to the management, leasing, operation, supervision and maintenance of real estate properties.
While the Company has historically held its properties for long-term investment and accordingly has placed strong emphasis on its ongoing program of regular maintenance, periodic renovation and capital improvement, it is possible that properties in the portfolio may be sold, in whole or in part, as circumstances warrant, subject to REIT qualification rules.
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neighborhood and community shopping center accounted for only 1.6%1.7% of the Company’sCompany's annualized base rental revenues and only 0.8% of the Company’s total shopping center GLA. At December 31, 2006,2007, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Wal-Mart, which represent approximately 3.5%3.2%, 2.9%2.8%, 2.5%2.3%, 2.2%2.0% and 2.1%1.9%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.
In connection with the RMA, which became effective January 1, 2001, the Company has expanded its investment and operating strategy to include new real estate relatedestate-related opportunities which the Company was precluded from previously in order to maintain its qualification as a REIT. As such, the Company has established a merchant building business through its KDI subsidiary. KDI makeswholly owned taxable REIT subsidiaries, which make selective acquisitions of land parcels for the ground-up development primarily of neighborhood and community shopping centers and subsequent sale thereof upon completion. Additionally, the Company has developed a business which specializes in providing capital, real estate advisory services and disposition services of real estate controlled by both healthy and distressed and/or bankrupt retailers. These services may include assistance with inventory and fixture liquidation in connection with going-out-of-business sales. The Company may participate with other entities in providing these advisory services through partnerships, joint ventures or other co-ownership arrangements. The Company, as a regular part of its investment strategy, will continue to actively seek investments for its taxable REIT subsidiaries.
The Company emphasizes equity real estate investments including preferred equity investments, but may, at its discretion, invest in mortgages, other real estate interests and other investments. The mortgages in which the Company may invest may be either first mortgages, junior mortgages or other mortgage-related securities. The Company provides mortgage financing to retailers with significant real estate assets, in the form of lease- holdleasehold interests or fee-owned properties, where the Company believes the underlying value of the real estate collateral is in excess of its loan balance. In addition, the Company will acquire debt instruments at a discount in the secondary market where the Company believes the real estateasset value of the enterprise is substantially greater than the current value.
The Company may legally invest in the securities of other issuers, for the purpose, among others, of exercising control over such entities, subject to the gross income and asset tests necessary for REIT qualification. The Company may, on a selective basis, acquire all or substantially all securities or assets of other REITs or similar entities where such investments would be consistent with the Company’s investment policies. In any event, the Company does not intend that its investments in securities will require it to register as an “investment company”"investment company" under the Investment Company Act of 1940.
The Company has authority to offer shares of capital stock or other senior securities in exchange for property and to repurchase or otherwise reacquire its common stock or any other securities and may engage in such activities in the future. At all times, the Company intends to make investments in such a manner as to be consistent with the requirements of the Code to qualify as a REIT unless, because of circumstances or changes in the Code (or in Treasury Regulations), the Board of Directors determines that it is no longer in the best interests of the Company to qualify as a REIT.
Capital Strategy and Resources
The Company intends to operate with and maintain a conservative capital structure with a level of debt to total market capitalization of approximately 50% or less. As of December 31, 2006,2007, the Company’s level of debt to total market capitalization was 23%30%. In addition, the Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintaining its investment-grade debt ratings. It is management’smanagement's intention that the Company continually have access to the capital resources necessary to expand and develop its business. Accordingly, the Company may, from time to time,time-to-time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives in a manner consistent with its intention to operate with a conservative debt structure.
Since the completion of the Company’sCompany's IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs. Since
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activities have been used for among other things, repaying indebtedness, acquiring interests in neighborhood and community shopping centers, funding ground-up development projects, expanding and improving properties in the portfolio and other investments.investments, among other things. The Company also has revolving credit facilities totaling approximately $1.8 billion available for general corporate purposes. At December 31, 2007 the Company had approximately $282.2 million outstanding on the facilities. In March 2006, the Company was added to the S & P 500 Index, an index containing the stock of 500 Large Cap corporations,companies, most of which are U.S. corporations.
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As one of the original participants in the growth of the shopping center industry and one of the nation’snation's largest owners and operators of neighborhood and community shopping centers, the Company has established close relationships with a large number of major national and regional retailers and maintains a broad network of industry contacts. Management is associated with and/or actively participates in many shopping center and REIT industry organizations. Notwithstanding these relationships, there are numerous regional and local commercial developers, real estate companies, financial institutions and other investors who compete with the Company for the acquisition of properties and other investment opportunities and in seeking tenants who will lease space
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Operating Practices
Nearly all operating functions, including leasing, legal, construction, data processing, maintenance, finance and accounting, are administered by the Company from its executive offices in New Hyde Park, New York and supported by the Company’s regional offices. The Company believes it is critical to have a management presence in its principal areas of operation and accordingly, the Company maintains regional offices in various cities throughout the United States. AAs of December 31, 2007, a total of 618682 persons are employed at the Company’sCompany's executive and regional offices.
The Company’sCompany's regional offices are generally staffed by a regional business leader and the operating personnel necessary to both function as local representatives for leasing and promotional purposes, to complement the corporate office’s administrative and accounting efforts and to ensure that property inspection and maintenance objectives are achieved. The regional offices are important in reducing the time necessary to respond to the needs of the Company’sCompany's tenants. Leasing and maintenance personnel from the corporate office also conduct regular inspections of each shopping center.
As of December 31, 2007, the Company also employs a total of 1444 persons at several of its larger properties in order to more effectively administer its maintenance and security responsibilities.
Qualification as a REIT
The Company has elected, commencing with its taxable year which began January 1, 1992, to qualify as a REIT under the Code. If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under the Code, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.
In connection with the RMA, which became effective January 1, 2001, the Company is permitted toCompany’s taxable subsidiaries may participate in activities from which the Company was precluded from previously in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code,precluded, subject to certain limitations. The primary activities conducted byof the Company in itsCompany’s taxable REIT subsidiaries during 20062007 included, but were not limited to, (i) the ground-up development of shopping center properties and subsequent sale thereof upon completion (see Recent Developments —- Ground-Up Development), (ii) real estate advisory and disposition services, including the Company’s investment in Albertson’s described below and (iii) acting as an agent or principal in connection with tax deferred exchange transactions. As such, theThe Company was subject to federal and state income taxes on the income from these activities.
Recent Developments
The following describes the Company’s significant transactions completed during the year ended December 31, 2007. (See Notes 3, 4 and 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
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Operating Properties -
Acquisitions - -
During 2006,2007, the Company acquired, in separate transactions, 4043 operating properties, comprising an aggregate 4.83.6 million square feet of GLA for an aggregate purchase price of approximately $1.1$1.0 billion, including the assumption of approximately $297.7$114.3 million of non-recourse mortgage debt encumbering 20nine of the properties, issuance of approximately $247.6 million of redeemable units relating to 10 properties and issuance of approximately $51.5 million of Common Stock relating to one property. Details of these transactions are as follows (in thousands):
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| Purchase Price | ||||||||||||||||||||
| Debt Assumed/ | ||||||||||||||||||||
| Month | Stock | |||||||||||||||||||
| Property Name | Location | Acquired | Cash | or Units Issued | Total | GLA | ||||||||||||||
| Portfolio — 19 properties | Various: CA, NV, & HI | Jan-06 | $ | 114,430 | $ | 19,124 | $ | 133,554 | 815 | |||||||||||
| Groves at Lakeland | Lakeland, FL | Feb-06 | 1,500 | — | 1,500 | 105 | ||||||||||||||
| 625 Broadway | New York, NY | Feb-06 | 36,600 | 27,750 | 64,350 | 83 | ||||||||||||||
| 387 Bleecker Street | New York, NY | Feb-06 | 3,700 | 2,960 | 6,660 | — | ||||||||||||||
| Cupertino Village | Cupertino, CA | Mar-06 | 27,400 | 38,000 | 65,400 | 115 | ||||||||||||||
| Poway Center | Poway, CA | Mar-06(a) | 3,500 | — | 3,500 | 16 | ||||||||||||||
| Plaza Centro | Caguas, PR | Mar-06 | 35,731 | 71,774 | (b) | 107,505 | 438 | |||||||||||||
| Los Colobos | Carolina, PR | Mar-06 | 36,684 | 41,719 | (b) | 78,403 | 343 | |||||||||||||
| Hylan Plaza | Staten Island, NY | Mar-06 | — | 81,800 | (c) | 81,800 | 358 | |||||||||||||
| Tyler St Plaza | Riverside, CA | Apr-06 | 10,100 | — | 10,100 | 86 | ||||||||||||||
| Market at Bay Shore | Bay Shore, NY | Apr-06 | — | 39,673 | (b) | 39,673 | 177 | |||||||||||||
| Pathmark S.C. | Centereach, NY | Apr-06 | — | 21,955 | (b) | 21,955 | 102 | |||||||||||||
| Western Plaza | Mayaguez, PR | June-06 | 4,562 | 30,378 | (b) | 34,940 | 226 | |||||||||||||
| Mallside Plaza | Portland, ME | June-06 | 23,100 | — | 23,100 | 91 | ||||||||||||||
| Pearl Towers | Albany, NY | June-06 | — | 39,868 | (b) | 39,868 | 253 | |||||||||||||
| 19 Greenwich | New York, NY | Sept-06 | 1,010 | 4,040 | 5,050 | — | ||||||||||||||
| Western Plaza | Mayaguez, PR | Sept-06 | 1,900 | 19,443 | (b) | 21,343 | 126 | |||||||||||||
| Los Colobos | Carolina, PR | Sept-06 | 2,034 | 24,414 | (b) | 26,448 | 228 | |||||||||||||
| Plaza Centro | Caguas, PR | Sept-06 | 16,165 | 9,185 | (b) | 25,350 | 139 | |||||||||||||
| Trujillo Alto Plaza | Trujillo Alto, PR | Sept-06 | 7,379 | 26,058 | (b) | 33,437 | 201 | |||||||||||||
| Ponce Town Center | Ponce, PR | Oct-06 | 3,679 | 38,974 | (b) | 42,653 | 193 | |||||||||||||
| Villa Maria S.C. | Manati, PR | Oct-06 | 1,382 | 6,825 | (b) | 8,207 | 70 | |||||||||||||
| 100 Van Dam Street | New York, NY | Oct-06 | 3,650 | 16,400 | 20,050 | — | ||||||||||||||
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| Purchase Price | ||||||||||||||||||||
| Debt Assumed/ | ||||||||||||||||||||
| Month | Stock | |||||||||||||||||||
| Property Name | Location | Acquired | Cash | or Units Issued | Total | GLA | ||||||||||||||
| Rexville Town Center | Bayamon, PR | Nov-06 | 6,813 | 66,766 | (b) | 73,579 | 186 | |||||||||||||
| Fountains at Arbor Lakes | Maple Grove, MN | Dec-06 | 95,025 | — | 95,025 | 407 | ||||||||||||||
| $ | 436,344 | $ | 627,106 | $ | 1,063,450 | 4,758 | ||||||||||||||
During 2006,2007, the Company (i) disposed of in separate transactions, 28six operating properties and one ground leasecompleted partial sales of three operating properties, in separate transactions, for an aggregate sales price of approximately $270.5$40.0 million, which resulted in aan aggregate net gain of $71.7approximately $6.4 million, netafter income tax of income taxes of $2.8approximately $1.6 million, relating to the sale of two properties, and (ii) transferred fiveone operating propertiesproperty, which was acquired in the first quarter of 2007, to a joint venture in which the Company holds a 15% non-controlling ownership interest for an aggregate price of approximately $4.5 million, which represented the net book value.
Additionally, during 2007, two consolidated joint ventures in which the Company has 20% non-controlling interestshad preferred equity investments disposed of, in separate transactions, their respective properties for an aggregate sales price of approximately $95.4$66.5 million. As a result of these capital transactions, the Company received approximately $22.1 million which resulted in a gainof profit participation, before minority interest of approximately $1.4 million$5.6 million. This profit participation has been recorded as income from one transferred property.
Redevelopments -
The Company has an ongoing program to reformat and re-tenant its properties to maintain or enhance its competitive position in the marketplace. During 2006,2007, the Company substantially completed the redevelopment and re-tenanting of various operating properties. The Company expended approximately $62.2$70.1 million in connection with these major redevelopments and re-tenanting projects during 2006.2007. The Company is currently involved in redeveloping several other shopping centers in the existing portfolio. The
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Ground-Up Development -
The Company is engaged in ground-up development projects which consist of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiary, KDI,subsidiaries, which developsdevelop neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Mexico and Canada for long-term investment (see Recent Developments —- International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K). The ground-up development projects generally have substantialsignificant pre-leasing prior to the commencement of construction. As of December 31, 2006,2007, the Company had in progress a total of 4560 ground-up development projects including 2327 merchant building projects, six domesticnine U.S. ground-up development projects, and 1624 ground-up development projects located throughout Mexico. These projects are currently proceeding on schedule and substantially in line with the Company’s budgeted costs of approximately $1.8 billion.
KDIMerchant Building -
As of December 31, 2006, KDI2007, the Company had in progress 23 ground-up development27 merchant building projects located in ten13 states. In addition, KDI managesDuring 2007, the construction of five domestic projects for the Company. During 2006, KDICompany expended approximately $468.7$269.6 million in connection with the purchase of land and construction costs related to these projects and those sold during 2006. These projects are currently proceeding on schedule and substantially in line with2007. As part of the Company’s budgeted costs. ongoing analysis of its merchant building projects, the Company has determined that for two of its projects, located in Jacksonville, FL and Anchorage, AK, the recoverable value will not exceed their estimated cost. This is primarily due to adverse changes in local market conditions and the uncertainty of those conditions in the future. As a result, the Company has recorded an aggregate pre-tax adjustment of property carrying value on these projects for the year ended December 31, 2007, of $8.5 million, representing the excess of the carrying values of the projects over their estimated fair values.
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The Company anticipates its capital commitment toward these developmentits merchant building projects will be approximately $400$200.0 million to $450$250.0 million during 2007.2008. The proceeds from the sale of completed ground-up development projects during 2007,2008, proceeds from construction loans and availability under the Company’s revolving lines of credit are expected to be sufficient to fund these anticipated capital requirements.
Acquisitions -
During 2006, KDI2007, the Company acquired varioussix land parcels, in separate transactions, for an aggregate purchase price of approximately $101.0$69.8 million. The estimated project costs for these newly acquired parcels are approximately $194.3$95.2 million with completion dates ranging from June 2007October 2008 to June 2009. Details of these acquisitions are as follows:
| Purchase Price | ||||||||
| Date Acquired | City | State | (in millions) | |||||
| February 2006 | Grand Praire | TX | $ | 13.1 | ||||
| March 2006 | Various | AZ, TN | 17.6 | |||||
| May 2006 | Jacksonville | FL | 0.5 | |||||
| June 2006 | Various | FL, AK | 9.2 | |||||
| July 2006 | Nampa | ID | 5.1 | |||||
| August 2006 | Various | FL, TX | 13.9 | |||||
| September 2006 | Council Bluffs | IA | 3.0 | |||||
| November 2006 | McMinnville | OR | 4.1 | |||||
| December 2006 | Various | FL, AZ | 34.5 | |||||
| $ | 101.0 | |||||||
During 2006,2007, the Company obtained individual construction loans on three ground-up developmentfive merchant building projects and assumed one loan in connection with the acquisition of a merchant building project. Additionally, the Company repaid construction loans on five ground-up developmentthree merchant building projects. In addition, the Company assigned a $7.2 million construction loan, which bore interest at LIBOR plus 1.75% and was scheduled to mature in November 2006, in connection with the sale of its partnership interest in one project. At December 31, 2006,2007, total loan commitments on the Company’s 1315 outstanding construction loans aggregated approximately $330.9$360.3 million of which approximately $271.0$245.9 million has been funded. These loans have scheduled maturities ranging from twoone month to 33 months (excluding any extension options which may be available to 31 monthsthe Company) and bear interest at rates ranging from 6.87%6.78% to 7.32%7.48% at December 31, 2006.
Dispositions -
During 2006, KDI2007, the Company sold, in separate transactions, six(i) four of its recently completed merchant building projects, its partnership interest in one project(ii) 26 out-parcels, (iii) 74.3 acres of undeveloped land and 30 out-parcels(iv) completed partial sales of two projects, for an aggregate total proceeds of approximately $260.0 million.$310.5 million and received approximately $3.3 million of proceeds from completed earn-out requirements on previously sold projects. These sales resulted in pre-tax gains of approximately $37.3$40.1 million. Details are as follows:
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| Sales Price | ||||||||
| Date Sold | Project | State | (in millions) | |||||
| January 2006 | Various (3 out-parcels) and 2 earn-out proceeds | AZ, FL, WA | $ | 4.1 | ||||
| February 2006 | Various (4 out-parcels) | NC, NE, TX | 6.3 | |||||
| March 2006 | Various (3 out-parcels) and 2 earn-out proceeds | AZ, FL, TX, WA | 6.1 | |||||
| April 2006 | Two out-parcels | AZ, NC | 3.3 | |||||
| May 2006 | Various (3 out-parcels) | AZ, ID, NC | 3.4 | |||||
| June 2006 | Completed projects in Burleson and Lake Worth, TX, 6 out-parcels, and earn-out proceeds | AZ, ID, NC, NE, MS, TX, WA | 58.5 | |||||
| July 2006 | One out-parcel | NC | 0.4 | |||||
| August 2006 | Houston, TX, project, one out-parcel and an ownership interest in a project in Anthem, AZ | AZ, TX, WA | 58.9 | |||||
| September 2006 | Earn-out proceeds | TX, FL | 3.2 | |||||
| November 2006 | Completed project in Raleigh, NC, 5 out-parcels, and earn out proceeds | AZ, ID, FL, NC, TX | 27.9 | |||||
| December 2006 | Completed projects in Beaumont and San Antonio, TX, 2 out-parcels and earn-out proceeds | AZ, FL, TX | 87.9 | |||||
| $ | 260.0 | |||||||
During 2006,2007, the Company acquiredexpended approximately $7.7 million in connection with the purchase of undeveloped land in Chambersburg, PA, for a purchase price of approximately $8.9 million. The landUnion, NJ, which will be developed into a 0.40.2 million square foot retail center with a total estimated project cost of approximately $31.6 million.
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As of December 31, 2006, there was $14.0 million outstanding under this facility.
Kimsouth -
During June 2006, Kimsouth, a consolidated taxable REIT subsidiary in which the Company has a 20% non-controlling interest and manages the portfolio. The Company accounts for its investment in KROP under the equity method of accounting.
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| Purchase Price | ||||||||||||||||||||||
| Month | ||||||||||||||||||||||
| Property Name | Location | Acquired | Cash | Debt | Total | GLA | ||||||||||||||||
| Crème de la Crème (2 Locations) | Allen & Colleyville, TX | Feb-06 | $ | 2,409 | $ | 7,229 | $ | 9,638 | 41 | |||||||||||||
| Five free-standing locations | CO, OR, NM, NY | Mar-06 | 7,000 | — | 7,000 | 162 | ||||||||||||||||
| Edgewater Commons | Edgewater, NJ | Mar-06 | 44,104 | 74,250 | 118,354 | 424 | ||||||||||||||||
| Long Gate Shopping Ctr | Ellicot City, MD | Mar-06 | 36,330 | 40,200 | 76,530 | 433 | ||||||||||||||||
| Clackamas Promenade | Clakamas, OR | Mar-06 | 35,240 | 42,550 | 77,790 | 237 | ||||||||||||||||
| Crow Portfolio (3 Locations) | FL and TX | Apr-06 | 46,698 | 66,200 | 112,898 | 678 | ||||||||||||||||
| Great Northeast Plaza | Philadelphia, PA | Apr-06 | 36,500 | — | 36,500 | 290 | ||||||||||||||||
| Crème de la Crème | Coppell, TX | Jun-06 | 1,325 | 4,275 | 5,600 | 20 | ||||||||||||||||
| Westmont Portfolio | Houston, TX | Jun-06 | 14,000 | 47,200 | 61,200 | 460 | ||||||||||||||||
| Cypress Towne Center | Cypress, TX | Aug-06 | 13,332 | 25,650 | 38,982 | 196 | ||||||||||||||||
| Bustleton Dunkin Donuts (ground lease) | Philadelphia, PA | Aug-06 | 1,000 | — | 1,000 | 2 | ||||||||||||||||
| Conroe Marketplace | Conroe, TX | Dec-06 | 18,150 | 42,350 | 60,500 | 244 | ||||||||||||||||
| $ | 256,088 | $ | 349,904 | $ | 605,992 | 3,187 | ||||||||||||||||
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During 2007, Kimsouth’s income from the equity methodAlbertson’s joint venture aggregated approximately $49.6 million, net of accounting.
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of income tax expense of approximately $6.9 million and transferred two properties to a joint venture in which the Company has(iii) an 18% non-controlling interest for an aggregate priceextraordinary gain of approximately $54.0$54.3 million, which included the repaymentnet of income tax expense of approximately $23.1$36.2 million, in mortgage debt.
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Additionally, during the Company filed a shelf registration statement on Form S-3ASR, which is effectiveyear ended December 31, 2007, the Albertson’s joint venture acquired two operating properties for a three-year term, forapproximately $20.3 million, including the unlimited future offerings, from time to time,assumption of debt securities, preferred stock, depositary shares, common stock$18.5 million in non-recourse mortgage debt.
Investment and common stock warrants.
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The Company has various institutional and non-institutional joint venture programs in which the Company has various non-controlling interests which are accounted for under the equity method of accounting. (See Note 7 of the Notes to Consolidated Financial Statements included in this Annual Reportannual report on Form 10-K.)
Acquisitions -
During 2006,2007, the Company receivedacquired, in separate transactions, 171 operating properties, through joint ventures in which the Company has various non-controlling interests for an aggregate purchase price of approximately $43.8$1.7 billion, including the assumption of approximately $867.1 million of non-recourse mortgage debt encumbering 158 of the properties and $177.5 million in proceeds from unsecured credit facilities obtained by two of the joint ventures. The Company’s aggregate investment in these joint ventures was approximately $235.8 million.
Dispositions -
During 2007, joint ventures in which the Company has non-controlling interests disposed of, in separate transactions, (i) 44 properties for an aggregate sales price of approximately $1.3 billion resulting in an aggregate gain of approximately $145.0 million, of which the Company’s share was approximately $56.6 million and (ii) two vacant parcels of land for an aggregate sales price of $6.7 million, which represented their net book value.
Additionally, during 2007, joint ventures in which the Company has non-controlling interests transferred 17 operating properties for an aggregate sales price of approximately $825.2 million, including approximately $427.1 million of non-recourse mortgage debt, to newly formed joint ventures in which the Company holds 15% non-controlling ownership interests and manages. As a result of these transactions, the Company recognized profit participation of approximately $3.7 million and deferred its share of the gain related to its remaining ownership interest in the properties.
Also, during 2007, joint ventures in which the Company has non-controlling interests sold six operating properties to the Company for a sales price of approximately $151.9 million including the assumption of $50.3 million in non-recourse mortgage debt. The Company’s share of the gain related to these transactions has been deferred.
International Real Estate Investments -
Canadian Investments - -
During 2007, the Company acquired, in separate transactions, two operating properties located in Canada, through employeenewly formed joint ventures in which the Company has non-controlling interests. These properties were acquired for an aggregate purchase price of approximately CAD $23.0 million (approximately USD $21.2 million). The Company’s aggregate investment in these joint ventures was approximately CAD $11.5 million (approximately USD $10.7 million).
During 2007, the Company provided, through five separate Canadian preferred equity investments, an aggregate of approximately CAD $28.0 million (approximately USD $27.6 million) to developers and owners of 17 real estate properties.
The Company generated equity in income from its unconsolidated Canadian investments in real estate joint ventures of approximately $22.5 million and $21.1 million during 2007 and 2006, respectively. In addition, income from other unconsolidated Canadian real estate investments was approximately $35.1 million and $13.9 million during 2007 and 2006, respectively.
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Mexican Investments -
During 2007, the Company acquired, in separate transactions, 18 operating properties located in various cities throughout Mexico, comprising an aggregate 0.8 million square feet of GLA for an aggregate purchase price of approximately 1.0 billion Mexican Pesos ("MXP") (approximately USD $90.4 million). (See Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
During 2007, the Company transferred in separate transactions, 50% of its 100% interest in seven projects located in Juarez, Tecamac, Mexicali, Cuaulta, Ciudad Del Carmen, Tijuana and Rosarito, Mexico to a joint venture partner for approximately $48.3 million, which approximated their carrying values. As a result of these transactions, the Company has deconsolidated these entities and now accounts for its investments under the equity method of accounting.
During 2007, the Company acquired, in separate transactions, nine land parcels located in various cities throughout Mexico, for an aggregate purchase price of approximately MXP 1.1 billion (approximately USD $94.8 million). Seven of these land parcels will be developed into retail centers aggregating approximately 2.8 million square feet of GLA with a total estimated aggregate project cost of approximately MXP 2.3 billion (approximately USD $210.2 million).
During 2007, the Company acquired, through a newly formed joint venture in which the Company has a controlling ownership interest, a 0.3 million square foot development project in Neuvo Vallarta, Mexico, for a purchase price of approximately MXP 119.5 million (approximately USD $11.0 million). Total estimated project costs are approximately USD $28.3 million.
During 2007, the Company acquired, through a newly formed joint venture in which the Company has a non-controlling interest, a 0.1 million square foot development project in Mexico, for a purchase price of MXP 48.6 million (approximately USD $4.4 million). Total estimated project costs are approximately USD $14.4 million.
During 2007, the Company acquired, in separate transactions, 21 operating properties located in various cities throughout Mexico, through joint ventures in which the Company has non-controlling interests. These properties were acquired for an aggregate purchase price of approximately MXP 1.4 billion (approximately USD $128.7 million). The Company’s aggregate investment in these joint ventures was approximately MXP 701.5 million (approximately USD $64.4 million).
The Company recognized equity in income from its unconsolidated Mexican investments in real estate joint ventures of approximately $5.2 million and $11.8 million during 2007 and 2006, respectively.
The Company’s revenues from its consolidated Mexican subsidiaries aggregated approximately $8.5 million and $2.4 million during 2007 and 2006, respectively.
Chilean Investments - -
During April 2007, the Company acquired four operating properties located in Santiago, Chile, through a newly formed joint venture in which the Company has a non-controlling interest. These properties were acquired for an aggregate purchase price of approximately 8.7 billion Chilean Pesos ("CLP") (approximately USD $16.5 million), including the assumption of CLP 5.9 billion (approximately USD $11.1 million) of non-recourse mortgage debt. The Company’s aggregate investment in this joint venture is approximately CLP 1.6 billion (approximately USD $3.0 million). The Company recognized equity in income from this investment of approximately $0.1 million during 2007.
Other Real Estate Investments -
Preferred Equity Capital -
The Company maintains a Preferred Equity program, which provides capital to developers and owners of real estate properties. During 2007, the Company provided in separate transactions, an aggregate of approximately $103.6 million in investment capital to developers and owners of 61 real estate properties, including the Canadian investments described above. As of December 31, 2007, the Company’s net investment under the Preferred Equity program was
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approximately $484.1 million relating to 258 properties. For the year ended December 31, 2007, the Company earned approximately $63.5 million, including $30.5 million of profit participation earned from 18 capital transactions from these investments.
Additionally, during July 2007, the Company invested approximately $81.7 million of preferred equity capital in a portfolio comprised of 403 net leased properties which are divided into 30 master leased pools with each pool leased to individual corporate operators. These properties consist of a diverse array of free-standing restaurants, fast food restaurants, convenience and auto parts stores. As of December 31, 2007 these properties were encumbered by third party loans aggregating approximately $433.0 million with interest rates ranging from 5.08% to 10.47% with a weighted average interest rate of 9.3% and maturities ranging from 1.4 years to 15.2 years.
Mortgages and Other Financing Receivables-
During 2007, the Company provided financing to six borrowers for an aggregate amount of up to approximately $96.9 million, of which $62.2 million was outstanding as of December 31, 2007. As of December 31, 2007, the Company has 30 loans with total commitments of up to $185.0 million of which approximately $152.4 million has been funded. Availability under the Company’s revolving credit facilities are expected to be sufficient to fund these commitments. (See Note 9 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
Financing Transactions -
For discussion regarding financing transactions relating to the Company’s unsecured notes, credit facilities, non-recourse mortgage debt, construction loans and preferred stock option exercisesissuance, see Management’s Discussion and Analysis of Results of Operations and Financial Condition - Financing Activities and Contractual Obligations and Other Commitments. (See Notes 11, 12, 13 and 17 of the dividend reinvestment program.
Exchange Listings
The Company’sCompany's common stock, Class F Depositary Shares and Class FG Depositary Shares are traded on the NYSE under the trading symbols “KIM”"KIM", "KIMprF" and “KIMprF”“KIMprG”, respectively.
Item 1A. Risk Factors
We are the material risks associated with the purchase and ownership of the Company’s equity and debt securities. As an owner of real estate, the Company is subject to certain business risks arising in connection with the underlying real estate, including, among other factors, the following:
Loss of the Company’sour tax status as a real estate investment trust could have significant adverse consequences to the Companyus and the value of itsour securities.
We have elected to be taxed as a REIT for federal income tax purposes under the Code commencing with the taxable year beginning January 1, 1992. The CompanyCode. We currently intendsintend to operate so as to qualify as a REIT and believesbelieve that the Company’sour current organization and method of operation complycomplies with the rules and regulations promulgated under the Codefederal income tax code to enable us to qualify as a REIT.
Qualification as a REIT involves the application of highly technical and complex Codefederal income tax code provisions for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within the Company’sour control may affect the Company’sour ability to qualify as a REIT. For example, in order to qualify as a REIT, at least 95% of the Company’s gross income in any year must be derived from qualifying sources, and the Company must satisfy a number of requirements regarding the composition of the Company’s assets. Also, the Company must make distributions to stockholders aggregating annually at least 90% of the Company’s net taxable income, excluding capital gains. In addition, newNew legislation, regulations, administrative interpretations or court decisions could significantly change the tax laws with respect to qualification as a REIT, the federal income tax consequences of such qualification or the desirability of an investment in a REIT relative to other investments. Although the Company believes that it is organized and has operated in such a manner, the CompanyThere can givebe no assurance that it haswe have qualified or will continue to qualify as a REIT for tax purposes.
If the Company loses itswe lose our REIT status, itwe will face serious tax consequences that will substantially reduce the funds available to pay dividends to Company stockholders. If the Company failswe fail to qualify as a REIT:
·
we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to federal income tax at regular corporate rates;
·
we could be subject to the federal alternative minimum tax and possibly increased state and local taxes;
13 · unless we were entitled to relief under statutory provisions, we could not elect to be subject to tax |
·
we would not be required to make distributions to stockholders.
As a result of all these factors, the Company’sour failure to qualify as a REIT could impair itsour ability to expand itsour business and raise capital, and could adversely affect the value
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The economic performance and value of the Company’sour properties areis subject to all of the risks associated with owning and operating real estate including:
·
changes in the national, regional and local economic climate;
·
local conditions, including an oversupply of, or a reduction in demand for, space in properties like those that we own;
·
the attractiveness of our properties to tenants;
·
the ability of tenants to pay rent;
·
competition from other available properties;
·
changes in market rental rates;
·
the need to periodically pay for costs to repair, renovate and re-let space;
·
changes in operating costs, including costs for maintenance, insurance and real estate taxes;
·
the fact that the expenses of owning and operating properties are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the properties; and
·
changes in laws and governmental regulations, including those governing usage, zoning, the environment and taxes.
Downturns in the retailing industry likely will have a direct impact on the Company’sour performance.
Our properties consist primarily of community and neighborhood shopping centers and other retail properties. The Company’sOur performance therefore is linked to economic conditions in the market for retail space generally. The market for retail space has been or could in the future be adversely affected by by:
·
weakness in the national, regional and local economies, economies;
·
the adverse financial condition of some large retailing companies, the companies;
·
ongoing consolidation in the retail sector, sector;
·
the excess amount of retail space in a number of markets,markets; and
·
increasing consumer purchases through catalogues and the internet. To the extent that any of these conditions occur, they are likely to impact market rents for retail space.
Failure by any anchor tenant with leases in multiple locations to make rental payments to the Companyus because of a deterioration of its financial condition or otherwise, could impact the Company’sour performance.
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Our performance depends on itsour ability to collect rent from tenants. At any time, the Company’sour tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, the Company’sour tenants may delay a number of lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close stores or declare bankruptcy. Any of these actions could result in the termination of the tenants’ leases and the loss of rental income attributable to the terminated leases. In addition, lease terminations by an anchor tenant or a failure by that anchor tenant to occupy the premises could result in lease terminations or reductions in rent by other tenants in the same shopping centers under the terms of some leases. In that event, the Companywe may be unable to re-lease the vacated space at attractive rents or at all. The occurrence of any of the situations described above, particularly if it involves a substantial tenant with leases in multiple locations, could impact the Company’sour performance.
We may be unable to collect balances due from tenants in bankruptcy.
A tenant that files for bankruptcy protection willmay not continue to pay us rent. A bankruptcy filing by or relating to one of the Company’sour tenants or a lease guarantor would bar all efforts by the Companyus to collect pre-
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We may be unable to sell our real estate property investments when appropriate or on favorable terms.
Real estate property investments are illiquid and therefore the Company may not be able to dispose of properties when appropriate or on favorable terms.
We may acquire or develop properties or acquire other real estate related companies and this may create risks.
We may acquire or develop properties or acquire other real estate related companies when we believe that an acquisition or development is consistent with our business strategies. We may not however, succeed in consummating desired acquisitions or in completing developments on time or within budget. In addition, we mayWe face competition in pursuing these acquisition or development opportunities that could increase our costs. When we do pursue a project or acquisition, we may not succeed in leasing newly developed or acquired properties at rents sufficient to cover theirthe costs of acquisition or development and operations. Difficulties in integrating acquisitions may prove costly or time-consuming and could divert management’s attention. Acquisitions or developments in new markets or industries where we do not have the same level of market knowledge may result in poorer than anticipated performance. We may also abandon acquisition or development opportunities that we haveit has begun pursuing and consequently fail to recover expenses already incurred and have devoted management time to a matter not consummated. Furthermore, our acquisitions of new properties or companies will expose us to the liabilities of those properties or companies, some of which we may not be aware at the time of acquisition. In addition, development of our existing properties presents similar risks.
There is a lack of operating history with respect to our recent acquisitions and development of properties and we may not succeed in the integration or management of additional properties.
These properties may not have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management. As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate our new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties. Also, newly acquired properties may not perform as expected.
We do not have exclusive control over itsour joint venture and preferred equity investments, so the Company issuch that we are unable to ensure that itsour objectives will be pursued.
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We have invested in some cases as a co-venturer or partner in properties instead of owning directly. These investments involve risks not present in a wholly-owned ownership structure. In these investments, the Company doeswe do not have exclusive control over the development, financing, leasing, management and other aspects of these investments. As a result, the co-venturer or partner might have interests or goals that are inconsistent with the Company’s interests or goals,us, take action contrary to the Company’sour interests or otherwise impede the Company’sour objectives. The co-venturer or partner also might become insolvent or bankrupt.
We may not be able to recover our investments in our joint venture or preferred equity investments, which may result in losses to us.
Our joint venture and preferred equity investments generally own real estate properties for which the economic performance and value is subject to all the risks associated with owning and operating real estate as described above.
We have significant international operations that carry additional risks.
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·
currency risks, including currency fluctuations;
·
unexpected changes in legislative and regulatory requirements;
·
potential adverse tax burdens;
·
burdens of complying with different permitting standards, labor laws and a wide variety of foreign laws;
·
obstacles to the repatriation of earnings and cash;
·
regional, national and local political uncertainty;
·
economic slowdown and/or downturn in foreign markets;
·
difficulties in staffing and managing international operations; and
·
reduced protection for intellectual property in some countries.
Each of these risks might impact our cash flow or impair our ability to borrow funds, which ultimately could adversely affect our business, financial condition, operating results and cash flows.
We may be unable to obtain financing through the debt and equities market, which may have a material adverse effect on our growth strategy, our results of operations, and our financial condition.
Market conditions may make it difficult to obtain financing, and we cannot assure you that we will be able to obtain additional debt or equity financing or that we will be able to obtain it on favorable terms. The Company’s financialinability to obtain financing could have negative effects on our business, such as:
·
We could have difficulty acquiring or developing properties, which could materially adversely affect our business strategy;
·
Our liquidity could be adversely affected;
·
We may be unable to repay or refinance our indebtedness;
·
We may need to make higher interest and principal payments or sell some of our assets on unfavorable terms to fund our indebtedness; and
·
We may need to issue additional capital stock, which could further dilute the ownership of our existing shareholders.
Financial covenants to which we are subject may restrict itsour operating and acquisition activities.
Our revolving credit facilities and the indentures under which the Company’sour senior unsecured debt is issued contain certain financial and operating covenants, including, among other things, certain coverage ratios, as well as limitations on the Company’sour ability to incur secured and unsecured debt, make dividend payments, sell all or substantially all of the Company’sour assets and engage in mergers and consolidations and certain acquisitions. These covenants may restrict the Company’sour ability to pursue certain business initiatives or certain acquisition transactions.transactions that might otherwise be advantageous. In addition, failure to meet any of the financial covenants could cause an event of default under and/or accelerate some or all of the Company’sour indebtedness, which would have a material adverse effect on the Company.
We may be subject to environmental regulations.
Under various federal, state, and local laws, ordinances and regulations, the Companywe may be considered an owner or operator of real property and may be responsible for paying for the disposal or treatment of hazardous or toxic substances released on or in the Company’sour property, as well as certain other potential costs which could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). This liability may be imposed whether or not the Companywe knew about, or was responsible for, the presence of hazardous or toxic substances.
We face competition in leasing or developdeveloping properties is subject to competitive pressures.
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We face competition in the acquisition, development, operation and sale of real property from individuals and businesses who own real estate, fiduciary accounts and plans and other entitiesothers engaged in real estate investment. Some of these competitors have greater financial resources than the Company does.us. This results in competition for the acquisition of properties for tenants who lease or consider leasing space in the Company’sour existing and subsequently acquired properties and for other real estate investment opportunities.
Changes in market conditions could adversely affect the market price of the Company’sour publicly traded securities.
As with other publicly traded securities, the market price of the Company’sour publicly traded securities depends on various market conditions, which may change from time-to-time. Among the market conditions that may affect the market price of the Company’sour publicly traded securities are the following:
·
the extent of institutional investor interest in us;
·
the Company;
25
·
the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);
·
our financial condition and performance;
·
the market’s perception of our growth potential and potential future cash dividends;
·
an increase in market interest rates, which may lead prospective investors to demand a higher distribution rate in relation to the price paid for our shares; and
·
general economic and financial market conditions.
We may not be able to recover our investments in marketable securities or mortgage receivables, which may result in losses to us.
Our investments in marketable securities are subject to specific risks relating to the particular issuer of the securities, including the financial condition and business outlook of the issuer, which may result in losses to us. Marketable securities are generally unsecured and may also be subordinated to other obligations of the issuer. As a result, investments in marketable securities are subject to risks of:
·
limited liquidity in the secondary trading market;
·
substantial market price volatility resulting from changes in prevailing interest rates;
·
subordination to the prior claims of banks and other senior lenders to the issuer;
·
the possibility that earnings of the issuer may be insufficient to meet its debt service and distribution obligations; and
·
the declining creditworthiness and potential for insolvency of the issuer during periods of rising interest rates and economic downturn.
These risks may adversely affect the value of outstanding marketable securities and the ability of the issuers to make distribution payments.
We invest in mortgage receivables. Our investments in mortgage receivables normally are not insured or otherwise guaranteed by any institution or agency. In the event of a default by a borrower it may be necessary for us to foreclose our mortgage or engage in costly negotiations. Delays in liquidating defaulted mortgage loans and repossessing and selling the underlying properties could reduce our investment returns. Furthermore, in the event of default, the actual value of the property securing the mortgage may decrease. A decline in real estate values will adversely affect the value of our loans and the value of the mortgages securing our loans.
17
Our mortgage receivables may be or become subordinated to mechanics' or materialmen's liens or property tax liens. In these instances we may need to protect a particular investment by making payments to maintain the current status of a prior lien or discharge it entirely. In these cases, the total amount we recover may be less than our total investment, resulting in a loss. In the event of a major loan default or several loan defaults resulting in losses, our investments in mortgage receivables would be materially and adversely affected.
None
Item 2. Properties
Real Estate Portfolio As of January 1,December 31, 2007, the Company’sCompany's real estate portfolio was comprised of interests in approximately 138.0154.6 million square feet of GLA (not including 36in 1,391 operating properties primarily consisting of neighborhood and community shopping centers, and 19 retail store leases located in 45 states, Canada, Mexico, Puerto Rico and Chile. This 154.6 million square feet of GLA does not include 17 properties under development comprising 3.52.5 million square feet of GLA related to the Preferred Equity program, 3830 property interestsinterest comprising 0.70.6 million square feet of GLA related to FNC Realty, 61401 property interests comprising 6.42.3 million square feet of GLA related to the American Industriesa net lease portfolio, 5155 property interestsinterest comprising 2.52.8 million square feet of GLA related to the NewKirk Portfolio and 22.420.5 million square feet of planned GLA for the 7760 ground-up development projects and undeveloped land parcels) in 1,061 operating properties primarily consisting of neighborhood and community shopping centers, and 20 retail store leases located in 45 states, Canada, Mexico and Puerto Rico.projects. The Company’s portfolio includes interests ranging from 5% to 50% in 397471 shopping center properties comprising approximately 63.772.4 million square feet of GLA relating to the Company’s investment management program.programs and other joint ventures. Neighborhood and community shopping centers comprise the primary focus of the Company’sCompany's current portfolio. As of January 1,December 31, 2007, approximately 95.5% of the Company’s total shopping center portfolio, representing 100% of total GLA of 124.0 million from 886 properties, was approximately 96.3% leased.
The Company's neighborhood and community shopping center space (excluding the Pan Pacific, KIR, KROP and other institutional co-investment program portfolios) was leased, and the average annualized base rent per leased square foot of the portfolio was $10.19.
The Company’sCompany's neighborhood and community shopping centers are usually “anchored”"anchored" by a national or regional discount department store, supermarket or drugstore. As one of the original participants in the growth of the shopping center industry and one of the nation’snation's largest owners and operators of shopping centers, the Company has established close relationships with a large number of major national and regional retailers. Some of the major national and regional companies that are tenants in the Company’sCompany's shopping center properties include The Home Depot, TJX Companies, Sears Holdings, Kohl’s, Wal-Mart, Value City,Best Buy, Linens N Things, Burlington Coat, Royal Ahold, Bed Bath and Beyond, and Costco.
A substantial portion of the Company’sCompany's income consists of rent received under long-term leases. Most of the leases provide for the payment of fixed basefixed-base rentals monthly in advance and for the payment by tenants of an allocable share of the real estate taxes, insurance, utilities and common area maintenance expenses incurred in operating the shopping centers. Although many of the leases require the Company to make roof and structural repairs as needed, a number of tenant leases place that responsibility on the tenant, and the Company’sCompany's standard small store lease provides for roof repairs to be reimbursed by the tenant as part of common area maintenance. The Company’sCompany's management places a strong emphasis on sound construction and safety at its properties.
26
Minimum base rental revenues and operating expense reimbursements accounted for approximately 99% of the Company’sCompany's total revenues from rental property for the year ended December 31, 2006.2007. The Company’sCompany's management believes that the base rent per leased square foot for many of the Company’sCompany's existing leases is generally lower than the prevailing market-rate base rents in the geographic regions where the Company operates, reflecting the potential for future growth.
18
For the period January 1, 2006,2007 to December 31, 2006,2007, the Company increased the average base rent per leased square foot in its consolidated portfolio of neighborhood and community shopping centers from $9.44$9.86 to $10.19,$10.30, an increase of $0.75.$0.44. This increase primarily consists of (i) a $0.40$0.25 increase relating to acquisitions, (ii) a $0.05$0.07 increase relating to dispositions or the transfer of properties to various joint venture entities and (iii) a $0.02 increase related to the fluctuation in exchange rates related to Canadian and Mexican-denominated leases and (iv) a $0.28$0.12 increase relating to new leases signed net of leases vacated and rent step-ups within the portfolio.
The Company seeks to reduce its operating and leasing risks through geographic and tenant diversity. No single neighborhood and community shopping center accounted for more than 0.8% of the Company’sCompany's total shopping center GLA or more than 1.6%1.7% of total annualized base rental revenues as of December 31, 2006.2007. The Company’s five largest tenants at December 31, 2006,2007, were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Wal-Mart, which represent approximately 3.5%3.2%, 2.9%2.8%, 2.5%2.3%, 2.2%2.0% and 2.1%1.9%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest. The Company maintains an active leasing and capital improvement program that, combined with the high quality of the locations, has made, in management’smanagement's opinion, the Company’sCompany's properties attractive to tenants.
The Company’sCompany's management believes its experience in the real estate industry and its relationships with numerous national and regional tenants gives it an advantage in an industry where ownership is fragmented among a large number of property owners.
Retail Store Leases In addition to neighborhood and community shopping centers, as of January 1,December 31, 2007, the Company had interests in retail store leases totaling approximately 1.8 million square feet of anchor stores in 2019 neighborhood and community shopping centers located in 1413 states. As of January 1,December 31, 2007, approximately 99.8%97.4% of the space in these anchor stores had been sublet to retailers that lease the stores under net lease agreements providing for average annualized base rental payments of $4.02$4.09 per square foot. The average annualized base rental payments under the Company’s retail store leases to the landowners of such subleased stores are approximately $2.41$2.54 per square foot. The average remaining primary term of the retail store leases (and, similarly, the remaining primary term of the sublease agreements with the tenants currently leasing such space) is approximately threetwo years, excluding options to renew the leases for terms which generally range from 5five years to 20 years. The Company’s investment in retail store leases is included in the caption Other real estate investments on the Company’s Consolidated Balance Sheets.
Ground-Leased Properties The Company has interests in 8379 shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company (or an affiliated joint venture) to construct and/or operate a shopping center. The Company or the joint venture pays rent for the use of the land and generally is responsible for all costs and expenses associated with the building and improvements. At the end of these long-term leases, unless extended, the land together with all improvements revert to the landowner.
Ground-Up Development Properties The Company is engaged in ground-up development projects which consists of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiary KDI,subsidiaries, which developsdevelop neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Mexico and Canada for long-term investment (see Recent Developments —- International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K). The ground-up development projects generally have substantialsignificant pre-leasing prior to the commencement of the construction. As of December 31, 2006,2007, the Company had in progress a
27
As of January 1,December 31, 2007, KDI has currentlythe Company had in progress 23 ground-up development27 merchant building projects located in ten13 states, which are expected to be sold upon completion. These projects had substantialsignificant pre-leasing prior to the commencement of construction. As of January 1,December 31, 2007, the average annual base rent per leased square foot for the KDImerchant building portfolio was $15.91$16.48 and the average annual base rent per leased square foot for new leases executed in 20062007 was $15.75.
Undeveloped Land The Company owns certain unimproved land tracts and parcels of land adjacent to certain of its existing shopping centers that are held for possible expansion. At times, should circumstances warrant, the Company may develop or dispose of these parcels.
19
The table on pages 29 to 4121 through 33 sets forth more specific information with respect to each of the Company’sCompany's property interests.
Item 3. Legal Proceedings
The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its subsidiaries that, in management’smanagement's opinion, would result in any material adverse effect on the Company’sCompany's ownership, management or operation of its properties taken as a whole, or which is not covered by the Company’sCompany's liability insurance.
Item 4. Submission of Matters to a Vote of Security Holders
None.
28
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| ALABAMA | ||||||||||||||||||||||||||||||||||||||||||||||||
| HOOVER | 2000 | FEE | 11.5 | 115,347 | 100.0 | WAL-MART | 2025 | 2095 | ||||||||||||||||||||||||||||||||||||||||
| MOBILE (9) | 1986 | JOINT VENTURE | 48.8 | 375,822 | 75.3 | ACADEMY SPORTS & OUTDOORS | 2021 | 2031 | TURNER FURNITURE | 2007 | 2007 | ROSS DRESS FOR LESS | 2015 | 2035 | ||||||||||||||||||||||||||||||||||
| ALASKA | ||||||||||||||||||||||||||||||||||||||||||||||||
| ANCHORAGE (4) | 2006 | JOINT VENTURE | 24.6 | 95,000 | 100.0 | MICHAELS | 2017 | 2037 | BED BATH & BEYOND | 2018 | 2038 | OLD NAVY | 2017 | �� | 2027 | |||||||||||||||||||||||||||||||||
| KENAI | 2003 | JOINT VENTURE | 14.7 | 146,759 | 100.0 | HOME DEPOT | 2018 | 2048 | ||||||||||||||||||||||||||||||||||||||||
| ARIZONA | ||||||||||||||||||||||||||||||||||||||||||||||||
| CHANDLER (4) | 2004 | JOINT VENTURE | 29.3 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| GILBERT (4) | 2006 | JOINT VENTURE | 57.9 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| GLENDALE | 1998 | JOINT VENTURE | 16.5 | 96,337 | 100.0 | MOR FURNITURE FOR LESS | 2016 | MICHAELS | 2008 | 2018 | ANNA’S LINENS | 2015 | 2025 | |||||||||||||||||||||||||||||||||||
| GLENDALE (12) | 2004 | FEE | 6.4 | 70,428 | 100.0 | SAFEWAY | 2016 | 2046 | ||||||||||||||||||||||||||||||||||||||||
| GLENDALE (8) | 1998 | JOINT VENTURE | 40.5 | 333,388 | 95.7 | COSTCO | 2011 | 2046 | FLOOR & DECOR | 2015 | 2025 | LEVITZ | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| MARANA | 2003 | FEE | 18.2 | 191,008 | 100.0 | LOWE’S HOME CENTER | 2019 | 2069 | ||||||||||||||||||||||||||||||||||||||||
| MARANA (4) | 2006 | JOINT VENTURE | 158.9 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| MESA | 1998 | FEE | 19.8 | 144,617 | 79.1 | ROSS DRESS FOR LESS | 2010 | 2015 | BLACK ANGUS | 2010 | 2015 | |||||||||||||||||||||||||||||||||||||
| MESA (12) | 2004 | FEE | 29.4 | 307,375 | 99.6 | SPORTS AUTHORITY | 2016 | 2046 | SIMPLY ARTRAGEOUS | 2014 | 2019 | CIRCUIT CITY | 2016 | 2036 | ||||||||||||||||||||||||||||||||||
| MESA (4) | 2005 | GROUND LEASE (2076)/ JOINT VENTURE | 6.1 | 829,000 | 100.0 | WAL-MART | 2026 | 2076 | HOME DEPOT | 2028 | 2058 | CINEMARK | 2021 | 2036 | ||||||||||||||||||||||||||||||||||
| MESA (4) | 2005 | JOINT VENTURE | 43.1 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| NORTH PHOENIX | 1998 | FEE | 17.0 | 230,164 | 100.0 | BURLINGTON COAT FACTORY | 2013 | 2023 | GUITAR CENTER | 2017 | 2027 | MICHAELS | 2007 | 2022 | ||||||||||||||||||||||||||||||||||
| PEORIA (4) | 2000 | JOINT VENTURE | 2.2 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| PHOENIX | 1998 | FEE | 26.6 | 304,331 | 100.0 | COSTCO | 2011 | 2041 | PHOENIX RANCH MARKET | 2021 | 2041 | |||||||||||||||||||||||||||||||||||||
| PHOENIX | 1998 | FEE | 13.4 | 153,180 | 93.7 | HOME DEPOT | 2020 | 2050 | JO-ANN FABRICS | 2010 | 2025 | |||||||||||||||||||||||||||||||||||||
| PHOENIX | 1997 | FEE | 17.5 | 131,621 | 95.6 | SAFEWAY | 2009 | 2039 | TRADER JOE’S | 2014 | 2029 | |||||||||||||||||||||||||||||||||||||
| PHOENIX | 1998 | JOINT VENTURE | 1.6 | 16,410 | 100.0 | CHAPMAN BMW | 2016 | 2031 | ||||||||||||||||||||||||||||||||||||||||
| PHOENIX (7) | 2006 | FEE | 9.4 | 95,329 | 61.8 | DOLLAR TREE | 2012 | 2017 | ||||||||||||||||||||||||||||||||||||||||
| SURPRISE (4) | 2004 | JOINT VENTURE | 113.4 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| TEMPE (12) | 2004 | FEE | 24.0 | 228,000 | 100.0 | TERRI’S CONSIGN & DESIGN | 2011 | 2021 | CIRCUIT CITY | 2016 | 2036 | JCPENNEY | 2008 | 2028 | ||||||||||||||||||||||||||||||||||
| TUCSON | 2003 | JOINT VENTURE | 17.8 | 190,174 | 100.0 | LOWE’S HOME CENTER | 2019 | 2069 | ||||||||||||||||||||||||||||||||||||||||
| CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALHAMBRA | 1998 | FEE | 18.4 | 195,455 | 100.0 | COSTCO | 2027 | 2057 | COSTCO | 2027 | 2057 | JO-ANN FABRICS | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| ANAHEIM | 1995 | FEE | 1.0 | 15,396 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ANAHEIM (7) | 2006 | FEE | 36.1 | 345,708 | 98.6 | MERVYN’S | 2012 | 2022 | GIGANTE | 2023 | 2033 | OFFICEMAX | 2011 | 2026 | ||||||||||||||||||||||||||||||||||
| ANAHEIM (7) | 2006 | FEE | 19.1 | 185,247 | 97.2 | RALPHS | 2016 | 2046 | RITE AID | 2016 | 2025 | DOLLAR STORE | 2009 | 2014 | ||||||||||||||||||||||||||||||||||
| ANAHEIM (7) | 2006 | FEE | 8.5 | 105,085 | 96.2 | STATER BROTHERS | 2011 | 2026 | SAV-ON DRUG | 2012 | 2022 | |||||||||||||||||||||||||||||||||||||
| ANGEL’S CAMP (7) | 2006 | FEE | 5.1 | 77,967 | 100.0 | SAVE MART | 2022 | 2048 | RITE AID | 2011 | 2031 | |||||||||||||||||||||||||||||||||||||
| ANTELOPE (7) | 2006 | FEE | 13.1 | 119,998 | 94.0 | FOOD MAXX | 2007 | 2022 | GOODWILL INDUSTRIES | 2014 | 2029 | |||||||||||||||||||||||||||||||||||||
| BAKERSFIELD (7) | 2006 | FEE | 1.2 | 14,115 | 74.1 | |||||||||||||||||||||||||||||||||||||||||||
| BELLFLOWER (7) | 2006 | GROUND LEASE (2032) | 9.1 | 113,511 | 100.0 | STATER BROTHERS | 2012 | 2022 | STAPLES | 2007 | ||||||||||||||||||||||||||||||||||||||
| CALSBAD (7) | 2006 | FEE | 21.1 | 160,928 | 99.0 | MARSHALLS | 2008 | 2018 | DOLLAR TREE | 2013 | 2023 | KIDS ‘R’ US | 2018 | 2027 | ||||||||||||||||||||||||||||||||||
| CARMICHAEL | 1998 | FEE | 18.5 | 210,306 | 100.0 | HOME DEPOT | 2008 | 2022 | SPORTS AUTHORITY | 2009 | 2024 | LONGS DRUGS | 2013 | 2033 | ||||||||||||||||||||||||||||||||||
| CHICO | 2006 | FEE | 1.3 | 19,560 | 93.9 | |||||||||||||||||||||||||||||||||||||||||||
| CHICO (7) | 2006 | FEE | 1.0 | 264,680 | 95.5 | FOOD MAXX | 2009 | 2024 | ASHLEY HOME FURNISHING | 2009 | 2019 | BED, BATH & BEYOND | 2014 | 2029 | ||||||||||||||||||||||||||||||||||
| CHICO (7) | 2006 | FEE | 18.3 | 186,553 | 97.9 | RALEY’S | 2015 | 2030 | ROSS DRESS FOR LESS | 2010 | 2025 | JO-ANN FABRICS | 2012 | 2017 | ||||||||||||||||||||||||||||||||||
| CHINO (7) | 2006 | FEE | 33.0 | 341,577 | 94.9 | LA CURACAO | 2021 | 2041 | ROSS DRESS FOR LESS | 2013 | 2033 | DD’S DISCOUNT | 2016 | 2036 | ||||||||||||||||||||||||||||||||||
| CHINO (7) | 2006 | FEE | 13.1 | 168,264 | 98.2 | DOLLAR TREE | 2008 | 2023 | PETSMART | 2007 | 2027 | RITE AID | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| CHINO HILLS | 2005 | FEE | 7.3 | 73,352 | 98.5 | STATER BROTHERS | 2022 | 2052 | ||||||||||||||||||||||||||||||||||||||||
| CHINO HILLS (7) | 2006 | FEE | 11.8 | 128,121 | 61.0 | |||||||||||||||||||||||||||||||||||||||||||
| CHULA VISTA | 1998 | FEE | 34.3 | 356,335 | 100.0 | COSTCO | 2029 | 2079 | WAL-MART | 2025 | 2086 | NAVCARE | 2009 | |||||||||||||||||||||||||||||||||||
| COLMA (14) | 2006 | JOINT VENTURE | 6.4 | 213,532 | 100.0 | MARSHALLS | 2012 | NORDSTROM RACK | 2007 | 2017 | BED BATH & BEYOND | 2011 | 2026 | |||||||||||||||||||||||||||||||||||
| CORONA | 1998 | FEE | 47.6 | 487,048 | 98.7 | COSTCO | 2012 | 2042 | HOME DEPOT | 2010 | 2029 | LEVITZ | 2009 | 2029 | ||||||||||||||||||||||||||||||||||
| COVINA (8) | 2000 | GROUND LEASE (2054)/ JOINT VENTURE | 26.0 | 269,433 | 97.2 | HOME DEPOT | 2009 | 2034 | STAPLES | 2011 | PETSMART | 2008 | 2028 | |||||||||||||||||||||||||||||||||||
| CUPERTINO | 2006 | FEE | 11.5 | 114,533 | 92.6 | 99 RANCH MARKET | 2012 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| DALY CITY (3) | 2002 | FEE | 25.6 | 537,496 | 100.0 | HOME DEPOT | 2026 | 2056 | BURLINGTON COAT FACTORY | 2012 | 2022 | SAFEWAY | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| DOWNEY (7) | 2006 | GROUND LEASE (2009) | 9.8 | 114,722 | 100.0 | A WORLD OF DšCOR | 2009 | |||||||||||||||||||||||||||||||||||||||||
| DUBLIN (7) | 2006 | FEE | 12.4 | 154,728 | 100.0 | ORCHARD SUPPLY HARDWARE | 2011 | MARSHALLS | 2010 | 2025 | ROSS DRESS FOR LESS | 2008 | 2023 | |||||||||||||||||||||||||||||||||||
| EL CAJON | 2003 | JOINT VENTURE | 10.9 | 123,343 | 100.0 | KOHL’S | 2024 | 2053 | MICHAELS | 2015 | 2035 | |||||||||||||||||||||||||||||||||||||
| EL CAJON (12) | 2004 | FEE | 10.4 | 98,474 | 98.3 | RITE AID | 2018 | 2043 | ROSS DRESS FOR LESS | 2009 | 2024 | PETCO | 2009 | 2014 | ||||||||||||||||||||||||||||||||||
| ELK GROVE | 2006 | FEE | 2.3 | 30,130 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ELK GROVE | 2006 | FEE | 0.8 | 7,880 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ELK GROVE (7) | 2006 | FEE | 8.1 | 89,216 | 100.0 | BEL AIR MARKET | 2025 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| ELK GROVE (7) | 2006 | FEE | 5.0 | 34,015 | 96.6 | |||||||||||||||||||||||||||||||||||||||||||
| ENCINITAS (7) | 2006 | FEE | 9.1 | 119,738 | 94.6 | ALBERTSONS | 2011 | 2031 | TWEETER | 2016 | 2021 | |||||||||||||||||||||||||||||||||||||
| ESCONDIDO (7) | 2006 | FEE | 12.1 | 132,832 | 100.0 | SAV-ON DRUG | 2009 | 2034 | KAHOOTS | 2009 | 2019 | VALUE CRAFT | 2011 | 2015 | ||||||||||||||||||||||||||||||||||
| FAIR OAKS (7) | 2006 | FEE | 9.6 | 98,625 | 92.3 | RALEY’S | 2011 | 2021 | ||||||||||||||||||||||||||||||||||||||||
| FOLSOM | 2003 | JOINT VENTURE | 9.5 | 108,255 | 100.0 | KOHL’S | 2018 | 2048 | ||||||||||||||||||||||||||||||||||||||||
| FOLSOM (7) | 2006 | FEE | 14.0 | 141,310 | 98.0 | RALEY’S | 2017 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| FREMONT (13) (6) | 2005 | JOINT VENTURE | 44.4 | 504,782 | 94.5 | SAFEWAY | 2025 | 2050 | BED BATH & BEYOND | 2010 | 2025 | MARSHALLS | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| FREMONT (7) | 2006 | FEE | 11.9 | 131,242 | 100.0 | ALBERTSONS | 2013 | 2038 | LONGS DRUGS | 2011 | 2021 | BALLY TOTAL FITNESS | 2009 | 2029 | ||||||||||||||||||||||||||||||||||
| FRESNO (12) | 2004 | FEE | 10.8 | 121,107 | 100.0 | BED BATH & BEYOND | 2010 | 2025 | SPORTMART | 2013 | 2023 | ROSS DRESS FOR LESS | 2011 | 2031 | ||||||||||||||||||||||||||||||||||
| FRESNO (7) | 2006 | FEE | 9.9 | 102,581 | 92.4 | SAVE MART | 2014 | 2034 | RITE AID | 2014 | 2044 | |||||||||||||||||||||||||||||||||||||
| FULLERTON (7) | 2006 | GROUND LEASE (2025) | 20.3 | 270,647 | 98.7 | TOYS’R ‘US/CHUCK E.CHEESE | 2017 | 2042 | AMC THEATRES | 2012 | 2037 | AMC THEATERS | 2012 | 2037 | ||||||||||||||||||||||||||||||||||
| GARDENA (7) | 2006 | FEE | 6.5 | 65,987 | 100.0 | TAWA MARKET | 2010 | 2020 | RITE AID | 2015 | 2035 | |||||||||||||||||||||||||||||||||||||
| GRANITE BAY (7) | 2006 | FEE | 11.5 | 140,184 | 97.3 | RALEY’S | 2018 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| GRASS VALLEY (7) | 2006 | FEE | 30.0 | 217,535 | 94.8 | RALEY’S | 2018 | JCPENNEY | 2008 | 2033 | COURTHOUSE ATHLETIC CLUB | 2009 | 2014 | |||||||||||||||||||||||||||||||||||
| HACIENDA HEIGHTS (7) | 2006 | FEE | 12.1 | 135,012 | 91.1 | ALBERTSONS | 2016 | 2071 | VIVO DANCE | 2007 | 2012 | |||||||||||||||||||||||||||||||||||||
| HAYWARD (7) | 2006 | FEE | 8.1 | 80,911 | 97.4 | 99 CENTS ONLY STORES | 2010 | 2025 | BIG LOTS | 2011 | 2021 | |||||||||||||||||||||||||||||||||||||
| HUNTINGTON BEACH (7) | 2006 | FEE | 12.0 | 148,756 | 97.0 | VONS | 2016 | 2036 | SAV-ON DRUG | 2015 | 2030 | |||||||||||||||||||||||||||||||||||||
| JACKSON | 2006 | FEE | 9.2 | 67,665 | 100.0 | RALEY’S | 2024 | 2049 | ||||||||||||||||||||||||||||||||||||||||
| LA MIRADA | 1998 | FEE | 31.2 | 261,782 | 100.0 | TOYS “R” US | 2012 | 2032 | US POST OFFICE | 2010 | 2020 | MOVIES 7 DOLLAR THEATRE | 2008 | 2018 | ||||||||||||||||||||||||||||||||||
| LA VERNE (7) | 2006 | GROUND LEASE (2059) | 20.1 | 231,376 | 98.4 | TARGET | 2009 | 2034 | VONS STORE | 2010 | 2055 | |||||||||||||||||||||||||||||||||||||
| LIVERMORE (7) | 2006 | FEE | 8.1 | 104,363 | 100.0 | ROSS DRESS FOR LESS | 2009 | 2024 | RICHARD CRAFTS | 2008 | 2018 | BIG 5 SPORTING GOODS | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| LOS ANGELES (7) | 2006 | GROUND LEASE (2070) | 0.0 | 169,744 | 99.1 | KMART | 2012 | 2018 | SUPERIOR MARKETS | 2023 | 2038 | SAV-ON | 2011 | 2016 | ||||||||||||||||||||||||||||||||||
| LOS ANGELES (7) | 2006 | GROUND LEASE (2050) | 14.6 | 165,195 | 97.8 | RALPHS/FOOD 4 LESS | 2007 | 2037 | FACTORY 2-U | 2011 | 2016 | RITE AID | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| LOS BANOS (7) | 2006 | FEE | 7.7 | 110,535 | 97.8 | SAVE MART | 2012 | 2042 | RITE AID | 2012 | 2042 | |||||||||||||||||||||||||||||||||||||
| MANTECA | 2006 | FEE | 1.1 | 19,455 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MANTECA (7) | 2006 | FEE | 13.3 | 171,953 | 99.1 | STADIUM 10 CINEMAS | 2022 | 2032 | SAVE MART | 2013 | 2033 | RITE AID | 2017 | |||||||||||||||||||||||||||||||||||
| MANTECA (7) | 2006 | FEE | 7.2 | 96,393 | 98.9 | PAK ‘N’ SAVE | 2013 | BIG 5 SPORTING GOODS | 2018 | |||||||||||||||||||||||||||||||||||||||
| MERCED | 2006 | FEE | 1.6 | 27,350 | 91.2 | |||||||||||||||||||||||||||||||||||||||||||
| MODESTO (7) | 2006 | FEE | 17.9 | 214,772 | 98.4 | GOTTSCHALKS | 2013 | 2027 | RALEY’S | 2009 | 2024 | GOTTSCHALKS | 2012 | 2026 | ||||||||||||||||||||||||||||||||||
| MODESTO (7) | 2006 | FEE | 5.6 | 77,863 | 100.0 | SAVE MART | 2013 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| MONTEBELLO (8) | 2000 | JOINT VENTURE | 25.4 | 251,489 | 100.0 | SEARS | 2012 | 2062 | TOYS “R” US | 2018 | 2043 | AMC THEATRES | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| MORAGA (7) | 2006 | FEE | 33.7 | 163,975 | 96.6 | TJ MAXX | 2011 | 2026 | LONGS DRUGS | 2010 | 2035 | U.S. POSTAL SERVICE | 2011 | 2031 | ||||||||||||||||||||||||||||||||||
| MORGAN HILL | 2003 | JOINT VENTURE | 8.1 | 103,362 | 100.0 | HOME DEPOT | 2024 | 2054 | ||||||||||||||||||||||||||||||||||||||||
| NAPA | 2006 | GROUND LEASE (2070)/ JOINT VENTURE | 34.5 | 349,530 | 100.0 | TARGET | 2020 | 2040 | HOME DEPOT | 2018 | 2040 | RALEY’S | 2020 | 2045 | ||||||||||||||||||||||||||||||||||
| NORTHRIDGE | 2005 | FEE | 9.3 | 158,812 | 100.0 | DSW SHOE WAREHOUSE | 2016 | 2028 | LINENS N THINGS | 2013 | 2028 | GELSON’S MARKET | 2017 | 2027 | ||||||||||||||||||||||||||||||||||
| NOVATO (7) | 2003 | FEE | 11.3 | 133,862 | 92.5 | SAFEWAY | 2025 | 2060 | RITE AID | 2008 | 2023 | BIG LOTS | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| OCEANSIDE (7) | 2006 | FEE | 42.7 | 366,775 | 100.0 | STEIN MART | 2009 | 2024 | ROSS DRESS FOR LESS | 2009 | 2014 | BARNES & NOBLE | 2013 | 2028 | ||||||||||||||||||||||||||||||||||
| OCEANSIDE (7) | 2006 | GROUND LEASE (2048) | 9.5 | 92,378 | 87.1 | LAMPS PLUS | 2011 | TRADER JOE’S | 2016 | 2026 | ||||||||||||||||||||||||||||||||||||||
| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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ALABAMA |
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| HOOVER | 2000 | FEE | 11.5 | 115,347 | 100.0 | WAL-MART | 2025 | 2095 |
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| HOOVER (4) | 2007 | JOINT VENTURE | 163.9 | 20,000 | 100.0 |
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| MOBILE (12) | 1986 | JOINT VENTURE | 48.8 | 319,164 | 90.9 | ACADEMY SPORTS & OUTDOORS | 2021 | 2031 | ROSS DRESS FOR LESS | 2015 | 2035 | MARSHALLS | 2010 | 2017 |
ALASKA |
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| ANCHORAGE (4) | 2006 | JOINT VENTURE | 24.6 | 98,000 | 100.0 | MICHAELS | 2017 | 2037 | BED BATH & BEYOND | 2018 | 2038 | OLD NAVY | 2012 | 2018 |
| KENAI | 2003 | JOINT VENTURE | 14.7 | 146,759 | 100.0 | HOME DEPOT | 2018 | 2048 |
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ARIZONA |
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| GLENDALE | 2007 | FEE | 16.5 | 96,337 | 98.0 | MOR FURNITURE FOR LESS | 2016 |
| MICHAELS | 2013 | 2018 | ANNA'S LINENS | 2015 | 2025 |
| GLENDALE (7) | 1998 | JOINT VENTURE | 40.5 | 333,388 | 98.9 | COSTCO | 2011 | 2046 | FLOOR & DECOR | 2015 | 2025 | LEVITZ | 2008 |
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| GLENDALE (9) | 2004 | FEE | 6.4 | 70,428 | 100.0 | SAFEWAY | 2016 | 2046 |
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| MARANA | 2003 | FEE | 18.2 | 191,008 | 100.0 | LOWE'S HOME CENTER | 2019 | 2069 |
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| MESA | 1998 | FEE | 19.8 | 144,617 | 85.1 | ROSS DRESS FOR LESS | 2010 | 2015 | CINE MANIA | 2014 | 2019 | BLACK ANGUS | 2010 | 2015 |
| MESA (4) | 2005 | GROUND LEASE (2078)/ JOINT VENTURE | 6.1 | 1,004,000 | 100.0 | WAL-MART | 2027 | 2077 | BASS PRO SHOPS | 2027 | 2057 | HOME DEPOT | 2028 | 2058 |
| MESA (9) | 2004 | FEE | 29.4 | 307,375 | 84.4 | SPORTS AUTHORITY | 2016 | 2046 | CIRCUIT CITY | 2016 | 2036 | MICHAELS | 2010 | 2025 |
| NORTH PHOENIX | 1998 | FEE | 17.0 | 230,164 | 100.0 | BURLINGTON COAT FACTORY | 2013 | 2023 | GUITAR CENTER | 2017 | 2027 | MICHAELS | 2012 | 2022 |
| PHOENIX | 1998 | JOINT VENTURE | 1.6 | 16,410 | 100.0 | CHAPMAN BMW | 2016 | 2031 |
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| PHOENIX | 1998 | FEE | 13.4 | 153,180 | 98.1 | HOME DEPOT | 2020 | 2050 | JO-ANN FABRICS | 2010 | 2025 |
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| PHOENIX (3) | 1998 | FEE | 26.6 | 339,342 | 90.1 | COSTCO | 2011 | 2041 | PHOENIX RANCH MARKET | 2021 | 2041 | FAMSA | 2022 | 2032 |
| PHOENIX | 1997 | FEE | 17.5 | 131,621 | 97.0 | SAFEWAY | 2014 | 2039 | TRADER JOE'S | 2014 | 2029 |
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| PHOENIX (6) | 2006 | FEE | 9.4 | 94,379 | 66.7 | DOLLAR TREE | 2012 | 2017 |
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| SURPRISE (4) | 2004 | JOINT VENTURE | 94.4 | - | - |
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| SURPRISE (4) | 2004 | JOINT VENTURE | 19.0 | 6,000 | 100.0 |
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| TUCSON | 2003 | JOINT VENTURE | 17.8 | 190,174 | 100.0 | LOWE'S HOME CENTER | 2019 | 2069 |
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CALIFORNIA |
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| ALHAMBRA | 1998 | FEE | 18.4 | 195,455 | 100.0 | COSTCO | 2027 | 2057 | COSTCO | 2027 | 2057 | JO-ANN FABRICS | 2009 | 2019 |
| ANAHEIM | 1995 | FEE | 1.0 | 15,396 | 100.0 | NORTHGATE GONZALEZ MARKETS | 2022 | 2032 |
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| ANAHEIM (6) | 2006 | FEE | 36.1 | 347,350 | 92.5 | MERVYN'S | 2012 | 2022 | GIGANTE | 2023 | 2033 | OFFICEMAX | 2011 | 2026 |
| ANAHEIM (6) | 2006 | FEE | 19.1 | 184,613 | 93.9 | RALPHS | 2016 | 2046 | RITE AID | 2016 | 2025 | DOLLAR STORE | 2009 | 2014 |
| ANAHEIM (6) | 2006 | FEE | 8.5 | 105,085 | 97.2 | STATER BROTHERS | 2011 | 2026 | CVS | 2012 | 2022 |
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| ANGEL'S CAMP (6) | 2006 | FEE | 5.1 | 77,967 | 96.1 | SAVE MART | 2022 | 2048 | RITE AID | 2011 | 2031 |
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| ANTELOPE (6) | 2006 | FEE | 13.1 | 119,998 | 89.8 | FOOD MAXX | 2008 | 2022 | GOODWILL INDUSTRIES | 2014 | 2029 |
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| BAKERSFIELD (6) | 2006 | FEE | 1.2 | 14,115 | 91.5 |
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| BELLFLOWER (6) | 2006 | GROUND LEASE (2032) | 9.1 | 113,511 | 100.0 | STATER BROTHERS | 2012 | 2022 | STAPLES | 2012 |
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| CALSBAD (6) | 2006 | FEE | 21.1 | 160,928 | 98.2 | MARSHALLS | 2013 | 2018 | DOLLAR TREE | 2013 | 2023 | KIDS 'R' US | 2018 | 2027 |
| CARMICHAEL | 1998 | FEE | 18.5 | 210,306 | 100.0 | HOME DEPOT | 2013 | 2022 | SPORTS AUTHORITY | 2009 | 2024 | LONGS DRUGS | 2013 | 2033 |
| CHICO | 2006 | FEE | 1.3 | 19,560 | 87.3 |
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| CHICO | 2007 | FEE | 26.5 | 264,680 | 97.5 | FOOD MAXX | 2009 | 2024 | ASHLEY FURNITURE HOMESTORE | 2009 | 2019 | BED, BATH & BEYOND | 2014 | 2029 |
| CHICO (8) | 2007 | JOINT VENTURE | 7.3 | 69,812 | 100.0 | RALEY'S | 2024 | 2039 |
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| CHINO (6) | 2006 | FEE | 33.0 | 341,577 | 93.3 | LA CURACAO | 2021 | 2041 | ROSS DRESS FOR LESS | 2013 | 2033 | DD'S DISCOUNT | 2016 | 2036 |
| CHINO (6) | 2006 | FEE | 13.1 | 168,264 | 100.0 | DOLLAR TREE | 2008 | 2023 | PETSMART | 2012 | 2027 | RITE AID | 2010 | 2020 |
| CHINO HILLS | 2005 | FEE | 7.3 | 73,352 | 91.3 | STATER BROTHERS | 2022 | 2052 |
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| CHINO HILLS (6) | 2006 | FEE | 11.8 | 128,082 | 71.9 |
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| CHULA VISTA | 1998 | FEE | 34.3 | 356,335 | 99.7 | COSTCO | 2029 | 2079 | WAL-MART | 2025 | 2086 | NAVCARE | 2009 |
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| COLMA (8) | 2006 | JOINT VENTURE | 6.4 | 213,532 | 97.8 | MARSHALLS | 2012 |
| NORDSTROM RACK | 2017 |
| BED BATH & BEYOND | 2011 | 2026 |
| CORONA | 1998 | FEE | 47.6 | 487,048 | 96.6 | COSTCO | 2012 | 2042 | HOME DEPOT | 2010 | 2029 | LEVITZ | 2009 | 2029 |
| CORONA | 2007 | FEE | 12.3 | 148,815 | 97.0 | VONS | 2013 | 2038 | PETSMART | 2009 | 2034 | ANNA'S LINENS | 2012 | 2027 |
| COVINA (7) | 2000 | GROUND LEASE (2054)/ JOINT VENTURE | 26.0 | 269,433 | 90.8 | HOME DEPOT | 2009 | 2034 | STAPLES | 2011 |
| PETSMART | 2008 | 2028 |
| CUPERTINO | 2006 | FEE | 11.5 | 114,533 | 88.1 | 99 RANCH MARKET | 2012 | 2027 |
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| DALY CITY (3) | 2002 | FEE | 25.6 | 554,120 | 95.2 | HOME DEPOT | 2026 | 2056 | BURLINGTON COAT FACTORY | 2012 | 2022 | SAFEWAY | 2009 | 2024 |
| DOWNEY (6) | 2006 | GROUND LEASE (2009) | 9.8 | 114,722 | 100.0 | A WORLD OF DECOR | 2009 |
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| DUBLIN (6) | 2006 | FEE | 12.4 | 154,728 | 100.0 | ORCHARD SUPPLY HARDWARE | 2011 |
| MARSHALLS | 2010 | 2025 | ROSS DRESS FOR LESS | 2013 | 2023 |
| EL CAJON | 2003 | JOINT VENTURE | 10.9 | 128,343 | 100.0 | KOHL'S | 2024 | 2053 | MICHAELS | 2015 | 2035 |
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| EL CAJON (9) | 2004 | FEE | 10.4 | 98,474 | 98.3 | RITE AID | 2018 | 2043 | ROSS DRESS FOR LESS | 2014 | 2024 | PETCO | 2009 | 2014 |
| ELK GROVE | 2006 | FEE | 2.3 | 30,130 | 100.0 |
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| ELK GROVE | 2006 | FEE | 0.8 | 7,880 | 100.0 |
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| ELK GROVE (6) | 2006 | FEE | 8.1 | 120,970 | 100.0 | BEL AIR MARKET | 2025 | 2050 | CARL'S JR. | 2020 | 2034 |
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| ELK GROVE (6) | 2006 | FEE | 5.0 | 34,015 | 90.2 |
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| ENCINITAS (6) | 2006 | FEE | 9.1 | 119,738 | 84.7 | ALBERTSONS | 2011 | 2031 |
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| ESCONDIDO (6) | 2006 | FEE | 23.1 | 231,157 | 98.3 | LA FITNESS | 2017 |
| VONS | 2009 | 2014 | CVS | 2009 | 2034 |
| FAIR OAKS (6) | 2006 | FEE | 9.6 | 98,625 | 92.3 | RALEY'S | 2011 | 2021 |
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| FOLSOM | 2003 | JOINT VENTURE | 9.5 | 108,255 | 100.0 | KOHL'S | 2018 | 2048 |
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| FREMONT (6) | 2007 | JOINT VENTURE | 51.7 | 504,666 | 96.0 | SAFEWAY | 2025 | 2050 | BED BATH & BEYOND | 2010 | 2025 | MARSHALLS | 2015 | 2030 |
| FREMONT (6) | 2006 | FEE | 11.9 | 131,239 | 99.1 | ALBERTSONS | 2013 | 2038 | LONGS DRUGS | 2011 | 2021 | BALLY TOTAL FITNESS | 2009 | 2029 |
| FRESNO (6) | 2006 | FEE | 9.9 | 102,581 | 91.4 | SAVE MART | 2014 | 2034 | RITE AID | 2014 | 2044 |
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| FRESNO (9) | 2004 | FEE | 10.8 | 121,107 | 100.0 | BED BATH & BEYOND | 2010 | 2025 | SPORTMART | 2013 | 2023 | ROSS DRESS FOR LESS | 2011 | 2031 |
| FULLERTON (6) | 2006 | GROUND LEASE (2042) | 20.3 | 270,647 | 95.2 | TOYS'R 'US/CHUCK E.CHEESE | 2017 | 2042 | AMC THEATRES | 2012 | 2037 |
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| GARDENA (6) | 2006 | FEE | 6.5 | 65,987 | 100.0 | TAWA MARKET | 2010 | 2020 | RITE AID | 2015 | 2035 |
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| GRANITE BAY (6) | 2006 | FEE | 11.5 | 140,184 | 88.9 | RALEY'S | 2018 | 2033 |
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| GRASS VALLEY (6) | 2006 | FEE | 30.0 | 217,519 | 95.0 | RALEY'S | 2018 |
| JCPENNEY | 2008 | 2033 | COURTHOUSE ATHLETIC CLUB | 2009 | 2014 |
| HACIENDA HEIGHTS (6) | 2006 | FEE | 12.1 | 135,012 | 90.3 | ALBERTSONS | 2016 | 2071 | VIVO DANCE | 2012 |
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| HAYWARD (6) | 2006 | FEE | 8.1 | 80,911 | 100.0 | 99 CENTS ONLY STORES | 2010 | 2025 | BIG LOTS | 2011 | 2021 |
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| HUNTINGTON BEACH (6) | 2006 | FEE | 12.0 | 148,756 | 99.0 | VONS | 2016 | 2036 | CVS | 2015 | 2030 |
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| JACKSON | 2007 | FEE | 9.2 | 67,665 | 100.0 | RALEY'S | 2024 | 2049 |
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| LA MIRADA | 1998 | FEE | 31.2 | 261,782 | 100.0 | TOYS "R" US | 2012 | 2032 | U.S. POSTAL SERVICE | 2010 | 2020 | MOVIES 7 DOLLAR THEATRE | 2008 | 2018 |
| LA VERNE (6) | 2006 | GROUND LEASE (2059) | 20.1 | 227,575 | 98.8 | TARGET | 2009 | 2034 | VONS | 2010 | 2055 |
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| LAGUNA HILLS | 2007 | JOINT VENTURE | 16.0 | 160,000 | 100.0 | MACY'S | 2014 | 2050 |
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| LINCOLN (8) | 2007 | JOINT VENTURE | 13.1 | 119,559 | 98.8 | SAFEWAY | 2026 | 2066 | LONGS DRUG STORES | 2027 | 2057 |
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| LIVERMORE (6) | 2006 | FEE | 8.1 | 104,363 | 96.2 | ROSS DRESS FOR LESS | 2009 | 2024 | RICHARD CRAFTS | 2008 | 2018 | BIG 5 SPORTING GOODS | 2012 | 2022 |
| LOS ANGELES (6) | 2006 | GROUND LEASE (2070) | 0.0 | 169,744 | 99.1 | KMART | 2012 | 2018 | SUPERIOR MARKETS | 2023 | 2038 | CVS | 2011 | 2016 |
| LOS ANGELES (6) | 2006 | GROUND LEASE (2050) | 14.6 | 165,195 | 95.3 | RALPHS/FOOD 4 LESS | 2011 | 2037 | FACTORY 2-U | 2011 | 2016 | RITE AID | 2010 | 2025 |
| MANTECA | 2006 | FEE | 1.1 | 19,455 | 94.4 |
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| MANTECA (6) | 2006 | FEE | 7.2 | 96,393 | 96.6 | PAK 'N' SAVE | 2013 |
| BIG 5 SPORTING GOODS | 2018 |
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| MERCED | 2006 | FEE | 1.6 | 27,350 | 81.4 |
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| MODESTO (6) | 2006 | FEE | 17.9 | 214,772 | 96.7 | GOTTSCHALKS | 2013 | 2027 | RALEY'S | 2009 | 2024 | GOTTSCHALKS | 2012 | 2026 |
| MONTEBELLO (7) | 2000 | JOINT VENTURE | 25.4 | 251,489 | 99.4 | SEARS | 2012 | 2062 | TOYS "R" US | 2018 | 2043 | AMC THEATRES | 2012 | 2032 |
| MORAGA (6) | 2006 | FEE | 33.7 | 163,975 | 92.1 | TJ MAXX | 2011 | 2026 | LONGS DRUGS | 2010 | 2035 | U.S. POSTAL SERVICE | 2011 | 2031 |
| MORGAN HILL | 2003 | JOINT VENTURE | 8.1 | 103,362 | 100.0 | HOME DEPOT | 2024 | 2054 |
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| NAPA | 2006 | GROUND LEASE (2070)/ JOINT VENTURE | 34.5 | 349,530 | 100.0 | TARGET | 2020 | 2040 | HOME DEPOT | 2018 | 2040 | RALEY'S | 2020 | 2045 |
| NORTHRIDGE | 2005 | FEE | 9.3 | 158,812 | 100.0 | DSW SHOE WAREHOUSE | 2016 | 2028 | LINENS N THINGS | 2013 | 2028 | GELSON'S MARKET | 2017 | 2027 |
| NOVATO (6) | 2003 | FEE | 11.3 | 133,862 | 97.8 | SAFEWAY | 2025 | 2060 | RITE AID | 2008 | 2023 | BIG LOTS | 2010 | 2020 |
| OCEANSIDE (6) | 2006 | FEE | 42.7 | 366,775 | 97.6 | STEIN MART | 2009 | 2024 | ROSS DRESS FOR LESS | 2009 | 2014 | BARNES & NOBLE | 2013 | 2028 |
| OCEANSIDE (6) | 2006 | GROUND LEASE (2048) | 9.5 | 92,378 | 87.1 | TRADER JOE'S | 2016 | 2026 | LAMPS PLUS | 2011 |
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| OCEANSIDE (6) | 2006 | FEE | 10.2 | 88,363 | 92.2 | VONS | 2008 |
| LONGS DRUGS | 2013 | 2033 |
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| ORANGEVALE (6) | 2006 | FEE | 17.3 | 160,811 | 96.4 | ALBERTSONS | 2024 | 2064 | LONGS DRUGS | 2022 | 2052 | U.S. POSTAL SERVICE | 2012 |
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| OXNARD (7) | 1998 | JOINT VENTURE | 14.4 | 171,580 | 100.0 | TARGET | 2013 |
| FOOD 4 LESS | 2013 |
| 24 HOUR FITNESS | 2010 | 2020 |
| PACIFICA (11) | 2004 | JOINT VENTURE | 13.6 | 168,871 | 96.3 | SAFEWAY | 2018 | 2038 | ROSS DRESS FOR LESS | 2010 | 2020 | RITE AID | 2021 |
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| PACIFICA (6) | 2006 | FEE | 7.5 | 104,281 | 96.1 | ALBERTSONS | 2008 | 2032 | RITE AID | 2012 | 2042 |
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| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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| PLEASANTON | 2007 | JOINT VENTURE | 17.5 | 175,000 | 100.0 | MACY'S | 2012 | 2040 |
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| PORTERVILLE (6) | 2006 | FEE | 8.1 | 81,010 | 93.2 | SAVE MART | 2010 | 2030 | COUNTY OF TULARE | 2025 | 2045 |
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| POWAY | 2005 | FEE | 8.3 | 121,977 | 93.5 | STEIN MART | 2013 | 2028 | HOME GOODS | 2014 | 2034 | OFFICE DEPOT | 2013 | 2028 |
| RANCHO CUCAMONGA (6) | 2006 | GROUND LEASE (2042) | 17.1 | 308,846 | 96.7 | FOOD 4 LESS | 2014 | 2034 | SPORTS CHALET | 2010 | 2020 | AMIGO'S FLOORING MONSTER | 2015 | 2040 |
| RANCHO CUCAMONGA (6) | 2006 | FEE | 5.2 | 56,019 | 100.0 | CVS | 2011 | 2026 |
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| RANCHO MIRAGE (6) | 2006 | FEE | 16.9 | 165,156 | 89.7 | VONS | 2010 | 2039 | LONGS DRUGS | 2010 | 2029 |
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| RED BLUFF | 2006 | FEE | 4.6 | 23,200 | 100.0 |
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| REDDING | 2006 | FEE | 1.8 | 21,876 | 89.0 |
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| REDWOOD CITY (9) | 2004 | FEE | 6.4 | 49,429 | 100.0 | ORCHARD SUPPLY HARDWARE | 2009 | 2029 |
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| RIVERSIDE | 2007 | FEE | 5.0 | 86,108 | 100.0 | BURLINGTON COAT FACTORY | 2009 | 2028 |
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| ROSEVILLE (8) | 2007 | JOINT VENTURE | 9.0 | 81,171 | 100.0 | SAFEWAY | 2030 | 2060 |
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| ROSEVILLE (9) | 2004 | FEE | 20.3 | 188,493 | 99.3 | SPORTS AUTHORITY | 2016 | 2031 | LINENS N THINGS | 2012 | 2027 | ROSS DRESS FOR LESS | 2013 | 2028 |
| SACRAMENTO (6) | 2006 | FEE | 23.1 | 189,043 | 96.5 | SD MART | 2014 | 2024 | SEAFOOD CITY | 2018 | 2033 | BIG 5 SPORTING GOODS | 2012 | 2022 |
| SACRAMENTO (6) | 2006 | FEE | 13.2 | 120,893 | 91.5 | UNITED ARTISTS THEATRE | 2016 | 2028 | 24 HOUR FITNESS | 2012 | 2027 |
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| SAN DIEGO | 2007 | JOINT VENTURE | 22.6 | 225,919 | 100.0 | NORDSTROM | 2017 | 2037 |
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| SAN DIEGO | 2007 | FEE | 13.4 | 49,080 | 100.0 |
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| SAN DIEGO (6) | 2006 | GROUND LEASE (2023) | 16.4 | 210,621 | 100.0 | CIRCUIT CITY | 2010 | 2020 | TJ MAXX | 2010 | 2015 | CVS | 2013 | 2023 |
| SAN DIEGO (7) | 2000 | JOINT VENTURE | 11.2 | 117,410 | 100.0 | ALBERTSONS | 2012 |
| SPORTMART | 2013 |
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| SAN DIEGO (8) | 2007 | JOINT VENTURE | 5.9 | 59,414 | 98.4 |
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| SAN DIEGO (8) | 2007 | JOINT VENTURE | 12.8 | 57,406 | 100.0 |
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| SAN DIEGO (9) | 2004 | FEE | 42.1 | 411,375 | 100.0 | COSTCO | 2014 | 2044 | PRICE SELF STORAGE | 2035 |
| CHARLOTTE RUSSE | 2009 | 2019 |
| SAN DIEGO (9) | 2004 | FEE | 5.9 | 35,000 | 100.0 | CLAIM JUMPER | 2013 | 2023 |
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|
|
|
|
| SAN DIMAS (6) | 2006 | FEE | 13.4 | 154,020 | 98.7 | OFFICEMAX | 2011 | 2026 | ROSS DRESS FOR LESS | 2013 | 2023 | PETCO | 2012 | 2027 |
| SAN JOSE (6) | 2006 | FEE | 16.8 | 183,180 | 97.3 | WAL-MART | 2011 | 2041 | WALGREENS | 2030 |
|
|
|
|
| SAN LEANDRO (6) | 2006 | FEE | 6.2 | 95,255 | 100.0 | ROSS DRESS FOR LESS | 2018 |
| MICHAELS | 2008 | 2013 |
|
|
|
| SAN LUIS OBISPO | 2005 | FEE | 17.6 | 174,428 | 96.3 | VON'S | 2017 | 2042 | MICHAELS | 2008 | 2028 | CVS | 2017 | 2047 |
| SAN RAMON (7) | 1999 | JOINT VENTURE | 5.3 | 41,913 | 100.0 | PETCO | 2012 | 2022 |
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| SANTA ANA | 1998 | FEE | 12.0 | 134,400 | 100.0 | HOME DEPOT | 2015 | 2035 |
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| SANTA CLARITA (6) | 2006 | FEE | 14.1 | 96,662 | 84.2 | ALBERTSONS | 2012 | 2042 |
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| SANTA ROSA | 2005 | FEE | 3.6 | 41,565 | 97.0 | ACE HARDWARE | 2009 | 2019 |
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| SANTEE | 2003 | JOINT VENTURE | 44.5 | 311,439 | 99.2 | 24 HOUR FITNESS | 2017 |
| BED BATH & BEYOND | 2012 | 2017 | TJ MAXX | 2012 | 2027 |
| SIGNAL HILL (9) | 2004 | FEE | 15.0 | 181,250 | 97.3 | HOME DEPOT | 2014 | 2034 | PETSMART | 2009 | 2024 |
|
|
|
| STOCKTON | 1999 | FEE | 14.6 | 152,919 | 87.2 | SUPER UNITED FURNITURE | 2009 | 2019 | COSTCO | 2013 | 2033 |
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|
| TEMECULA (6) | 2006 | FEE | 17.9 | 139,130 | 98.6 | ALBERTSONS | 2015 | 2035 | LONGS DRUGS | 2016 | 2041 |
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|
| TEMECULA (7) | 1999 | JOINT VENTURE | 40.0 | 342,336 | 97.4 | KMART | 2017 | 2032 | FOOD 4 LESS | 2010 | 2030 | TRISTONE THEATRES | 2013 | 2018 |
| TEMECULA (9) | 2004 | FEE | 47.4 | 345,113 | 99.4 | WAL-MART | 2028 | 2058 | KOHL'S | 2023 | 2043 | ROSS DRESS FOR LESS | 2014 | 2034 |
| TORRANCE (6) | 2007 | JOINT VENTURE | 6.8 | 67,504 | 89.2 | ACE HARDWARE | 2013 | 2023 | COOKIN' STUFF | 2012 |
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| TORRANCE (7) | 2000 | JOINT VENTURE | 26.7 | 266,847 | 100.0 | HL TORRANCE | 2011 | 2021 | LINENS N THINGS | 2010 | 2020 | MARSHALLS | 2009 | 2019 |
| TRUCKEE | 2006 | FEE | 3.2 | 26,553 | 88.8 |
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| TRUCKEE (8) | 2007 | GROUND LEASE (2016)/ JOINT VENTURE | 4.9 | 41,149 | 97.1 |
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| TULARE (6) | 2006 | FEE | 6.9 | 119,412 | 87.7 | SAVE MART | 2011 | 2031 | RITE AID | 2011 | 2041 | DOLLAR TREE | 2013 |
|
| TURLOCK (6) | 2006 | FEE | 10.1 | 111,612 | 100.0 | RALEY'S | 2018 | 2033 | OUCHINA BUFFET | 2014 | 2024 |
|
|
|
| TUSTIN | 2007 | JOINT VENTURE | 68.6 | 685,983 | 98.8 | AMC THEATERS | 2039 |
| WHOLE FOODS MARKET | 2027 |
| TJ MAXX | 2017 |
|
| TUSTIN | 2003 | JOINT VENTURE | 9.1 | 108,413 | 100.0 | KMART | 2018 | 2048 |
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| TUSTIN (6) | 2006 | FEE | 15.7 | 209,996 | 98.0 | VONS | 2021 | 2041 | RITE AID | 2009 | 2029 | KRAGEN AUTO PARTS | 2011 | 2016 |
| TUSTIN (6) | 2006 | FEE | 12.9 | 138,348 | 98.0 | RALPHS | 2013 | 2023 | LONGS DRUGS | 2022 | 2032 | MICHAELS | 2013 |
|
| UKIAH (6) | 2006 | FEE | 11.1 | 110,565 | 100.0 | RALEY'S | 2016 | 2031 |
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| UPLAND (6) | 2006 | FEE | 22.5 | 271,867 | 97.2 | HOME DEPOT | 2009 | 2029 | PAVILIONS | 2008 | 2043 | STAPLES | 2008 | 2028 |
| VALENCIA (6) | 2006 | FEE | 13.6 | 143,333 | 98.2 | RALPHS | 2023 | 2053 | LONGS DRUGS | 2008 | 2023 |
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|
|
| VALLEJO (6) | 2006 | FEE | 14.2 | 150,766 | 97.1 | RALEY'S | 2017 | 2032 | 24 HOUR FITNESS | 2008 | 2013 | AARON RENTS | 2013 | 2023 |
| VALLEJO (6) | 2006 | FEE | 6.8 | 66,000 | 100.0 | SAFEWAY | 2015 | 2045 |
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| VISALIA | 2007 | JOINT VENTURE | 13.7 | 137,426 | 100.0 | REGAL SEQUOIA MALL 12 | 2016 |
| MARSHALLS | 2010 |
| BED BATH & BEYOND | 2011 |
|
| VISALIA (6) | 2006 | FEE | 4.2 | 46,460 | 96.2 | CHUCK E CHEESE | 2008 | 2013 |
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| VISTA (6) | 2006 | FEE | 12.0 | 136,672 | 90.4 | ALBERTSONS | 2011 | 2016 | CVS | 2010 | 2025 |
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| WALNUT CREEK (6) | 2006 | FEE | 3.2 | 114,733 | 100.0 | CENTURY THEATRES | 2023 | 2053 | COST PLUS | 2014 | 2024 |
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| WESTMINSTER (6) | 2006 | FEE | 16.4 | 208,660 | 97.6 | PAVILIONS | 2017 | 2047 | NEW WORLD AUDIO/VIDEO | 2013 |
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| WINDSOR (6) | 2006 | GROUND LEASE (2054) | 13.1 | 127,047 | 97.1 | SAFEWAY | 2014 | 2054 | LONGS DRUGS | 2018 | 2048 |
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| WINDSOR (6) | 2006 | FEE | 9.8 | 107,769 | 98.7 | RALEY'S | 2012 | 2027 | 21ST CENTURY HEALTH CLUB | 2008 | 2017 |
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| YREKA (6) | 2006 | FEE | 14.0 | 127,148 | 98.9 | RALEY'S | 2014 | 2029 | JCPENNEY | 2011 |
| DOLLAR TREE | 2013 |
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COLORADO |
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| AURORA | 1998 | FEE | 13.8 | 154,536 | 80.8 | ROSS DRESS FOR LESS | 2017 | 2037 | TJ MAXX | 2012 |
| SPACE AGE FEDERAL | 2016 | 2026 |
| AURORA | 1998 | FEE | 9.9 | 44,174 | 89.2 |
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| AURORA | 1998 | FEE | 13.9 | 152,282 | 85.7 | ALBERTSONS | 2011 | 2051 | DOLLAR TREE | 2012 | 2027 | CROWN LIQUORS | 2015 |
|
| COLORADO SPRINGS | 1998 | FEE | 10.7 | 107,310 | 76.0 | RANCHO LIBORIO | 2017 | 2042 |
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| DENVER | 1998 | FEE | 1.5 | 18,405 | 100.0 | SAVE-A-LOT | 2012 | 2027 |
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| ENGLEWOOD | 1998 | FEE | 6.5 | 80,330 | 93.5 | HOBBY LOBBY | 2013 | 2023 | OLD COUNTRY BUFFET | 2009 | 2019 |
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| FORT COLLINS | 2000 | FEE | 11.6 | 115,862 | 100.0 | KOHL'S | 2020 | 2070 | GUITAR CENTER | 2017 | 2027 |
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| GREELEY (13) | 2005 | JOINT VENTURE | 14.4 | 138,818 | 100.0 | BED BATH & BEYOND | 2016 | 2036 | MICHAELS | 2015 | 2035 | CIRCUIT CITY | 2016 | 2031 |
| GREENWOOD VILLAGE | 2003 | JOINT VENTURE | 21.0 | 196,726 | 100.0 | HOME DEPOT | 2019 | 2069 |
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| LAKEWOOD | 1998 | FEE | 7.6 | 82,581 | 88.7 | SAFEWAY | 2012 | 2032 |
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| PUEBLO | 2006 | JOINT VENTURE | 3.3 | - | - |
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CONNECTICUT |
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| BRANFORD (7) | 2000 | JOINT VENTURE | 19.1 | 190,738 | 98.6 | KOHL'S | 2012 | 2022 | SUPER FOODMART | 2016 | 2038 |
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| DERBY (3) | 2005 | JOINT VENTURE | 20.7 | 144,532 | 100.0 |
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| ENFIELD (7) | 2000 | JOINT VENTURE | 14.9 | 148,517 | 100.0 | KOHL'S | 2021 | 2041 | BEST BUY | 2016 | 2031 |
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| FARMINGTON | 1998 | FEE | 16.9 | 184,572 | 100.0 | SPORTS AUTHORITY | 2018 | 2063 | LINENS N THINGS | 2016 | 2036 | BORDERS BOOKS | 2018 | 2063 |
| HAMDEN | 1967 | JOINT VENTURE | 31.7 | 376,616 | 100.0 | WAL-MART | 2019 | 2039 | BON-TON | 2012 |
| BOB'S STORES | 2016 | 2036 |
| NORTH HAVEN | 1998 | FEE | 31.7 | 331,919 | 100.0 | HOME DEPOT | 2009 | 2029 | BJ'S | 2011 | 2041 | XPECT DISCOUNT | 2008 | 2013 |
| WATERBURY | 1993 | FEE | 13.1 | 137,943 | 100.0 | RAYMOUR & FLANIGAN FURNITURE | 2017 | 2037 | STOP & SHOP | 2013 | 2043 |
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DELAWARE |
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| |
| ELSMERE | 1979 | GROUND LEASE (2076) | 17.1 | 112,610 | 100.0 | VALUE CITY | 2008 | 2038 |
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|
| WILMINGTON (11) | 2004 | GROUND LEASE (2052)/ JOINT VENTURE | 25.9 | 165,805 | 100.0 | SHOPRITE | 2014 | 2044 | SPORTS AUTHORITY | 2008 | 2023 | RAYMOUR & FLANIGAN | 2019 | 2044 |
FLORIDA |
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| ALTAMONTE SPRINGS | 1995 | FEE | 5.6 | 94,193 | 100.0 | ORIENTAL MARKET | 2012 | 2022 | THOMASVILLE HOME | 2011 | 2021 | PEARL ARTS N CRAFTS | 2008 | 2018 |
| ALTAMONTE SPRINGS | 1998 | FEE | 19.4 | 233,817 | 100.0 | BAER'S FURNITURE | 2024 | 2034 | LEATHER GALLERIES | 2009 | 2014 | DSW SHOE WAREHOUSE | 2012 | 2032 |
| BOCA RATON | 1967 | FEE | 9.9 | 73,549 | 97.5 | WINN DIXIE | 2008 | 2033 |
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| BONITA SPRINGS (8) | 2006 | JOINT VENTURE | 7.9 | 79,676 | 94.3 | PUBLIX | 2022 | 2052 |
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| BOYNTON BEACH (7) | 1999 | JOINT VENTURE | 18.0 | 194,028 | 100.0 | BEALLS | 2011 | 2056 | ALBERTSONS | 2015 | 2040 |
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| BRADENTON | 1968 | JOINT VENTURE | 6.2 | 30,938 | 86.1 | GRAND CHINA BUFFET | 2009 | 2014 |
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| BRADENTON | 1998 | FEE | 19.6 | 162,997 | 96.5 | PUBLIX | 2012 | 2032 | TJ MAXX | 2009 | 2019 | JO-ANN FABRICS | 2009 | 2024 |
| BRANDON (7) | 2001 | JOINT VENTURE | 29.7 | 143,785 | 100.0 | BED BATH & BEYOND | 2010 | 2020 | ROSS DRESS FOR LESS | 2010 | 2025 | THOMASVILLE HOME | 2010 | 2020 |
| CAPE CORAL (8) | 2006 | JOINT VENTURE | 12.5 | 125,110 | 98.5 | PUBLIX | 2022 | 2052 | ROSS DRESS FOR LESS | 2013 | 2033 | STAPLES | 2008 | 2033 |
| CAPE CORAL (8) | 2006 | JOINT VENTURE | 4.2 | 42,030 | 96.8 |
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| CLEARWATER | 2005 | FEE | 20.7 | 207,071 | 95.2 | HOME DEPOT | 2023 | 2068 | JO-ANN FABRICS | 2014 | 2034 | STAPLES | 2014 | 2034 |
| CORAL SPRINGS | 1994 | FEE | 5.9 | 55,597 | 100.0 | LINENS N THINGS | 2012 | 2027 |
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| CORAL SPRINGS | 1997 | FEE | 9.8 | 86,342 | 100.0 | TJ MAXX | 2012 | 2017 | PARTY SUPERMARKET | 2011 | 2016 |
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| CORAL WAY | 1992 | JOINT VENTURE | 8.7 | 87,305 | 100.0 | WINN DIXIE | 2011 | 2036 | STAPLES | 2016 | 2031 |
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| CUTLER RIDGE | 1998 | JOINT VENTURE | 3.8 | 37,640 | 100.0 | POTAMKIN CHEVROLET | 2015 | 2050 |
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29
| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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| DELRAY BEACH (8) | 2006 | JOINT VENTURE | 5.1 | 50,906 | 97.6 | PUBLIX | 2025 | 2055 |
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| EAST ORLANDO | 1971 | GROUND LEASE (2068) | 11.6 | 131,981 | 98.1 | SPORTS AUTHORITY | 2010 | 2020 | OFFICE DEPOT | 2010 | 2025 | C-TOWN | 2013 | 2028 |
| FERN PARK | 1968 | FEE | 12.0 | 83,382 | 86.2 | BOOKS-A-MILLION | 2008 | 2016 | OFFICEMAX | 2008 | 2023 |
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|
| FORT LAUDERDALE (9) | 2004 | FEE | 22.9 | 229,034 | 100.0 | REGAL CINEMAS | 2017 | 2057 | OFFICE DEPOT | 2011 | 2026 | JUST FOR SPORTS | 2017 | 2023 |
| FORT MEYERS (8) | 2006 | JOINT VENTURE | 7.4 | 74,286 | 90.7 | PUBLIX | 2023 | 2053 |
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| HIALEAH | 1998 | JOINT VENTURE | 2.4 | 23,625 | 100.0 | POTAMKIN CHEVROLET | 2015 | 2050 |
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| HOLLYWOOD | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | HOME GOODS | 2010 | 2025 | MICHAELS | 2010 | 2030 |
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|
| HOLLYWOOD (9) | 2004 | FEE | 98.9 | 871,723 | 98.6 | HOME DEPOT | 2019 | 2069 | KMART | 2019 | 2069 | BJ'S | 2019 | 2069 |
| HOLLYWOOD (9) | 2004 | FEE | 10.5 | 141,097 | 90.0 | AZOPHARMA CONTRACT SERVICES | 2011 | 2017 | TRADER PUBLISHING COMPANY | 2008 |
| MANTECH SYSTEMS INT'L | 2008 | 2013 |
| HOMESTEAD | 1972 | GROUND LEASE (2093)/ JOINT VENTURE | 21.4 | 209,214 | 100.0 | PUBLIX | 2014 | 2034 | MARSHALLS | 2011 | 2026 | OFFICEMAX | 2013 | 2028 |
| JACKSONVILLE | 2002 | JOINT VENTURE | 5.1 | 51,002 | 100.0 | MICHAELS | 2013 | 2033 | HOME GOODS | 2010 | 2020 |
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| JACKSONVILLE | 1999 | FEE | 18.6 | 205,696 | 100.0 | BURLINGTON COAT FACTORY | 2013 | 2018 | OFFICEMAX | 2012 | 2032 | TJ MAXX | 2012 | 2017 |
| JACKSONVILLE (4) | 2005 | JOINT VENTURE | 149.2 | 111,000 | 100.0 |
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| JACKSONVILLE (8) | 2006 | JOINT VENTURE | 7.3 | 72,840 | 88.5 | PUBLIX | 2053 |
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| JENSEN BEACH | 1994 | FEE | 20.7 | 173,491 | 94.4 | SERVICE MERCHANDISE | 2010 | 2070 | MARSHALLS | 2010 | 2020 | BEALLS | 2008 | 2013 |
| JENSEN BEACH (12) | 2006 | JOINT VENTURE | 19.8 | 197,731 | 76.1 | HOME DEPOT | 2025 | 2030 | HALLOWEEN EXPRESS | 2008 |
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|
| KEY LARGO (7) | 2000 | JOINT VENTURE | 21.5 | 207,332 | 96.9 | KMART | 2014 | 2064 | PUBLIX | 2009 | 2029 | BEALLS OUTLET | 2008 | 2011 |
| KISSIMMEE | 1996 | FEE | 18.4 | 90,840 | 81.2 | OFFICEMAX | 2012 | 2027 | DOCKSIDE IMPORT | 2008 |
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|
|
| LAKELAND | 2001 | FEE | 22.9 | 196,635 | 97.2 | STEIN MART | 2011 | 2026 | ROSS DRESS FOR LESS | 2012 |
| MARSHALLS | 2011 |
|
| LAKELAND | 2006 | FEE | 9.0 | 86,022 | 100.0 | SPORTS AUTHORITY | 2011 | 2026 | LAKELAND SQUARE 10 THEATRE | 2010 | 2020 | CHUCK E CHEESE | 2016 | 2026 |
| LARGO | 1968 | FEE | 12.0 | 149,472 | 100.0 | WAL-MART | 2012 | 2027 | ALDI | 2018 | 2038 |
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|
| LARGO | 1992 | FEE | 29.4 | 215,916 | 96.7 | PUBLIX | 2009 | 2029 | AMC THEATRES | 2011 | 2036 | OFFICE DEPOT | 2009 | 2019 |
| LARGO | 1993 | FEE | 6.6 | 56,668 | 41.0 |
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| LAUDERDALE LAKES | 1968 | JOINT VENTURE | 10.0 | 115,341 | 98.2 | SAVE-A-LOT | 2012 | 2017 | THINK THRIFT | 2012 | 2017 |
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|
| LAUDERHILL | 1978 | FEE | 18.1 | 181,416 | 90.5 | STAPLES | 2017 | 2037 | BABIES R US | 2009 | 2014 | 99CENT STUFF | 2008 | 2018 |
| LEESBURG | 1969 | GROUND LEASE (2017) | 1.3 | 13,468 | 88.9 |
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| MARGATE | 1993 | FEE | 34.1 | 233,193 | 100.0 | PUBLIX | 2008 | 2028 | SAM ASH MUSIC | 2011 |
| OFFICE DEPOT | 2010 | 2025 |
| MELBOURNE | 1968 | GROUND LEASE (2071) | 11.5 | 168,737 | 99.3 | SUBMITTORDER CO | 2010 | 2022 | WALGREENS | 2045 |
| GOODWILL INDUSTRIES | 2012 |
|
| MELBOURNE | 1998 | FEE | 13.2 | 144,439 | 95.9 | JO-ANN FABRICS | 2016 | 2031 | BED BATH & BEYOND | 2013 | 2028 | MARSHALLS | 2010 |
|
| MERRITT ISLAND (8) | 2006 | JOINT VENTURE | 6.0 | 60,103 | 100.0 | PUBLIX | 2023 | 2053 |
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| MIAMI | 1968 | FEE | 8.2 | 104,908 | 100.0 | HOME DEPOT | 2029 | 2059 | MILAM'S MARKET | 2008 |
| WALGREENS | 2009 |
|
| MIAMI | 1962 | JOINT VENTURE | 14.0 | 79,273 | 89.9 | BABIES R US | 2011 | 2021 | FIRESTONE TIRE | 2008 |
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|
| MIAMI | 1986 | FEE | 7.8 | 83,380 | 98.7 | PUBLIX | 2009 | 2029 | WALGREENS | 2018 |
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| MIAMI | 1998 | JOINT VENTURE | 2.9 | 29,166 | 100.0 | LEHMAN TOYOTA | 2015 | 2050 |
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| MIAMI | 1998 | JOINT VENTURE | 1.7 | 17,117 | 100.0 | LEHMAN TOYOTA | 2015 | 2050 |
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| MIAMI | 1998 | JOINT VENTURE | 8.7 | 86,900 | 100.0 | POTAMKIN CHEVROLET | 2015 | 2050 |
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|
| MIAMI | 2007 | FEE | 33.4 | 349,926 | 100.0 | PUBLIX | 2011 | 2031 | LINENS 'N THINGS | 2015 | 2030 | OFFICE DEPOT | 2010 | 2015 |
| MIAMI | 1995 | FEE | 5.4 | 63,604 | 100.0 | PETCO | 2016 | 2021 | PARTY CITY | 2012 | 2017 |
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|
| MIAMI (8) | 2007 | JOINT VENTURE | 7.5 | 59,880 | 95.8 | PUBLIX | 2027 | 2062 |
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| MIAMI (8) | 2006 | JOINT VENTURE | 6.4 | 63,595 | 100.0 | PUBLIX | 2023 | 2053 |
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|
| MIAMI (9) | 2004 | FEE | 31.2 | 402,801 | 96.9 | KMART | 2012 | 2042 | EL DORADO FURNITURE | 2017 | 2032 | SYMS | 2011 | 2041 |
| MIDDLEBURG (4) | 2005 | JOINT VENTURE | 37.1 | 24,000 | 100.0 |
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| MILTON (4) | 2007 | JOINT VENTURE | 2.3 | - | - |
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| MIRAMAR (4) | 2005 | JOINT VENTURE | 36.7 | 44,000 | 100.0 |
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| MOUNT DORA | 1997 | FEE | 12.4 | 120,430 | 100.0 | KMART | 2013 | 2063 |
|
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|
| NORTH LAUDERDALE (6) | 2007 | JOINT VENTURE | 28.9 | 250,209 | 98.2 | HOME DEPOT | 2019 | 2049 | CHANCELLOR ACADEMY | 2011 | 2016 | PUBLIX | 2011 | 2031 |
| NORTH MIAMI BEACH | 1985 | FEE | 15.9 | 108,795 | 100.0 | PUBLIX | 2019 | 2039 | WALGREENS | 2058 |
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|
|
| OCALA (3) | 1997 | FEE | 27.2 | 260,435 | 92.9 | KMART | 2011 | 2021 | BEST BUY | 2019 | 2034 | SERVICE MERCHANDISE | 2012 | 2032 |
| ORANGE PARK | 2003 | JOINT VENTURE | 5.0 | 50,299 | 100.0 | BED BATH & BEYOND | 2015 | 2025 | MICHAELS | 2010 | 2030 |
|
|
|
| ORLANDO | 1968 | JOINT VENTURE | 10.0 | 114,434 | 86.9 | BALLY TOTAL FITNESS | 2008 | 2018 | HSN | 2009 |
| JO-ANN FABRICS | 2008 | 2011 |
| ORLANDO (3) | 1968 | GROUND LEASE (2047)/JOINT VENTURE | 7.8 | 45,360 | 100.0 | TACO BELL | 2027 | 2047 |
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|
| ORLANDO | 1994 | FEE | 28.0 | 204,930 | 100.0 | OLD TIME POTTERY | 2010 | 2020 | SPORTS AUTHORITY | 2011 | 2031 | USA BABY | 2013 | 2018 |
| ORLANDO | 1996 | FEE | 11.7 | 132,856 | 100.0 | ROSS DRESS FOR LESS | 2008 | 2028 | BIG LOTS | 2009 | 2014 | OFFICEMAX | 2014 | 2034 |
| ORLANDO (7) | 2000 | JOINT VENTURE | 18.0 | 179,065 | 100.0 | KMART | 2014 | 2064 | PUBLIX | 2012 | 2037 |
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| ORLANDO (9) | 2004 | FEE | 14.0 | 154,356 | 93.9 | MARSHALLS | 2013 | 2028 | OFF BROADWAY SHOES | 2013 | 2023 | GOLFSMITH GOLF CENTER | 2014 | 2024 |
| OVIEDO (8) | 2006 | JOINT VENTURE | 7.8 | 78,179 | 94.3 | PUBLIX | 2020 | 2050 |
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| PENSACOLA (4) | 2007 | JOINT VENTURE | 3.4 | - | - |
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| PLANTATION | 1974 | JOINT VENTURE | 4.6 | 60,414 | 95.6 | BREAD OF LIFE | 2009 | 2019 | WHOLE FOODS MARKET | 2009 | 2019 |
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| POMPANO BEACH | 1968 | JOINT VENTURE | 6.6 | 66,613 | 96.4 | SAVE-A-LOT | 2015 | 2030 |
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| POMPANO BEACH | 2007 | JOINT VENTURE | 10.3 | 103,173 | 100.0 | KMART | 2012 | 2017 |
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| POMPANO BEACH (13) | 2004 | JOINT VENTURE | 18.6 | 140,312 | 90.8 | WINN DIXIE | 2018 | 2043 | CVS | 2020 | 2040 |
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| PORT RICHEY (7) | 1998 | JOINT VENTURE | 14.3 | 91,235 | 70.2 | CIRCUIT CITY | 2011 | 2031 | STAPLES | 2011 | 2026 |
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| RIVIERA BEACH | 1968 | JOINT VENTURE | 5.1 | 46,390 | 92.2 | FURNITURE KINGDOM | 2009 | 2014 | GOODWILL INDUSTRIES | 2008 |
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| SANFORD | 1989 | FEE | 40.9 | 195,688 | 96.6 | ARBY'S | 2027 | 2047 | ROSS DRESS FOR LESS | 2012 | 2032 | OFFICE DEPOT | 2009 | 2019 |
| SARASOTA | 1970 | FEE | 10.0 | 102,455 | 100.0 | TJ MAXX | 2012 | 2017 | OFFICEMAX | 2009 | 2024 | DOLLAR TREE | 2012 | 2032 |
| SARASOTA | 1989 | FEE | 12.0 | 129,700 | 96.6 | SWEETBAY | 2020 | 2040 | ACE HARDWARE | 2013 | 2023 | ANTHONY'S LADIES WEAR | 2012 | 2017 |
| SARASOTA (8) | 2006 | JOINT VENTURE | 6.5 | 65,320 | 91.7 | PUBLIX | 2063 |
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| ST. AUGUSTINE | 2005 | JOINT VENTURE | 1.5 | 62,000 | 91.9 | HOBBY LOBBY | 2019 | 2032 |
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| ST. PETERSBURG | 1968 | GROUND LEASE (2084)/ JOINT VENTURE | 9.0 | 118,574 | 100.0 | KASH N' KARRY | 2017 | 2037 | TJ MAXX | 2012 | 2014 | DOLLAR TREE | 2012 | 2022 |
| TALLAHASSEE | 1998 | FEE | 12.8 | 105,655 | 75.9 | STEIN MART | 2018 | 2033 | SHOE STATION | 2008 | 2012 |
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| TAMPA | 1997/ 2004 | FEE | 23.9 | 205,634 | 100.0 | AMERICAN SIGNATURE HOME | 2019 | 2044 | DSW SHOE WAREHOUSE | 2018 | 2033 | STAPLES | 2013 | 2018 |
| TAMPA | 2004 | FEE | 22.4 | 186,676 | 100.0 | LOWE'S HOME CENTER | 2026 | 2066 |
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| TAMPA (13) | 2007 | JOINT VENTURE | 10.0 | 100,200 | 94.9 | PUBLIX | 2011 | 2026 |
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| TAMPA (7) | 2001 | JOINT VENTURE | 73.0 | 340,460 | 94.3 | BEST BUY | 2016 | 2031 | JO-ANN FABRICS | 2016 | 2031 | BED BATH & BEYOND | 2015 | 2030 |
| WEST PALM BEACH | 1967/ 1984 | JOINT VENTURE | 8.0 | 81,073 | 100.0 | WINN DIXIE | 2010 | 2030 |
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| WEST PALM BEACH | 1995 | FEE | 7.9 | 79,904 | 93.4 | BABIES R US | 2011 | 2021 |
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| WEST PALM BEACH (9) | 2004 | FEE | 33.0 | 357,537 | 93.5 | KMART | 2018 | 2068 | WINN DIXIE | 2019 | 2049 | LINENS N THINGS | 2010 | 2025 |
| WINTER HAVEN | 1973 | JOINT VENTURE | 13.9 | 95,188 | 98.7 | BIG LOTS | 2010 | 2020 | JO-ANN FABRICS | 2011 | 2016 | BUDDY'S HOME FURNISHINGS | 2015 | 2025 |
| YULEE (4) | 2003 | JOINT VENTURE | 82.1 | 46,000 | 100.0 |
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GEORGIA |
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| ALPHARETTA | 2007 | FEE | 13.1 | 130,515 | 96.6 | KROGER | 2020 | 2050 |
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| ATLANTA | 2007 | FEE | 31.0 | 354,214 | 90.4 | DAYS INN | 2014 | 2034 | KROGER | 2021 | 2056 | GOODYEAR TIRE | 2010 | 2030 |
| ATLANTA (13) | 2007 | JOINT VENTURE | 10.1 | 175,835 | 100.0 | MARSHALLS | 2014 | 2034 | BEST BUY | 2014 | 2029 | LINENS' N THINGS | 2014 | 2024 |
| AUGUSTA | 1995 | FEE | 11.3 | 112,537 | 89.3 | TJ MAXX | 2010 | 2015 | ROSS DRESS FOR LESS | 2013 | 2033 | RUGGED WEARHOUSE | 2008 | 2018 |
| AUGUSTA (7) | 2001 | JOINT VENTURE | 52.6 | 531,815 | 99.4 | ASHLEY FURNTIURE HOMESTORE | 2009 | 2019 | GOODY'S FAMILY CLOTHING | 2014 | 2029 | COMPUSA | 2013 | 2028 |
| DULUTH (8) | 2006 | JOINT VENTURE | 7.8 | 78,025 | 100.0 | WHOLE FOODS MARKET | 2027 | 2057 |
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| SAVANNAH | 1993 | FEE | 22.2 | 187,076 | 97.2 | BED BATH & BEYOND | 2013 | 2028 | TJ MAXX | 2010 | 2015 | MARSHALLS | 2013 | 2022 |
| SAVANNAH (3) | 1995 | GROUND LEASE (2045) | 8.5 | 80,378 | 87.4 | STAPLES | 2015 | 2030 |
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| SAVANNAH | 2007 | FEE | 17.9 | 197,967 | 93.8 | LINENS 'N THINGS | 2016 | 2031 | ROSS DRESS FOR LESS | 2016 | 2036 | COST PLUS | 2016 | 2031 |
| SNELLVILLE (7) | 2001 | JOINT VENTURE | 35.6 | 311,033 | 93.9 | KOHL'S | 2022 | 2062 | BELK | 2015 | 2035 | LINENS N THINGS | 2015 | 2030 |
| VALDOSTA | 2004 | JOINT VENTURE | 17.5 | 175,396 | 100.0 | LOWE'S HOME CENTER | 2019 | 2069 |
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HAWAII |
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| KIHEI | 2006 | FEE | 4.6 | 17,897 | 94.7 |
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IDAHO |
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| NAMPA (4) | 2005 | JOINT VENTURE | 70.9 | - | - |
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ILLINOIS |
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| ALTON | 1986 | FEE | 21.2 | 131,188 | 100.0 | VALUE CITY | 2008 | 2023 |
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| AURORA | 1998 | FEE | 17.9 | 91,182 | 100.0 | CERMAK PRODUCE AURORA | 2022 | 2042 |
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| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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| AURORA (8) | 2005 | JOINT VENTURE | 34.7 | 361,984 | 72.5 | BEST BUY | 2011 | 2026 | VALUE CITY FURNITURE | 2009 | 2019 | GOLFSMITH | 2016 | 2031 |
| BATAVIA (7) | 2002 | JOINT VENTURE | 31.7 | 272,410 | 100.0 | KOHL'S | 2019 | 2049 | HOBBY LOBBY | 2009 | 2019 | LINENS N THINGS | 2014 | 2029 |
| BELLEVILLE | 1987 | GROUND LEASE (2057) | 20.3 | 100,160 | 100.0 | KMART | 2024 | 2054 | WESTFIELD PLAZA ASSOCIATES | 2008 | 2052 |
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| BLOOMINGTON | 1972 | FEE | 16.1 | 188,250 | 100.0 | SCHNUCK MARKETS | 2014 | 2029 | TOYS "R" US | 2015 | 2045 | BARNES & NOBLE | 2010 | 2015 |
| BLOOMINGTON | 2003 | JOINT VENTURE | 11.0 | 73,951 | 100.0 | JEWEL-OSCO | 2014 | 2039 |
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| BRADLEY | 1996 | FEE | 5.4 | 80,535 | 100.0 | CARSON PIRIE SCOTT | 2014 | 2034 |
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| CALUMET CITY | 1997 | FEE | 17.0 | 159,647 | 98.1 | MARSHALLS | 2014 | 2029 | BEST BUY | 2012 | 2032 | BED BATH & BEYOND | 2014 | 2024 |
| CHAMPAIGN | 1999 | FEE | 9.0 | 112,000 | 63.1 | HOBBY LOBBY | 2017 | 2027 |
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| CHAMPAIGN (7) | 2001 | JOINT VENTURE | 9.3 | 111,720 | 100.0 | BEST BUY | 2016 | 2031 | DICK'S SPORTING GOODS | 2016 | 2031 | MICHAELS | 2010 | 2025 |
| CHICAGO | 1997 | GROUND LEASE (2040) | 17.5 | 102,011 | 100.0 | BURLINGTON COAT FACTORY | 2020 | 2035 | RAINBOW SHOPS | 2011 | 2021 | BEAUTY ONE | 2010 | 2015 |
| CHICAGO | 1997 | FEE | 6.0 | 86,894 | 100.0 | KMART | 2024 | 2054 |
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| COUNTRYSIDE | 1997 | FEE | 27.7 | 117,005 | 100.0 | HOME DEPOT | 2023 | 2053 |
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| CRESTWOOD | 1997 | GROUND LEASE (2051) | 36.8 | 79,903 | 100.0 | SEARS | 2024 | 2051 |
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| CRYSTAL LAKE | 1998 | FEE | 6.1 | 80,390 | 72.5 | HOBBY LOBBY | 2009 | 2019 | DINOREX | 2012 | 2022 |
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| DOWNERS GROVE | 1998 | GROUND LEASE (2062) | 5.0 | 100,000 | 100.0 | HOME DEPOT EXPO | 2022 | 2062 |
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| DOWNERS GROVE | 1999 | FEE | 24.8 | 144,770 | 98.2 | DOMINICK'S | 2009 | 2019 | DOLLAR TREE | 2013 | 2023 | WALGREENS | 2022 |
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| DOWNERS GROVE | 1997 | FEE | 12.0 | 141,906 | 100.0 | TJ MAXX | 2009 | 2024 | BEST BUY | 2015 | 2030 | BEST BUY | 2012 | 2032 |
| ELGIN | 1972 | FEE | 18.7 | 186,432 | 100.0 | ELGIN MALL | 2013 | 2023 | ELGIN FARMERS PRODUCTS | 2010 | 2030 | AARON SALES | 2012 | 2022 |
| FAIRVIEW HEIGHTS | 1986 | GROUND LEASE (2054) | 19.1 | 192,073 | 100.0 | KMART | 2024 | 2054 | OFFICEMAX | 2015 | 2025 | WALGREENS | 2010 | 2029 |
| FOREST PARK | 1997 | GROUND LEASE (2021) | 9.3 | 98,371 | 100.0 | KMART | 2021 |
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| GENEVA | 1996 | FEE | 8.2 | 110,188 | 100.0 | GANDER MOUNTAIN | 2013 | 2028 |
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| KILDEER (8) | 2006 | JOINT VENTURE | 23.3 | 167,477 | 98.6 | BED BATH & BEYOND | 2012 | 2032 | CIRCUIT CITY | 2017 | 2042 | OLD NAVY | 2011 | 2016 |
| MATTESON | 1997 | FEE | 17.0 | 157,885 | 100.0 | SPORTMART | 2014 | 2029 | MARSHALLS | 2010 | 2025 | LINENS N THINGS | 2014 | 2029 |
| MOUNT PROSPECT | 1997 | FEE | 16.8 | 192,547 | 100.0 | KOHL'S | 2024 | 2054 | HOBBY LOBBY | 2016 | 2026 | POOL-A-RAMA | 2011 | 2018 |
| MUNDELIEN | 1991 | FEE | 7.6 | 89,692 | 100.0 | BURLINGTON COAT FACTORY | 2018 | 2033 |
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| NAPERVILLE | 1997 | FEE | 9.0 | 102,327 | 100.0 | BURLINGTON COAT FACTORY | 2013 | 2033 |
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| NORRIDGE | 1997 | GROUND LEASE (2047) | 11.7 | 116,914 | 100.0 | KMART | 2012 | 2047 |
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| OAK LAWN | 1997 | FEE | 15.4 | 176,037 | 100.0 | KMART | 2024 | 2054 | CHUCK E CHEESE | 2016 | 2026 |
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| OAKBROOK TERRACE | 1983/ 1997 | GROUND LEASE (2049) | 16.7 | 176,263 | 100.0 | HOME DEPOT | 2024 | 2044 | LINENS N THINGS | 2017 | 2032 | LOYOLA MEDICAL CENTER | 2011 | 2016 |
| ORLAND PARK | 1997 | FEE | 18.8 | 131,546 | 100.0 | VALUE CITY | 2015 | 2030 |
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| OTTAWA | 1970 | FEE | 9.0 | 60,000 | 100.0 | VALUE CITY | 2012 | 2022 |
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| PEORIA | 1997 | GROUND LEASE (2031) | 20.5 | 156,067 | 100.0 | KMART | 2009 |
| MARSHALLS | 2009 | 2024 |
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| ROCKFORD | 2007 | FEE | 8.9 | 89,047 | 100.0 | BEST BUY | 2016 | 2031 | LINENS N THINGS | 2016 | 2031 |
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| ROLLING MEADOWS | 2003 | FEE | 3.7 | 37,225 | 100.0 | FAIR LANES ROLLING MEADOWS | 2013 |
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| SCHAUMBURG | 2003 | JOINT VENTURE | 63.0 | 628,294 | 98.8 | GALYAN'S TRADING COMPANY | 2013 | 2038 | CARSON PIRIE SCOTT | 2021 | 2071 | LOEWS THEATRES | 2019 | 2039 |
| SCHAUMBURG | 1998 | JOINT VENTURE | 7.3 | - | - |
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| SKOKIE | 1997 | FEE | 5.8 | 58,455 | 100.0 | MARSHALLS | 2010 | 2025 | OLD NAVY | 2010 | 2015 |
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| STREAMWOOD | 1999 | FEE | 5.6 | 81,000 | 100.0 | VALUE CITY | 2015 | 2030 |
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| WAUKEGAN | 1998 | FEE | 6.8 | 90,555 | 100.0 | PICK N SAVE | 2009 | 2029 |
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| WOODRIDGE | 1998 | FEE | 13.1 | 161,272 | 94.1 | WOODGROVE THEATERS, INC | 2012 | 2022 | KOHL'S | 2010 | 2030 | MCSPORTS | 2008 |
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INDIANA |
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| EVANSVILLE | 1986 | FEE | 14.2 | 192,933 | 82.8 | BURLINGTON COAT FACTORY | 2012 | 2027 | OFFICEMAX | 2012 | 2027 | FAMOUS FOOTWEAR | 2010 | 2025 |
| GREENWOOD | 1970 | FEE | 25.7 | 168,577 | 96.8 | BABY SUPERSTORE | 2011 | 2021 | TOYS "R" US | 2011 | 2056 | TJ MAXX | 2010 | 2015 |
| GRIFFITH | 1997 | FEE | 10.6 | 114,684 | 100.0 | KMART | 2024 | 2054 |
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| INDIANAPOLIS | 1963 | JOINT VENTURE | 17.4 | 165,255 | 100.0 | KROGER | 2026 | 2066 | AJ WRIGHT | 2012 | 2027 | CVS | 2021 | 2031 |
| LAFAYETTE | 1971 | FEE | 12.4 | 90,500 | 100.0 | KROGER | 2026 | 2056 |
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| LAFAYETTE | 1997 | FEE | 24.3 | 238,288 | 84.0 | HOME DEPOT | 2026 | 2056 | JO-ANN FABRICS | 2010 | 2020 | SMITH OFFICE EQUIPMENT | 2008 |
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| LAFAYETTE | 1998 | FEE | 43.2 | 214,876 | 85.2 | SPECIALTY RETAIL CONCEPTS, LLC | 2008 |
| PETSMART | 2012 | 2032 | STAPLES | 2011 | 2026 |
| MISHAWAKA | 1998 | FEE | 7.5 | 82,100 | - |
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| SOUTH BEND (3) | 1997 | JOINT VENTURE | 14.6 | 145,992 | 97.1 | BED BATH & BEYOND | 2015 | 2040 | DSW SHOE WAREHOUSE | 2020 | 2035 | PETSMART | 2015 | 2030 |
| SOUTH BEND | 1999 | FEE | 1.8 | 81,668 | 100.0 | MENARD | 2010 | 2030 |
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IOWA |
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| CLIVE | 1996 | FEE | 8.8 | 90,000 | 100.0 | KMART | 2021 | 2051 |
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| COUNCIL BLUFFS (4) | 2006 | JOINT VENTURE | 56.2 | 112,000 | 100.0 |
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| DAVENPORT | 1997 | GROUND LEASE (2028) | 9.1 | 91,035 | 100.0 | KMART | 2024 | 2028 |
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| DES MOINES | 1999 | FEE | 23.0 | 149,059 | 80.1 | BEST BUY | 2008 | 2023 | OFFICEMAX | 2013 | 2018 | PETSMART | 2017 | 2042 |
| DUBUQUE | 1997 | GROUND LEASE (2019) | 6.5 | 82,979 | 100.0 | SHOPKO | 2018 | 2019 |
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| SOUTHEAST DES MOINES | 1996 | FEE | 9.6 | 111,847 | 100.0 | HOME DEPOT | 2020 | 2065 |
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| WATERLOO | 1996 | FEE | 9.0 | 104,074 | 100.0 | HOBBY LOBBY | 2014 | 2024 | TJ MAXX | 2014 | 2024 | SHOE CARNIVAL | 2015 | 2025 |
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| EAST WICHITA (7) | 1996 | JOINT VENTURE | 6.5 | 96,011 | 100.0 | DICK'S SPORTING GOODS | 2018 | 2033 | GORDMANS | 2012 | 2032 |
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| OVERLAND PARK | 2006 | FEE | 14.5 | 120,164 | 100.0 | HOME DEPOT | 2010 | 2050 |
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| WEST WICHITA (7) | 1996 | JOINT VENTURE | 8.1 | 96,319 | 100.0 | SHOPKO | 2018 | 2038 |
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| WICHITA (7) | 1998 | JOINT VENTURE | 13.5 | 133,771 | 100.0 | BEST BUY | 2010 | 2025 | TJ MAXX | 2010 | 2020 | MICHAELS | 2010 | 2025 |
KENTUCKY |
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| BELLEVUE | 1976 | FEE | 6.0 | 53,695 | 100.0 | KROGER | 2010 | 2035 |
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| FLORENCE (11) | 2004 | JOINT VENTURE | 8.2 | 99,578 | 95.0 | DICK'S SPORTING GOODS | 2018 | 2033 | LINENS N THINGS | 2018 | 2033 | MCSWAIN CARPETS | 2012 | 2017 |
| HINKLEVILLE | 1998 | GROUND LEASE (2039) | 2.0 | 85,229 | - | K'S MERCHANDISE | 2014 | 2039 |
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| LEXINGTON | 1993 | FEE | 35.8 | 235,143 | 90.6 | BEST BUY | 2009 | 2024 | BED BATH & BEYOND | 2013 | 2038 | TOYS "R" US | 2013 | 2038 |
LOUISIANA |
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| BATON ROUGE | 1997 | FEE | 18.6 | 349,907 | 96.7 | BURLINGTON COAT FACTORY | 2009 | 2024 | STEIN MART | 2011 | 2016 | K&G MEN'S COMPANY | 2017 | 2032 |
| BATON ROUGE | 2005 | JOINT VENTURE | 9.4 | 67,755 | 90.5 | WAL-MART | 2024 | 2034 |
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| HARVEY | 2003 | JOINT VENTURE | 17.4 | 181,660 | 100.0 | BEST BUY | 2017 | 2032 | LINENS N THINGS | 2012 | 2032 | BARNES & NOBLE | 2012 | 2022 |
| HOUMA | 1999 | FEE | 10.1 | 98,586 | 100.0 | OLD NAVY | 2009 | 2014 | OFFICEMAX | 2013 | 2028 | MICHAELS | 2009 | 2019 |
| LAFAYETTE | 1997 | FEE | 21.9 | 244,733 | 98.9 | STEIN MART | 2010 | 2020 | LINENS N THINGS | 2009 | 2024 | TJ MAXX | 2009 | 2019 |
MAINE |
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| BANGOR | 2001 | FEE | 8.6 | 86,422 | 100.0 | BURLINGTON COAT FACTORY | 2012 | 2032 |
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| S. PORTLAND | 2007 | FEE | 12.5 | 98,401 | 95.7 | DSW SHOE WAREHOUSE | 2012 | 2027 | DOLLAR TREE | 2015 | 2025 | GUITAR CENTER | 2016 | 2026 |
MARYLAND |
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| BALTIMORE (10) | 2007 | JOINT VENTURE | 18.4 | 152,834 | 100.0 | KMART | 2010 | 2055 | SALVO AUTO PARTS | 2009 | 2019 |
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| BALTIMORE (10) | 2007 | JOINT VENTURE | 10.6 | 112,722 | 100.0 | SAFEWAY | 2016 | 2046 | RITE AID | 2011 | 2026 | DOLLAR TREE | 2013 | 2028 |
| BALTIMORE (10) | 2007 | JOINT VENTURE | 7.3 | 77,287 | 100.0 | SUPER FRESH | 2021 | 2061 |
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| BALTIMORE (11) (3) | 2004 | JOINT VENTURE | 7.6 | 79,815 | 100.0 | GIANT FOOD | 2016 | 2031 |
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| BALTIMORE (12) | 2005 | JOINT VENTURE | 10.7 | 90,830 | 98.2 | GIANT FOOD | 2011 | 2036 |
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| BALTIMORE (13) | 2004 | JOINT VENTURE | 7.5 | 90,903 | 98.9 | GIANT FOOD | 2026 | 2051 |
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| BALTIMORE (8) | 2005 | JOINT VENTURE | 5.8 | 49,629 | 96.8 | CORT FURNITURE RENTAL | 2012 | 2022 |
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| BEL AIR (13) | 2004 | FEE | 19.7 | 115,927 | 100.0 | SAFEWAY | 2030 | 2060 | CVS | 2021 | 2041 |
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| CLARKSVILLE (10) | 2007 | JOINT VENTURE | 15.2 | 105,907 | 100.0 | GIANT FOOD | 2017 | 2027 |
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| CLINTON | 2003 | GROUND LEASE (2024) | 2.6 | 2,544 | 100.0 |
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| CLINTON | 2003 | GROUND LEASE (2069) | 2.6 | - | - |
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| COLUMBIA | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | MICHAELS | 2013 | 2033 | HOME GOODS | 2011 | 2021 |
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| COLUMBIA | 2002 | FEE | 7.3 | 32,075 | 100.0 |
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| COLUMBIA | 2002 | FEE | 2.5 | 23,835 | 100.0 | DAVID'S NATURAL MARKET | 2014 | 2019 |
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| COLUMBIA (10) | 2007 | JOINT VENTURE | 12.2 | 41,494 | 98.2 |
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| COLUMBIA (13) | 2005 | JOINT VENTURE | 0.7 | 6,780 | 100.0 |
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| COLUMBIA (8) | 2006 | JOINT VENTURE | 12.3 | 91,165 | 100.0 | SAFEWAY | 2018 | 2043 |
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| COLUMBIA (8) | 2006 | JOINT VENTURE | 16.4 | 100,803 | 94.0 | GIANT FOOD | 2012 | 2022 |
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| COLUMBIA (8) | 2006 | JOINT VENTURE | 7.3 | 73,299 | 100.0 | OLD NAVY | 2013 |
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| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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| EASTON (11) | 2004 | JOINT VENTURE | 11.1 | 113,330 | 100.0 | GIANT FOOD | 2024 | 2054 | FASHION BUG | 2012 |
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| ELLICOTT CITY (11) | 2004 | JOINT VENTURE | 31.8 | 143,548 | 99.0 | SAFEWAY | 2012 | 2042 | PETCO | 2011 | 2021 |
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| ELLICOTT CITY (6) | 2007 | JOINT VENTURE | 42.5 | 433,467 | 100.0 | TARGET | 2016 | 2046 | KOHL'S | 2018 | 2038 | SAFEWAY | 2016 | 2046 |
| ELLICOTT CITY (8) | 2006 | JOINT VENTURE | 15.5 | 86,456 | 99.1 | GIANT FOOD | 2009 | 2019 |
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| GAITHERSBURG | 1989 | FEE | 8.7 | 88,277 | 100.0 | GREAT BEGINNINGS FURNITURE | 2011 | 2021 | FURNITURE 4 LESS | 2010 |
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| GAITHERSBURG (6) | 2007 | JOINT VENTURE | 6.6 | 71,329 | 100.0 | RUGGED WEARHOUSE | 2013 | 2018 | HANCOCK FABRICS | 2011 | 2016 | OLD COUNTRY BUFFET | 2011 | 2021 |
| GLEN BURNIE (13) | 2004 | JOINT VENTURE | 21.9 | 249,746 | 100.0 | LOWE'S HOME CENTER | 2019 | 2059 | GIANT FOOD | 2015 | 2025 |
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| HAGERSTOWN | 1973 | FEE | 10.5 | 116,985 | 100.0 | ZEYNA FURNITURE | 2018 | 2028 | SUPER SHOE | 2011 | 2016 | ALDI | 2016 | 2031 |
| HUNT VALLEY | 2003 | FEE | 9.1 | 94,653 | 98.7 | GIANT FOOD | 2013 | 2033 |
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| LAUREL | 1964 | FEE | 8.1 | 75,924 | 100.0 | VILLAGE THRIFT STORE | 2010 |
| DOLLAR TREE | 2010 | 2015 | OLD COUNTRY BUFFET | 2009 | 2019 |
| LAUREL | 1972 | FEE | 10.0 | 81,550 | 100.0 | ROOMSTORE | 2009 | 2014 |
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| LINTHICUM | 2003 | FEE | 0.6 | 1,926 | 100.0 |
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| LUTHERVILLE (12) | 2004 | JOINT VENTURE | 1.7 | - | - |
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| NORTH EAST (10) | 2007 | JOINT VENTURE | 17.5 | 80,190 | 100.0 | FOOD LION | 2018 | 2038 |
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| OWINGS MILLS (13) | 2004 | JOINT VENTURE | 11.0 | 116,303 | 94.7 | GIANT FOOD | 2020 | 2045 | MERRITT ATHLETIC CLUB | 2010 | 2015 |
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| PASADENA | 2003 | GROUND LEASE (2030) | 2.7 | 38,727 | 97.2 |
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| PERRY HALL | 2003 | FEE | 15.7 | 173,975 | 87.5 | BRUNSWICK (LEISERV)BOWLING | 2010 |
| RITE AID | 2010 | 2035 | ACE HARDWARE | 2016 | 2031 |
| PERRY HALL (11) | 2004 | JOINT VENTURE | 8.2 | 65,059 | 100.0 | SUPER FRESH | 2022 | 2062 |
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| TIMONIUM (3) | 2003 | FEE | 17.2 | 109,940 | 100.0 | STAPLES | 2020 | 2045 |
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| TIMONIUM (10) | 2007 | JOINT VENTURE | 6.0 | 59,799 | 91.8 | AMERICAN RADIOLOGY | 2012 | 2027 |
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| TOWSON (11) | 2004 | JOINT VENTURE | 8.7 | 84,280 | 100.0 | LINENS N THINGS | 2015 | 2025 | COMPUSA | 2014 | 2029 | TWEETER ENTERTAINMENT | 2014 | 2024 |
| TOWSON (13) (3) | 2004 | JOINT VENTURE | 43.1 | 672,526 | 100.0 | WAL-MART | 2020 | 2005 | TARGET | 2009 | 2049 | SUPER FRESH | 2019 | 2049 |
| WALDORF | 2003 | FEE | 2.6 | 26,128 | 100.0 | FAIR LANES WALDORF | 2012 | 2017 |
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| WALDORF | 2003 | FEE | 0.0 | 4,500 | 100.0 |
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MASSACHUSETTS |
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| GREAT BARRINGTON | 1994 | FEE | 14.1 | 131,235 | 100.0 | KMART | 2011 | 2016 | PRICE CHOPPER | 2016 | 2036 |
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| HYANNIS (11) | 2004 | JOINT VENTURE | 22.6 | 225,634 | 95.5 | SHAW'S SUPERMARKET | 2018 | 2028 | TOYS "R" US | 2019 | 2029 | HOME GOODS | 2010 | 2020 |
| MARLBOROUGH | 2004 | JOINT VENTURE | 16.1 | 104,125 | 100.0 | BEST BUY | 2019 | 2034 | DSW SHOE WAREHOUSE | 2014 | 2034 | BORDERS BOOKS | 2019 | 2034 |
| PITTSFIELD (11) | 2004 | JOINT VENTURE | 13.0 | 72,014 | 100.0 | STOP & SHOP | 2014 | 2044 |
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| QUINCY (13) | 2005 | JOINT VENTURE | 8.0 | 80,510 | 100.0 | SHAW'S SUPERMK | 2009 | 2034 | BROOKS PHARMACY | 2017 | 2047 |
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| SHREWSBURY | 1955 | FEE | 12.2 | 108,418 | 100.0 | BOB'S STORES | 2018 | 2033 | BED BATH & BEYOND | 2012 | 2032 | STAPLES | 2011 | 2021 |
| STURBRIDGE (8) | 2006 | JOINT VENTURE | 23.1 | 231,197 | 100.0 | STOP & SHOP | 2019 | 2049 | MARSHALLS | 2011 | 2026 | LINENS N THINGS | 2017 | 2032 |
MICHIGAN |
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| CLARKSTON | 1996 | FEE | 20.0 | 148,973 | 90.8 | FARMER JACK | 2015 | 2045 | OFFICE DEPOT | 2016 | 2031 | CVS | 2010 | 2020 |
| CLAWSON (3) | 1993 | FEE | 13.5 | 130,424 | 83.3 | STAPLES | 2011 | 2026 | RITE AID | 2026 | 2046 |
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| FARMINGTON | 1993 | FEE | 2.8 | 96,915 | 89.5 | OFFICE DEPOT | 2016 | 2031 | ACE HARDWARE | 2017 | 2027 | FITNESS 19 | 2015 | 2025 |
| KALAMAZOO | 2002 | JOINT VENTURE | 60.0 | 261,334 | 100.0 | HOBBY LOBBY | 2013 | 2023 | VALUE CITY FURNITURE | 2020 | 2040 | MARSHALLS | 2010 | 2030 |
| LIVONIA | 1968 | FEE | 4.5 | 33,121 | 100.0 | CVS | 2033 | 2083 | FITNESS 19 | 2017 | 2027 |
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| MUSKEGON | 1985 | FEE | 12.2 | 79,215 | 100.0 | PLUMB'S FOOD | 2012 | 2022 |
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| NOVI | 2003 | JOINT VENTURE | 6.0 | 60,000 | 100.0 | MICHAELS | 2016 | 2036 | HOME GOODS | 2011 | 2026 |
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| TAYLOR | 1993 | FEE | 13.0 | 141,549 | 100.0 | KOHL'S | 2022 | 2042 | BABIES R US | 2017 | 2043 | PARTY AMERICA | 2009 |
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| TROY (13) | 2005 | JOINT VENTURE | 24.0 | 223,041 | 95.8 | WAL-MART | 2021 | 2051 | MARSHALLS | 2012 | 2027 |
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| WALKER | 1993 | FEE | 41.8 | 338,928 | 100.0 | RUBLOFF DEVELOPMENT | 2016 | 2051 | KOHL'S | 2017 | 2037 | LOEKS THEATRES | 2012 | 2042 |
MINNESOTA |
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| ARBOR LAKES | 2006 | FEE | 44.4 | 463,634 | 100.0 | LOWE'S HOME CENTER | 2025 | 2075 | DICK'S SPORTING GOODS | 2017 | 2037 | CIRCUIT CITY | 2017 | 2037 |
| HASTINGS (6) | 2007 | JOINT VENTURE | 10.2 | 97,535 | 98.5 | CUB FOODS | 2023 | 2053 |
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| MAPLE GROVE (7) | 2001 | JOINT VENTURE | 63.0 | 466,325 | 99.4 | BYERLY'S | 2020 | 2035 | BEST BUY | 2015 | 2030 | JO-ANN FABRICS | 2010 | 2030 |
| MINNETONKA (7) | 1998 | JOINT VENTURE | 12.1 | 120,231 | 94.3 | TOYS "R" US | 2016 | 2031 | GOLFSMITH GOLF CENTER | 2013 | 2018 | OFFICEMAX | 2011 |
|
MISSISSIPPI |
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| HATTIESBURG (4) | 2004 | JOINT VENTURE | 50.3 | 266,000 | 100.0 | ASHLEY FURNITURE HOMESTORE | 2016 | 2026 | ROSS DRESS FOR LESS | 2016 | 2041 | BED BATH & BEYOND | 2016 | 2041 |
| HATTIESBURG (4) | 2007 | JOINT VENTURE | 3.5 | 11,000 | 100.0 |
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| JACKSON | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | MICHAELS | 2014 | 2034 | HOME GOODS | 2014 | 2024 |
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MISSOURI |
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| BRIDGETON | 1997 | GROUND LEASE (2040) | 27.3 | 101,592 | 100.0 | KOHL'S | 2010 | 2020 |
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| CRYSTAL CITY | 1997 | GROUND LEASE (2032) | 10.1 | 100,724 | 100.0 | KMART | 2024 | 2032 |
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| ELLISVILLE | 1970 | FEE | 18.4 | 118,080 | 100.0 | SHOP N SAVE | 2017 | 2032 | 2ND WIND EXERCISE EQUIPMENT | 2011 | 2016 |
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| INDEPENDENCE | 1985 | FEE | 21.0 | 184,870 | 100.0 | KMART | 2024 | 2054 | THE TILE SHOP | 2014 | 2024 | OFFICE DEPOT | 2012 | 2032 |
| JOPLIN | 1998 | FEE | 12.6 | 155,416 | 100.0 | GOODY'S FAMILY CLOTHING | 2010 | 2015 | HASTINGS BOOKS | 2009 | 2014 | OFFICEMAX | 2010 | 2025 |
| JOPLIN (7) | 1998 | JOINT VENTURE | 9.5 | 80,524 | 100.0 | SHOPKO | 2018 | 2038 |
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| KANSAS CITY | 1997 | FEE | 17.8 | 150,381 | 100.0 | HOME DEPOT | 2010 | 2050 | THE LEATHER COLLECTION | 2013 | 2019 |
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| KIRKWOOD | 1990 | GROUND LEASE (2069) | 19.8 | 249,104 | 100.0 | HOBBY LOBBY | 2014 | 2024 | HEMISPHERES | 2014 | 2024 | GART SPORTS | 2014 | 2029 |
| LEMAY | 1974 | FEE | 9.8 | 77,527 | 98.5 | SHOP N SAVE | 2020 | 2065 | DOLLAR GENERAL | 2008 |
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| MANCHESTER (7) | 1998 | JOINT VENTURE | 9.6 | 89,305 | 100.0 | KOHL'S | 2018 | 2038 |
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| SPRINGFIELD | 1994 | FEE | 41.5 | 277,590 | 92.6 | BEST BUY | 2011 | 2026 | JCPENNEY | 2010 | 2015 | TJ MAXX | 2011 | 2021 |
| SPRINGFIELD | 2002 | FEE | 8.5 | 84,916 | 100.0 | BED BATH & BEYOND | 2013 | 2028 | MARSHALLS | 2012 | 2027 | BORDERS BOOKS | 2023 | 2038 |
| SPRINGFIELD | 1986 | GROUND LEASE (2087) | 18.5 | 203,384 | 100.0 | KMART | 2024 | 2054 | OFFICE DEPOT | 2010 |
| PACE-BATTLEFIELD, LLC | 2017 | 2047 |
| ST. CHARLES | 1998 | FEE | 36.9 | 8,000 | 100.0 |
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| ST. CHARLES | 1999 | GROUND LEASE (2039) | 8.4 | 84,460 | 100.0 | KOHL'S | 2019 | 2039 |
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| ST. LOUIS | 1998 | FEE | 11.4 | 113,781 | 100.0 | KOHL'S | 2018 | 2038 | CLUB FITNESS | 2014 | 2024 |
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| ST. LOUIS | 1972 | FEE | 13.1 | 129,093 | 96.3 | SHOP N SAVE | 2017 | 2082 |
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| ST. LOUIS | 1986 | FEE | 17.5 | 176,273 | 100.0 | BURLINGTON COAT FACTORY | 2009 | 2024 | BIG LOTS | 2015 | 2030 | OFFICE DEPOT | 2009 | 2019 |
| ST. LOUIS | 1997 | GROUND LEASE (2056) | 19.7 | 169,982 | 89.2 | HOME DEPOT | 2026 | 2056 | OFFICE DEPOT | 2015 | 2025 |
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| ST. LOUIS | 1997 | GROUND LEASE (2035) | 37.7 | 172,165 | 100.0 | KMART | 2024 | 2035 | K&G MEN'S COMPANY | 2017 | 2027 |
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| ST. LOUIS | 1997 | GROUND LEASE (2040) | 16.3 | 128,765 | 100.0 | KMART | 2024 | 2040 |
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| ST. PETERS | 1997 | GROUND LEASE (2094) | 14.8 | 175,121 | 98.6 | HOBBY LOBBY | 2014 | 2024 | GART SPORTS | 2014 | 2029 | OFFICE DEPOT | 2019 |
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NEBRASKA |
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| OMAHA (4) | 2005 | JOINT VENTURE | 57.7 | 141,000 | 100.0 | MARSHALLS | 2016 | 2036 | LINENS N THINGS | 2017 | 2032 | OFFICEMAX | 2017 | 2032 |
NEVADA |
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| CARSON CITY (6) | 2006 | FEE | 9.4 | 114,258 | 88.8 | RALEY'S | 2012 | 2027 |
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| ELKO (6) | 2006 | FEE | 31.3 | 170,756 | 96.5 | RALEY'S | 2017 | 2032 | BUILDERS MART | 2011 | 2016 | CINEMA 4 THEATRES | 2012 |
|
| HENDERSON (4) | 1999 | JOINT VENTURE | 32.1 | 161,000 | 100.0 | LEVITZ | 2013 | 2023 | BIG LOTS | 2016 | 2036 | SAVERS | 2016 | 2036 |
| HENDERSON (6) | 2006 | FEE | 10.5 | 130,773 | 82.3 | ALBERTSONS | 2009 | 2039 |
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| LAS VEGAS (6) | 2006 | FEE | 34.8 | 362,758 | 96.5 | WAL-MART | 2012 | 2037 | COLLEENS CLASSICS | 2010 |
| 24 HOUR FITNESS | 2012 | 2022 |
| LAS VEGAS (6) | 2006 | FEE | 34.5 | 333,236 | 90.1 | VONS | 2011 | 2041 | CARPETS-N-MORE | 2015 | 2025 | TJ MAXX | 2010 | 2020 |
| LAS VEGAS (6) | 2006 | FEE | 21.1 | 228,279 | 98.6 | UA THEATRES | 2017 | 2037 | LINENS N' THINGS | 2012 | 2027 | OFFICEMAX | 2012 | 2032 |
| LAS VEGAS (6) | 2006 | FEE | 16.4 | 169,160 | 92.4 | FOOD 4 LESS | 2011 | 2036 | HOLLYWOOD VIDEO | 2011 | 2016 |
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| LAS VEGAS (6) | 2006 | FEE | 16.1 | 160,842 | 79.8 | SPORTS AUTHORITY | 2008 | 2018 | OFFICEMAX | 2011 | 2021 | DOLLAR DISCOUNT CENTER | 2015 | 2025 |
| LAS VEGAS (6) | 2006 | FEE | 9.4 | 111,245 | 90.1 | VONS | 2009 | 2034 | DOLLAR TREE | 2011 | 2016 | CYCLE GEAR | 2010 |
|
| LAS VEGAS (6) | 2006 | FEE | 7.0 | 77,650 | 98.7 | ALBERTSONS | 2021 | 2046 |
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| RENO | 2006 | FEE | 2.7 | 31,710 | 92.2 |
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| RENO | 2006 | FEE | 3.1 | 36,627 | 66.0 |
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| RENO (6) | 2006 | FEE | 10.4 | 142,604 | 97.8 | SAK 'N SAVE | 2022 | 2052 | WENDY'S | 2008 | 2023 |
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| RENO (6) | 2006 | FEE | 12.3 | 113,376 | 94.7 | SCOLARI'S WAREHOUSE MARKET | 2021 |
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| RENO (8) | 2007 | JOINT VENTURE | 15.5 | 120,004 | 95.0 | RALEY'S | 2022 | 2037 | SHELL OIL | 2012 | 2022 |
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| RENO (8) | 2007 | JOINT VENTURE | 13.2 | 104,319 | 98.8 | RALEY'S | 2030 | 2060 |
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| RENO (8) | 2007 | JOINT VENTURE | 14.5 | 146,501 | 99.0 | BED BATH & BEYOND | 2015 | 2030 | WILD OATS MARKETS | 2023 | 2038 | BORDERS BOOKS | 2014 | 2034 |
| SPARKS | 2002 | FEE | 10.3 | 119,601 | 100.0 | SAFEWAY | 2028 | 2058 | LONGS DRUG STORES | 2054 |
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| SPARKS (8) | 2007 | JOINT VENTURE | 10.3 | 113,743 | 94.7 | RALEY'S | 2023 | 2038 |
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| WINNEMUCCA (6) | 2006 | FEE | 4.8 | 65,424 | 100.0 | RALEY'S | 2015 | 2035 |
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| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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NEW HAMPSHIRE |
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| NASHUA (11) | 2004 | JOINT VENTURE | 18.2 | 182,348 | 97.3 | DSW SHOE WAREHOUSE | 2011 | 2031 | BED BATH & BEYOND | 2012 | 2032 | MICHAELS | 2012 | 2027 |
| NEW LONDON | 2005 | FEE | 9.5 | 106,470 | 100.0 | HANNAFORD BROS. | 2025 | 2050 | FIRST COLONIAL | 2008 | 2028 | MACKENNA'S | 2012 | 2017 |
| SALEM | 1994 | FEE | 39.8 | 344,076 | 100.0 | KOHL'S | 2013 |
| SHAW'S SUPERMARKET | 2008 | 2038 | BOB'S STORES | 2011 | 2021 |
NEW JERSEY |
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| CHERRY HILL (10) | 2007 | JOINT VENTURE | 48.0 | 209,185 | 100.0 | KOHL'S | 2018 | 2068 | WORLDWIDE WHOLESALE FLOOR | 2018 | 2033 | BABIES R US | 2013 | 2033 |
| EDGEWATER (6) | 2007 | JOINT VENTURE | 45.7 | 423,315 | 95.7 | TARGET | 2022 | 2042 | PATHMARK | 2016 | 2041 | TJ MAXX | 2012 | 2022 |
| MOORESTOWN (9) | 2004 | GROUND LEASE (2066)/ JOINT VENTURE | 22.7 | 201,351 | 100.0 | LOWE'S HOME CENTER | 2026 | 2066 | SPORTS AUTHORITY | 2013 | 2033 | BALLY TOTAL FITNESS | 2012 | 2022 |
| WAYNE (9) | 2004 | FEE | 19.2 | 331,528 | 100.0 | COSTCO | 2009 | 2044 | LACKLAND STORAGE | 2012 | 2032 | SPORTS AUTHORITY | 2012 | 2032 |
| BRIDGEWATER (7) | 2001 | JOINT VENTURE | 16.6 | 378,567 | 100.0 | BED BATH & BEYOND | 2010 | 2030 | MARSHALLS | 2009 | 2024 | COSTCO | 2019 | 2049 |
| DELRAN (7) | 2000 | JOINT VENTURE | 10.5 | 77,583 | 100.0 | PETSMART | 2016 | 2026 | OFFICE DEPOT | 2016 | 2026 | SLEEPY'S | 2012 | 2022 |
| DELRAN (7) | 2005 | JOINT VENTURE | 9.5 | 37,679 | 45.4 |
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| BAYONNE | 2004 | FEE | 0.6 | 23,901 | 100.0 | DOLLAR TREE | 2014 |
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| CHERRY HILL | 1985 | JOINT VENTURE | 18.6 | 124,750 | 100.0 | STOP & SHOP | 2016 | 2036 | RETROFITNESS | 2013 | 2020 |
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| CHERRY HILL | 1996 | GROUND LEASE (2036) | 15.2 | 129,809 | 100.0 | KOHL'S | 2016 | 2036 | PLANET FITNESS | 2017 | 2027 |
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| CINNAMINSON | 1996 | FEE | 13.7 | 121,852 | 84.1 | VF OUTLET | 2009 | 2019 | ACME MARKETS | 2047 |
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| EAST WINDSOR | 2002 | FEE | 34.8 | 249,029 | 98.8 | TARGET | 2027 | 2067 | GENUARDI'S | 2026 | 2056 | TJ MAXX | 2011 | 2026 |
| HOLMDEL (3) | 2007 | FEE | 30.0 | 300,011 | 93.2 | A&P | 2013 | 2043 | MARSHALLS | 2013 | 2028 | LA FITNESS | 2021 | 2036 |
| HOLMDEL | 2007 | FEE | 23.5 | 234,557 | 100.0 | LINENS N THINGS | 2018 | 2033 | BEST BUY | 2018 | 2033 | MICHAELS | 2013 | 2033 |
| HILLSBOROUGH | 2005 | JOINT VENTURE | 5.0 | 55,552 | 100.0 | KMART | 2012 | 2047 |
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| LINDEN | 2002 | FEE | 0.9 | 13,340 | 100.0 | STRAUSS DISCOUNT AUTO | 2023 | 2033 |
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| NORTH BRUNSWICK | 1994 | FEE | 38.1 | 409,879 | 100.0 | WAL-MART | 2018 | 2058 | BURLINGTON COAT FACTORY | 2012 |
| MARSHALLS | 2012 | 2027 |
| PISCATAWAY | 1998 | FEE | 9.6 | 97,348 | 100.0 | SHOPRITE | 2014 | 2024 |
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| RIDGEWOOD | 1994 | FEE | 2.7 | 24,280 | 100.0 | FRESH FIELDS | 2015 | 2030 |
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| WESTMONT | 1994 | FEE | 17.4 | 192,254 | 74.8 | SUPER FRESH | 2017 | 2081 | SUPER FITNESS | 2009 |
| JO-ANN FABRICS | 2012 |
|
| UNION COUNTY (4) | 2007 | JOINT VENTURE | 22.0 | 90,000 | 100.0 |
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NEW MEXICO |
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| LAS CRUCES | 2006 | JOINT VENTURE | 3.9 | - | - |
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| ALBUQUERQUE | 1998 | FEE | 4.7 | 37,442 | 100.0 | PETSMART | 2017 | 2037 |
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| ALBUQUERQUE | 1998 | FEE | 26.0 | 183,796 | 97.2 | MOVIES WEST | 2011 | 2021 | ROSS DRESS FOR LESS | 2011 | 2021 | VALLEY FURNITURE | 2008 | 2017 |
| ALBUQUERQUE | 1998 | FEE | 4.8 | 59,722 | 88.9 | PAGE ONE | 2008 | 2013 | WALGREENS | 2027 |
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NEW YORK |
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| HARRIMAN (8) | 2007 | JOINT VENTURE | 52.9 | 227,939 | 100.0 | KOHL'S | 2023 | 2003 | LINENS N THINGS | 2013 | 2028 | STAPLES | 2013 | 2028 |
| FARMINGDALE (8) | 2006 | JOINT VENTURE | 56.5 | 415,469 | 99.2 | HOME DEPOT | 2030 | 2075 | DAVE & BUSTER'S | 2010 | 2025 | BED BATH & BEYOND | 2014 | 2034 |
| NESCONSET (9) | 2004 | FEE | 5.9 | 55,580 | 100.0 | LEVITZ | 2014 | 2034 |
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| WESTBURY (9) | 2004 | FEE | 30.1 | 398,602 | 100.0 | COSTCO | 2009 | 2043 | WAL-MART | 2019 | 2069 | MARSHALLS | 2009 | 2024 |
| BROOKLYN (7) | 2000 | JOINT VENTURE | 5.1 | 80,708 | 100.0 | HOME DEPOT | 2022 | 2051 | WALGREENS | 2030 |
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| COPIAGUE (7) | 1998 | JOINT VENTURE | 15.4 | 163,999 | 100.0 | HOME DEPOT | 2011 | 2056 | BALLY TOTAL FITNESS | 2008 | 2018 |
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| HEMPSTEAD (7) | 2000 | JOINT VENTURE | 1.4 | 13,905 | 100.0 | WALGREENS | 2059 |
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| FREEPORT (7) | 2000 | JOINT VENTURE | 9.6 | 173,031 | 93.9 | STOP & SHOP | 2025 |
| TOYS "R" US | 2020 | 2040 | MARSHALLS | 2011 | 2016 |
| GLEN COVE (7) | 2000 | JOINT VENTURE | 3.0 | 49,346 | 100.0 | STAPLES | 2014 | 2029 | ANNIE SEZ | 2011 | 2026 |
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| LATHAM (7) | 1999 | JOINT VENTURE | 89.4 | 616,130 | 99.7 | SAM'S CLUB | 2013 | 2043 | WAL-MART | 2013 | 2043 | HOME DEPOT | 2031 | 2071 |
| MUNSEY PARK (7) | 2000 | JOINT VENTURE | 6.0 | 72,748 | 100.0 | BED BATH & BEYOND | 2012 | 2022 | WHOLE FOODS | 2011 | 2021 |
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| MERRICK (7) | 2000 | JOINT VENTURE | 7.8 | 107,871 | 89.6 | WALDBAUMS | 2013 | 2041 | ANNIE SEZ | 2011 | 2021 | PARTY CITY | 2012 | 2022 |
| MIDDLETOWN (7) | 2000 | JOINT VENTURE | 10.1 | 80,000 | 100.0 | BEST BUY | 2016 | 2031 | LINENS N THINGS | 2016 | 2031 |
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| STATEN ISLAND (7) | 2000 | JOINT VENTURE | 14.4 | 190,131 | 100.0 | TJ MAXX | 2010 | 2025 | NATIONAL WHOLESALE | 2010 | 2030 | MICHAELS | 2011 | 2031 |
| AMHERST | 1988 | JOINT VENTURE | 7.5 | 101,066 | 100.0 | TOPS SUPERMARKET | 2013 | 2033 |
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| BUFFALO | 1988 | JOINT VENTURE | 9.2 | 141,466 | 92.1 | TOPS SUPERMARKET | 2012 | 2037 | PETSMART | 2017 | 2032 | FASHION BUG | 2010 | 2025 |
| BRONX | 1990 | JOINT VENTURE | 19.5 | 228,638 | 100.0 | NATIONAL AMUSEMENTS | 2011 | 2036 | WALDBAUMS | 2011 | 2046 | OFFICE OF HEARING | 2008 |
|
| LEVITTOWN | 2006 | JOINT VENTURE | 4.7 | 47,214 | 100.0 | FILENE'S BASEMENT | 2021 |
| DSW SHOE WAREHOUSE | 2021 | 2036 |
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| BRIDGEHAMPTON | 1973 | FEE | 30.2 | 287,587 | 98.3 | KMART | 2019 | 2039 | KING KULLEN | 2015 | 2035 | TJ MAXX | 2012 | 2017 |
| BROOKLYN | 2003 | FEE | 0.2 | 7,500 | 100.0 |
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| BROOKLYN | 2003 | FEE | 0.4 | 10,000 | 100.0 | RITE AID | 2019 |
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| BROOKLYN | 2004 | FEE | 0.2 | 29,671 | 100.0 | DUANE READE | 2014 |
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| BROOKLYN | 2004 | FEE | 2.9 | 41,076 | 100.0 | DUANE READE | 2014 |
| PC RICHARD & SON | 2018 | 2028 |
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| BAYRIDGE | 2004 | FEE | 0.5 | 21,106 | 100.0 | DUANE READE | 2014 |
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| BELLMORE | 2004 | FEE | 1.4 | 24,802 | 100.0 | RITE AID | 2014 |
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| BRONX | 2005 | FEE | 0.1 | 3,720 | 100.0 |
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| BROOKLYN | 2005 | FEE | 0.2 | 5,200 | 100.0 |
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| BAYSHORE | 2006 | FEE | 15.9 | 176,622 | 100.0 | BEST BUY | 2016 | 2031 | TOYS "R" US | 2013 | 2043 | OFFICE DEPOT | 2011 | 2026 |
| COMMACK | 1998 | GROUND LEASE (2085) | 35.7 | 265,409 | 97.4 | KING KULLEN | 2017 | 2047 | LINENS N THINGS | 2018 | 2038 | SPORTS AUTHORITY | 2017 | 2037 |
| CENTEREACH | 1993 | JOINT VENTURE | 40.7 | 377,584 | 98.9 | WAL-MART | 2015 | 2044 | BIG LOTS | 2011 | 2021 | MODELL'S | 2019 | 2029 |
| CENTEREACH | 2006 | FEE | 10.5 | 107,693 | 95.2 | PATHMARK | 2020 | 2050 | ACE HARDWARE | 2017 | 2027 |
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| COMMACK | 2007 | FEE | 2.5 | 24,617 | 42.6 |
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| ELMONT | 2004 | FEE | 1.8 | 27,078 | 100.0 | DUANE READE | 2014 |
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| ELMONT | 2007 | JOINT VENTURE | 1.3 | 12,900 | 100.0 | CVS | 2033 | 2040 |
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| FRANKLIN SQUARE | 2004 | FEE | 1.4 | 17,864 | 100.0 | DUANE READE | 2014 |
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| FLUSHING | 2007 | FEE | 2.2 | 22,416 | 100.0 | FRUIT VALLEY PRODUCE | 2011 |
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| HAMPTON BAYS | 1989 | FEE | 8.2 | 70,990 | 100.0 | MACY'S | 2015 | 2025 |
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| HICKSVILLE | 2004 | FEE | 2.5 | 35,581 | 70.5 | DUANE READE | 2014 |
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| HUNTINGTON | 2007 | FEE | 0.9 | 9,900 | 100.0 |
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| HOLTSVILLE | 2007 | FEE | 0.8 | 1,595 | 100.0 |
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| JAMAICA | 2005 | FEE | 0.3 | 5,770 | 100.0 |
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| JERICHO | 2007 | FEE | 6.4 | 64,137 | 90.3 | WHOLE FOODS MARKET | 2025 | 2040 |
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| JERICHO | 2007 | FEE | 5.7 | 57,013 | 100.0 | MARSHALLS | 2009 | 2019 |
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| JERICHO | 2007 | GROUND LEASE (2045) | 0.2 | 2,085 | 100.0 |
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| JERICHO | 2007 | FEE | 2.5 | 105,851 | 100.0 | MILLERIDGE INN | 2022 | 2042 |
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| LITTLE NECK | 2003 | FEE | 3.8 | 48,275 | 100.0 |
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| LAURELTON | 2005 | FEE | 0.2 | 7,435 | 100.0 |
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| MANHASSET | 1999 | FEE | 9.6 | 188,608 | 100.0 | FILENE'S | 2011 |
| LINENS N THINGS | 2016 | 2026 | KING KULLEN | 2024 | 2052 |
| MASPETH | 2004 | FEE | 1.1 | 22,500 | 100.0 | DUANE READE | 2014 |
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| NORTH MASSAPEQUA | 2004 | GROUND LEASE (2033) | 2.0 | 29,610 | 100.0 | DUANE READE | 2014 |
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| MANHATTAN | 2005 | FEE | 0.2 | 9,566 | 100.0 |
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| MINEOLA | 2007 | FEE | 2.7 | 26,780 | 79.5 | CVS | 2011 | 2026 |
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| OCEANSIDE | 2003 | FEE | 0.3 | - | - |
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| PLAINVIEW | 1969 | GROUND LEASE (2070) | 7.0 | 88,222 | 100.0 | FAIRWAY STORES | 2017 | 2037 |
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| POUGHKEEPSIE | 1972 | FEE | 20.0 | 167,668 | 98.2 | STOP & SHOP | 2020 | 2049 | BIG LOTS | 2012 | 2017 |
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| QUEENS VILLAGE | 2005 | FEE | 0.5 | 14,649 | 100.0 | STRAUSS DISCOUNT AUTO | 2015 | 2025 |
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| SYOSSET | 1967 | FEE | 2.5 | 32,124 | 100.0 | NEW YORK SPORTS CLUB | 2016 | 2021 |
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| STATEN ISLAND | 1989 | FEE | 16.7 | 210,825 | 100.0 | KMART | 2011 |
| PATHMARK | 2011 | 2021 |
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| STATEN ISLAND | 1997 | GROUND LEASE (2072) | 7.0 | 101,337 | 100.0 | WALDBAUMS | 2011 | 2031 |
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| STATEN ISLAND | 2006 | FEE | 23.9 | 356,779 | 97.9 | KMART | 2012 | 2017 | PATHMARK | 2012 | 2037 | TOYS "R" US | 2015 |
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| STATEN ISLAND | 2005 | FEE | 5.5 | 47,270 | 100.0 | STAPLES | 2008 | 2018 |
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| ROCHESTER | 1993/ 1988 | FEE | 18.6 | 185,153 | 32.0 | TOPS SUPERMARKET | 2009 | 2024 |
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| WHITE PLAINS | 2004 | FEE | 2.5 | 24,577 | 98.8 | DUANE READE | 2014 |
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| YONKERS | 1995 | FEE | 4.1 | 43,560 | 100.0 | SHOPRITE | 2013 | 2028 |
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| YONKERS | 2005 | FEE | 0.9 | 10,329 | 100.0 | STRAUSS DISCOUNT AUTO | 2015 | 2025 |
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| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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| CENTRAL ISLIP (4) | 2004 | GROUND LEASE (2101)/ JOINT VENTURE | 11.8 | 52,000 | 100.0 |
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| EAST NORTHPORT (4) | 2005 | GROUND LEASE (2052)/ JOINT VENTURE | 4.0 | - | - |
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| HARLEM (4) | 2007 | JOINT VENTURE | 1.9 | - | - |
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| BRONX (4) | 2007 | JOINT VENTURE | 0.7 | - | - |
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| BRONX (4) | 2007 | JOINT VENTURE | 0.4 | - | - |
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| NEW YORK (4) | 2007 | JOINT VENTURE | 0.6 | - | - |
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NORTH CAROLINA |
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| |
| CARY (7) | 2001 | JOINT VENTURE | 40.3 | 315,797 | 100.0 | BJ'S | 2020 | 2040 | KOHL'S | 2022 | 2001 | PETSMART | 2016 | 2036 |
| DURHAM (7) | 2002 | JOINT VENTURE | 39.5 | 408,292 | 100.0 | WAL-MART | 2015 | 2035 | BEST BUY | 2011 | 2026 | LINENS N THINGS | 2011 | 2026 |
| PINEVILLE (13) | 2003 | JOINT VENTURE | 39.1 | 269,710 | 98.5 | KMART | 2017 | 2067 | STEIN MART | 2012 |
| TJ MAXX | 2013 | 2018 |
| CHARLOTTE | 1968 | FEE | 13.5 | 62,300 | 100.0 | TJ MAXX | 2012 | 2017 | CVS | 2015 | 2035 |
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|
| CHARLOTTE | 1993 | FEE | 14.0 | 139,269 | 94.2 | BI-LO | 2009 | 2029 | RUGGED WEARHOUSE | 2013 | 2018 | DECORATORS WAREHOUSE | 2012 | 2022 |
| CHARLOTTE | 1986 | GROUND LEASE (2048) | 18.4 | 233,800 | 100.0 | ROSS DRESS FOR LESS | 2015 | 2035 | K&G MEN'S COMPANY | 2008 | 2018 | OFFICEMAX | 2009 | 2024 |
| CARY | 1996 | FEE | 10.6 | 86,015 | 100.0 | BED BATH & BEYOND | 2010 | 2014 | DICK'S SPORTING GOODS | 2014 | 2029 |
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| CARY | 1998 | FEE | 10.9 | 102,787 | 75.9 | LOWES FOOD | 2017 | 2037 |
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| DURHAM | 1996 | FEE | 13.2 | 116,186 | 95.2 | TJ MAXX | 2009 | 2014 | JO-ANN FABRICS | 2010 | 2020 |
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| FRANKLIN | 1998 | JOINT VENTURE | 2.6 | 26,326 | 100.0 | BILL HOLT FORD | 2016 | 2041 |
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| MORRISVILLE | 2007 | FEE | 24.2 | 169,901 | 99.4 | CARMIKE CINEMAS | 2017 | 2027 | FOOD LION | 2019 | 2039 | STEIN MART | 2017 | 2037 |
| MOORSEVILLE | 2007 | FEE | 29.3 | 172,599 | 88.1 | BEST BUY | 2018 | 2038 | BED BATH & BEYOND | 2018 | 2038 | STAPLES | 2022 | 2037 |
| RALEIGH | 1993 | FEE | 35.9 | 362,945 | 90.2 | GOLFSMITH GOLF & TENNIS | 2017 | 2027 | BED BATH & BEYOND | 2016 | 2036 | ROSS DRESS FOR LESS | 2016 | 2036 |
| WINSTON-SALEM | 1969 | FEE | 13.2 | 137,433 | 96.5 | HARRIS TEETER | 2016 | 2041 | DOLLAR TREE | 2011 | 2016 | SPORTSMAN'S SUPPLY | 2008 |
|
| KNIGHTDALE (4) | 2005 | JOINT VENTURE | 29.2 | 201,000 | 100.0 | ROSS DRESS FOR LESS | 2017 | 2037 | BED BATH & BEYOND | 2017 | 2037 | MICHAELS | 2016 | 2036 |
| RALEIGH (4) | 2006 | JOINT VENTURE | 8.8 | 9,000 | 100.0 |
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| RALEIGH (4) | 2003 | JOINT VENTURE | 35.4 | 93,000 | 100.0 | FOOD LION | 2023 | 2043 | ACE HARDWARE | 2022 | 2037 |
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OHIO |
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| CINCINNATI (7) | 2000 | JOINT VENTURE | 36.7 | 410,010 | 92.7 | WAL-MART | 2010 | 2040 | HOBBY LOBBY | 2015 | 2025 | DICK'S SPORTING GOODS | 2016 | 2031 |
| COLUMBUS (7) | 2002 | JOINT VENTURE | 36.5 | 254,152 | 97.2 | LOWE'S HOME CENTER | 2016 | 2046 | KROGER | 2017 | 2037 |
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| COLUMBUS (7) | 1998 | JOINT VENTURE | 12.1 | 112,862 | 89.2 | BORDERS BOOKS | 2018 | 2038 | PIER 1 IMPORTS | 2012 | 2017 | FRANNYS HALLMARK | 2009 | 2014 |
| HUBER HEIGHTS (7) | 1999 | JOINT VENTURE | 40.0 | 318,468 | 100.0 | ELDER BEERMAN | 2014 | 2044 | KOHL'S | 2015 | 2035 | MARSHALLS | 2009 | 2024 |
| SPRINGDALE (7) | 2000 | JOINT VENTURE | 22.0 | 253,510 | 73.5 | WAL-MART | 2015 | 2045 | HH GREGG | 2012 | 2017 | DAVID'S BRIDAL | 2009 | 2019 |
| AKRON | 1975 | FEE | 6.9 | 75,866 | 100.0 | GIANT EAGLE | 2021 | 2041 |
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| AKRON | 1988 | FEE | 24.5 | 138,363 | 100.0 | GABRIEL BROTHERS | 2010 | 2025 | PAT CATANS CRAFTS | 2013 |
| ESSENCE BEAUTY MART | 2014 |
|
| BARBERTON | 1972 | FEE | 10.0 | 101,801 | 96.7 | GIANT EAGLE | 2027 | 2052 |
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| BRUNSWICK | 1975 | FEE | 20.0 | 171,223 | 97.7 | KMART | 2010 | 2050 | MARC'S | 2017 | 2027 |
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| BEAVERCREEK | 1986 | FEE | 18.2 | 97,307 | 98.2 | KROGER | 2018 | 2048 | REVCO | 2008 | 2027 |
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| CANTON | 1972 | FEE | 19.6 | 172,419 | 87.1 | BURLINGTON COAT FACTORY | 2018 | 2043 | TJ MAXX | 2012 | 2017 | HOMETOWN BUFFET | 2010 | 2020 |
| CAMBRIDGE | 1997 | FEE | 13.1 | 78,065 | 93.3 | TRACTOR SUPPLY CO. | 2010 | 2020 |
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| COLUMBUS | 1988 | FEE | 12.4 | 191,089 | 100.0 | KOHL'S | 2011 | 2031 | KROGER | 2031 | 2071 | TOYS R US | 2015 | 2040 |
| COLUMBUS | 1988 | FEE | 13.7 | 142,743 | 100.0 | KOHL'S | 2011 | 2031 | STAPLES | 2010 | 2020 |
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| COLUMBUS | 1988 | FEE | 17.9 | 129,008 | 96.0 | KOHL'S | 2011 | 2031 | GRANT METHODIST HOSPITAL | 2011 |
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| CENTERVILLE | 1988 | FEE | 15.2 | 125,058 | 100.0 | BED BATH & BEYOND | 2017 | 2032 | THE TILE SHOP | 2014 | 2024 | HOME 2 HOME | 2013 | 2018 |
| COLUMBUS | 1988 | FEE | 12.4 | 135,650 | 100.0 | KOHL'S | 2011 | 2031 | CIRCUIT CITY | 2019 | 2039 |
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| CINCINNATI | 1988 | FEE | 11.6 | 223,731 | 99.3 | LOWE'S HOME CENTER | 2022 | 2052 | BIG LOTS | 2009 | 2019 | AJ WRIGHT | 2014 | 2034 |
| CINCINNATI | 1988 | GROUND LEASE (2054) | 8.8 | 121,242 | 100.0 | TOYS "R" US | 2019 | 2044 |
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| CINCINNATI | 1988 | FEE | 29.2 | 308,277 | 100.0 | HOBBY LOBBY | 2012 | 2022 | TOYS R US | 2016 | 2046 | HAVERTY'S | 2019 | 2034 |
| CINCINNATI | 2000 | FEE | 8.8 | 88,317 | 100.0 | HOBBY LOBBY | 2011 | 2021 | GOLD'S GYM | 2017 | 2027 |
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| CINCINNATI | 1999 | FEE | 16.7 | 89,742 | 92.1 | BIGGS FOODS | 2008 | 2028 |
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| DAYTON | 1969 | FEE | 22.8 | 163,131 | 81.6 | BEST BUY | 2008 | 2028 | BIG LOTS | 2013 | 2018 | JO-ANN FABRICS | 2012 |
|
| DAYTON | 1984 | FEE | 32.1 | 213,853 | 88.5 | VICTORIA'S SECRET | 2009 | 2019 | KROGER | 2012 | 2038 | CARDINAL FITNESS | 2017 | 2027 |
| TROTWOOD | 1988 | FEE | 16.9 | 141,616 | 100.0 | VALUE CITY | 2010 | 2020 | DOLLAR GENERAL | 2012 |
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| DAYTON | 1988 | FEE | 11.2 | 116,374 | 88.3 | VALUE CITY | 2010 | 2015 |
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| KENT | 1988/ 1991 | FEE | 17.6 | 106,500 | 100.0 | TOPS SUPERMARKET | 2026 | 2096 |
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| MENTOR | 1987 | FEE | 20.6 | 103,910 | 100.0 | GABRIEL BROTHERS | 2013 | 2028 | BIG LOTS | 2014 | 2034 |
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| MIDDLEBURG HEIGHTS | 1988 | FEE | 8.2 | 104,342 | 100.0 | GABRIEL BROTHERS | 2014 | 2029 |
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|
| MENTOR | 1988 | FEE | 25.0 | 235,577 | 95.9 | GIANT EAGLE | 2019 | 2029 | BURLINGTON COAT FACTORY | 2014 |
| JO-ANN FABRICS | 2009 | 2019 |
| MIAMISBURG | 1999 | FEE | 0.6 | 6,000 | 57.5 |
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| NORTH OLMSTEAD | 1988 | FEE | 11.7 | 99,862 | 100.0 | TOPS SUPERMARKET | 2026 | 2096 |
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| SHARONVILLE | 1977 | GROUND LEASE (2076)/JOINT VENTURE | 15.0 | 121,105 | 92.6 | GABRIEL BROTHERS | 2012 | 2032 | KROGER | 2008 | 2028 | UNITED ART AND EDUCATION | 2016 | 2026 |
| UPPER ARLINGTON | 1969 | FEE | 13.3 | 160,702 | 78.6 | TJ MAXX | 2011 | 2021 | HONG KONG BUFFET | 2011 | 2016 | CVS | 2019 | 2039 |
| WESTERVILLE | 1993/ 1988 | FEE | 25.4 | 222,077 | 100.0 | KOHL'S | 2016 | 2036 | MARC'S | 2015 | 2025 | OFFICEMAX | 2014 | 2024 |
| WICKLIFFE | 1982 | FEE | 10.0 | 128,180 | 95.6 | GABRIEL BROTHERS | 2013 | 2028 | BIG LOTS | 2010 |
| DOLLAR GENERAL | 2008 |
|
| WILLOUGHBY HILLS | 1988 | FEE | 14.1 | 157,424 | 100.0 | VF OUTLET | 2012 | 2022 | MARCS DRUGS | 2012 | 2017 |
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OKLAHOMA |
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| OKLAHOMA CITY | 1997 | FEE | 9.8 | 103,027 | 100.0 | ACADEMY SPORTS & OUTDOORS | 2014 | 2024 |
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| OKLAHOMA CITY | 1998 | FEE | 19.8 | 233,797 | 100.0 | HOME DEPOT | 2014 | 2044 | GORDMANS | 2013 | 2033 | BEST BUY | 2013 | 2023 |
| SOUTH TULSA | 1996 | FEE | 0.4 | 4,090 | 100.0 |
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OREGON |
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| |
| MEDFORD (6) | 2006 | FEE | 30.1 | 335,043 | 94.5 | SEARS | 2014 | 2044 | TINSELTOWN | 2017 | 2037 | 24 HOUR FITNESS | 2015 | 2026 |
| GRESHAM (6) | 2006 | FEE | 25.6 | 264,765 | 90.5 | G.I. JOE'S | 2037 | 2087 | PETSMART | 2013 | 2028 | ROSS DRESS FOR LESS | 2018 |
|
| HILLSBORO (6) | 2006 | FEE | 20.0 | 260,954 | 97.8 | SAFEWAY | 2014 | 2044 | STAPLES | 2013 |
| RITE AID | 2014 | 2044 |
| CLACKAMAS (6) | 2007 | JOINT VENTURE | 23.7 | 236,672 | 100.0 | GART SPORTS | 2014 | 2034 | NORDSTROM RACK | 2008 | 2018 | OLD NAVY | 2010 |
|
| HILLSBORO (6) | 2006 | FEE | 20.0 | 210,992 | 88.2 | SAFEWAY | 2010 | 2045 | RITE AID | 2010 | 2040 | TRADER JOE'S | 2017 | 2032 |
| GRESHAM (6) | 2006 | FEE | 0.3 | 208,276 | 97.6 | WILD OATS MARKETS | 2020 | 2033 | OFFICE DEPOT | 2012 | 2017 | BIG LOTS | 2012 | 2017 |
| MILWAUKIE (6) | 2006 | GROUND LEASE (2041) | 16.3 | 185,859 | 94.6 | ALBERTSONS | 2013 |
| RITE AID | 2015 |
| JO-ANN FABRICS | 2008 | 2018 |
| HERMISTON (6) | 2006 | GROUND LEASE (2046) | 14.2 | 150,396 | 90.3 | SAFEWAY | 2008 | 2038 | BIG LOTS | 2013 | 2018 | DOLLAR TREE | 2011 | 2021 |
| CANBY (6) | 2006 | FEE | 9.1 | 115,701 | 98.3 | SAFEWAY | 2023 | 2083 | RITE AID | 2014 | 2044 | CANBY ACE HARDWARE | 2015 | 2030 |
| PORTLAND (6) | 2006 | FEE | 10.6 | 115,057 | 97.3 | SAFEWAY | 2017 | 2047 | DOLLAR TREE | 2012 | 2017 |
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| PORTLAND (6) | 2006 | FEE | 1.5 | 112,755 | 84.5 | STAPLES | 2015 | 2030 | WALGREENS | 2021 | 2060 |
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| ALBANY (6) | 2006 | FEE | 13.3 | 109,891 | 100.0 | RITE AID | 2008 | 2053 | BIG LOTS | 2008 | 2023 | DOLLAR TREE | 2008 | 2020 |
| HOOD RIVER (6) | 2006 | FEE | 8.3 | 108,554 | 95.1 | ROSAUERS | 2021 | 2039 | WALGREENS | 2032 | 2052 | DOLLAR TREE | 2011 | 2021 |
| GRESHAM (6) | 2006 | FEE | 0.7 | 107,583 | 100.0 | FOOD 4 LESS | 2009 | 2019 | CASCADE ATHLETIC CLUB | 2008 | 2018 |
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| TROUTDALE (6) | 2006 | FEE | 9.8 | 98,137 | 55.7 | LAMBS THRIFTWAY | 2021 | 2031 |
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| SPRINGFIELD (6) | 2006 | FEE | 8.7 | 96,027 | 96.1 | SAFEWAY | 2008 | 2043 |
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| GRESHAM (6) | 2006 | FEE | 8.0 | 92,872 | 84.1 | DOLLAR TREE | 2011 | 2021 | VOLUNTEERS OF AMERICA | 2012 | 2017 |
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| PORTLAND (6) | 2006 | FEE | 2.1 | 38,363 | 98.3 | QFC | 2019 | 2044 |
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| ALBANY | 2006 | JOINT VENTURE | 3.8 | 22,700 | 100.0 | GROCERY OUTLET | 2016 | 2030 |
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PENNSYLVANIA |
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| |
| MONROEVILLE (8) | 2005 | FEE | 13.7 | 143,200 | 94.4 | PETSMART | 2019 | 2034 | BED BATH & BEYOND | 2020 | 2034 | MICHAELS | 2009 | 2029 |
| HORSHAM (8) | 2005 | JOINT VENTURE | 8.3 | 75,206 | 97.6 | GIANT FOOD | 2022 | 2052 |
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| CARLISLE (8) | 2005 | JOINT VENTURE | 12.2 | 90,289 | 88.4 | GIANT FOOD | 2016 | 2046 |
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| PITTSBURGH (6) | 2007 | JOINT VENTURE | 19.3 | 133,697 | 84.0 | ECKERD | 2013 | 2018 |
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| MONTGOMERY (7) | 2002 | JOINT VENTURE | 45.0 | 257,565 | 100.0 | GIANT FOOD | 2020 | 2050 | BED BATH & BEYOND | 2016 | 2030 | COMPUSA | 2014 | 2028 |
| POTTSTOWN (12) | 2004 | JOINT VENTURE | 15.7 | 161,727 | 95.5 | GIANT FOOD | 2014 | 2049 | TRACTOR SUPPLY CO. | 2012 | 2027 | TJ MAXX | 2009 | 2019 |
| SHREWSBURY (13) | 2004 | JOINT VENTURE | 21.2 | 94,706 | 100.0 | GIANT FOOD | 2023 | 2053 |
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| PITTSBURGH (13) | 2007 | JOINT VENTURE | 37.0 | 166,786 | 94.5 | LINENS N THINGS | 2016 | 2030 | TJ MAXX | 2010 | 2020 | STAPLES | 2015 | 2030 |
| GREENSBURG | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | TJ MAXX | 2010 | 2020 | MICHAELS | 2010 | 2020 |
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| WHITEHALL | 2005 | JOINT VENTURE | 15.1 | 151,418 | 100.0 | GIANT FOOD | 2014 |
| BARNES & NOBLE | 2011 |
| PARTY CITY | 2010 |
|
| ARDMORE | 2007 | FEE | 18.8 | 320,367 | 96.1 | MACY'S | 2012 | 2032 | BANANA REPUBLIC | 2008 | 2013 |
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| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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| PITTSBURGH | 2004 | GROUND LEASE (2095) | 46.8 | 467,927 | 100.0 |
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| CHIPPEWA | 2000 | FEE | 22.4 | 215,206 | 100.0 | KMART | 2018 | 2068 | HOME DEPOT | 2018 | 2068 |
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| SCOTT TOWNSHIP | 2000 | GROUND LEASE (2052) | 6.9 | 69,288 | 100.0 | WAL-MART | 2032 | 2052 |
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| BLUE BELL | 1996 | FEE | 17.7 | 120,211 | 100.0 | KOHL'S | 2016 | 2036 | HOME GOODS | 2013 | 2033 |
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| CHAMBERSBURG | 2007 | FEE | 12.9 | 131,623 | 97.9 | GIANT FOOD | 2040 | 2040 | WINE & SPIRITS SHOPPE | 2011 | 2016 |
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| CHAMBERSBURG | 2006 | FEE | 37.3 | 271,411 | 98.2 | KOHL'S | 2028 | 2058 | GIANT FOOD | 2027 | 2067 | MICHAELS | 2017 | 2037 |
| EAST STROUDSBURG | 1973 | FEE | 15.3 | 168,506 | 100.0 | KMART | 2012 | 2022 | WEIS MARKETS | 2008 |
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| EAGLEVILLE | 1973 | FEE | 15.2 | 165,385 | 93.4 | KMART | 2009 | 2024 | GENUARDI'S | 2011 | 2025 |
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| EXTON | 1990 | FEE | 6.1 | 60,685 | 100.0 | ACME MARKETS | 2015 | 2045 |
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| EXTON | 1996 | FEE | 9.8 | 85,184 | 100.0 | KOHL'S | 2016 | 2036 |
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| EASTWICK | 1997 | FEE | 3.4 | 36,511 | 100.0 | MERCY HOSPITAL | 2017 | 2022 |
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| FEASTERVILLE | 1996 | FEE | 4.6 | 86,575 | 100.0 | VALUE CITY | 2011 | 2026 |
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| GETTYSBURG | 1986 | FEE | 2.4 | 14,584 | 100.0 | RITE AID | 2026 | 2046 |
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| HARRISBURG | 1972 | FEE | 17.0 | 175,917 | 100.0 | GANDER MOUNTAIN | 2013 | 2028 | AMERICAN SIGNATURE | 2022 | 2032 | SUPERPETZ | 2012 | 2021 |
| HAMBURG | 2001 | FEE | 3.0 | 15,400 | 100.0 | LEHIGH VALLEY HEALTH | 2016 | 2026 |
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| HAVERTOWN | 1996 | FEE | 9.0 | 80,938 | 100.0 | KOHL'S | 2016 | 2036 |
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| LANDSDALE | 1996 | GROUND LEASE (2037) | 1.4 | 84,470 | 100.0 | KOHL'S | 2012 |
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| MORRISVILLE | 1996 | FEE | 14.4 | 2,437 | 0.0 |
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| EAST NORRITON | 1984 | FEE | 12.5 | 131,794 | 94.3 | SHOPRITE | 2022 | 2037 | STAPLES | 2008 |
| JO-ANN FABRICS | 2012 |
|
| NEW KENSINGTON | 1986 | FEE | 12.5 | 108,950 | 100.0 | GIANT EAGLE | 2016 | 2033 |
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| PHILADELPHIA (3) | 1983 | JOINT VENTURE | 8.1 | 195,440 | 100.0 | JCPENNEY | 2012 | 2037 | TOYS "R" US | 2012 | 2052 |
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| PHILADELPHIA | 1998 | JOINT VENTURE | 7.5 | 75,303 | 100.0 | NORTHEAST AUTO OUTLET | 2015 | 2050 |
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| PHILADELPHIA (3) | 1995 | JOINT VENTURE | 22.6 | 211,947 | 94.3 | SUPER FRESH | 2022 | 2047 | PETSMART | 2011 | 2016 | PEP BOYS | 2009 | 2014 |
| PHILADELPHIA | 1996 | FEE | 6.3 | 82,345 | 100.0 | KOHL'S | 2016 | 2036 |
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| PHILADELPHIA | 1996 | GROUND LEASE (2035) | 6.8 | 133,309 | 100.0 | KMART | 2010 | 2035 |
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| PHILADELPHIA | 2005 | FEE | 0.4 | 9,343 | 100.0 |
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| PHILADELPHIA | 2006 | JOINT VENTURE | 18.0 | 294,309 | 98.0 | SEARS | 2019 | 2039 |
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| RICHBORO | 1986 | FEE | 14.5 | 107,957 | 100.0 | SUPER FRESH | 2018 | 2058 |
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| SPRINGFIELD | 1983 | FEE | 19.7 | 212,188 | 90.9 | VALUE CITY | 2013 | 2043 | STAPLES | 2013 | 2023 |
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| UPPER DARBY | 1996 | JOINT VENTURE | 16.3 | 4,808 | 0.0 |
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| WEST MIFFLIN | 1986 | FEE | 8.3 | 84,279 | 100.0 | BIG LOTS | 2012 | 2032 |
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| WHITEHALL | 1996 | GROUND LEASE (2081) | 6.0 | 84,524 | 100.0 | KOHL'S | 2016 | 2036 |
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| YORK | 1986 | FEE | 13.7 | 58,244 | 95.2 | SAVE-A-LOT | 2014 | 2029 | ADVANCE AUTO PARTS | 2012 | 2017 | YALE ELECTRIC | 2010 | 2011 |
| YORK | 1986 | FEE | 3.3 | 35,500 | 100.0 | GIANT FOOD | 2012 | 2017 |
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PUERTO RICO |
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| BAYAMON | 2001 | FEE | 16.5 | 186,400 | 97.6 | AMIGO SUPERMARKET | 2027 | 2047 | OFFICEMAX | 2015 | 2030 | CHUCK E CHEESE | 2013 | 2023 |
| CAGUAS | 2006 | FEE | 44.9 | 576,348 | 95.9 | COSTCO | 2026 | 2046 | SAM'S CLUB | 2019 | 2070 | OFFICEMAX | 2010 | 2025 |
| CAROLINA | 2006 | FEE | 51.3 | 570,610 | 98.2 | HOME DEPOT | 2026 | 2046 | KMART | 2019 | 2069 | OFFICEMAX | 2010 | 2025 |
| MAYAGUEZ | 2006 | FEE | 32.5 | 348,593 | 99.0 | HOME DEPOT | 2026 | 2046 | SAM'S CLUB | 2019 | 2069 | CARIBBEAN CINEMA | 2028 | 2038 |
| MANATI | 2006 | FEE | 6.7 | 69,640 | 95.7 | GRANDE SUPERMARKET | 2009 |
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| PONCE | 2006 | FEE | 12.1 | 192,701 | 95.1 | 2000 CINEMA CORP. | 2032 | 2052 | SUPERMERCADOS MAXIMO | 2026 | 2046 | DAVID'S BRIDAL | 2011 | 2021 |
| TRUJILLO ALTO | 1979 | FEE | 20.1 | 199,513 | 100.0 | KMART | 2009 | 2054 | PUEBLO SUPERMARKET | 2014 | 2024 | FARMACIAS EL AMAL | 2015 |
|
RHODE ISLAND |
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| CRANSTON | 1998 | FEE | 11.0 | 129,907 | 89.0 | BOB'S STORES | 2013 | 2028 | MARSHALLS | 2011 | 2021 |
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| PROVIDENCE | 2003 | GROUND LEASE (2072)/JOINT VENTURE | 17.0 | 71,735 | 86.5 | STOP & SHOP | 2022 | 2072 |
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SOUTH CAROLINA |
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| |
| GREENVILLE (9) | 2004 | FEE | 31.8 | 295,928 | 95.4 | INGLES MARKETS | 2021 | 2076 | GOODY'S FAMILY CLOTHING | 2010 | 2025 | TJ MAXX | 2010 | 2025 |
| CHARLESTON | 1978 | FEE | 17.6 | 171,735 | 98.1 | STEIN MART | 2011 | 2016 | FLOOR IT NOW | 2012 |
| TUESDAY MORNING | 2015 | 2021 |
| CHARLESTON | 1995 | FEE | 17.2 | 186,740 | 98.7 | TJ MAXX | 2009 | 2014 | OFFICE DEPOT | 2011 | 2016 | MARSHALLS | 2011 |
|
| FLORENCE | 1997 | FEE | 21.0 | 113,922 | 81.8 | HAMRICKS | 2011 |
| STAPLES | 2010 | 2035 | DOLLAR TREE | 2013 | 2018 |
| GREENVILLE | 1997 | FEE | 20.4 | 148,532 | 94.9 | STEVE & BARRY'S UNIVERSITY | 2014 | 2021 | BABIES R US | 2012 | 2022 |
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| NORTH CHARLESTON | 2000/ 1997 | FEE | 27.2 | 266,588 | 96.2 | SPORTS AUTHORITY | 2013 | 2033 | CIRCUIT CITY | 2019 | 2029 | MARSHALLS | 2013 |
|
TENNESSEE |
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| |
| MEMPHIS (6) | 2007 | JOINT VENTURE | 5.5 | 55,297 | 80.0 |
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| MADISON (7) | 1999 | JOINT VENTURE | 21.1 | 189,401 | 97.4 | DICK'S SPORTING GOODS | 2017 | 2032 | BEST BUY | 2014 | 2029 | GOODY'S FAMILY CLOTHING | 2010 | 2020 |
| MEMPHIS (7) | 2001 | JOINT VENTURE | 3.9 | 40,000 | 100.0 | BED BATH & BEYOND | 2012 | 2027 |
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| NASHVILLE (7) | 1999 | JOINT VENTURE | 9.3 | 99,909 | 88.3 | BEST BUY | 2014 | 2029 | OFFICEMAX | 2015 | 2035 |
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| CHATTANOOGA | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | HOME GOODS | 2010 | 2020 | MICHAELS | 2017 | 2037 |
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| CHATTANOOGA | 1973 | GROUND LEASE (2074) | 7.6 | 50,588 | 89.6 | SAVE-A-LOT | 2009 | 2014 |
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| MADISON | 1978 | GROUND LEASE (2039) | 14.5 | 175,593 | 99.5 | OLD TIME POTTERY | 2013 | 2023 | WAL-MART | 2014 | 2039 |
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| MEMPHIS | 2000 | FEE | 8.8 | 87,962 | 100.0 | OLD TIME POTTERY | 2010 | 2025 |
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| MEMPHIS | 1991 | FEE | 14.7 | 167,243 | 87.8 | TOYS "R" US | 2017 | 2042 | OFFICEMAX | 2008 | 2028 | KIDS R US | 2019 | 2044 |
| MADISON | 2004/ 2005 | FEE | 25.4 | 240,318 | 94.2 | JO-ANN FABRICS | 2009 | 2024 | CIRCUIT CITY | 2009 | 2039 | TJ MAXX | 2010 | 2020 |
| NASHVILLE | 1998 | FEE | 10.2 | 109,012 | 88.2 | TREES N TRENDS | 2013 | 2018 | OAK FACTORY OUTLET | 2012 |
| OLD COUNTRY BUFFET | 2011 | 2016 |
| NASHVILLE | 1986 | FEE | 16.9 | 172,135 | 97.5 | STEIN MART | 2008 | 2013 | ASHLEY FURNITURE | 2012 | 2022 | BED BATH & BEYOND | 2013 | 2028 |
| BELLEVUE (4) | 2006 | JOINT VENTURE | 21.3 | 65,000 | 100.0 | PUBLIX | 2027 | 2057 |
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TEXAS |
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| ALLEN | 2006 | JOINT VENTURE | 2.1 | 21,162 | 100.0 | CREME DE LA CREME | 2026 | 2046 |
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| AMARILLO (7) | 1997 | JOINT VENTURE | 9.3 | 343,875 | 99.6 | HOME DEPOT | 2019 | 2069 | KOHL'S | 2025 | 2055 | CIRCUIT CITY | 2010 | 2035 |
| AMARILLO (7) | 2003 | JOINT VENTURE | 10.6 | 142,647 | 98.0 | ROSS DRESS FOR LESS | 2012 | 2037 | BED BATH & BEYOND | 2012 | 2032 | JO-ANN FABRICS | 2012 | 2032 |
| ARLINGTON | 1997 | FEE | 8.0 | 96,127 | 100.0 | HOBBY LOBBY | 2013 | 2018 |
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| AUSTIN | 1998 | FEE | 15.4 | 157,852 | 94.8 | HEB GROCERY | 2011 | 2026 | BROKERS NATIONAL LIFE | 2013 |
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| AUSTIN | 2003 | JOINT VENTURE | 10.8 | 108,028 | 100.0 | FRY'S ELECTRONICS | 2018 | 2048 |
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| AUSTIN (6) | 2007 | JOINT VENTURE | 20.9 | 209,393 | 96.7 | BED BATH & BEYOND | 2011 | 2021 | ROSS DRESS FOR LESS | 2013 | 2023 | TJ MAXX | 2012 | 2017 |
| AUSTIN (6) | 2007 | JOINT VENTURE | 20.8 | 138,422 | 100.0 | RANDALLS FOOD & DRUGS | 2009 | 2019 |
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| AUSTIN (6) | 2007 | JOINT VENTURE | 4.6 | 45,791 | 100.0 | PRIMITIVES | 2012 | 2017 | JO-ANN FABRICS | 2010 |
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| AUSTIN (7) | 1998 | JOINT VENTURE | 18.2 | 191,760 | 77.6 | CIRCUIT CITY | 2017 | 2037 | BABIES R US | 2012 | 2027 | WORLD MARKET | 2011 | 2026 |
| BAYTOWN | 1996 | FEE | 8.7 | 91,177 | 100.0 | HOBBY LOBBY | 2008 | 2018 | ROSS DRESS FOR LESS | 2012 | 2032 |
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|
| BROWNSVILLE (4) | 2005 | JOINT VENTURE | 27.6 | 198,000 | 100.0 | MERVYN'S | 2026 | 2046 | TJ MAXX | 2016 | 2036 | MICHAELS | 2017 | 2032 |
| COLLEYVILLE | 2006 | JOINT VENTURE | 2.0 | 20,188 | 100.0 | CREME DE LA CREME | 2026 | 2046 |
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| COPPELL | 2006 | JOINT VENTURE | 2.0 | 20,425 | 100.0 | CREME DE LA CREME | 2026 | 2046 |
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| CORPUS CHRISTI | 1997 | GROUND LEASE (2065) | 12.5 | 125,454 | 100.0 | BEST BUY | 2016 | 2030 | ROSS DRESS FOR LESS | 2011 | 2030 | BED BATH & BEYOND | 2018 | 2033 |
| DALLAS | 1969 | JOINT VENTURE | 75.0 | - | - | BIG TOWN BOWLANES | 2022 |
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| DALLAS (6) | 2007 | JOINT VENTURE | 12.1 | 171,988 | 89.9 | WHOLE FOODS MARKET | 2009 | 2039 | ULTA 3 | 2008 | 2018 |
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|
| DALLAS (7) | 1998 | JOINT VENTURE | 6.8 | 83,867 | 100.0 | ROSS DRESS FOR LESS | 2012 | 2017 | OFFICEMAX | 2009 | 2024 | BIG LOTS | 2012 | 2032 |
| EAST PLANO | 1996 | FEE | 9.0 | 100,598 | 100.0 | HOME DEPOT EXPO | 2024 | 2054 |
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| FORT WORTH (4) | 2003 | JOINT VENTURE | 45.5 | 228,000 | 100.0 | MARSHALLS | 2015 | 2035 | ROSS DRESS FOR LESS | 2017 | 2042 | OFFICE DEPOT | 2021 | 2041 |
| FRISCO (4) | 2006 | JOINT VENTURE | 38.7 | 163,000 | 100.0 | HOBBY LOBBY / MARDELS | 2027 | 2047 | SPROUTS FARMERS MARKET | 2022 | 2042 |
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| GRAND PRAIRIE (4) | 2006 | JOINT VENTURE | 55.6 | 171,000 | 100.0 | 24 HOUR FITNESS | 2022 | 2047 | MARSHALLS | 2017 | 2037 | PETCO | 2017 | 2027 |
| HARRIS COUNTY (8) | 2005 | JOINT VENTURE | 11.4 | 144,055 | 100.0 | BEST BUY | 2015 | 2035 | LINENS N THINGS | 2015 | 2030 | BARNES & NOBLE | 2014 | 2029 |
| HOUSTON | 1997 | FEE | 8.0 | 113,831 | 60.5 | PALAIS ROYAL | 2017 | 2022 |
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| HOUSTON | 1999 | FEE | 5.6 | 84,188 | 100.0 | OFFICE DEPOT | 2012 | 2022 | METROPOLITAN FURNITURE | 2013 | 2023 | EXCLUSIVE FURNITURE | 2017 | 2022 |
| HOUSTON | 1996 | FEE | 8.2 | 96,500 | 100.0 | BURLINGTON COAT FACTORY | 2019 | 2034 |
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| HOUSTON (13) | 2006 | JOINT VENTURE | 23.2 | 237,634 | 97.0 | TJ MAXX | 2015 | 2035 | ROSS DRESS FOR LESS | 2016 | 2036 | BED BATH & BEYOND | 2016 | 2041 |
| HOUSTON (4) | 2005 | JOINT VENTURE | 6.5 | 2,000 | 100.0 |
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| HOUSTON (8) | 2006 | FEE | 32.0 | 350,398 | 92.8 | MARSHALLS | 2011 | 2026 | BED BATH & BEYOND | 2012 | 2032 | OFFICEMAX | 2014 | 2034 |
| LEWISVILLE | 1998 | FEE | 11.2 | 74,837 | 60.3 | TALBOTS OUTLET | 2009 | 2017 |
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| LEWISVILLE | 1998 | FEE | 7.6 | 123,560 | 90.0 | BABIES R US | 2009 | 2027 | BED BATH & BEYOND | 2018 | 2033 | BROYHILL HOME COLLECTIONS | 2015 | 2025 |
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| OCEANSIDE (7) | 2006 | FEE | 10.2 | 88,414 | 94.4 | VONS | 2008 | LONGS DRUGS | 2013 | 2033 | ||||||||||||||||||||||||||||||||||||||
| ONTARIO (7) | 2006 | FEE | 14.1 | 97,131 | 97.9 | PEP BOYS | 2008 | 2028 | 24 HOUR FITNESS | 2009 | 2019 | ABBEY CARPET | 2009 | |||||||||||||||||||||||||||||||||||
| ONTARIO (7) | 2006 | FEE | 14.1 | 45,075 | 100.0 | SEARS OUTLET | 2008 | DUNN EDWARDS CORP. | 2009 | |||||||||||||||||||||||||||||||||||||||
| ORANGEVALE (7) | 2006 | FEE | 17.3 | 160,811 | 97.2 | ALBERTSONS | 2024 | 2063 | LONGS DRUGS | 2022 | 2052 | US POST OFFICE | 2012 | |||||||||||||||||||||||||||||||||||
| OXNARD (8) | 1998 | JOINT VENTURE | 14.4 | 171,580 | 100.0 | TARGET | 2008 | 2013 | FOOD 4 LESS | 2008 | 24 HOUR FITNESS | 2010 | 2020 | |||||||||||||||||||||||||||||||||||
| PACIFICA (11) | 2004 | JOINT VENTURE | 13.6 | 168,871 | 98.2 | SAFEWAY | 2018 | 2038 | ROSS DRESS FOR LESS | 2010 | 2020 | RITE AID | 2021 | |||||||||||||||||||||||||||||||||||
| PACIFICA (7) | 2006 | FEE | 7.5 | 103,081 | 100.0 | ALBERTSONS | 2007 | 2032 | RITE AID | 2012 | 2042 | |||||||||||||||||||||||||||||||||||||
| PALMDALE (7) | 2006 | FEE | 8.0 | 81,050 | 96.3 | SMART & FINAL | 2015 | 2029 | DOLLAR TREE | 2010 | 2020 | BIG LOTS | 2009 | 2027 | ||||||||||||||||||||||||||||||||||
| PORTERVILLE (7) | 2006 | FEE | 0.3 | 81,010 | 95.0 | SAVE MART | 2010 | 2030 | COUNTY OF TULARE | 2025 | 2045 | |||||||||||||||||||||||||||||||||||||
| POWAY | 2005 | FEE | 8.3 | 121,977 | 91.8 | STEIN MART | 2013 | 2028 | HOME GOODS | 2014 | 2033 | OFFICE DEPOT | 2013 | 2028 | ||||||||||||||||||||||||||||||||||
| RANCHO CUCAMONGA (7) | 2006 | GROUND LEASE (2042) | 17.1 | 286,824 | 97.3 | FOOD 4 LESS | 2014 | 2034 | SPORTS CHALET | 2010 | 2020 | AMIGO’S FLOORING MONSTER | 2015 | 2040 | ||||||||||||||||||||||||||||||||||
| RANCHO CUCAMONGA (7) | 2006 | FEE | 5.2 | 56,019 | 100.0 | SAV-ON DRUG | 2011 | 2026 | ||||||||||||||||||||||||||||||||||||||||
| RANCHO MIRAGE (7) | 2006 | FEE | 16.9 | 150,391 | 91.7 | VONS MARKET | 2009 | 2039 | LONGS DRUGS | 2009 | 2029 | |||||||||||||||||||||||||||||||||||||
| RED BLUFF | 2006 | FEE | 4.6 | 23,200 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| REDDING | 2006 | FEE | 1.8 | 21,876 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| REDDING (7) | 2006 | FEE | 12.1 | 122,091 | 95.7 | RALEY’S | 2014 | 2029 | ||||||||||||||||||||||||||||||||||||||||
| REDWOOD CITY (12) | 2004 | FEE | 6.4 | 49,429 | 100.0 | ORCHARD SUPPLY HARDWARE | 2009 | 2029 | ||||||||||||||||||||||||||||||||||||||||
| RIVERSIDE | 2006 | FEE | 5.0 | 86,108 | 100.0 | BURLINGTON COAT FACTORY | 2009 | 2028 | ||||||||||||||||||||||||||||||||||||||||
| ROSEVILLE (12) | 2004 | FEE | 20.3 | 188,493 | 100.0 | SPORTS AUTHORITY | 2016 | 2031 | LINENS N THINGS | 2012 | 2027 | ROSS DRESS FOR LESS | 2008 | 2028 | ||||||||||||||||||||||||||||||||||
| SACRAMENTO (7) | 2006 | FEE | 23.1 | 189,043 | 100.0 | SD MART | 2014 | 2024 | SEAFOOD CITY | 2018 | 2033 | BIG 5 SPORTING GOODS | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| SACRAMENTO (7) | 2006 | FEE | 10.8 | 132,630 | 99.8 | KMART | 2012 | 2032 | ||||||||||||||||||||||||||||||||||||||||
| SACRAMENTO (7) | 2006 | FEE | 13.2 | 116,668 | 98.6 | UNITED ARTISTS THEATRE | 2016 | 2028 | 24 HOUR FITNESS | 2012 | 2027 | |||||||||||||||||||||||||||||||||||||
| SACRAMENTO (7) | 2006 | FEE | 6.6 | 69,230 | 100.0 | BIG LOTS | 2010 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| SAN DIEGO (12) | 2004 | FEE | 42.1 | 411,375 | 100.0 | PRICE SELF STORAGE | 2035 | CHARLOTTE RUSSE | 2009 | 2019 | COSTCO | 2014 | 2044 | |||||||||||||||||||||||||||||||||||
| SAN DIEGO (12) | 2004 | FEE | 5.9 | 35,000 | 100.0 | CLAIM JUMPER | 2013 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| SAN DIEGO (7) | 2006 | GROUND LEASE (2016) | 16.4 | 210,604 | 96.4 | CIRCUIT CITY | 2010 | 2020 | TJ MAXX | 2010 | 2015 | SAV-ON DRUG | 2013 | 2023 | ||||||||||||||||||||||||||||||||||
| SAN DIEGO (8) | 2000 | JOINT VENTURE | 11.2 | 117,410 | 100.0 | ALBERTSONS | 2012 | SPORTMART | 2013 | |||||||||||||||||||||||||||||||||||||||
| SAN DIMAS (7) | 2006 | FEE | 13.4 | 154,020 | 100.0 | OFFICEMAX | 2011 | 2026 | ROSS DRESS FOR LESS | 2008 | 2023 | PETCO | 2012 | 2027 | ||||||||||||||||||||||||||||||||||
| SAN JOSE (7) | 2006 | FEE | 16.8 | 183,180 | 100.0 | WAL-MART | 2011 | 2041 | WALGREENS | 2030 | ||||||||||||||||||||||||||||||||||||||
| SAN LEANDRO (7) | 2006 | FEE | 6.2 | 95,255 | 97.2 | ROSS DRESS FOR LESS | 2008 | MICHAELS | 2008 | 2013 | ||||||||||||||||||||||||||||||||||||||
| SAN LUIS OBISPO | 2005 | FEE | 17.6 | 174,428 | 98.2 | VON’S | 2017 | 2042 | MICHAELS | 2008 | 2028 | SAV-ON DRUG | 2017 | 2047 | ||||||||||||||||||||||||||||||||||
| SAN RAMON (8) | 1999 | JOINT VENTURE | 5.3 | 41,913 | 100.0 | PETCO | 2012 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| SANTA ANA | 1998 | FEE | 12.0 | 134,400 | 100.0 | HOME DEPOT | 2015 | 2035 | ||||||||||||||||||||||||||||||||||||||||
| SANTA CLARITA (7) | 2006 | FEE | 14.1 | 96,662 | 92.7 | ALBERTSONS | 2012 | 2042 | ||||||||||||||||||||||||||||||||||||||||
| SANTA ROSA | 2005 | FEE | 3.6 | 41,565 | 90.3 | ACE HARDWARE | 2009 | 2019 | ||||||||||||||||||||||||||||||||||||||||
| SANTEE | 2003 | JOINT VENTURE | 44.5 | 311,437 | 99.2 | 24 HOUR FITNESS | 2017 | BED BATH & BEYOND | 2012 | 2017 | TJ MAXX | 2012 | 2027 | |||||||||||||||||||||||||||||||||||
| SIGNAL HILL (12) | 2004 | FEE | 15.0 | 181,250 | 99.5 | HOME DEPOT | 2014 | 2034 | PETSMART | 2009 | 2024 | |||||||||||||||||||||||||||||||||||||
| STOCKTON | 1999 | FEE | 14.6 | 152,919 | 87.2 | SUPER UNITED FURNITURE | 2009 | 2019 | COSTCO | 2008 | 2033 | |||||||||||||||||||||||||||||||||||||
| SUISON CITY (7) | 2006 | FEE | 14.9 | 161,851 | 98.3 | RALEY’S | 2019 | 2029 | ACE HARDWARE | 2013 | 2023 | AMERICAN FURNISHINGS GALLERIES | 2014 | 2018 | ||||||||||||||||||||||||||||||||||
| TEMECULA (12) | 2004 | FEE | 47.4 | 345,113 | 99.7 | WAL-MART | 2028 | 2058 | KOHL’S | 2023 | 2043 | ROSS DRESS FOR LESS | 2014 | 2034 | ||||||||||||||||||||||||||||||||||
| TEMECULA (7) | 2006 | FEE | 17.9 | 139,130 | 100.0 | ALBERTSONS | 2015 | 2035 | LONGS DRUGS | 2016 | 2041 | |||||||||||||||||||||||||||||||||||||
| TEMECULA (8) | 1999 | JOINT VENTURE | 40.0 | 342,336 | 99.2 | KMART | 2017 | 2032 | FOOD 4 LESS | 2010 | 2030 | TRISTONE THEATRES | 2008 | 2018 | ||||||||||||||||||||||||||||||||||
| TORRANCE (8) | 2000 | JOINT VENTURE | 26.7 | 266,847 | 100.0 | HL TORRANCE | 2011 | 2021 | LINENS N THINGS | 2010 | 2020 | MARSHALLS | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| TRUCKEE | 2006 | FEE | 3.2 | 26,553 | 78.8 | |||||||||||||||||||||||||||||||||||||||||||
| TULARE (7) | 2006 | FEE | 6.9 | 119,412 | 90.6 | SAVE MART | 2011 | 2031 | RITE AID | 2011 | 2041 | DOLLAR TREE | 2008 | |||||||||||||||||||||||||||||||||||
| TURLOCK (7) | 2006 | FEE | 10.1 | 111,612 | 100.0 | RALEY’S | 2018 | 2033 | OUCHINA BUFFET | 2014 | 2024 | |||||||||||||||||||||||||||||||||||||
| TUSTIN | 2003 | JOINT VENTURE | 9.1 | 108,413 | 100.0 | KMART | 2018 | 2048 | ||||||||||||||||||||||||||||||||||||||||
| TUSTIN (4) | 2005 | JOINT VENTURE | 47.2 | 626,000 | 100.0 | TARGET | 2015 | 2040 | WHOLE FOODS | 2010 | 2030 | TJ MAXX | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| TUSTIN (7) | 2006 | FEE | 15.7 | 210,936 | 97.4 | VONS | 2021 | 2041 | RITE AID | 2009 | 2029 | KRAGEN AUTO PARTS | 2011 | 2016 | ||||||||||||||||||||||||||||||||||
| TUSTIN (7) | 2006 | FEE | 12.9 | 138,348 | 98.8 | RALPHS | 2008 | 2023 | LONGS DRUGS | 2022 | 2032 | MICHAELS | 2008 | 2013 | ||||||||||||||||||||||||||||||||||
| UKIAH (7) | 2006 | FEE | 11.1 | 110,565 | 98.5 | RALEY’S | 2016 | 2031 | ||||||||||||||||||||||||||||||||||||||||
| UPLAND (7) | 2006 | FEE | 22.5 | 273,167 | 99.0 | HOME DEPOT | 2009 | 2029 | VONS PAVILIONS | 2008 | 2043 | STAPLES | 2008 | 2028 | ||||||||||||||||||||||||||||||||||
| VALENCIA (7) | 2006 | FEE | 13.6 | 143,333 | 100.0 | RALPHS | 2023 | 2053 | LONGS DRUGS | 2008 | ||||||||||||||||||||||||||||||||||||||
| VALLEJO (7) | 2006 | FEE | 14.2 | 150,766 | 97.1 | RALEY’S | 2017 | 2032 | 24 HOUR FITNESS | 2008 | 2013 | AARON RENTS | 2013 | 2023 | ||||||||||||||||||||||||||||||||||
| VALLEJO (7) | 2006 | FEE | 6.8 | 66,000 | 100.0 | SAFEWAY | 2015 | 2045 | ||||||||||||||||||||||||||||||||||||||||
| VISALIA (7) | 2006 | FEE | 3.1 | 46,460 | 96.2 | CHUCK E. CHEESE | 2008 | 2013 | ||||||||||||||||||||||||||||||||||||||||
| VISTA (7) | 2006 | FEE | 12.0 | 136,922 | 86.5 | ALBERTSONS | 2011 | 2016 | SAV-ON DRUG | 2010 | 2025 | |||||||||||||||||||||||||||||||||||||
| WALNUT CREEK (7) | 2006 | FEE | 3.2 | 114,733 | 100.0 | CENTURY THEATRES | 2023 | COST PLUS | 2014 | |||||||||||||||||||||||||||||||||||||||
| WESTMINSTER (7) | 2006 | FEE | 16.4 | 208,660 | 99.1 | VONS PAVILIONS | 2017 | 2047 | EASY LIFE FURNITURE | 2007 | ||||||||||||||||||||||||||||||||||||||
| WINDSOR (7) | 2006 | GROUND LEASE (2008) | 13.1 | 127,237 | 98.6 | SAFEWAY | 2014 | LONGS DRUGS | 2018 | |||||||||||||||||||||||||||||||||||||||
| WINDSOR (7) | 2006 | FEE | 9.8 | 107,769 | 100.0 | RALEY’S | 2012 | 2027 | 24-HOUR HEALTH CLUB | 2007 | 2017 | |||||||||||||||||||||||||||||||||||||
| YREKA (7) | 2006 | FEE | 14.0 | 127,148 | 98.9 | RALEY’S | 2014 | 2029 | JCPENNEY | 2011 | DOLLAR TREE | 2008 | ||||||||||||||||||||||||||||||||||||
| COLORADO | ||||||||||||||||||||||||||||||||||||||||||||||||
| AURORA | 1998 | FEE | 13.9 | 152,282 | 84.6 | ALBERTSONS | 2011 | 2051 | DOLLAR TREE | 2011 | 2026 | CROWN LIQUORS | 2015 | |||||||||||||||||||||||||||||||||||
| AURORA | 1998 | FEE | 9.9 | 44,174 | 91.1 | |||||||||||||||||||||||||||||||||||||||||||
| AURORA (3) | 1998 | FEE | 13.8 | 154,536 | 87.9 | ROSS DRESS FOR LESS | 2017 | 2037 | TJ MAXX | 2007 | 2012 | SPACE AGE FEDERAL CU | 2016 | 2026 | ||||||||||||||||||||||||||||||||||
| COLORADO SPRINGS | 1998 | FEE | 10.7 | 107,310 | 78.3 | RANCHO LIBORIO | 2017 | |||||||||||||||||||||||||||||||||||||||||
| DENVER | 1998 | FEE | 1.5 | 18,405 | 100.0 | SAVE-A-LOT | 2012 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| ENGLEWOOD | 1998 | FEE | 6.5 | 80,330 | 100.0 | HOBBY LOBBY | 2013 | 2023 | OLD COUNTRY BUFFET | 2009 | 2019 | |||||||||||||||||||||||||||||||||||||
| FORT COLLINS (3) | 2000 | FEE | 11.6 | 115,862 | 100.0 | KOHL’S | 2020 | 2070 | ||||||||||||||||||||||||||||||||||||||||
| GREELEY (13) | 2005 | JOINT VENTURE | 14.4 | 138,818 | 100.0 | BED BATH & BEYOND | 2016 | 2036 | MICHAELS | 2015 | 2035 | CIRCUIT CITY | 2016 | 2031 | ||||||||||||||||||||||||||||||||||
| GREENWOOD VILLAGE | 2003 | JOINT VENTURE | 21.0 | 196,726 | 100.0 | HOME DEPOT | 2019 | 2069 | ||||||||||||||||||||||||||||||||||||||||
| LAKEWOOD | 1998 | FEE | 7.6 | 82,581 | 97.6 | SAFEWAY | 2007 | 2032 | ||||||||||||||||||||||||||||||||||||||||
| PUEBLO | 2006 | JOINT VENTURE | 3.3 | 30,809 | — | |||||||||||||||||||||||||||||||||||||||||||
| CONNECTICUT | ||||||||||||||||||||||||||||||||||||||||||||||||
| BRANFORD (8) | 2000 | JOINT VENTURE | 19.1 | 191,352 | 98.3 | KOHL’S | 2012 | 2022 | SUPER FOODMART | 2016 | 2038 | |||||||||||||||||||||||||||||||||||||
| DERBY | 2005 | JOINT VENTURE | 20.7 | 53,346 | 100.0 | MARSHALLS | 2007 | FASHION BUG | 2007 | |||||||||||||||||||||||||||||||||||||||
| ENFIELD (8) (3) | 2000 | JOINT VENTURE | 14.9 | 148,517 | 100.0 | KOHL’S | 2021 | 2041 | BEST BUY | 2016 | 2031 | |||||||||||||||||||||||||||||||||||||
| FARMINGTON | 1998 | FEE | 16.9 | 184,572 | 100.0 | SPORTS AUTHORITY | 2018 | 2063 | LINENS N THINGS | 2016 | 2036 | BORDERS BOOKS | 2018 | 2063 | ||||||||||||||||||||||||||||||||||
| HAMDEN | 1967 | JOINT VENTURE | 31.7 | 341,996 | 100.0 | WAL-MART | 2019 | 2039 | BON-TON | 2012 | BOB’S STORES | 2016 | 2036 | |||||||||||||||||||||||||||||||||||
| NORTH HAVEN | 1998 | FEE | 31.7 | 331,919 | 99.4 | HOME DEPOT | 2009 | 2029 | BJ’S | 2011 | 2041 | XPECT DISCOUNT | 2008 | 2013 | ||||||||||||||||||||||||||||||||||
| WATERBURY | 1993 | FEE | 13.1 | 137,943 | 100.0 | RAYMOUR & FLANIGAN FURNITURE | 2017 | 2037 | STOP & SHOP | 2013 | 2043 | |||||||||||||||||||||||||||||||||||||
| DELAWARE | ||||||||||||||||||||||||||||||||||||||||||||||||
| DOVER | 2003 | FEE | 0.4 | 4,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ELSMERE | 1979 | GROUND LEASE (2076) | 17.1 | 114,530 | 100.0 | VALUE CITY | 2008 | 2038 | ||||||||||||||||||||||||||||||||||||||||
| MILFORD (9) | 2004 | JOINT VENTURE | 7.8 | 61,100 | 87.1 | FOOD LION | 2014 | 2034 | ||||||||||||||||||||||||||||||||||||||||
| WILMINGTON (11) | 2004 | GROUND LEASE (2052)/ JOINT VENTURE | 25.9 | 165,805 | 100.0 | SHOPRITE | 2014 | 2044 | SPORTS AUTHORITY | 2008 | 2023 | RAYMOUR & FLANIGAN FURNITURE | 2019 | 2044 | ||||||||||||||||||||||||||||||||||
| FLORIDA | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALTAMONTE SPRINGS | 1998 | JOINT VENTURE | 19.4 | 233,817 | 99.0 | BAER’S FURNITURE | 2024 | 2034 | LEATHER GALLERIES | 2009 | 2014 | DSW SHOE WAREHOUSE | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| ALTAMONTE SPRINGS | 1995 | FEE | 5.6 | 94,193 | 100.0 | ORIENTAL MARKET | 2012 | 2022 | THOMASVILLE HOME | 2011 | 2021 | PEARL ARTS N CRAFTS | 2008 | 2018 | ||||||||||||||||||||||||||||||||||
| BOCA RATON | 1967 | FEE | 9.9 | 73,549 | 97.5 | WINN DIXIE | 2008 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| BONITA SPRINGS (14) | 2006 | JOINT VENTURE | 8.0 | 79,676 | 97.8 | PUBLIX | 2022 | 2052 | ||||||||||||||||||||||||||||||||||||||||
| BOYNTON BEACH (8) | 1999 | JOINT VENTURE | 18.0 | 196,717 | 100.0 | BEALLS | 2011 | 2056 | ALBERTSONS | 2015 | 2040 | |||||||||||||||||||||||||||||||||||||
| BRADENTON | 1998 | FEE | 19.6 | 162,997 | 96.4 | PUBLIX | 2012 | 2032 | TJ MAXX | 2009 | 2019 | JO-ANN FABRICS | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| BRADENTON | 1968 | JOINT VENTURE | 6.2 | 30,938 | 89.3 | GRAND CHINA BUFFET | 2009 | 2014 | ||||||||||||||||||||||||||||||||||||||||
| BRANDON (8) | 2001 | JOINT VENTURE | 29.7 | 143,785 | 100.0 | BED BATH & BEYOND | 2010 | 2020 | ROSS DRESS FOR LESS | 2010 | 2025 | THOMASVILLE HOME | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| CAPE CORAL (14) | 2006 | JOINT VENTURE | 12.7 | 127,016 | 98.5 | PUBLIX | 2022 | 2052 | ROSS DRESS FOR LESS | 2013 | 2033 | STAPLES | 2008 | 2033 | ||||||||||||||||||||||||||||||||||
| CAPE CORAL (14) | 2006 | JOINT VENTURE | 4.2 | 42,030 | 84.1 | |||||||||||||||||||||||||||||||||||||||||||
| CLEARWATER | 2005 | FEE | 20.7 | 207,071 | 99.1 | HOME DEPOT | 2023 | 2068 | JO-ANN FABRICS | 2014 | 2034 | STAPLES | 2014 | 2034 | ||||||||||||||||||||||||||||||||||
| CLEARWATER | 1997 | JOINT VENTURE | 12.1 | 75,552 | 100.0 | FREEDOM FORD | 2007 | 2017 | ||||||||||||||||||||||||||||||||||||||||
| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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| LEWISVILLE | 1998 | FEE | 9.4 | 93,668 | 71.2 | DSW SHOE WAREHOUSE | 2008 | 2028 | PETLAND | 2009 | 2019 |
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| LUBBOCK | 1998 | FEE | 9.6 | 108,326 | 100.0 | PETSMART | 2015 | 2040 | OFFICEMAX | 2009 | 2029 | BARNES & NOBLE | 2010 | 2025 |
| MESQUITE | 1974 | FEE | 9.0 | 79,550 | 100.0 | KROGER | 2012 | 2037 |
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| MESQUITE | 2006 | FEE | 15.0 | 209,766 | 96.2 | BEST BUY | 2009 | 2024 | ASHLEY FURNITURE | 2012 | 2017 | PETSMART | 2009 | 2026 |
| N. BRAUNFELS | 2003 | JOINT VENTURE | 8.6 | 86,479 | 100.0 | KOHL'S | 2014 | 2064 |
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| NORTH CONROE (13) | 2006 | JOINT VENTURE | 28.7 | 266,998 | 100.0 | FINGERS FURNITURE | 2022 | 2042 | TJ MAXX | 2016 | 2036 | ROSS DRESS FOR LESS | 2017 | 2037 |
| NORTH FORT WORTH (4) | 2007 | JOINT VENTURE | 180.5 | - | - |
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| PASADENA (7) | 1999 | JOINT VENTURE | 15.1 | 169,190 | 100.0 | PETSMART | 2015 | 2030 | OFFICEMAX | 2014 | 2029 | MICHAELS | 2009 | 2024 |
| PASADENA (7) | 2001 | JOINT VENTURE | 24.6 | 240,907 | 100.0 | BEST BUY | 2012 | 2027 | ROSS DRESS FOR LESS | 2012 | 2032 | MARSHALLS | 2012 | 2027 |
| PLANO | 2005 | FEE | 14.9 | 149,343 | 100.0 | HOME DEPOT | 2027 | 2057 |
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| RICHARDSON (7) | 1998 | JOINT VENTURE | 11.7 | 115,579 | 79.5 | OFFICEMAX | 2011 | 2026 | BALLY TOTAL FITNESS | 2009 | 2019 | FOX & HOUND | 2012 | 2022 |
| SOUTHLAKE | 2007 | FEE | 3.7 | 37,447 | 96.7 |
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| TEMPLE (8) | 2005 | JOINT VENTURE | 27.5 | 274,786 | 91.2 | HOBBY LOBBY | 2021 | 2036 | ROSS DRESS FOR LESS | 2012 | 2037 | GOODY'S FAMILY CLOTHING | 2011 | 2021 |
| WEBSTER | 2006 | FEE | 40.0 | 397,899 | 97.8 | HOBBY LOBBY | 2017 | 2027 | OSHMAN SPORTING | 2009 | 2024 | BEL FURNITURE | 2010 | 2015 |
| WOODLANDS (4) | 2002 | JOINT VENTURE | 34.0 | 479,000 | 100.0 | BORDERS BOOKS | 2024 | 2044 | CINEMARK | 2020 | 2040 | TOMMY BAHAMA'S | 2015 | 2030 |
UTAH |
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| OGDEN | 1967 | FEE | 11.4 | 142,628 | 100.0 | COSTCO | 2033 | 2073 |
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VERMONT |
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| MANCHESTER | 2004 | FEE | 9.5 | 53,483 | 97.1 | PRICE CHOPPERS | 2011 |
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VIRGINIA |
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| BURKE (11) | 2004 | GROUND LEASE (2076)/ JOINT VENTURE | 12.5 | 124,148 | 100.0 | SAFEWAY | 2020 | 2050 | CVS | 2021 | 2041 |
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| COLONIAL HEIGHTS | 1996 | FEE | 6.1 | 60,909 | 100.0 | BLOOM BROTHERS FURNITURE | 2008 |
| BOOKS-A-MILLION | 2008 |
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| DUMFRIES (13) | 2005 | JOINT VENTURE | 0.2 | 1,702 | 100.0 |
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| FAIRFAX (4) | 2007 | FEE | 3.0 | 29,000 | 100.0 |
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| FAIRFAX (6) | 2007 | JOINT VENTURE | 10.1 | 101,332 | 100.0 | WALGREEN'S | 2021 | 2041 | TJ MAXX | 2014 | 2024 |
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| FAIRFAX (7) | 1998 | JOINT VENTURE | 37.0 | 323,262 | 100.0 | HOME DEPOT | 2013 | 2033 | COSTCO | 2011 | 2046 | SPORTS AUTHORITY | 2008 | 2013 |
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 3.3 | 33,179 | 100.0 | CIRCUIT CITY | 2018 | 2038 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 3.2 | 32,000 | 100.0 | BASSETT FURNITURE | 2019 | 2039 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.1 | 11,097 | 100.0 | NTB TIRES | 2017 | 2037 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.1 | 10,578 | 100.0 | CHUCK E CHEESE | 2014 | 2024 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.0 | 10,125 | 100.0 | CVS | 2022 | 2042 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.0 | 10,125 | 100.0 | CVS | 2019 | 2039 |
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|
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.0 | 10,125 | 100.0 | SHONEY'S | 2023 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.0 | 10,002 | 100.0 | CRACKER BARREL | 2014 | 2034 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.8 | 8,027 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.8 | 8,000 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.8 | 7,993 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 7,256 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | FEE | 0.7 | 7,241 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 7,200 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 7,200 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 7,000 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 6,818 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.6 | 6,100 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.6 | 6,000 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.6 | 5,892 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.6 | 5,540 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 5,126 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 5,020 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 4,842 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 4,828 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 4,800 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.4 | 4,352 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.4 | 4,261 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.4 | 3,822 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.4 | 3,650 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 3,076 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 3,028 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 3,000 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 3,000 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 2,909 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.2 | 2,454 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.2 | 2,170 | 100.0 |
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| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.2 | 1,762 | 100.0 |
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| HARRISONBURG (10) (3) | 2007 | JOINT VENTURE | 19.0 | 187,534 | 93.7 | KOHL'S | 2024 | 2064 | MARTIN'S | 2027 | 2067 |
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|
| LEESBURG (6) | 2007 | JOINT VENTURE | 27.9 | 316,586 | 100.0 | SHOPPERS FOOD | 2015 | 2060 | STEIN MART | 2011 | 2031 | ROSS DRESS FOR LESS | 2013 | 2023 |
| MANASSAS | 1997 | FEE | 13.5 | 117,525 | 93.7 | SUPER FRESH | 2011 | 2026 | JO-ANN FABRICS | 2011 |
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| MANASSAS (8) | 2005 | JOINT VENTURE | 8.9 | 107,233 | 100.0 | BURLINGTON COAT FACTORY | 2009 | 2030 | AUTOZONE | 2010 | 2025 |
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|
| PENTAGON CITY (9) | 2004 | FEE | 16.8 | 330,467 | 97.9 | COSTCO | 2009 | 2044 | MARSHALLS | 2010 | 2025 | BEST BUY | 2009 | 2024 |
| RICHMOND | 2002 | FEE | 8.5 | 84,683 | 100.0 | BLOOM BROTHERS FURNITURE | 2013 | 2023 |
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| RICHMOND | 1995 | FEE | 11.5 | 128,612 | 100.0 | BURLINGTON COAT FACTORY | 2010 | 2035 |
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| RICHMOND (13) | 2005 | JOINT VENTURE | 0.3 | 3,060 | 100.0 |
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| ROANOKE | 2004 | FEE | 7.7 | 81,789 | 100.0 | DICK'S SPORTING GOODS | 2019 | 2034 | CIRCUIT CITY | 2020 | 2040 |
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|
| ROANOKE (10) | 2007 | JOINT VENTURE | 35.7 | 301,689 | 96.2 | MICHAELS | 2009 | 2019 | MARSHALLS | 2013 | 2033 | ROSS DRESS FOR LESS | 2016 | 2036 |
| STAFFORD (13) | 2005 | JOINT VENTURE | 9.9 | 101,042 | 100.0 | GIANT FOOD | 2027 | 2072 | STAPLES | 2017 | 2032 | PETCO SUPPLIES & FISH | 2012 | 2027 |
| STAFFORD (13) | 2005 | JOINT VENTURE | 0.7 | 7,310 | 100.0 |
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| STAFFORD (13) | 2005 | JOINT VENTURE | 0.4 | 4,400 | 100.0 |
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| STAFFORD (13) | 2005 | JOINT VENTURE | 1.2 | 4,211 | 100.0 |
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| STAFFORD (8) | 2005 | JOINT VENTURE | 30.8 | 331,730 | 100.0 | SHOPPERS FOOD | 2023 | 2053 | TJ MAXX | 2016 | 2036 | ROSS DRESS FOR LESS | 2015 | 2035 |
| STERLING (12) | 2003 | JOINT VENTURE | 38.1 | 361,043 | 100.0 | TOYS "R" US | 2012 | 2037 | MICHAELS | 2011 | 2026 | CIRCUIT CITY | 2017 | 2037 |
| STERLING (8) | 2006 | JOINT VENTURE | 103.3 | 737,503 | 99.6 | WAL-MART | 2021 | 2091 | LOWE'S HOME CENTER | 2021 | 2061 | SAM'S CLUB | 2021 | 2091 |
| WOODBRIDGE | 1973 | GROUND LEASE (2072)/JOINT VENTURE | 19.6 | 150,793 | 100.0 | CAMPOS FURNITURE | 2009 |
| SALVATION ARMY | 2009 | 2014 | WEDGEWOOD ANTIQUES | 2008 |
|
| WOODBRIDGE (7) | 1998 | JOINT VENTURE | 54.0 | 494,048 | 99.8 | LOWE'S | 2012 | 2032 | SHOPPERS FOOD | 2009 | 2044 | BEST BUY | 2010 | 2025 |
WASHINGTON |
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| AUBURN | 2007 | FEE | 13.7 | 171,032 | 99.1 | ALBERTSONS | 2018 | 2038 | OFFICE DEPOT | 2009 | 2029 | RITE AID | 2008 | 2028 |
| BELLEVUE (3) | 2004 | JOINT VENTURE | 41.6 | 393,428 | 100.0 | TARGET | 2012 | 2037 | NORDSTROM RACK | 2012 | 2032 | SAFEWAY | 2012 | 2027 |
| BELLINGHAM (6) | 2006 | FEE | 30.5 | 376,023 | 98.9 | KMART | 2009 | 2049 | COST CUTTERS | 2009 | 2044 | JO-ANN FABRICS | 2010 | 2025 |
| BELLINGHAM (7) | 1998 | JOINT VENTURE | 20.0 | 188,885 | 97.8 | MACY'S | 2012 | 2022 | BEST BUY | 2017 | 2032 | BED BATH & BEYOND | 2012 | 2027 |
| FEDERAL WAY (7) | 2000 | JOINT VENTURE | 17.0 | 200,126 | 94.1 | QFC | 2015 | 2045 | JO-ANN FABRICS | 2010 | 2030 | BARNES & NOBLE | 2011 | 2026 |
| KENT (6) | 2006 | FEE | 23.1 | 86,909 | 98.3 | ROSS DRESS FOR LESS | 2011 | 2026 |
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| KENT (6) | 2006 | FEE | 7.2 | 69,090 | 98.3 | RITE AID | 2015 | 2035 |
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| LAKE STEVENS (6) | 2006 | FEE | 18.6 | 216,132 | 88.2 | SAFEWAY | 2032 | 2077 | G.I. JOE'S | 2018 | 2038 | MCDONALD'S | 2013 | 2038 |
| MILL CREEK (6) | 2006 | FEE | 12.4 | 113,641 | 96.1 | SAFEWAY | 2015 | 2045 | PENNZOIL | 2018 |
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| OLYMPIA (6) | 2006 | FEE | 15.0 | 167,117 | 93.7 | ALBERTSONS | 2008 | 2043 | ROSS DRESS FOR LESS | 2010 | 2015 |
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| OLYMPIA (6) | 2006 | FEE | 6.7 | 69,212 | 73.4 | BARNES & NOBLE | 2010 | 2015 | PETCO | 2013 | 2023 |
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|
| SEATTLE (6) | 2006 | GROUND LEASE (2083) | 3.2 | 146,819 | 84.9 | SAFEWAY | 2012 | 2037 | PRUDENTIAL NW REALTY | 2009 | 2018 | BARTELL DRUGS | 2012 | 2022 |
| SILVERDALE (6) | 2006 | GROUND LEASE (2059) | 14.7 | 170,406 | 100.0 | SAFEWAY | 2024 | 2059 | JO-ANN FABRICS | 2012 | 2032 | RITE AID | 2011 | 2041 |
| SILVERDALE (6) | 2006 | FEE | 5.1 | 67,287 | 93.8 | ROSS DRESS FOR LESS | 2016 | 2026 |
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30
| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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| SPOKANE (8) | 2005 | JOINT VENTURE | 8.3 | 129,785 | 100.0 | BED BATH & BEYOND | 2011 | 2026 | ROSS DRESS FOR LESS | 2009 | 2019 | RITE AID | 2009 | 2039 |
| TACOMA (6) | 2006 | FEE | 14.5 | 134,839 | 100.0 | TJ MAXX | 2019 |
| GALAXY THEATRES | 2008 | 2018 | OFFICE DEPOT | 2012 |
|
| TUKWILA (7) | 2003 | JOINT VENTURE | 45.9 | 459,071 | 100.0 | THE BON MARCHE' | 2009 | 2019 | BEST BUY | 2016 | 2031 | GART SPORTS | 2014 | 2029 |
| VANCOUVER (6) | 2006 | FEE | 6.3 | 69,790 | 95.4 | SUPERMAX | 2016 | 2026 | HI SCHOOL PHARMACY | 2012 | 2017 |
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WEST VIRGINIA |
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| |
| CHARLES TOWN | 1985 | FEE | 22.0 | 208,888 | 97.4 | WAL-MART | 2017 | 2047 | STAPLES | 2016 |
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| HUNTINGTON | 1993 | FEE | 19.5 | 2,400 | 100.0 |
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| SOUTH CHARLESTON | 1999 | FEE | 14.8 | 147,865 | 94.3 | KROGER | 2011 | 2041 | TJ MAXX | 2011 | 2021 |
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CANADA |
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ALBERTA |
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| SHOPPES @ SHAWNESSEY | 2002 | JOINT VENTURE | 16.3 | 162,988 | 100.0 | ZELLERS | 2011 | 2096 |
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| SHAWNESSY CENTRE | 2002 | JOINT VENTURE | 30.6 | 306,010 | 100.0 | FUTURE SHOP (BEST BUY) | 2009 | 2024 | LINEN N THINGS | 2015 | 2025 | BUSINESS DEPOT (STAPLES) | 2013 | 2028 |
| BRENTWOOD | 2002 | JOINT VENTURE | 31.2 | 311,574 | 98.5 | CANADA SAFEWAY | 2008 | 2032 | SEARS WHOLE HOME | 2010 | 2020 | LINEN N THINGS | 2016 | 2031 |
| SOUTH EDMONTON COMMON | 2002 | JOINT VENTURE | 42.9 | 428,745 | 100.0 | HOME OUTFITTERS | 2016 | 2031 | LONDON DRUGS | 2020 | 2057 | MICHAELS | 2011 | 2026 |
| GRANDE PRAIRIE III | 2002 | JOINT VENTURE | 6.3 | 63,413 | 100.0 | MICHAELS | 2011 | 2031 | WINNERS (TJ MAXX) | 2011 | 2026 | JYSK LINEN | 2012 | 2022 |
BRITISH COLUMBIA |
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| TILLICUM | 2002 | JOINT VENTURE | 47.3 | 472,528 | 99.1 | ZELLERS | 2013 | 2098 | SAFEWAY | 2023 | 2053 | WINNERS (TJ MAXX) | 2008 | 2023 |
| PRINCE GEORGE | 2001 | JOINT VENTURE | 37.3 | 372,725 | 96.3 | OVERWAITEE | 2018 | 2028 | THE BAY | 2013 | 2083 | LONDON DRUGS | 2017 | 2027 |
| STRAWBERRY HILL | 2002 | JOINT VENTURE | 33.8 | 337,931 | 100.0 | HOME DEPOT | 2016 | 2041 | CINEPLEX ODEON | 2014 | 2024 | WINNERS (TJ MAXX) | 2009 | 2024 |
| MISSION | 2001 | JOINT VENTURE | 27.1 | 271,462 | 99.4 | OVERWAITEE | 2018 | 2028 | FAMOUS PLAYERS | 2010 | 2030 | LONDON DRUGS | 2019 | 2046 |
| ABBOTSFORD | 2002 | JOINT VENTURE | 22.0 | 219,713 | 99.0 | ZELLERS | 2052 | 2082 | PETSMART | 2013 | 2033 | WINNERS (TJ MAXX) | 2008 | 2023 |
| CLEARBROOK | 2001 | JOINT VENTURE | 18.8 | 188,253 | 100.0 | SAFEWAY | 2008 | 2037 | STAPLES | 2012 | 2022 | LANDMARK CINEMAS | 2011 | 2021 |
| SURREY | 2001 | JOINT VENTURE | 17.1 | 170,725 | 100.0 | CANADA SAFEWAY | 2011 | 2061 | LONDON DRUGS | 2011 | 2021 |
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| LANGLEY POWER CENTER | 2003 | JOINT VENTURE | 22.8 | 228,314 | 100.0 | WINNERS (TJ MAXX) | 2012 | 2027 | MICHAELS | 2011 | 2021 | FUTURE SHOP (BEST BUY) | 2012 | 2022 |
| LANGLEY GATE | 2002 | JOINT VENTURE | 15.2 | 151,802 | 100.0 | SEARS | 2008 | 2018 | PETSMART | 2008 | 2038 | WINNERS (TJ MAXX) | 2008 | 2017 |
ONTARIO |
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| THICKSON RIDGE | 2002 | JOINT VENTURE | 36.3 | 363,039 | 100.0 | WINNERS (TJ MAXX) | 2013 | 2023 | FUTURE SHOP (BEST BUY) | 2011 | 2016 | SEARS WHOLE HOME | 2012 | 2022 |
| SHOPPERS WORLD ALBION | 2002 | JOINT VENTURE | 38.0 | 380,295 | 100.0 | CANADIAN TIRE | 2014 | 2029 | FORTINO'S | 2010 | 2030 |
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|
| SHOPPERS WORLD DANFORTH | 2002 | JOINT VENTURE | 32.8 | 328,198 | 99.6 | ZELLERS | 2009 | 2029 | DOMINION | 2018 | 2028 | BUSINESS DEPOT (STAPLES) | 2015 | 2030 |
| LINCOLN FIELDS | 2002 | JOINT VENTURE | 29.0 | 289,869 | 94.2 | WAL MART | 2010 | 2025 | LOEB (GROUND) | 2009 | 2024 | CAA OTTAWA | 2008 | 2015 |
| 404 TOWN CENTRE | 2002 | JOINT VENTURE | 24.4 | 244,379 | 98.0 | ZELLERS | 2009 | 2024 | A & P | 2008 | 2027 | NATIONAL GYM CLOTHING | 2019 | 2024 |
| SUDBURY | 2002 | JOINT VENTURE | 23.4 | 234,299 | 100.0 | FAMOUS PLAYERS | 2019 | 2039 | BUSINESS DEPOT (STAPLES) | 2014 | 2024 | CHAPTERS | 2010 | 2030 |
| SUDBURY | 2004 | JOINT VENTURE | 17.0 | 169,524 | 100.0 | WINNERS (TJ MAXX) | 2015 | 2030 | LINEN N THINGS | 2016 | 2031 | MICHAELS | 2015 | 2035 |
| CLARKSON CROSSING | 2004 | JOINT VENTURE | 21.3 | 213,051 | 100.0 | CANADIAN TIRE | 2023 | 2043 | A & P | 2023 | 2048 |
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| GREEN LANE CENTRE | 2003 | JOINT VENTURE | 16.0 | 160,195 | 100.0 | LINEN N THINGS | 2014 | 2029 | MICHAELS | 2013 | 2033 | PETSMART | 2014 | 2039 |
| KENDALWOOD | 2002 | JOINT VENTURE | 15.6 | 156,274 | 93.7 | PRICE CHOPPER | 2013 | 2038 | VALUE VILLAGE | 2008 | 2028 | SHOPPERS DRUG MART | 2011 | 2021 |
| LEASIDE | 2002 | JOINT VENTURE | 13.3 | 133,035 | 100.0 | CANADIAN TIRE | 2011 | 2036 | FUTURE SHOP (BEST BUY) | 2011 | 2021 | PETSMART | 2012 | 2037 |
| DONALD PLAZA | 2002 | JOINT VENTURE | 9.1 | 91,462 | 95.9 | WINNERS (TJ MAXX) | 2008 | 2023 |
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| ST. LAURANT | 2002 | JOINT VENTURE | 12.6 | 125,984 | 100.0 | ZELLERS | 2017 | 2046 | LOEB | 2008 | 2023 |
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| BOULEVARD CENTRE III | 2004 | JOINT VENTURE | 8.3 | 82,961 | 100.0 | FOOD BASICS | 2025 | 2055 |
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| RIOCAN GRAND PARK | 2003 | JOINT VENTURE | 11.9 | 118,637 | 100.0 | SHOPPERS DRUG MART | 2018 | 2038 | WINNERS (TJ MAXX) | 2014 | 2024 | BUSINESS DEPOT (STAPLES) | 2011 | 2021 |
| WALKER PLACE | 2002 | JOINT VENTURE | 7.0 | 69,857 | 98.1 | COMMISSO'S | 2012 | 2032 |
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| SCARBOROUGH | 2005 | JOINT VENTURE | 2.3 | 20,506 | 100.0 | AGINCOURT NISSAN LIMITED | 2020 |
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| SCARBOROUGH | 2005 | JOINT VENTURE | 1.8 | 13,433 | 100.0 | MORNINGSIDE NISSAN LIMITED | 2020 |
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| TORONTO | 2007 | JOINT VENTURE | 0.5 | 46,986 | 100.0 | TRANSWORLD FINE CARS | 2027 |
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| WINDSOR | 2007 | JOINT VENTURE | 6.6 | 58,147 | 100.0 | PERFORMANCE FORD SALES, INC. | 2027 |
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| MARKETPLACE TORONTO | 2002 | JOINT VENTURE | 17.1 | 171,088 | 99.6 | WINNERS (TJ MAXX) | 2014 | 2029 | MARK'S WORK WEARHOUSE | 2015 | 2025 | SEARS APPLIANCE | 2015 | 2025 |
PRINCE EDWARD ISLAND |
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| CHARLOTTETOWN | 2002 | JOINT VENTURE | 39.4 | 393,636 | 99.3 | ZELLERS | 2019 | 2079 | WINNERS (TJ MAXX) | 2009 | 2019 | WEST ROYALTY FITNESS | 2010 | 2015 |
QUEBEC |
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| GREENFIELD PARK | 2002 | JOINT VENTURE | 36.4 | 364,003 | 100.0 | WINNERS (TJ MAXX) | 2011 | 2021 | BUREAU EN GROS (STAPLES) | 2008 | 2022 | GUZZO CINEMA | 2019 | 2039 |
| JACQUES CARTIER | 2002 | JOINT VENTURE | 21.2 | 211,502 | 94.4 | GUZZO CINEMA | 2010 | 2040 | VALUE VILLAGE | 2008 | 2028 | IGA | 2012 | 2022 |
| CHATEAUGUAY | 2002 | JOINT VENTURE | 21.1 | 211,345 | 99.0 | SUPER C | 2008 | 2028 | HART | 2015 | 2025 |
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CHILE |
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| SANTIAGO | 2007 | JOINT VENTURE | 2.8 | 27,715 | 78.5 |
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| SANTIAGO | 2007 | JOINT VENTURE | 5.0 | 50,492 | 89.9 |
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| SANTIAGO | 2007 | JOINT VENTURE | 1.3 | 13,487 | 87.1 |
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| SANTIAGO | 2007 | JOINT VENTURE | 0.7 | 6,684 | 100.0 |
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MEXICO |
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BAJA CALIFORNIA |
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| MEXICALI | 2006 | FEE | 12.1 | 121,271 | 99.5 | CINEPOLIS | 2020 |
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| MEXICALI (4) | 2006 | JOINT VENTURE | 10.3 | 103,000 | 100.0 | WAL-MART | 2022 |
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| ROSARITO (4) | 2007 | JOINT VENTURE | 41.4 | 147,000 | 100.0 | HOME DEPOT | 2023 |
| CINEPOLIS | 2023 |
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|
| TIJUANA (4) | 2005 | JOINT VENTURE | 38.7 | 380,000 | 100.0 | WAL-MART | 2021 |
| MM CINEMA | 2016 |
| COPELL | 2016 |
|
| TIJUANA (4) | 2007 | JOINT VENTURE | 12.3 | 84,000 | 100.0 | COMERCIAL MEXICANA |
|
|
|
|
|
|
|
|
| TIJUANA (4) | 2007 | JOINT VENTURE | 50.5 | 165,000 | 100.0 | WAL-MART |
|
| CINEPOLIS | 2024 |
|
|
|
|
BAJA CALIFORNIA SUR |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| LOS CABOS (4) | 2007 | FEE | 24.8 | - | - |
|
|
|
|
|
|
|
|
|
CAMPECHE |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| CIUDAD DEL CARMEN (4) | 2007 | JOINT VENTURE | 24.7 | 81,000 | 100.0 | CHEDRAUI GROCERY | 2024 |
|
|
|
|
|
|
|
CHIAPAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| TAPACHULA (4) | 2007 | FEE | 29.7 | 124,000 | 100.0 | WAL-MART | 2024 |
|
|
|
|
|
|
|
CHIHUAHUA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| JUAREZ | 2003 | JOINT VENTURE | 23.8 | 238,135 | 89.8 | SORIANA | 2008 |
|
|
|
|
|
|
|
| JUAREZ (4) | 2006 | JOINT VENTURE | 11.8 | 118,000 | 100.0 | WAL-MART | 2027 |
|
|
|
|
|
|
|
COAHUILA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| CIUDAD ACUNA | 2007 | FEE | 3.2 | 31,699 | 95.6 |
|
|
|
|
|
|
|
|
|
| SABINAS | 2007 | FEE | 1.0 | 10,147 | 100.0 |
|
|
|
|
|
|
|
|
|
| SALTILLO (4) | 2005 | FEE | 25.8 | 266,000 | 100.0 | HEB | 2020 |
|
|
|
|
|
|
|
| SALTILLO PLAZA | 2002 | JOINT VENTURE | 17.4 | 173,766 | 97.7 | HEB | 2042 |
|
|
|
|
|
|
|
DURANGO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| DURANGO | 2007 | FEE | 1.2 | 11,911 | 100.0 |
|
|
|
|
|
|
|
|
|
GUERRERO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ACAPULCO | 2005 | FEE | 40.7 | 407,321 | 99.7 | WAL-MART | 2019 |
|
|
|
|
|
|
|
HIDALGO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| PACHUCA (4) | 2005 | JOINT VENTURE | 13.7 | 138,000 | 100.0 | HOME DEPOT | 2021 |
|
|
|
|
|
|
|
| PACHUCA (4) | 2005 | FEE | 11.2 | 141,000 | 100.0 | WAL-MART | 2024 |
|
|
|
|
|
|
|
JALISCO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| GUADALAJARA | 2005 | JOINT VENTURE | 13.0 | 129,705 | 83.7 | WAL-MART | 2026 |
|
|
|
|
|
|
|
| GUADALAJARA | 2006 | FEE | 10.0 | 99,717 | 100.0 | CINEPOLIS | 2019 |
| ZARA | 2011 |
|
|
|
|
| GUADALAJARA (4) | 2005 | JOINT VENTURE | 24.0 | 521,000 | 100.0 | WAL-MART | 2025 |
| CINEPOLIS | 2022 |
|
|
|
|
| GUADALAJARA (4) | 2006 | FEE | 17.0 | 170,000 | 100.0 | WAL-MART | 2021 |
| CINEPOLIS | 2024 |
|
|
|
|
| LAGOS DE MORENO | 2007 | FEE | 1.6 | 15,645 | 100.0 |
|
|
|
|
|
|
|
|
|
| PUERTO VALLARTA | 2006 | JOINT VENTURE | 8.6 | 85,874 | 87.6 | SORIANA | 2021 |
|
|
|
|
|
|
|
MEXICO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| HUEHUETOCA | 2004 | JOINT VENTURE | 17.0 | 170,266 | 95.3 | WAL-MART | 2014 |
|
|
|
|
|
|
|
| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HUEHUETOCA (4) | 2007 | FEE | 7.9 | 16,000 | 100.0 | COPPEL | 2023 |
|
|
|
|
|
|
|
| TECAMAC (4) | 2006 | JOINT VENTURE | 8.2 | 82,000 | 100.0 | WAL-MART | 2023 |
|
|
|
|
|
|
|
MEXICO CITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| INTERLOMAS | 2007 | JOINT VENTURE | 24.6 | 246,132 | 98.6 | GAMEWORKS | 2011 |
| ZARA | 2018 |
|
|
|
|
| IXTAPALUCA | 2007 | FEE | 1.4 | 13,702 | 100.0 |
|
|
|
|
|
|
|
|
|
| MEXICO CITY | 2005 | FEE | 0.7 | 30,723 | 88.4 |
|
|
|
|
|
|
|
|
|
| TLALNEPANTLA | 2005 | JOINT VENTURE | 14.7 | 398,911 | 94.6 | WAL-MART | 2026 |
|
|
|
|
|
|
|
MORELOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| CUAUTLA (4) | 2006 | JOINT VENTURE | 23.3 | 233,000 | 100.0 | WAL-MART | 2023 |
|
|
|
|
|
|
|
NAYARIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| NEUVO VALLARTA (4) | 2007 | FEE | 19.7 | 129,000 | 100.0 | WAL-MART |
|
|
|
|
|
|
|
|
NUEVO LEON |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ESCOBEDO (4) | 2006 | JOINT VENTURE | 23.6 | 236,000 | 100.0 | HEB | 2042 |
|
|
|
|
|
|
|
| MONTERREY | 2002 | JOINT VENTURE | 26.3 | 262,937 | 95.4 | HEB | 2042 |
|
|
|
|
|
|
|
| MONTERREY (4) | 2006 | FEE | 19.7 | 197,000 | 100.0 | HEB | 2047 |
|
|
|
|
|
|
|
OAXACA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| TUXTEPEC | 2005 | JOINT VENTURE | 9.3 | 92,801 | 99.0 | WAL-MART | 2025 |
|
|
|
|
|
|
|
| TUXTEPEC (4) | 2007 | JOINT VENTURE | 10.0 | 30,000 | 100.0 | MM CINEMA |
|
|
|
|
|
|
|
|
QUERETARO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| SAN JUAN DEL RIO (4) | 2006 | FEE | 8.4 | 84,000 | 100.0 | WAL-MART |
|
|
|
|
|
|
|
|
QUINTANA ROO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| CANCUN | 2004 | FEE | 9.1 | 91,130 | 100.0 | WAL-MART | 2018 |
|
|
|
|
|
|
|
| CANCUN | 2007 | FEE | 26.7 | 266,816 | 93.0 | SUBURBIA |
|
| CINEPOLIS |
|
|
|
|
|
SAN LUIS POTOSI |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| SAN LUIS | 2004 | JOINT VENTURE | 12.1 | 121,334 | 97.6 | HEB | 2019 |
|
|
|
|
|
|
|
SONORA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| LOS MOCHIS (4) | 2007 | FEE | 9.9 | 89,000 | 100.0 | WAL-MART |
|
|
|
|
|
|
|
|
TAMAULIPAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ALTAMIRA | 2007 | FEE | 2.4 | 24,479 | 100.0 |
|
|
|
|
|
|
|
|
|
| MATAMOROS | 2007 | FEE | 15.4 | 153,537 | 99.8 | CINEPOLIS | 2014 |
| GIGANTE | 2009 |
| OFFICE DEPOT | 2015 |
|
| MATAMOROS | 2007 | FEE | 1.1 | 10,900 | 100.0 |
|
|
|
|
|
|
|
|
|
| MATAMOROS | 2007 | FEE | 1.1 | 10,835 | 100.0 |
|
|
|
|
|
|
|
|
|
| NUEVO LAREDO | 2007 | FEE | 0.9 | 8,565 | 100.0 |
|
|
|
|
|
|
|
|
|
| NUEVO LAREDO | 2007 | FEE | 1.1 | 10,760 | 100.0 |
|
|
|
|
|
|
|
|
|
| NUEVO LAREDO (4) | 2006 | FEE | 11.0 | 110,000 | 100.0 | WAL-MART |
|
|
|
|
|
|
|
|
| REYNOSA | 2004 | JOINT VENTURE | 39.1 | 391,372 | 96.9 | HEB | 2029 |
|
|
|
|
|
|
|
| REYNOSA | 2007 | FEE | 11.5 | 115,093 | 100.0 | GIGANTE | 2012 |
|
|
|
|
|
|
|
| REYNOSA | 2007 | FEE | 1.0 | 9,684 | 100.0 |
|
|
|
|
|
|
|
|
|
| REYNOSA | 2007 | FEE | 1.5 | 14,741 | 100.0 |
|
|
|
|
|
|
|
|
|
| RIO BRAVO | 2007 | FEE | 1.0 | 9,673 | 100.0 |
|
|
|
|
|
|
|
|
|
| TAMPICO | 2007 | FEE | 1.6 | 16,162 | 100.0 |
|
|
|
|
|
|
|
|
|
VERACRUZ |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| MINATITLAN | 2007 | FEE | 2.0 | 19,847 | 100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL 946 SHOPPING CENTER PROPERTY INTERESTS |
| 14,862 | 131,695,110 |
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US PREFERRED EQUITY INVESTMENTS (RETAIL ASSETS ONLY) |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALASKA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ANCHORAGE (3) | 2006 | JOINT VENTURE | 5.9 | 84,463 | 90.2 | COMPUSA | 2011 | 2026 | BED, BATH & BEYOND | 2018 | 2038 |
|
|
|
ALABAMA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| BOAZ | 2006 | JOINT VENTURE | 2.6 | 27,900 | 93.5 | DOLLAR TREE | 2009 | 2014 |
|
|
|
|
|
|
ARIZONA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| TUSCON | 2006 | JOINT VENTURE | 57.3 | 504,010 | 98.7 | LOEWS/CINEPLEX ODEON | 2017 | 2037 | LINENS 'N THINGS | 2013 | 2023 | BARNES & NOBLE | 2012 | 2022 |
CALIFORNIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| CHATSWORTH | 2003 | JOINT VENTURE | 6.8 | 75,875 | 100.0 | KAHOOTS | 2014 | 2024 | SMART & FINAL | 2014 | 2034 | TRADER JOE'S COMPANY | 2014 | 2029 |
| HAWTHORNE | 2003 | JOINT VENTURE | 14.4 | 182,605 | 100.0 | KROGER (FOOD 4 LESS) | 2012 | 2042 | SPORTMART | 2013 | 2028 | ROSS STORES INC. | 2009 | 2024 |
| HAWTHORNE | 2004 | JOINT VENTURE | 0.5 | 21,507 | 100.0 | OFFICE DEPOT | 2019 | 2038 |
|
|
|
|
|
|
| MALIBU | 2007 | JOINT VENTURE | 1.9 | 22,279 | 94.8 |
|
|
|
|
|
|
|
|
|
| MALIBU | 2007 | JOINT VENTURE | 1.3 | 15,148 | 100.0 |
|
|
|
|
|
|
|
|
|
COLORADO |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| LA JUNTA | 2006 | JOINT VENTURE | 2.9 | 20,500 | 84.4 |
|
|
|
|
|
|
|
|
|
FLORIDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| APOPKA | 2007 | JOINT VENTURE | 7.9 | 71,615 | 100.0 | WINN DIXIE | 2013 | 2038 |
|
|
|
|
|
|
| AUBURNDALE | 2006 | JOINT VENTURE | 4.0 | 8,297 | 34.4 |
|
|
|
|
|
|
|
|
|
| BRANDON (4) | 2006 | JOINT VENTURE | 4.6 | 10,424 | 41.8 |
|
|
|
|
|
|
|
|
|
| CLEARWATER | 2004 | JOINT VENTURE | 8.4 | 84,441 | 99.9 | KASH N KARRY | 2009 | 2034 | WALGREEN'S | 2009 |
|
|
|
|
| CLEARWATER (3) | 2007 | JOINT VENTURE | 3.1 | 31,729 | - |
|
|
|
|
|
|
|
|
|
| DELRAY BEACH (3) | 2007 | JOINT VENTURE | 18.0 | 118,175 | 100.0 | PUBLIX SUPERMARKETS, INC. | 2011 | 2021 | DELRAY SQUARE CINEMAS INC. | 2011 | 2011 |
|
|
|
| DELTONA | 2004 | JOINT VENTURE | 7.0 | 80,567 | 94.3 | WINN DIXIE | 2009 | 2034 | PET SUPERMARKET | 2009 | 2029 |
|
|
|
| JACKSONVILLE | 2006 | JOINT VENTURE | 4.8 | 4,900 | 100.0 |
|
|
|
|
|
|
|
|
|
| LAKE WALES | 2007 | JOINT VENTURE | 3.0 | - | - |
|
|
|
|
|
|
|
|
|
| LOXAHATCHEE | 2003 | JOINT VENTURE | 8.5 | 75,194 | 98.0 | WINN DIXIE | 2019 | 2054 |
|
|
|
|
|
|
| MIAMI | 2004 | JOINT VENTURE | 50.0 | 651,011 | 97.3 | HOME DEPOT | 2028 | 2058 | TIGER DIRECT | 2010 | 2020 | AMC CINEMA | 2009 |
|
| PEMBROKE PINES | 2004 | JOINT VENTURE | 15.5 | 137,259 | 94.5 | TENG SOUTH III, LLC | 2012 | 2032 | EEMAC INC | 2011 | 2021 |
|
|
|
| PERRY | 2006 | JOINT VENTURE | 1.6 | 14,900 | 77.2 |
|
|
|
|
|
|
|
|
|
| SARASOTA | 2005 | JOINT VENTURE | 12.6 | 148,348 | 95.0 | OFFICE DEPOT | 2015 | 2025 | PETSMART | 2013 | 2033 | JO-ANN FABRIC | 2013 | 2018 |
| SPRING HILL | 2003 | JOINT VENTURE | 7.3 | 69,917 | 100.0 | WINN DIXIE | 2010 | 2035 |
|
|
|
|
|
|
| TAMPA | 2004 | JOINT VENTURE | 11.4 | 100,538 | 99.3 | KASH N KARRY | 2015 | 2035 | US POSTAL SERVICE | 2010 |
| BEALL'S OUTLET | 2008 |
|
| WELLINGTON | 2002 | JOINT VENTURE | 18.7 | 171,955 | 71.3 | WELLINGTON THEATRE | 2008 | 2018 | WALGREEN'S | 2029 |
| CLUB FITNESSWORKS | 2012 |
|
GEORGIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| MOULTRIE | 2006 | JOINT VENTURE | 22.4 | 196,589 | 99.2 | WAL MART | 2017 | 2047 |
|
|
|
|
|
|
ILLINOIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| LANSING | 2005 | JOINT VENTURE | 52.8 | 320,184 | 97.2 | WAL-MART | 2020 | 2070 | OFFICE DEPOT | 2012 | 2037 | JO-ANN FABRIC | 2008 | 2018 |
INDIANA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| NEW ALBANY | 2004 | JOINT VENTURE | 7.6 | 31,753 | 88.2 |
|
|
|
|
|
|
|
|
|
| NEW ALBANY | 2004 | JOINT VENTURE | 6.8 | 26,085 | 85.6 |
|
|
|
|
|
|
|
|
|
| SHELBYVILLE | 2006 | JOINT VENTURE | 1.5 | 14,150 | 77.4 |
|
|
|
|
|
|
|
|
|
| TELL CITY | 2006 | JOINT VENTURE | 2.3 | 27,000 | 82.2 |
|
|
|
|
|
|
|
|
|
IOWA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| FORT DODGE | 2006 | JOINT VENTURE | 3.1 | 33,700 | 100.0 |
|
|
|
|
|
|
|
|
|
| KEOKUK | 2006 | JOINT VENTURE | 1.0 | 10,160 | 72.4 |
|
|
|
|
|
|
|
|
|
| MARSHALLTOWN | 2006 | JOINT VENTURE | 3.1 | 22,900 | 93.0 |
|
|
|
|
|
|
|
|
|
| NEWTON | 2006 | JOINT VENTURE | 1.9 | 20,300 | 100.0 |
|
|
|
|
|
|
|
|
|
| OSKALOOSA | 2006 | JOINT VENTURE | 2.0 | 20,700 | 100.0 |
|
|
|
|
|
|
|
|
|
| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTTUMWA | 2006 | JOINT VENTURE | 3.0 | 22,200 | 92.8 |
|
|
|
|
|
|
|
|
|
| WEST BURLINGTON | 2006 | JOINT VENTURE | 2.9 | 26,100 | 100.0 |
|
|
|
|
|
|
|
|
|
| WEST DES MOINES | 2006 | JOINT VENTURE | 7.6 | 53,423 | 82.6 |
|
|
|
|
|
|
|
|
|
KENTUCKY |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| LOUISVILLE | 2006 | JOINT VENTURE | 36.3 | 156,672 | 85.0 | BEST BUY | 2021 | 2056 | TJ MAXX | 2008 | 2021 | GOODY'S | 2009 | 2029 |
| RADCLIFF | 2006 | JOINT VENTURE | 4.7 | 36,900 | 95.7 | DOLLAR TREE | 2010 | 2020 |
|
|
|
|
|
|
LOUISIANA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ALEXANDRIA | 2006 | JOINT VENTURE | 2.2 | 20,400 | 100.0 | DOLLAR TREE | 2013 | 2018 |
|
|
|
|
|
|
| LAFAYETTE | 2007 | JOINT VENTURE | 12.9 | 29,405 | 84.4 |
|
|
|
|
|
|
|
|
|
| LAKE CHARLES | 2007 | JOINT VENTURE | 17.3 | 126,601 | 98.8 |
|
|
|
|
|
|
|
|
|
| MINDEN | 2006 | JOINT VENTURE | 3.1 | 27,300 | 100.0 | DOLLAR TREE | 2008 | 2018 |
|
|
|
|
|
|
| PINEVILLE | 2006 | JOINT VENTURE | 3.0 | 32,200 | 100.0 |
|
|
|
|
|
|
|
|
|
| SHREVEPORT | 2005 | JOINT VENTURE | 18.4 | 93,669 | 100.0 | OFFICE MAX | 2012 | 2032 | BARNES & NOBLE | 2013 | 2028 | OLD NAVY | 2012 | 2012 |
| SHREVEPORT | 2006 | JOINT VENTURE | 8.4 | 78,591 | 80.9 | MICHAELS | 2014 | 2034 | DOLLAR TREE | 2010 | 2025 |
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| ZACHARY | 2006 | JOINT VENTURE | 3.2 | 29,600 | 100.0 |
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MASSACHUSETTS |
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| HAVERHILL | 2006 | JOINT VENTURE | 6.9 | 63,203 | 94.8 |
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MISSISSIPPI |
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| PETAL | 2006 | JOINT VENTURE | 3.2 | 30,180 | 100.0 |
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| RIDGELAND | 2005 | JOINT VENTURE | 3.3 | 41,759 | 52.0 |
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| RIDGELAND | 2005 | JOINT VENTURE | 3.8 | 61,753 | 86.1 | PARTY CITY | 2009 |
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| RIDGELAND | 2005 | JOINT VENTURE | 6.0 | 81,626 | 100.0 | ACADEMY SPORTS | 2019 | 2029 |
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NEW HAMPSHIRE |
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| LANCASTER | 2006 | JOINT VENTURE | 10.8 | 50,080 | 100.0 | SHAW'S SUPERMARKET | 2018 | 2048 |
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| LITTLETON | 2006 | JOINT VENTURE | 43.0 | 34,583 | 100.0 | STAPLES | 2015 | 2020 |
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| NEWPORT | 2006 | JOINT VENTURE | 20.0 | 117,828 | 94.5 | SHAW'S SUPERMARKET | 2015 | 2031 |
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| WOODSVILLE | 2006 | JOINT VENTURE | 1.7 | 11,280 | 100.0 | RITE AID | 2017 | 2042 |
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| WOODSVILLE | 2006 | JOINT VENTURE | 3.5 | 39,000 | 100.0 | SHAW'S SUPERMARKET | 2015 | 2030 |
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NEW JERSEY |
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| WHITING | 2007 | JOINT VENTURE | 26.7 | 95,848 | 100.0 | STOP 'N SHOP | 2026 | 2046 |
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NEW YORK |
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| LAKE GROVE | 2007 | JOINT VENTURE | 14.1 | 157,196 | 72.0 | JC PENNEY | 2012 | 2022 | RAYMOUR AND FLANIGAN | 2008 |
| CARPET DEPOT | 2008 |
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| PORT JEFFERSON STATION | 2007 | JOINT VENTURE | 7.0 | 65,083 | 100.0 | GIUNTA'S MEAT FARM SUPERMARKET | 2016 | 2016 |
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OHIO |
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| WAUSEON | 2006 | JOINT VENTURE | 1.6 | 13,100 | 72.5 |
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OKLAHOMA |
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| DURANT | 2006 | JOINT VENTURE | 3.5 | 32,200 | 95.0 |
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| NEWCASTLE | 2006 | JOINT VENTURE | 1.5 | 11,600 | 89.7 |
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| SHAWNEE | 2006 | JOINT VENTURE | 3.1 | 35,640 | 100.0 | DOLLAR TREE | 2014 | 2019 |
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PENNSYLVANIA |
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| FAIRVIEW TOWNSHIP | 2005 | JOINT VENTURE | 6.8 | 71,979 | 100.0 | GIANT | 2017 | 2037 |
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| HALIFAX TOWNSHIP | 2005 | JOINT VENTURE | 8.5 | 54,150 | 100.0 | GIANT | 2019 | 2039 |
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| HOWE TOWNSHIP | 2005 | JOINT VENTURE | 12.1 | 66,789 | 100.0 | GIANT | 2021 | 2041 | RITE AID | 2016 | 2026 |
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| WILLIAMSPORT | 2002 | JOINT VENTURE | 29.0 | 293,825 | 100.0 | K MART | 2011 | 2026 | GIANT | 2019 | 2049 | STAPLES | 2014 | 2029 |
TENNESSEE |
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| COOKEVILLE | 2007 | JOINT VENTURE | 37.6 | 211,483 | 97.6 | BI-LO | 2018 | 2048 | GOODY'S | 2013 | 2023 | TJ MAXX | 2014 | 2034 |
| PULASKI | 2006 | JOINT VENTURE | 3.0 | 28,100 | 100.0 |
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TEXAS |
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| AUSTIN | 2006 | JOINT VENTURE | 19.8 | 207,578 | 99.2 | ACADEMY SPORTS | 2012 | 2022 | PACIFIC RESOURCES ASSOCIATION | 2011 | 2031 | GOLD'S TEXAS HOLDINGS, L.P. | 2012 | 2022 |
| AUSTIN | 2006 | JOINT VENTURE | 10.9 | 131,039 | 96.9 | 24 HOUR FITNESS | 2024 | 2034 | DOLLAR TREE | 2011 | 2025 |
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| AUSTIN | 2004 | JOINT VENTURE | 20.0 | 97,784 | 90.2 | OSHMAN'S | 2014 | 2029 | BED BATH & BEYOND | 2014 | 2029 |
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| AUSTIN | 2005 | JOINT VENTURE | 15.6 | 178,700 | 80.7 | GOLD'S TEXAS HOLDINGS, L.P. | 2014 | 2019 | MONARCH EVENTS | 2017 | 2027 | HEB GROCERY COMPANY, LP | 2009 | 2011 |
| AUSTIN | 2006 | JOINT VENTURE | 4.2 | 40,000 | 100.0 | DAVE AND BUSTERS | 2019 | 2034 |
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| AUSTIN | 2006 | JOINT VENTURE | 10.2 | 88,829 | 91.0 | BARNES & NOBLE | 2014 | 2029 | PETCO | 2011 | 2021 |
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| AUSTIN | 2006 | JOINT VENTURE | 4.8 | 54,651 | 100.0 | CONN'S ELECTRIC | 2010 | 2020 |
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| BELTON | 2006 | JOINT VENTURE | 3.4 | 28,060 | 95.7 | DOLLAR TREE | 2010 | 2020 |
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| CARROLLTON | 2006 | JOINT VENTURE | 1.8 | 14,950 | 74.8 |
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| CARROLLTON | 2006 | JOINT VENTURE | 2.0 | 18,740 | 67.5 |
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| FT. WORTH | 2005 | JOINT VENTURE | 6.4 | 68,492 | 95.2 |
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| GEORGETOWN | 2005 | JOINT VENTURE | 12.1 | 117,018 | 91.6 | DOLLAR TREE | 2010 | 2025 | CVS | 2009 | 2009 |
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| KILLEEN (4) | 2006 | JOINT VENTURE | 3.0 | 22,464 | 64.9 |
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| LAKE JACKSON (4) | 2006 | JOINT VENTURE | 8.0 | 34,969 | 54.8 |
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| PAMPA | 2006 | JOINT VENTURE | 1.5 | 16,160 | 75.2 |
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| PLAINVIEW | 2006 | JOINT VENTURE | 3.4 | 31,720 | 81.7 |
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| RICHARDSON | 2007 | JOINT VENTURE | 4.8 | 52,039 | 85.2 |
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| SAN ANTONIO | 2003 | JOINT VENTURE | 8.1 | 103,123 | 97.3 |
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| SAN MARCOS | 2005 | JOINT VENTURE | 17.0 | 185,092 | 100.0 | HOBBY LOBBY | 2013 | 2023 | HASTINGS ENTERTAINMENT INC | 2009 | 2019 | TRACTOR SUPPLY COMPANY | 2013 | 2013 |
| SOUTHLAKE | 2005 | JOINT VENTURE | 15.1 | 132,609 | 95.6 | HOBBY LOBBY | 2021 | 2031 |
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| TYLER | 2006 | JOINT VENTURE | 3.3 | 35,840 | 100.0 | DOLLAR TREE | 2014 | 2019 |
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CANADA PREFERRED EQUITY INVESTMENTS (RETAIL ASSETS ONLY) |
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ALBERTA |
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| CALGARY | 2005 | JOINT VENTURE | 0.3 | 6,308 | 100.0 |
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| CALGARY | 2004 | JOINT VENTURE | 9.0 | 172,021 | 91.2 | WINNERS APPAREL LTD. | 2012 | 2022 | THE HOUSE OF TOOLS | 2010 | 2015 | DOLLAR GIANT STORE |
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| CALGARY | 2004 | JOINT VENTURE | 10.0 | 127,598 | 94.6 | BEST BUY CANADA LTD. | 2009 | 2034 | WINNERS MERCHANTS INT. LP | 2014 | 2025 | NOVA SCOTIA COMPANY |
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| EDMONTON (3) | 2007 | JOINT VENTURE | 17.9 | 75,063 | 100.0 | LONDON DRUGS LTD. | 2015 | 2035 |
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| HINTON | 2004 | JOINT VENTURE | 18.5 | 137,735 | 88.4 | WAL-MART CANADA CORP. | 2011 | 2036 | CANADA SAFEWAY | 2010 | 2045 |
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| LETHBRIDGE | 2005 | JOINT VENTURE | 0.3 | 7,226 | 100.0 |
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| LETHBRIDGE | 2005 | JOINT VENTURE | 0.2 | 4,000 | 100.0 |
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| LETHBRIDGE | 2006 | JOINT VENTURE | 25.6 | 370,525 | 98.6 | ZELLERS | 2023 | 2078 | CANADIAN TIRE | 2009 | 2029 | SAVE ON FOOD & DRUGS | 2011 | 2031 |
BRITISH COLUMBIA |
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| 100 MILE HOUSE | 2004 | JOINT VENTURE | 7.2 | 69,051 | 98.7 | SAVE ON FOOD & DRUGS | 2015 | 2035 | SAAN | 2008 | 2013 |
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| BURNABY | 2005 | JOINT VENTURE | 0.6 | 8,788 | 100.0 |
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| COURTENAY | 2005 | JOINT VENTURE | 0.3 | 4,024 | 100.0 |
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| GIBSONS | 2004 | JOINT VENTURE | 10.3 | 141,393 | 78.8 | LONDON DRUGS LTD. | 2021 | 2031 | SUPER VALU | 2012 | 2012 | CHEVRON CANADA LTD. | 2017 | 2022 |
| KAMLOOPS (4) | 2005 | JOINT VENTURE | 9.7 | 106,687 | 100.0 | WINNERS | 2016 | 2031 | JYSK | 2016 | 2034 | BANK OF MONTREAL | 2017 | 2032 |
| LANGLEY | 2004 | JOINT VENTURE | 7.6 | 34,832 | 100.0 |
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| PORT ALBERNI | 2004 | JOINT VENTURE | 2.5 | 32,877 | 100.0 | BUY-LOW FOODS | 2012 | 2027 |
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| PRINCE GEORGE | 2004 | JOINT VENTURE | 8.0 | 83,405 | 100.0 | SAVE ON FOOD & DRUGS | 2008 | 2027 | SHOPPERS REALTY INC. | 2014 | 2044 |
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| SURREY | 2004 | JOINT VENTURE | 8.0 | 104,191 | 89.9 | SAFEWAY STORE | 2012 | 2033 | THEATRE NEAR YOU | 2008 | 2013 |
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| TRAIL | 2004 | JOINT VENTURE | 15.9 | 181,291 | 94.1 | ZELLERS | 2009 | 2019 | EXTRA FOODS | 2014 | 2044 |
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| VANCOUVER | 2004 | JOINT VENTURE | 3.0 | 35,954 | 94.5 |
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| WESTBANK | 2004 | JOINT VENTURE | 9.7 | 111,431 | 99.1 | SAVE ON FOOD & DRUGS | 2017 | 2037 | SHOPPER'S DRUGMART | 2015 | 2045 | G&G HARDWARE | 2011 |
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| WESTBANK (4) | 2006 | JOINT VENTURE | 25.9 | 15,730 | 100.0 | STAPLES | 2022 | 2037 |
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| LOCATION | YEAR DEVELOPED OR ACQUIRED | OWNERSHIP INTEREST/ | LAND AREA (ACRES) | LEASABLE AREA | PERCENT LEASED (1) | MAJOR LEASES | ||||||||
TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | TENANT NAME | LEASE | OPTION | |||||||
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MANITOBA |
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| WINNIPEG | 2005 | JOINT VENTURE | 0.4 | 4,200 | 100.0 |
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NEW BRUNSWICK |
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| FREDERICTON | 2005 | JOINT VENTURE | 0.6 | 6,742 | 100.0 |
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| MONCTON | 2005 | JOINT VENTURE | 0.4 | 4,655 | - |
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NEWFOUNDLAND |
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| ST. JOHN'S | 2006 | JOINT VENTURE | 25.8 | 446,607 | 87.0 | SEARS | 2008 | 2038 | CONVERGYS CALL CENTRE | 2016 | 2019 | GOODLIFE FITNESS CENTRES | 2018 | 2027 |
ONTARIO |
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| BARRIE | 2005 | JOINT VENTURE | 1.1 | 4,748 | 100.0 |
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| BARRIE | 2005 | JOINT VENTURE | 1.6 | 1,680 | 100.0 |
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| BARRIE | 2005 | JOINT VENTURE | 1.6 | 6,897 | 63.9 |
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| BRANTFORD | 2005 | JOINT VENTURE | 0.8 | 12,894 | 100.0 |
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| BURLINGTON | 2005 | JOINT VENTURE | 0.8 | 9,126 | 100.0 |
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| CAMBRIDGE | 2005 | JOINT VENTURE | 1.3 | 15,730 | 97.1 |
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| CORNWALL | 2005 | JOINT VENTURE | 0.3 | 4,000 | 100.0 |
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| GUELPH | 2005 | JOINT VENTURE | 0.8 | 3,600 | 100.0 |
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| HAMILTON | 2005 | JOINT VENTURE | 0.3 | 6,500 | 100.0 |
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| HAMILTON | 2005 | JOINT VENTURE | 0.5 | 10,441 | 100.0 |
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| HAMILTON | 2005 | JOINT VENTURE | 0.3 | 4,125 | 100.0 |
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| KITCHENER | 2006 | JOINT VENTURE | 2.0 | 13,450 | 100.0 | VALUE VILLAGE | 2011 | 2026 |
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| KITCHENER | 2006 | JOINT VENTURE | 5.0 | 66,579 | 84.3 |
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| LONDON | 2005 | JOINT VENTURE | 0.4 | 8,152 | 100.0 |
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| LONDON | 2005 | JOINT VENTURE | 0.6 | 5,700 | 100.0 |
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| LONDON | 2004 | JOINT VENTURE | 6.9 | 86,612 | 91.3 |
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| MILTON (4) | 2007 | JOINT VENTURE | 36.5 | - | - |
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| MISSISSAUGA | 2005 | JOINT VENTURE | 1.8 | 31,091 | 100.0 | ESTATE HARDWOOD | 2010 | 2015 |
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| NORTH BAY | 2005 | JOINT VENTURE | 0.5 | 6,666 | 100.0 |
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| OTTAWA | 2005 | JOINT VENTURE | 0.3 | 4,448 | 100.0 |
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| OTTAWA | 2007 | JOINT VENTURE | 1.5 | 26,512 | 66.6 |
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| OTTAWA | 2007 | JOINT VENTURE | 5.0 | 46,400 | 100.0 |
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| OTTAWA | 2007 | JOINT VENTURE | 2.6 | 39,840 | 100.0 | ORMES FURNITURE | 2010 | 2015 |
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| OTTAWA | 2007 | JOINT VENTURE | 9.1 | 3,400 | 100.0 |
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| OTTAWA | 2007 | JOINT VENTURE | 0.6 | 11,133 | 74.3 |
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| OTTAWA | 2007 | JOINT VENTURE | 2.7 | 31,001 | 100.0 | LOEB CANADA INC | 2012 | 2017 |
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| OTTAWA | 2007 | JOINT VENTURE | 1.1 | 12,287 | 100.0 |
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| OTTAWA | 2007 | JOINT VENTURE | 0.2 | 11,265 | 100.0 |
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| ST. CATHERINES | 2005 | JOINT VENTURE | 3.0 | 38,993 | 83.1 |
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| ST. CATHERINES | 2005 | JOINT VENTURE | 0.3 | 5,418 | 100.0 |
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| ST. THOMAS | 2005 | JOINT VENTURE | 0.2 | 3,595 | 100.0 |
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| SUDBURY | 2005 | JOINT VENTURE | 0.6 | 9,643 | 42.8 |
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| SUDBURY | 2006 | JOINT VENTURE | 5.4 | 40,128 | 100.0 | PRICE CHOPPER | 2012 | 2022 | LIQUIDATION WORLD | 2008 | 2017 |
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| WATERLOO | 2005 | JOINT VENTURE | 0.6 | 5,274 | 100.0 |
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| WATERLOO (4) | 2005 | JOINT VENTURE | 10.0 | 18,380 | 100.0 | SHOPPER'S DRUG MART | 2022 | 2037 |
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QUEBEC |
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| ALMA | 2004 | JOINT VENTURE | 36.1 | 267,531 | 98.9 | ZELLERS | 2009 | 2094 | SEARS | 2011 | 2026 | IGA (COOP DES CONSUMMAT) | 2015 | 2035 |
| CHANDLER | 2004 | JOINT VENTURE | 20.1 | 114,078 | 96.2 | HART STORES | 2009 | 2024 | MCDONALD'S | 2015 | 2025 | METRO | 2010 | 2020 |
| GASPE | 2004 | JOINT VENTURE | 15.2 | 152,285 | 97.9 | CANADIAN TIRE | 2021 | 2046 | SOBEYS STORES LTD | 2015 |
| HART STORES | 2011 | 2021 |
| JONQUIERE | 2004 | JOINT VENTURE | 25.2 | 247,404 | 94.4 | ZELLERS | 2009 | 2094 | SUPER C GROCERIES | 2009 | 2020 | ROSSY | 2016 | 2019 |
| LAMALBAIE | 2006 | JOINT VENTURE | 9.2 | 118,593 | 91.9 | SAAN | 2010 |
| METRO RICHELIEU | 2016 | 2026 | CANADIAN TIRE | 2008 |
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| LAURIER STATION | 2006 | JOINT VENTURE | 3.2 | 36,366 | 94.3 |
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| MONTREAL (4) | 2006 | JOINT VENTURE | 232.0 | 407,891 | 100.0 | ZELLERS | 2021 | 2056 | THE BRICK | 2026 | 2036 | TOYS R US | 2021 | 2041 |
| MONTREAL | 2006 | GROUND LEASE (2064)/ JOINT VENTURE | 6.7 | 92,703 | 99.4 |
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| MONTREAL | 2006 | GROUND LEASE (2064)/ JOINT VENTURE | 8.0 | 25,000 | 100.0 |
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| MONTREAL | 2006 | GROUND LEASE (2064)/ JOINT VENTURE | 1.1 | 10,157 | 100.0 |
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| ROBERVAL | 2004 | JOINT VENTURE | 3.7 | 127,251 | 98.8 | IGA | 2021 | 2046 | ROSSY | 2010 | 2015 |
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| SAGUENAY | 2004 | JOINT VENTURE | 13.5 | 203,980 | 97.8 | ZELLERS | 2008 |
| WINNERS | 2011 | 2026 | L'AUBAINERIE CONCEPT MODE | 2016 |
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| ST. AUGUSTIN-DE-DESMAURES | 2006 | JOINT VENTURE | 4.7 | 52,565 | 98.3 | PROVIGO | 2009 | 2024 |
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| ST. JEROME | 2007 | JOINT VENTURE | 6.0 | 82,391 | 100.0 | MAXI (PROVIGO) | 2012 | 2022 | PHARMACIE BRUNET | 2013 | 2023 | DOLLARAMA | 2009 |
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| STE. EUSTACHE | 2005 | JOINT VENTURE | 6.6 | 88,596 | 57.8 | MAXI (PROVIGO) | 2022 | 2027 |
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| STE. EUSTACHE | 2005 | JOINT VENTURE | 2.4 | 26,694 | 87.1 |
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| TOTAL 170 PREFERRED EQUITY INTERESTS (RETAIL ASSETS ONLY) | 1,656 | 12,469,808 |
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| LAND HOLDINGS |
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ARIZONA |
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| MESA (5) | 2005 | JOINT VENTURE | 6.5 | - | - |
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| CHANDLER (5) | 2004 | JOINT VENTURE | 22.9 | - | - |
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| MARANA (5) | 2006 | JOINT VENTURE | 158.9 | - | - |
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NORTH CAROLINA |
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| RALEIGH (5) | 2001 | JOINT VENTURE | 4.0 | - | - |
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OHIO |
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| ORANGE TOWNSHIP (5) | 2001 | FEE | 12.2 | - | - |
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OREGON |
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| MCMINNVILLE (5) | 2006 | JOINT VENTURE | 90.5 | - | - |
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MEXICO |
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SINALOA |
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| MAZALTAN (5) | 2007 | JOINT VENTURE | 36.0 | - | - |
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NUEVO LEON |
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| APODACA (5) | 2007 | JOINT VENTURE | 22.3 | - | - |
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OTHER REAL ESTATEMENT INVESTMENTS |
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| RETAIL STORE LEASES (14) | 1995/ 1997 | LEASEHOLD | - | 1,766,994 | 97.4 |
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| AI PORTFOLIO (VARIOUS CITIES) | 2005 | JOINT VENTURE | 175.8 | 7,674,988 | 97.7 |
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| NON-RETAIL 265 ASSETS | VARIOUS | VARIOUS | 222.4 | 9,708,998 | 100.0 |
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| GRAND TOTAL 1487 PROPERTY INTERESTS |
| 16,916.9 | 163,315,898 (15) |
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| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| CORAL SPRINGS | 1997 | FEE | 9.8 | 86,342 | 100.0 | TJ MAXX | 2012 | 2017 | RAG SHOP | 2011 | 2026 | PARTY SUPERMARKET | 2011 | 2016 | ||||||||||||||||||||||||||||||||||
| CORAL SPRINGS | 1994 | FEE | 5.9 | 55,597 | 100.0 | LINENS N THINGS | 2012 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| CORAL WAY | 1992 | JOINT VENTURE | 8.7 | 87,305 | 100.0 | WINN DIXIE | 2011 | 2036 | STAPLES | 2016 | 2031 | |||||||||||||||||||||||||||||||||||||
| CUTLER RIDGE | 1998 | JOINT VENTURE | 3.8 | 37,640 | 100.0 | POTAMKIN CHEVROLET | 2015 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| DELRAY BEACH (14) | 2006 | JOINT VENTURE | 5.1 | 50,906 | 100.0 | PUBLIX | 2025 | 2055 | ||||||||||||||||||||||||||||||||||||||||
| EAST ORLANDO | 1971 | GROUND LEASE (2068) | 11.6 | 131,981 | 100.0 | SPORTS AUTHORITY | 2010 | 2020 | OFFICE DEPOT | 2010 | 2025 | C-TOWN | 2013 | 2028 | ||||||||||||||||||||||||||||||||||
| FORT LAUDERDALE (12) | 2004 | FEE | 22.9 | 229,034 | 98.6 | REGAL CINEMAS | 2017 | 2057 | OFFICE DEPOT | 2011 | 2026 | SPORTIVE | 2007 | |||||||||||||||||||||||||||||||||||
| FORT MEYERS (14) | 2006 | JOINT VENTURE | 7.4 | 74,286 | 92.6 | PUBLIX | 2023 | 2053 | ||||||||||||||||||||||||||||||||||||||||
| HIALEAH | 1998 | JOINT VENTURE | 2.4 | 23,625 | 100.0 | POTAMKIN CHEVROLET | 2015 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| HOLLYWOOD | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | HOME GOODS | 2010 | 2025 | MICHAELS | 2010 | 2030 | |||||||||||||||||||||||||||||||||||||
| HOLLYWOOD (12) | 2004 | FEE | 98.9 | 871,723 | 99.8 | HOME DEPOT | 2019 | 2069 | KMART | 2019 | 2069 | BJ’S | 2019 | 2069 | ||||||||||||||||||||||||||||||||||
| HOLLYWOOD (12) | 2004 | FEE | 10.5 | 137,196 | 87.8 | MANTECH ADVANCED SYSTEMS | 2008 | 2013 | TRADER PUBLISHING COMPANY | 2007 | KOS PHARMACEUTICALS, INC. | 2007 | ||||||||||||||||||||||||||||||||||||
| HOMESTEAD | 1972 | GROUND LEASE (2093) JOINT VENTURE | 21.0 | 209,214 | 100.0 | PUBLIX | 2014 | 2034 | MARSHALLS | 2011 | 2026 | OFFICEMAX | 2013 | 2028 | ||||||||||||||||||||||||||||||||||
| JACKSONVILLE | 1999 | FEE | 18.6 | 205,696 | 97.8 | BURLINGTON COAT FACTORY | 2008 | 2018 | OFFICEMAX | 2012 | 2032 | TJ MAXX | 2007 | 2017 | ||||||||||||||||||||||||||||||||||
| JACKSONVILLE | 2002 | JOINT VENTURE | 5.1 | 51,002 | 100.0 | MICHAELS | 2013 | 2033 | HOME GOODS | 2010 | 2020 | |||||||||||||||||||||||||||||||||||||
| JACKSONVILLE (14) | 2006 | JOINT VENTURE | 7.3 | 72,840 | 100.0 | PUBLIX | 2053 | |||||||||||||||||||||||||||||||||||||||||
| JACKSONVILLE (4) | 2005 | JOINT VENTURE | 27.9 | 74,000 | 100.0 | MICHAELS | 2015 | 2035 | OFFICEMAX | 2018 | 2033 | |||||||||||||||||||||||||||||||||||||
| JACKSONVILLE (4) | 2005 | JOINT VENTURE | 149.0 | 45,000 | 100.0 | HAVERTY’S | 2013 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| JENSEN BEACH | 1994 | FEE | 20.7 | 173,491 | 95.5 | SERVICE MERCHANDISE | 2010 | 2070 | MARSHALLS | 2010 | 2020 | BEALLS | 2008 | 2013 | ||||||||||||||||||||||||||||||||||
| JENSEN BEACH (9) | 2006 | JOINT VENTURE | 19.8 | 197,731 | 79.3 | HOME DEPOT | 2025 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| KEY LARGO (8) | 2000 | JOINT VENTURE | 21.5 | 207,332 | 97.5 | KMART | 2014 | 2064 | PUBLIX | 2009 | 2029 | BEALLS OUTLET | 2008 | 2011 | ||||||||||||||||||||||||||||||||||
| KISSIMMEE | 1996 | FEE | 18.4 | 90,840 | 82.1 | OFFICEMAX | 2012 | 2027 | DOCKSIDE IMPORT | 2008 | ||||||||||||||||||||||||||||||||||||||
| LAKELAND | 2001 | FEE | 22.9 | 229,383 | 96.3 | STEIN MART | 2011 | 2026 | AMC THEATRES | 2007 | 2017 | ROSS DRESS FOR LESS | 2012 | |||||||||||||||||||||||||||||||||||
| LAKELAND | 2006 | FEE | 5.8 | 85,782 | 100.0 | SPORTS AUTHORITY | 2011 | 2026 | CHUCK E CHEESE | 2013 | 2023 | LAKELAND SQUARE 10 THEATRE | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| LARGO | 1992 | FEE | 29.4 | 215,916 | 99.5 | PUBLIX | 2009 | 2029 | AMC THEATRES | 2011 | 2036 | OFFICE DEPOT | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| LARGO | 1968 | FEE | 12.0 | 149,472 | 86.1 | WAL-MART | 2012 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| LARGO | 1993 | FEE | 6.6 | 56,668 | 54.9 | |||||||||||||||||||||||||||||||||||||||||||
| LAUDERDALE LAKES | 1968 | JOINT VENTURE | 10.0 | 115,341 | 96.9 | SAVE-A-LOT | 2007 | 2017 | THINK THRIFT | 2007 | 2017 | |||||||||||||||||||||||||||||||||||||
| LAUDERHILL | 1978 | FEE | 17.8 | 181,416 | 97.9 | STAPLES | 2017 | 2037 | WORLD JEWELRY CENTER II | 2014 | 2024 | BABIES R US | 2009 | 2014 | ||||||||||||||||||||||||||||||||||
| LEESBURG | 1969 | GROUND LEASE (2017) | 1.3 | 13,468 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MARGATE | 1993 | FEE | 34.1 | 253,729 | 95.1 | PUBLIX | 2008 | 2028 | OFFICE DEPOT | 2010 | 2020 | SAM ASH MUSIC | 2011 | |||||||||||||||||||||||||||||||||||
| MELBOURNE | 1968 | GROUND LEASE (2022) | 11.5 | 168,737 | 95.0 | SUBMITTORDER CO | 2010 | 2022 | WALGREENS | 2045 | GOODWILL INDUSTRIES | 2012 | ||||||||||||||||||||||||||||||||||||
| MELBOURNE | 1998 | FEE | 13.2 | 144,439 | 100.0 | JO-ANN FABRICS | 2016 | 2031 | BED BATH & BEYOND | 2013 | 2028 | MARSHALLS | 2010 | |||||||||||||||||||||||||||||||||||
| MERRITT ISLAND (14) | 2006 | JOINT VENTURE | 6.0 | 60,103 | 100.0 | PUBLIX | 2023 | 2053 | ||||||||||||||||||||||||||||||||||||||||
| MIAMI | 1968 | FEE | 8.2 | 104,908 | 100.0 | HOME DEPOT | 2029 | 2059 | MILAM’S MARKET | 2008 | WALGREENS | 2009 | ||||||||||||||||||||||||||||||||||||
| MIAMI | 1998 | JOINT VENTURE | 8.7 | 86,900 | 100.0 | POTAMKIN CHEVROLET | 2015 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| MIAMI | 1986 | FEE | 7.8 | 83,380 | 100.0 | PUBLIX | 2009 | 2029 | WALGREENS | 2018 | ||||||||||||||||||||||||||||||||||||||
| MIAMI | 1962 | JOINT VENTURE | 14.0 | 79,273 | 100.0 | BABIES R US | 2011 | 2021 | FIRESTONE TIRE | 2008 | ||||||||||||||||||||||||||||||||||||||
| MIAMI | 1995 | FEE | 5.4 | 63,604 | 100.0 | PETCO | 2016 | 2021 | PARTY CITY | 2007 | 2017 | |||||||||||||||||||||||||||||||||||||
| MIAMI | 1998 | JOINT VENTURE | 2.9 | 29,166 | 100.0 | LEHMAN TOYOTA | 2015 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| MIAMI | 1998 | JOINT VENTURE | 1.7 | 17,117 | 100.0 | LEHMAN TOYOTA | 2015 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| MIAMI (12) | 2004 | FEE | 31.2 | 402,801 | 100.0 | KMART | 2012 | 2042 | EL DORADO FURNITURE | 2017 | 2032 | SYMS | 2011 | 2041 | ||||||||||||||||||||||||||||||||||
| MIAMI (14) | 2006 | JOINT VENTURE | 6.4 | 63,595 | 100.0 | PUBLIX | 2023 | 2053 | ||||||||||||||||||||||||||||||||||||||||
| MIDDLEBURG (4) | 2005 | JOINT VENTURE | 37.1 | 14,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MIRAMAR (4) | 2005 | JOINT VENTURE | 36.7 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| MOUNT DORA | 1997 | FEE | 12.4 | 120,430 | 100.0 | KMART | 2013 | 2063 | ||||||||||||||||||||||||||||||||||||||||
| NORTH LAUDERDALE (13) (6) | 2006 | JOINT VENTURE | 28.9 | 250,209 | 100.0 | HOME DEPOT | 2019 | 2049 | CHANCELLOR ACADEMY | 2011 | 2016 | PUBLIX | 2011 | 2031 | ||||||||||||||||||||||||||||||||||
| NORTH MIAMI BEACH | 1985 | FEE | 15.9 | 108,795 | 100.0 | PUBLIX | 2019 | 2039 | WALGREENS | 2058 | ||||||||||||||||||||||||||||||||||||||
| OCALA (3) | 1997 | FEE | 27.2 | 260,435 | 92.6 | KMART | 2011 | 2021 | BEST BUY | 2019 | 2034 | SERVICE MERCHANDISE | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| ORANGE PARK | 2003 | JOINT VENTURE | 5.0 | 50,299 | 100.0 | BED BATH & BEYOND | 2015 | 2025 | MICHAELS | 2010 | 2030 | |||||||||||||||||||||||||||||||||||||
| ORLANDO | 1994 | FEE | 28.0 | 236,486 | 99.0 | OLD TIME POTTERY | 2010 | 2020 | SPORTS AUTHORITY | 2011 | 2031 | USA BABY | 2013 | 2018 | ||||||||||||||||||||||||||||||||||
| ORLANDO | 1996 | FEE | 11.7 | 132,856 | 100.0 | ROSS DRESS FOR LESS | 2008 | 2028 | BIG LOTS | 2009 | 2014 | WORLD GYM | 2016 | |||||||||||||||||||||||||||||||||||
| ORLANDO | 1968 | FEE | 12.0 | 131,646 | 100.0 | BED BATH & BEYOND | 2007 | 2022 | BOOKS-A-MILLION | 2007 | 2016 | OFFICEMAX | 2008 | 2023 | ||||||||||||||||||||||||||||||||||
| ORLANDO | 1968 | JOINT VENTURE | 10.0 | 114,434 | 100.0 | BALLY TOTAL FITNESS | 2008 | 2018 | HSN | 2009 | BEDDING & FURNITURE | 2009 | ||||||||||||||||||||||||||||||||||||
| ORLANDO (12) | 2004 | FEE | 14.0 | 154,356 | 89.3 | MARSHALLS | 2013 | 2028 | OFF BROADWAY SHOES | 2013 | 2023 | GOLFSMITH GOLF CENTER | 2014 | 2024 | ||||||||||||||||||||||||||||||||||
| ORLANDO (3) | 1968 | GROUND LEASE (2011) | 7.8 | 84,834 | 100.0 | OFFICE FURNITURE | 2008 | |||||||||||||||||||||||||||||||||||||||||
| ORLANDO (8) | 2000 | JOINT VENTURE | 18.0 | 179,065 | 100.0 | KMART | 2014 | 2064 | PUBLIX | 2012 | 2037 | |||||||||||||||||||||||||||||||||||||
| OVIEDO (14) | 2006 | JOINT VENTURE | 7.8 | 78,179 | 96.5 | PUBLIX | 2020 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| PLANTATION | 1974 | JOINT VENTURE | 4.6 | 57,774 | 100.0 | BREAD OF LIFE | 2009 | 2019 | WHOLE FOODS | 2009 | 2019 | |||||||||||||||||||||||||||||||||||||
| POMPANO BEACH | 1968 | JOINT VENTURE | 6.6 | 66,838 | 93.1 | SAVE-A-LOT | 2015 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| POMPANO BEACH (13) | 2004 | JOINT VENTURE | 18.6 | 140,312 | 92.5 | WINN DIXIE | 2018 | 2043 | CVS | 2020 | 2040 | |||||||||||||||||||||||||||||||||||||
| PORT RICHEY (8) (3) | 1998 | JOINT VENTURE | 14.3 | 103,294 | 62.0 | CIRCUIT CITY | 2011 | 2031 | STAPLES | 2011 | 2026 | |||||||||||||||||||||||||||||||||||||
| RIVIERA BEACH | 1968 | JOINT VENTURE | 5.1 | 46,390 | 95.5 | FURNITURE KINGDOM | 2009 | 2014 | GOODWILL INDUSTRIES | 2008 | ||||||||||||||||||||||||||||||||||||||
| SANFORD | 1989 | FEE | 40.9 | 159,969 | 100.0 | ROSS DRESS FOR LESS | 2012 | 2032 | OFFICE DEPOT | 2009 | 2019 | ANNA’S LINENS | 2007 | |||||||||||||||||||||||||||||||||||
| SARASOTA | 1989 | FEE | 12.0 | 129,700 | 100.0 | SWEETBAY | 2020 | 2040 | ACE HARDWARE | 2008 | 2023 | ANTHONY’S LADIES WEAR | 2012 | 2017 | ||||||||||||||||||||||||||||||||||
| SARASOTA | 1970 | FEE | 10.0 | 102,455 | 98.4 | TJ MAXX | 2012 | 2017 | OFFICEMAX | 2009 | 2024 | DOLLAR TREE | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| SARASOTA (14) | 2006 | JOINT VENTURE | 6.5 | 65,320 | 93.9 | PUBLIX | 2063 | |||||||||||||||||||||||||||||||||||||||||
| ST. AUGUSTINE | 2005 | JOINT VENTURE | 1.5 | 62,942 | 100.0 | ROWE’S SUPERMARKET | 2025 | 2045 | ||||||||||||||||||||||||||||||||||||||||
| ST. PETERSBURG | 1968 | GROUND LEASE (2093)/ JOINT VENTURE | 9.0 | 118,979 | 86.6 | KASH N’ KARRY | 2017 | 2037 | TJ MAXX | 2012 | 2014 | DOLLAR TREE | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| TALLAHASSEE | 1998 | FEE | 12.8 | 105,655 | 80.9 | STEIN MART | 2008 | SHOE STATION | 2007 | 2012 | ||||||||||||||||||||||||||||||||||||||
| TAMPA | 1997/ 2004 | FEE | 23.9 | 205,634 | 100.0 | STAPLES | 2008 | 2018 | ROSS DRESS FOR LESS | 2012 | 2022 | US POST OFFICE | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| TAMPA (3) | 2004 | FEE | 22.4 | 181,253 | 100.0 | LOWE’S HOME CENTER | 2026 | 2066 | ||||||||||||||||||||||||||||||||||||||||
| TAMPA (8) | 2001 | JOINT VENTURE | 73.0 | 340,506 | 96.3 | BEST BUY | 2016 | 2031 | JO-ANN FABRICS | 2016 | 2031 | BED BATH & BEYOND | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| WEST PALM BEACH | 1967 | JOINT VENTURE | 7.6 | 81,073 | 100.0 | WINN DIXIE | 2010 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| WEST PALM BEACH | 1995 | FEE | 7.9 | 80,845 | 88.9 | BABIES R US | 2011 | 2021 | ||||||||||||||||||||||||||||||||||||||||
| WEST PALM BEACH (12) | 2004 | FEE | 33.0 | 357,537 | 95.8 | KMART | 2018 | 2068 | WINN DIXIE | 2019 | 2049 | LINENS N THINGS | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| WINTER HAVEN | 1973 | JOINT VENTURE | 13.9 | 95,188 | 98.7 | BIG LOTS | 2010 | 2020 | JO-ANN FABRICS | 2011 | 2016 | BUDDY’S HOME FURNISHINGS | 2015 | 2025 | ||||||||||||||||||||||||||||||||||
| YULEE (4) | 2003 | JOINT VENTURE | 84.1 | 34,000 | 100.0 | PETCO | 2017 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| GEORGIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| AUGUSTA | 1995 | FEE | 11.3 | 112,537 | 89.3 | TJ MAXX | 2010 | 2015 | ROSS DRESS FOR LESS | 2013 | 2033 | RUGGED WEARHOUSE | 2008 | 2018 | ||||||||||||||||||||||||||||||||||
| AUGUSTA (8) | 2001 | JOINT VENTURE | 52.6 | 530,915 | 100.0 | ASHLEY FURNITURE HOME STORE | 2009 | 2019 | SPORTS AUTHORITY | 2012 | 2027 | BED BATH & BEYOND | 2013 | 2028 | ||||||||||||||||||||||||||||||||||
| DULUTH (14) | 2006 | JOINT VENTURE | 7.8 | 78,025 | 90.9 | WHOLE FOODS MARKET GROUP | 2027 | 2057 | ||||||||||||||||||||||||||||||||||||||||
| SAVANNAH | 1993 | FEE | 22.2 | 187,076 | 95.2 | BED BATH & BEYOND | 2013 | 2028 | TJ MAXX | 2010 | 2015 | MARSHALLS | 2007 | 2022 | ||||||||||||||||||||||||||||||||||
| SAVANNAH (3) | 1995 | GROUND LEASE (2045) | 9.5 | 39,725 | 74.5 | STAPLES | 2015 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| SNELLVILLE (8) | 2001 | JOINT VENTURE | 35.6 | 311,033 | 97.1 | KOHL’S | 2022 | 2062 | BELK | 2015 | 2035 | LINENS N THINGS | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| VALDOSTA | 2004 | JOINT VENTURE | 17.5 | 175,396 | 100.0 | LOWE’S HOME CENTER | 2019 | 2069 | ||||||||||||||||||||||||||||||||||||||||
| HAWAII | ||||||||||||||||||||||||||||||||||||||||||||||||
| KIHEI | 2006 | FEE | 4.6 | 17,897 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| IDAHO | ||||||||||||||||||||||||||||||||||||||||||||||||
| NAMPA (4) | 2005 | JOINT VENTURE | 45.4 | 177,000 | 100.0 | BED BATH & BEYOND | 2017 | 2037 | OLD NAVY | 2011 | 2022 | |||||||||||||||||||||||||||||||||||||
| NAMPA (4) | 2005 | JOINT VENTURE | 75.3 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| ILLINOIS | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALTON | 1986 | FEE | 21.2 | 131,188 | 100.0 | VALUE CITY | 2008 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| ARLINGTON HEIGHTS | 1998 | FEE | 7.0 | 80,040 | 100.0 | DIRECTUS FURNITURE | 2010 | 2015 | ||||||||||||||||||||||||||||||||||||||||
| AURORA | 1998 | FEE | 17.9 | 91,182 | 100.0 | CERMAK PRODUCE AURORA | 2021 | 2041 | ||||||||||||||||||||||||||||||||||||||||
| AURORA (14) | 2005 | JOINT VENTURE | 34.7 | 361,984 | 70.8 | BEST BUY | 2011 | 2026 | VALUE CITY FURNITURE | 2009 | 2019 | GOLFSMITH | 2016 | 2031 | ||||||||||||||||||||||||||||||||||
| BATAVIA (8) | 2002 | JOINT VENTURE | 31.7 | 272,410 | 100.0 | KOHL’S | 2019 | 2049 | HOBBY LOBBY | 2009 | 2019 | LINENS N THINGS | 2014 | 2029 | ||||||||||||||||||||||||||||||||||
| BELLEVILLE | 1987 | GROUND LEASE (2057) | 20.3 | 81,490 | 100.0 | KMART | 2024 | 2054 | ||||||||||||||||||||||||||||||||||||||||
| BLOOMINGTON | 1972 | FEE | 16.1 | 188,250 | 100.0 | SCHNUCK MARKETS | 2014 | 2029 | TOYS “R” US | 2015 | 2045 | BARNES & NOBLE | 2010 | 2015 | ||||||||||||||||||||||||||||||||||
31
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| BLOOMINGTON | 2003 | JOINT VENTURE | 11.0 | 73,951 | 100.0 | JEWEL-OSCO | 2014 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| BRADLEY | 1996 | FEE | 5.4 | 80,535 | 100.0 | CARSON PIRIE SCOTT | 2014 | 2034 | ||||||||||||||||||||||||||||||||||||||||
| CALUMET CITY | 1997 | FEE | 17.0 | 159,647 | 99.0 | MARSHALLS | 2014 | 2029 | BEST BUY | 2012 | 2032 | BED BATH & BEYOND | 2014 | 2024 | ||||||||||||||||||||||||||||||||||
| CARBONDALE | 1997 | GROUND LEASE (2052) | 8.1 | 80,535 | — | |||||||||||||||||||||||||||||||||||||||||||
| CHAMPAIGN | 1999 | FEE | 9.0 | 112,000 | — | |||||||||||||||||||||||||||||||||||||||||||
| CHAMPAIGN (8) | 2001 | JOINT VENTURE | 9.3 | 111,720 | 100.0 | BEST BUY | 2016 | 2031 | DICK’S SPORTING GOODS | 2016 | 2031 | MICHAELS | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| CHICAGO | 1997 | GROUND LEASE (2040) | 17.5 | 102,011 | 100.0 | BURLINGTON COAT FACTORY | 2020 | 2035 | RAINBOW SHOPS | 2011 | 2021 | BEAUTY ONE | 2010 | 2015 | ||||||||||||||||||||||||||||||||||
| CHICAGO | 1997 | FEE | 6.0 | 86,894 | 100.0 | KMART | 2024 | 2054 | ||||||||||||||||||||||||||||||||||||||||
| COUNTRYSIDE | 1997 | GROUND LEASE (2053) | �� | 27.7 | 117,005 | 100.0 | HOME DEPOT | 2023 | 2053 | |||||||||||||||||||||||||||||||||||||||
| CRESTWOOD | 1997 | GROUND LEASE (2051) | 36.8 | 79,903 | 100.0 | SEARS | 2024 | 2051 | ||||||||||||||||||||||||||||||||||||||||
| CRYSTAL LAKE | 1998 | FEE | 6.1 | 80,390 | 100.0 | HOBBY LOBBY | 2009 | 2019 | DINOREX | 2012 | 2022 | |||||||||||||||||||||||||||||||||||||
| DOWNERS GROVE | 1998 | GROUND LEASE (2041) | 7.2 | 192,639 | 51.9 | HOME DEPOT EXPO | 2022 | 2062 | ||||||||||||||||||||||||||||||||||||||||
| DOWNERS GROVE | 1999 | FEE | 24.8 | 144,770 | 98.2 | DOMINICK’S | 2009 | 2019 | DOLLAR TREE | 2008 | 2023 | WALGREENS | 2022 | |||||||||||||||||||||||||||||||||||
| DOWNERS GROVE | 1997 | FEE | 12.0 | 141,906 | 100.0 | TJ MAXX | 2009 | 2024 | BEST BUY | 2015 | 2030 | BEST BUY | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| ELGIN | 1972 | FEE | 18.7 | 186,432 | 99.2 | ELGIN MALL | 2013 | 2023 | ELGIN FARMERS PRODUCTS | 2010 | 2030 | AARON SALES & LEASE | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| FAIRVIEW HEIGHTS | 1986 | GROUND LEASE (2050) | 19.1 | 192,073 | 100.0 | KMART | 2024 | 2050 | OFFICEMAX | 2015 | 2025 | WALGREENS | 2010 | 2029 | ||||||||||||||||||||||||||||||||||
| FOREST PARK | 1997 | GROUND LEASE (2021) | 9.3 | 98,371 | 100.0 | KMART | 2021 | |||||||||||||||||||||||||||||||||||||||||
| GENEVA | 1996 | FEE | 8.2 | 110,188 | 100.0 | GANDER MOUNTAIN | 2013 | 2028 | ||||||||||||||||||||||||||||||||||||||||
| KILDEER (14) | 2006 | JOINT VENTURE | 23.3 | 167,477 | 100.0 | BED BATH & BEYOND | 2012 | 2032 | CIRCUIT CITY | 2017 | 2042 | OLD NAVY | 2011 | 2016 | ||||||||||||||||||||||||||||||||||
| MATTESON | 1997 | FEE | 17.0 | 157,885 | 100.0 | SPORTMART | 2014 | 2029 | MARSHALLS | 2010 | 2025 | LINENS N THINGS | 2014 | 2029 | ||||||||||||||||||||||||||||||||||
| MOUNT PROSPECT | 1997 | FEE | 16.8 | 192,547 | 100.0 | KOHL’S | 2024 | 2054 | HOBBY LOBBY | 2016 | 2026 | POOL-A-RAMA | 2011 | 2018 | ||||||||||||||||||||||||||||||||||
| MUNDELIEN | 1991 | FEE | 7.6 | 89,692 | 100.0 | BURLINGTON COAT FACTORY | 2018 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| NAPERVILLE | 1997 | FEE | 9.0 | 102,327 | 100.0 | BURLINGTON COAT FACTORY | 2013 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| NORRIDGE | 1997 | GROUND LEASE (2042) | 11.7 | 116,914 | 100.0 | KMART | 2024 | 2042 | ||||||||||||||||||||||||||||||||||||||||
| OAK LAWN | 1997 | FEE | 15.4 | 164,414 | 100.0 | KMART | 2024 | 2054 | CHUCK E CHEESE | 2016 | 2026 | |||||||||||||||||||||||||||||||||||||
| OAKBROOK TERRACE | 1983 / 1997 | GROUND LEASE (2049) | 15.6 | 176,263 | 100.0 | HOME DEPOT | 2024 | 2044 | LINENS N THINGS | 2017 | 2032 | LOYOLA UNIV. MEDICAL CENTER | 2011 | 2016 | ||||||||||||||||||||||||||||||||||
| ORLAND PARK | 1997 | FEE | 18.8 | 131,546 | 100.0 | VALUE CITY | 2015 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 1970 | FEE | 9.0 | 60,000 | 100.0 | VALUE CITY | 2012 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| PEORIA | 1997 | GROUND LEASE (2031) | 20.5 | 156,067 | 100.0 | KMART | 2007 | MARSHALLS | 2009 | 2024 | ||||||||||||||||||||||||||||||||||||||
| ROCKFORD (9) | 2005 | JOINT VENTURE | 8.9 | 89,047 | 100.0 | BEST BUY | 2016 | 2031 | LINENS N THINGS | 2016 | 2031 | |||||||||||||||||||||||||||||||||||||
| ROLLING MEADOWS | 2003 | FEE | 3.7 | 37,225 | 100.0 | FAIR LANES ROLLING MEADOWS | 2008 | 2013 | ||||||||||||||||||||||||||||||||||||||||
| SCHAUMBURG | 2003 | JOINT VENTURE | 62.8 | 629,377 | 94.1 | GALYAN’S TRADING COMPANY | 2013 | 2038 | CARSON PIRIE SCOTT | 2021 | 2071 | LOEWS THEATRES | 2019 | 2039 | ||||||||||||||||||||||||||||||||||
| SCHAUMBURG | 1998 | JOINT VENTURE | 7.3 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| SKOKIE | 1997 | FEE | 5.8 | 58,455 | 100.0 | MARSHALLS | 2010 | 2025 | OLD NAVY | 2010 | 2015 | |||||||||||||||||||||||||||||||||||||
| STREAMWOOD | 1999 | FEE | 5.6 | 81,000 | 100.0 | VALUE CITY | 2015 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| WAUKEGAN | 1998 | FEE | 6.8 | 90,555 | 100.0 | PICK N SAVE | 2009 | 2029 | ||||||||||||||||||||||||||||||||||||||||
| WOODRIDGE | 1998 | FEE | 13.1 | 161,272 | 96.3 | WOODGROVE THEATERS, INC | 2012 | 2022 | KOHL’S | 2010 | 2030 | MCSPORTS | 2016 | |||||||||||||||||||||||||||||||||||
| INDIANA | ||||||||||||||||||||||||||||||||||||||||||||||||
| EVANSVILLE | 1986 | FEE | 14.2 | 192,933 | 79.7 | BURLINGTON COAT FACTORY | 2007 | 2027 | OFFICEMAX | 2012 | 2027 | FAMOUS FOOTWEAR | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| GREENWOOD | 1970 | FEE | 25.7 | 168,577 | 98.2 | BABY SUPERSTORE | 2011 | 2021 | TOYS “R” US | 2011 | 2056 | TJ MAXX | 2010 | 2015 | ||||||||||||||||||||||||||||||||||
| GRIFFITH | 1997 | GROUND LEASE (2054) | 10.6 | 114,684 | 100.0 | KMART | 2024 | 2054 | ||||||||||||||||||||||||||||||||||||||||
| INDIANAPOLIS | 1963 | JOINT VENTURE | 17.4 | 165,220 | 98.7 | KROGER | 2026 | 2066 | AJ WRIGHT | 2012 | 2027 | CVS | 2021 | 2031 | ||||||||||||||||||||||||||||||||||
| LAFAYETTE | 1997 | FEE | 24.3 | 238,288 | 83.9 | HOME DEPOT | 2026 | 2056 | JO-ANN FABRICS | 2010 | 2020 | SMITH OFFICE EQUIPMENT | 2008 | |||||||||||||||||||||||||||||||||||
| LAFAYETTE | 1998 | FEE | 43.2 | 214,876 | 84.4 | PETSMART | 2012 | 2032 | STAPLES | 2011 | 2026 | |||||||||||||||||||||||||||||||||||||
| LAFAYETTE | 1971 | FEE | 12.4 | 90,500 | 100.0 | KROGER | 2026 | 2056 | ||||||||||||||||||||||||||||||||||||||||
| MISHAWAKA | 1998 | FEE | 7.5 | 82,100 | — | |||||||||||||||||||||||||||||||||||||||||||
| SOUTH BEND | 1999 | FEE | 1.8 | 81,668 | 100.0 | MENARD | 2010 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| SOUTH BEND (3) | 1997 | JOINT VENTURE | 13.4 | 134,414 | 100.0 | BED BATH & BEYOND | 2015 | 2040 | DSW SHOE WAREHOUSE | 2020 | 2035 | PETSMART | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| IOWA | ||||||||||||||||||||||||||||||||||||||||||||||||
| CLIVE | 1996 | FEE | 8.8 | 90,000 | 100.0 | KMART | 2021 | 2051 | ||||||||||||||||||||||||||||||||||||||||
| COUNCIL BLUFFS (4) | 2006 | JOINT VENTURE | 79.3 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| DAVENPORT | 1997 | GROUND LEASE (2028) | 9.1 | 91,035 | 100.0 | KMART | 2024 | 2028 | ||||||||||||||||||||||||||||||||||||||||
| DES MOINES | 1999 | FEE | 23.0 | 149,059 | 82.8 | BEST BUY | 2008 | 2023 | OFFICEMAX | 2008 | 2018 | JO-ANN FABRICS | 2007 | 2017 | ||||||||||||||||||||||||||||||||||
| DUBUQUE | 1997 | GROUND LEASE (2019) | 6.5 | 82,979 | 100.0 | SHOPKO | 2018 | 2019 | �� | |||||||||||||||||||||||||||||||||||||||
| SOUTHEAST DES MOINES | 1996 | FEE | 9.6 | 111,847 | 100.0 | HOME DEPOT | 2020 | 2065 | ||||||||||||||||||||||||||||||||||||||||
| WATERLOO | 1996 | FEE | 9.0 | 104,074 | 100.0 | HOBBY LOBBY | 2014 | 2024 | TJ MAXX | 2014 | 2024 | SHOE CARNIVAL | 2015 | 2025 | ||||||||||||||||||||||||||||||||||
| KANSAS | ||||||||||||||||||||||||||||||||||||||||||||||||
| EAST WICHITA (8) | 1996 | JOINT VENTURE | 6.5 | 96,011 | 100.0 | DICK’S SPORTING GOODS | 2018 | 2033 | GORDMANS | 2012 | 2032 | |||||||||||||||||||||||||||||||||||||
| OVERLAND PARK | 1980 | FEE | 14.5 | 120,164 | 100.0 | HOME DEPOT | 2010 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| WEST WICHITA (8) | 1996 | JOINT VENTURE | 8.1 | 96,319 | 100.0 | SHOPKO | 2018 | 2038 | ||||||||||||||||||||||||||||||||||||||||
| WICHITA (8) | 1998 | JOINT VENTURE | 13.5 | 133,771 | 100.0 | BEST BUY | 2010 | 2025 | TJ MAXX | 2010 | 2020 | MICHAELS | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| KENTUCKY | ||||||||||||||||||||||||||||||||||||||||||||||||
| BELLEVUE | 1976 | FEE | 6.0 | 53,695 | 100.0 | KROGER | 2010 | 2035 | ||||||||||||||||||||||||||||||||||||||||
| FLORENCE (11) | 2004 | FEE | 8.2 | 99,578 | 97.8 | DICK’S SPORTING GOODS | 2018 | 2033 | LINENS N THINGS | 2018 | 2033 | MCSWAIN CARPETS | 2012 | 2017 | ||||||||||||||||||||||||||||||||||
| HINKLEVILLE | 1998 | GROUND LEASE (2039) | 2.0 | 85,229 | 100.0 | K’S MERCHANDISE | 2014 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| LEXINGTON | 1993 | FEE | 35.8 | 258,713 | 98.7 | BEST BUY | 2009 | 2024 | BED BATH & BEYOND | 2013 | 2038 | TOYS “R” US | 2013 | 2038 | ||||||||||||||||||||||||||||||||||
| MAYSVILLE (7) | 2006 | FEE | 24.7 | 216,119 | 52.7 | KROGER | 2013 | 2018 | JCPENNEY | 2011 | 2036 | |||||||||||||||||||||||||||||||||||||
| LOUISIANA | ||||||||||||||||||||||||||||||||||||||||||||||||
| BATON ROUGE | 1997 | FEE | 18.6 | 349,907 | 95.9 | BURLINGTON COAT FACTORY | 2009 | 2024 | STEIN MART | 2011 | 2016 | K&G MEN’S COMPANY | 2017 | 2032 | ||||||||||||||||||||||||||||||||||
| BATON ROUGE | 2005 | JOINT VENTURE | 9.4 | 67,755 | 94.6 | WAL-MART | 2024 | 2034 | ||||||||||||||||||||||||||||||||||||||||
| HARVEY (9) | 2003 | JOINT VENTURE | 17.4 | 181,660 | 100.0 | BEST BUY | 2017 | 2032 | LINENS N THINGS | 2012 | 2032 | BARNES & NOBLE | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| HOUMA | 1999 | FEE | 10.1 | 98,586 | 94.9 | OLD NAVY | 2009 | 2014 | OFFICEMAX | 2013 | 2028 | MICHAELS | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| LAFAYETTE | 1997 | FEE | 21.9 | 244,733 | 100.0 | STEIN MART | 2010 | 2020 | LINENS N THINGS | 2009 | 2024 | TJ MAXX | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| MAINE | ||||||||||||||||||||||||||||||||||||||||||||||||
| BANGOR | 2001 | FEE | 8.6 | 86,422 | 100.0 | BURLINGTON COAT FACTORY | 2007 | 2032 | ||||||||||||||||||||||||||||||||||||||||
| S. PORTLAND | 2006 | FEE | 12.5 | 98,574 | 92.1 | DSW SHOE WAREHOUSE | 2012 | 2027 | DOLLAR TREE | 2015 | 2025 | GUITAR CENTER | 2016 | 2026 | ||||||||||||||||||||||||||||||||||
| MARYLAND | ||||||||||||||||||||||||||||||||||||||||||||||||
| BALTIMORE | 2003 | FEE | 4.2 | 44,170 | 65.3 | |||||||||||||||||||||||||||||||||||||||||||
| BALTIMORE (11) (3) | 2004 | JOINT VENTURE | 7.6 | 79,815 | 100.0 | GIANT FOOD | 2016 | 2031 | ||||||||||||||||||||||||||||||||||||||||
| BALTIMORE (13) | 2004 | JOINT VENTURE | 7.5 | 90,903 | 100.0 | GIANT FOOD | 2026 | 2051 | ||||||||||||||||||||||||||||||||||||||||
| BALTIMORE (14) | 2005 | JOINT VENTURE | 5.8 | 49,629 | 100.0 | CORT FURNITURE RENTAL | 2012 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| BALTIMORE (5) | 2003 | FEE | 3.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| BALTIMORE (9) | 2004 | JOINT VENTURE | 18.4 | 152,834 | 100.0 | KMART | 2010 | 2055 | SALVO AUTO PARTS | 2009 | 2019 | |||||||||||||||||||||||||||||||||||||
| BALTIMORE (9) | 2005 | JOINT VENTURE | 10.6 | 112,722 | 100.0 | SAFEWAY | 2016 | 2046 | RITE AID | 2011 | 2026 | FOOT LOCKER | 2007 | |||||||||||||||||||||||||||||||||||
| BALTIMORE (9) | 2005 | JOINT VENTURE | 8.8 | 90,830 | 100.0 | GIANT FOOD | 2011 | 2036 | ||||||||||||||||||||||||||||||||||||||||
| BALTIMORE (9) | 2004 | FEE | 7.3 | 77,287 | 100.0 | SUPER FRESH | 2021 | 2061 | ||||||||||||||||||||||||||||||||||||||||
| BEL AIR (13) (3) | 2004 | FEE | 19.7 | 115,927 | 97.9 | SAFEWAY | 2030 | 2060 | CVS | 2021 | 2041 | |||||||||||||||||||||||||||||||||||||
| CLINTON | 2003 | GROUND LEASE (2024) | 2.6 | 2,544 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| CLINTON | 2003 | GROUND LEASE (2069) | 2.6 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| COLUMBIA | 2002 | FEE | 7.3 | 55,791 | 100.0 | GIANT FOOD | 2007 | |||||||||||||||||||||||||||||||||||||||||
| COLUMBIA | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | MICHAELS | 2013 | 2033 | HOME GOODS | 2011 | 2021 | |||||||||||||||||||||||||||||||||||||
| COLUMBIA | 2002 | FEE | 2.5 | 23,835 | 100.0 | DAVID’S NATURAL MARKET | 2014 | 2019 | ||||||||||||||||||||||||||||||||||||||||
| COLUMBIA (13) | 2005 | JOINT VENTURE | 0.7 | 6,780 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| COLUMBIA (14) | 2006 | JOINT VENTURE | 16.3 | 100,521 | 100.0 | GIANT FOOD | 2012 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| COLUMBIA (14) | 2006 | JOINT VENTURE | 12.3 | 91,165 | 100.0 | SAFEWAY | 2018 | 2043 | ||||||||||||||||||||||||||||||||||||||||
| COLUMBIA (14) | 2006 | JOINT VENTURE | 15.5 | 86,456 | 100.0 | GIANT FOOD | 2009 | 2019 | ||||||||||||||||||||||||||||||||||||||||
| COLUMBIA (14) | 2006 | JOINT VENTURE | 7.3 | 73,299 | 93.0 | OLD NAVY | 2008 | 2013 | ||||||||||||||||||||||||||||||||||||||||
| COLUMBIA (9) | 2002 | JOINT VENTURE | 15.2 | 105,907 | 100.0 | GIANT FOOD | 2017 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| COLUMBIA (9) (3) | 2002 | JOINT VENTURE | 12.2 | 86,032 | 48.2 | |||||||||||||||||||||||||||||||||||||||||||
32
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| EASTON (11) | 2004 | JOINT VENTURE | 11.1 | 113,330 | 97.4 | GIANT FOOD | 2024 | 2054 | FASHION BUG | 2007 | 2012 | |||||||||||||||||||||||||||||||||||||
| ELLICOTT CITY (11) | 2004 | JOINT VENTURE | 31.8 | 139,898 | 100.0 | SAFEWAY | 2012 | 2042 | PETCO | 2011 | 2021 | |||||||||||||||||||||||||||||||||||||
| ELLICOTT CITY (13) (6) | 2006 | JOINT VENTURE | 42.4 | 433,467 | 100.0 | TARGET | 2016 | 2046 | KOHL’S | 2018 | 2038 | SAFEWAY | 2016 | 2046 | ||||||||||||||||||||||||||||||||||
| FREDRICK COUNTY (3) | 2003 | FEE | 7.6 | 75,677 | 100.0 | GIANT FOOD | 2026 | 2056 | ||||||||||||||||||||||||||||||||||||||||
| GAITHERSBURG | 1989 | FEE | 8.7 | 88,277 | 100.0 | GREAT BEGINNINGS FURNITURE | 2011 | 2021 | FURNITURE 4 LESS | 2010 | ||||||||||||||||||||||||||||||||||||||
| GLEN BURNIE (13) | 2004 | JOINT VENTURE | 21.9 | 249,746 | 100.0 | LOWE’S HOME CENTER | 2019 | 2059 | GIANT FOOD | 2015 | 2025 | |||||||||||||||||||||||||||||||||||||
| HAGERSTOWN (3) | 1973 | FEE | 10.5 | 117,718 | 71.9 | SUPER SHOE | 2011 | 2016 | ALDI | 2016 | 2031 | WONDER BOOK & VIDEO | 2011 | 2016 | ||||||||||||||||||||||||||||||||||
| HUNT VALLEY | 2003 | FEE | 9.1 | 94,653 | 100.0 | GIANT FOOD | 2013 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| LAUREL | 1972 | FEE | 10.0 | 81,550 | 100.0 | ROOMSTORE | 2009 | 2014 | ||||||||||||||||||||||||||||||||||||||||
| LAUREL | 1964 | FEE | 8.1 | 75,924 | 100.0 | VILLAGE THRIFT STORE | 2010 | DOLLAR TREE | 2010 | 2015 | OLD COUNTRY BUFFET | 2009 | 2019 | |||||||||||||||||||||||||||||||||||
| LINTHICUM | 2003 | FEE | 0.6 | 7,872 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| LUTHERVILLE (9) | 2004 | JOINT VENTURE | 1.2 | 12,333 | 86.7 | |||||||||||||||||||||||||||||||||||||||||||
| NORTH EAST (9) | 2004 | JOINT VENTURE | 17.5 | 80,190 | 100.0 | FOOD LION | 2018 | 2038 | ||||||||||||||||||||||||||||||||||||||||
| OWINGS MILLS (13) | 2004 | JOINT VENTURE | 11.0 | 116,303 | 96.6 | GIANT FOOD | 2020 | 2045 | MERRITT ATHLETIC CLUB | 2010 | 2015 | |||||||||||||||||||||||||||||||||||||
| PASADENA | 2003 | GROUND LEASE (2030) | 3.0 | 38,727 | 97.2 | |||||||||||||||||||||||||||||||||||||||||||
| PERRY HALL (11) | 2004 | JOINT VENTURE | 8.2 | 65,059 | 100.0 | SUPER FRESH | 2022 | 2062 | ||||||||||||||||||||||||||||||||||||||||
| PERRY HALL (3) | 2003 | FEE | 15.7 | 183,124 | 80.1 | BRUNSWICK (LEISERV)BOWLING | 2010 | RITE AID | 2010 | 2035 | ACE HARDWARE | 2016 | 2031 | |||||||||||||||||||||||||||||||||||
| TIMONIUM (3) | 2003 | FEE | 17.2 | 127,097 | 95.4 | STAPLES | 2020 | 2045 | ||||||||||||||||||||||||||||||||||||||||
| TIMONIUM (9) | 2004 | JOINT VENTURE | 6.0 | 59,799 | 95.3 | AMERICAN RADIOLOGY | 2012 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| TOWSON (11) | 2004 | JOINT VENTURE | 8.7 | 84,280 | 100.0 | LINENS N THINGS | 2015 | 2025 | COMPUSA | 2014 | 2029 | TWEETER ENTERTAINMENT | 2014 | 2024 | ||||||||||||||||||||||||||||||||||
| TOWSON (13) | 2004 | JOINT VENTURE | 43.1 | 669,926 | 100.0 | WAL-MART | 2020 | 2005 | TARGET | 2009 | 2049 | SUPER FRESH | 2019 | 2049 | ||||||||||||||||||||||||||||||||||
| WALDORF | 2003 | FEE | 2.6 | 26,128 | 100.0 | FAIR LANES WALDORF | 2007 | 2017 | ||||||||||||||||||||||||||||||||||||||||
| WALDORF | 2003 | FEE | 0.0 | 4,500 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| WOODSTOCK (9) | 2004 | JOINT VENTURE | 13.9 | 103,547 | 100.0 | WEIS MARKETS | 2021 | 2041 | ||||||||||||||||||||||||||||||||||||||||
| MASSACHUSETTS | ||||||||||||||||||||||||||||||||||||||||||||||||
| GREAT BARRINGTON | 1994 | FEE | 14.1 | 131,235 | 100.0 | KMART | 2011 | 2016 | PRICE CHOPPER | 2016 | 2036 | |||||||||||||||||||||||||||||||||||||
| HYANNIS (11) | 2004 | JOINT VENTURE | 22.6 | 225,634 | 95.5 | SHAW’S SUPERMARKET | 2018 | 2028 | TOYS “R” US | 2019 | 2029 | HOME GOODS | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| MARLBOROUGH | 2004 | JOINT VENTURE | 16.1 | 104,125 | 100.0 | BEST BUY | 2019 | 2034 | DSW SHOE WAREHOUSE | 2014 | 2034 | BORDERS BOOKS | 2019 | 2034 | ||||||||||||||||||||||||||||||||||
| PITTSFIELD (11) | 2004 | JOINT VENTURE | 13.0 | 72,014 | 100.0 | STOP & SHOP | 2014 | 2044 | ||||||||||||||||||||||||||||||||||||||||
| QUINCY (13) | 2005 | JOINT VENTURE | 8.0 | 80,510 | 100.0 | SHAW’S SUPERMARKET | 2009 | 2034 | BROOKS PHARMACY | 2017 | 2047 | |||||||||||||||||||||||||||||||||||||
| SHREWSBURY | 1955 | FEE | 10.8 | 108,418 | 100.0 | BOB’S STORES | 2018 | 2033 | BED BATH & BEYOND | 2012 | 2032 | STAPLES | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| STURBRIDGE (14) | 2006 | JOINT VENTURE | 42.4 | 231,016 | 95.7 | STOP & SHOP | 2019 | 2049 | MARSHALLS | 2011 | 2026 | LINENS N THINGS | 2017 | 2032 | ||||||||||||||||||||||||||||||||||
| MICHIGAN | ||||||||||||||||||||||||||||||||||||||||||||||||
| CLARKSTON | 1996 | FEE | 20.0 | 148,973 | 90.5 | FARMER JACK | 2015 | 2045 | CVS | 2010 | 2020 | |||||||||||||||||||||||||||||||||||||
| CLAWSON (3) | 1993 | FEE | 13.5 | 119,801 | 100.0 | STAPLES | 2011 | 2026 | RITE AID | 2026 | 2046 | LITTLE CAESARS | 2007 | |||||||||||||||||||||||||||||||||||
| FARMINGTON | 1993 | FEE | 2.8 | 96,915 | 97.4 | OFFICE DEPOT | 2016 | 2031 | FITNESS 19 | 2015 | 2025 | |||||||||||||||||||||||||||||||||||||
| KALAMAZOO | 2002 | JOINT VENTURE | 60.0 | 261,334 | 100.0 | HOBBY LOBBY | 2013 | 2023 | VALUE CITY FURNITURE | 2020 | 2040 | MARSHALLS | 2010 | 2030 | ||||||||||||||||||||||||||||||||||
| LIVONIA | 1968 | FEE | 4.5 | 10,400 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MUSKEGON | 1985 | FEE | 12.2 | 79,215 | 91.5 | PLUMB’S FOOD | 2012 | 2022 | JO-ANN FABRICS | 2007 | 2012 | |||||||||||||||||||||||||||||||||||||
| NOVI | 2003 | JOINT VENTURE | 6.0 | 60,000 | 100.0 | MICHAELS | 2016 | 2036 | HOME GOODS | 2011 | 2026 | |||||||||||||||||||||||||||||||||||||
| TAYLOR | 1993 | FEE | 13.0 | 141,549 | 100.0 | KOHL’S | 2022 | 2042 | BABIES R US | 2017 | 2043 | PARTY CONCEPTS | 2007 | 2012 | ||||||||||||||||||||||||||||||||||
| TROY (13) | 2005 | JOINT VENTURE | 24.0 | 223,041 | 95.8 | WAL-MART | 2021 | 2051 | MARSHALLS | 2012 | 2027 | |||||||||||||||||||||||||||||||||||||
| WALKER | 1993 | FEE | 41.8 | 338,928 | 100.0 | RUBLOFF DEVELOPMENT | 2016 | 2051 | KOHL’S | 2017 | 2037 | LOEKS THEATRES | 2007 | 2042 | ||||||||||||||||||||||||||||||||||
| MINNESOTA | ||||||||||||||||||||||||||||||||||||||||||||||||
| MAPLE GROVE | 2006 | FEE | 44.4 | 407,686 | 100.0 | LOWE’S HOME CENTER | 2025 | 2070 | DICK’S SPORTING GOODS | 2017 | �� | 2037 | CIRCUIT CITY | 2017 | 2037 | |||||||||||||||||||||||||||||||||
| MAPLE GROVE (8) | 2001 | JOINT VENTURE | 63.0 | 466,401 | 99.3 | BYERLY’S | 2020 | 2035 | BEST BUY | 2015 | 2030 | JO-ANN FABRICS | 2010 | 2030 | ||||||||||||||||||||||||||||||||||
| MAPLEWOOD (9) | 2002 | JOINT VENTURE | 8.2 | 111,544 | 100.0 | BEST BUY | 2017 | 2037 | BEST BUY | 2014 | 2029 | |||||||||||||||||||||||||||||||||||||
| MINNETONKA (8) | 1998 | JOINT VENTURE | 12.1 | 120,220 | 100.0 | TOYS “R” US | 2016 | 2031 | GOLFSMITH GOLF CENTER | 2008 | 2018 | OFFICEMAX | 2011 | |||||||||||||||||||||||||||||||||||
| MISSISSIPPI | ||||||||||||||||||||||||||||||||||||||||||||||||
| HATTIESBURG (4) | 2004 | JOINT VENTURE | 53.3 | 248,000 | 100.0 | ASHLEY FURNITURE HOME STORE | 2016 | 2026 | ROSS DRESS FOR LESS | 2016 | 2041 | BED BATH & BEYOND | 2016 | 2041 | ||||||||||||||||||||||||||||||||||
| JACKSON | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | MICHAELS | 2014 | 2034 | HOME GOODS | 2014 | 2024 | |||||||||||||||||||||||||||||||||||||
| MISSOURI | ||||||||||||||||||||||||||||||||||||||||||||||||
| BRIDGETON | 1997 | GROUND LEASE (2040) | 27.3 | 101,592 | 100.0 | KOHL’S | 2010 | 2020 | ||||||||||||||||||||||||||||||||||||||||
| CRYSTAL CITY | 1997 | GROUND LEASE (2032) | 10.1 | 100,724 | 100.0 | KMART | 2024 | 2032 | ||||||||||||||||||||||||||||||||||||||||
| ELLISVILLE | 1970 | FEE | 18.4 | 118,080 | 100.0 | SHOP N SAVE | 2010 | 2015 | 2ND WIND EXERCISE EQUIPMENT | 2011 | 2016 | |||||||||||||||||||||||||||||||||||||
| INDEPENDENCE | 1985 | FEE | 21.0 | 184,870 | 100.0 | KMART | 2024 | 2054 | THE TILE SHOP | 2014 | 2024 | OFFICE DEPOT | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| JOPLIN | 1998 | FEE | 12.6 | 155,416 | 99.1 | GOODY’S FAMILY CLOTHING | 2010 | 2015 | HASTINGS BOOKS | 2009 | 2014 | OFFICEMAX | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| JOPLIN (8) | 1998 | JOINT VENTURE | 9.5 | 80,524 | 100.0 | SHOPKO | 2018 | 2038 | ||||||||||||||||||||||||||||||||||||||||
| KANSAS CITY | 1997 | FEE | 17.8 | 150,381 | 82.3 | HOME DEPOT | 2010 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| KIRKWOOD | 1990 | GROUND LEASE (2069) | 19.8 | 253,662 | 97.4 | HEMISPHERES | 2014 | 2024 | HOBBY LOBBY | 2014 | 2024 | GART SPORTS | 2014 | 2029 | ||||||||||||||||||||||||||||||||||
| LEMAY (3) | 1974 | FEE | 9.8 | 69,498 | 100.0 | SHOP N SAVE | 2020 | 2065 | DOLLAR GENERAL | 2008 | ||||||||||||||||||||||||||||||||||||||
| MANCHESTER (8) | 1998 | JOINT VENTURE | 9.6 | 89,305 | 100.0 | KOHL’S | 2018 | 2038 | ||||||||||||||||||||||||||||||||||||||||
| SPRINGFIELD | 1994 | FEE | 41.5 | 277,590 | 94.2 | BEST BUY | 2011 | 2026 | JCPENNEY | 2010 | 2015 | TJ MAXX | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| SPRINGFIELD | 1986 | GROUND LEASE (2087) | 18.5 | 203,384 | 100.0 | KMART | 2024 | 2054 | OFFICE DEPOT | 2010 | PACE-BATTELFIELD, LLC | 2017 | 2047 | |||||||||||||||||||||||||||||||||||
| SPRINGFIELD | 2002 | FEE | 8.5 | 84,916 | 100.0 | BED BATH & BEYOND | 2013 | 2028 | MARSHALLS | 2012 | 2027 | BORDERS BOOKS | 2023 | 2038 | ||||||||||||||||||||||||||||||||||
| ST. CHARLES | 1999 | GROUND LEASE (2039) | 8.4 | 84,460 | 100.0 | KOHL’S | 2019 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| ST. CHARLES | 1998 | FEE | 36.9 | 8,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ST. LOUIS | 1986 | FEE | 17.5 | 176,273 | 100.0 | BURLINGTON COAT FACTORY | 2009 | 2024 | BIG LOTS | 2015 | 2030 | OFFICE DEPOT | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| ST. LOUIS | 1997 | GROUND LEASE (2035) | 37.7 | 172,165 | 100.0 | KMART | 2024 | 2035 | K&G MEN’S COMPANY | 2017 | 2026 | |||||||||||||||||||||||||||||||||||||
| ST. LOUIS | 1997 | GROUND LEASE (2025) | 19.7 | 170,779 | 87.6 | HOME DEPOT | 2026 | 2056 | OFFICE DEPOT | 2015 | 2025 | |||||||||||||||||||||||||||||||||||||
| ST. LOUIS | 1972 | FEE | 13.1 | 129,093 | 92.7 | SHOP N SAVE | 2017 | 2082 | ||||||||||||||||||||||||||||||||||||||||
| ST. LOUIS | 1997 | GROUND LEASE (2040) | 16.3 | 128,765 | 100.0 | KMART | 2024 | 2040 | ||||||||||||||||||||||||||||||||||||||||
| ST. LOUIS | 1998 | FEE | 11.4 | 113,781 | 100.0 | KOHL’S | 2018 | 2038 | CLUB FITNESS | 2014 | 2024 | |||||||||||||||||||||||||||||||||||||
| ST. PETERS | 1997 | GROUND LEASE (2073) | 14.8 | 175,121 | 98.6 | HOBBY LOBBY | 2014 | 2024 | GART SPORTS | 2014 | 2029 | OFFICE DEPOT | 2019 | |||||||||||||||||||||||||||||||||||
| NEBRASKA | ||||||||||||||||||||||||||||||||||||||||||||||||
| OMAHA (4) | 2005 | JOINT VENTURE | 59.5 | 141,000 | 100.0 | MARSHALLS | 2016 | �� | 2036 | LINENS N THINGS | 2017 | 2032 | OFFICEMAX | 2017 | 2032 | |||||||||||||||||||||||||||||||||
| NEVADA | ||||||||||||||||||||||||||||||||||||||||||||||||
| CARSON CITY (7) | 2006 | FEE | 9.4 | 114,078 | 92.3 | RALEY’S | 2012 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| ELKO (7) | 2006 | FEE | 31.3 | 170,812 | 92.4 | RALEY’S | 2017 | 2032 | BUILDERS MART | 2011 | 2016 | CINEMA 4 THEATRES | 2012 | |||||||||||||||||||||||||||||||||||
| HENDERSON (4) | 1999 | JOINT VENTURE | 32.1 | 156,000 | 100.0 | LEVITZ | 2013 | 2023 | BIG LOTS | 2016 | 2036 | SAVERS | 2016 | 2036 | ||||||||||||||||||||||||||||||||||
| HENDERSON (7) | 2006 | FEE | 10.5 | 130,773 | 86.0 | ALBERTSONS | 2009 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| LAS VEGAS (7) | 2006 | FEE | 34.8 | 362,758 | 99.3 | WAL-MART | 2012 | 2037 | COLLEENS CLASSICS | 2010 | 24 HOUR FITNESS | 2012 | 2022 | |||||||||||||||||||||||||||||||||||
| LAS VEGAS (7) | 2006 | FEE | 34.5 | 333,679 | 90.5 | VONS | 2011 | 2041 | CARPETS-N-MORE | 2015 | 2025 | TJ MAXX | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| LAS VEGAS (7) | 2006 | FEE | 21.1 | 228,279 | 97.8 | UA THEATRES | 2017 | 2037 | LINENS N’ THINGS | 2012 | 2027 | OFFICEMAX | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| LAS VEGAS (7) | 2006 | FEE | 16.4 | 169,160 | 95.3 | FOOD 4 LESS | 2011 | 2036 | HOLLYWOOD VIDEO | 2011 | 2016 | |||||||||||||||||||||||||||||||||||||
| LAS VEGAS (7) | 2006 | FEE | 16.1 | 160,842 | 91.1 | SPORTS AUTHORITY | 2008 | 2018 | OFFICEMAX | 2011 | 2021 | DOLLAR DISCOUNT CENTER | 2015 | 2025 | ||||||||||||||||||||||||||||||||||
| LAS VEGAS (7) | 2006 | FEE | 16.4 | 144,653 | 88.3 | VONS | 2012 | 2042 | AARON RENTS | 2009 | CRAFTA DECORATIONS | 2016 | 2026 | |||||||||||||||||||||||||||||||||||
| LAS VEGAS (7) | 2006 | FEE | 9.4 | 111,245 | 92.7 | VONS GROCERY | 2009 | 2034 | DOLLAR TREE | 2011 | 2016 | CORT FURNITURE RENTAL | 2007 | 2017 | ||||||||||||||||||||||||||||||||||
| LAS VEGAS (7) | 2006 | FEE | 7.0 | 77,650 | 97.8 | ALBERTSONS | 2021 | 2046 | ||||||||||||||||||||||||||||||||||||||||
| RENO | 2006 | FEE | 3.1 | 36,627 | 100.0 | NEW BALANCE | 2014 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| RENO | 2006 | FEE | 2.7 | 31,710 | 98.8 | |||||||||||||||||||||||||||||||||||||||||||
| RENO (7) | 2006 | FEE | 10.4 | 129,960 | 97.6 | SAK ‘N SAVE | 2022 | 2052 | ||||||||||||||||||||||||||||||||||||||||
| RENO (7) | 2006 | FEE | 12.3 | 113,488 | 99.9 | SCOLARI’S WAREHOUSE MARKET | 2021 | |||||||||||||||||||||||||||||||||||||||||
| RENO (7) | 2006 | FEE | 9.3 | 102,907 | 99.9 | SCOLARI’S FOOD & DRUG | 2025 | 2045 | LONGS DRUGS | 2013 | 2033 | |||||||||||||||||||||||||||||||||||||
| WINNEMUCCA (7) | 2006 | FEE | 4.8 | 65,424 | 100.0 | RALEY’S | 2015 | 2035 | ||||||||||||||||||||||||||||||||||||||||
| NEW HAMPSHIRE | ||||||||||||||||||||||||||||||||||||||||||||||||
| NASHUA (11) | 2004 | JOINT VENTURE | 18.2 | 182,360 | 96.3 | DSW SHOE WAREHOUSE | 2011 | 2031 | BED BATH & BEYOND | 2012 | 2032 | MICHAELS | 2012 | 2027 | ||||||||||||||||||||||||||||||||||
| NEW LONDON | 2005 | FEE | 9.5 | 106,470 | 100.0 | HANNAFORD BROS. | 2025 | 2050 | FIRST COLONIAL | 2008 | 2028 | MACKENNA’S | 2007 | 2017 | ||||||||||||||||||||||||||||||||||
| SALEM | 1994 | FEE | 39.8 | 344,076 | 100.0 | KOHL’S | 2008 | 2013 | SHAW’S SUPERMARKET | 2008 | 2038 | BOB’S STORES | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
33
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| NEW JERSEY | ||||||||||||||||||||||||||||||||||||||||||||||||
| BAYONNE | 2004 | FEE | 0.6 | 23,901 | 100.0 | DUANE READE | 2014 | |||||||||||||||||||||||||||||||||||||||||
| BRIDGEWATER (8) | 2001 | JOINT VENTURE | 16.6 | 378,567 | 100.0 | COSTCO | 2019 | 2049 | BED BATH & BEYOND | 2010 | 2030 | MARSHALLS | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| CHERRY HILL | 1996 | GROUND LEASE (2035) | 15.2 | 129,809 | 95.5 | KOHL’S | 2016 | 2036 | ||||||||||||||||||||||||||||||||||||||||
| CHERRY HILL | 1985 | JOINT VENTURE | 18.6 | 124,750 | 95.9 | STOP & SHOP | 2016 | 2036 | RETROFITNESS | 2013 | 2020 | |||||||||||||||||||||||||||||||||||||
| CHERRY HILL (9) | 2003 | FEE | 48.0 | 209,185 | 100.0 | KOHL’S | 2018 | 2068 | WORLDWIDE WHOLESALE | 2018 | 2033 | BABIES R US | 2013 | 2033 | ||||||||||||||||||||||||||||||||||
| CINNAMINSON | 1996 | FEE | 13.7 | 121,852 | 84.1 | VF OUTLET | 2009 | 2019 | ACME MARKETS | 2047 | ||||||||||||||||||||||||||||||||||||||
| DELRAN (8) | 2005 | JOINT VENTURE | 9.5 | 37,679 | 45.4 | |||||||||||||||||||||||||||||||||||||||||||
| DELRAN (8) (3) | 2000 | JOINT VENTURE | 10.5 | 77,583 | 100.0 | PETSMART | 2016 | 2026 | OFFICE DEPOT | 2016 | 2026 | SLEEPY’S | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| EAST WINDSOR | 2002 | FEE | 34.8 | 249,029 | 100.0 | TARGET | 2027 | 2067 | GENUARDI’S | 2026 | 2056 | TJ MAXX | 2011 | 2026 | ||||||||||||||||||||||||||||||||||
| EDGEWATER (13) | 2006 | JOINT VENTURE | 42.1 | 423,620 | 100.0 | TARGET | 2022 | 2042 | PATHMARK | 2016 | 2041 | TJ MAXX | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| HILLSBOROUGH | 2005 | JOINT VENTURE | 5.6 | 55,552 | 100.0 | KMART | 2007 | 2047 | ||||||||||||||||||||||||||||||||||||||||
| HOLMDEL | 2004 | FEE | 23.5 | 234,739 | 100.0 | LINENS N THINGS | 2018 | 2033 | BEST BUY | 2018 | 2033 | MICHAELS | 2013 | 2033 | ||||||||||||||||||||||||||||||||||
| HOLMDEL (3) | 2002 | FEE | 30.0 | 300,010 | 92.9 | A&P | 2013 | 2043 | MARSHALLS | 2013 | 2028 | LA FITNESS | 2021 | 2036 | ||||||||||||||||||||||||||||||||||
| LINDEN | 2002 | FEE | 0.9 | 13,340 | 100.0 | STRAUSS DISCOUNT AUTO | 2023 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| MOORESTOWN (12) | 2004 | GROUND LEASE (2066)/ JOINT VENTURE | 22.7 | 201,351 | 100.0 | LOWE’S HOME CENTER | 2026 | SPORTS AUTHORITY | 2013 | 2033 | BALLY TOTAL FITNESS | 2012 | 2022 | |||||||||||||||||||||||||||||||||||
| NORTH BRUNSWICK (3) | 1994 | FEE | 38.1 | 409,879 | 100.0 | WAL-MART | 2018 | 2058 | BURLINGTON COAT FACTORY | 2008 | 2013 | MARSHALLS | 2012 | 2027 | ||||||||||||||||||||||||||||||||||
| PISCATAWAY | 1998 | FEE | 9.6 | 97,348 | 100.0 | SHOPRITE | 2014 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| RIDGEWOOD | 1994 | FEE | 2.7 | 24,280 | 100.0 | FRESH FIELDS | 2015 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| WAYNE (12) | 2004 | FEE | 19.2 | 331,528 | 100.0 | COSTCO | 2009 | 2044 | LACKLAND STORAGE | 2012 | 2032 | SPORTS AUTHORITY | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| WESTMONT | 1994 | FEE | 17.4 | 192,254 | 75.9 | SUPER FRESH | 2017 | 2081 | HALLOWEEN ADVENTURE | 2007 | SUPER FITNESS | 2009 | ||||||||||||||||||||||||||||||||||||
| NEW MEXICO | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALBUQUERQUE | 1998 | FEE | 26.0 | 183,912 | 93.7 | MOVIES WEST | 2011 | 2021 | ROSS DRESS FOR LESS | 2011 | 2021 | VALLEY FURNITURE | 2007 | 2017 | ||||||||||||||||||||||||||||||||||
| ALBUQUERQUE | 1998 | FEE | 4.8 | 59,722 | 88.9 | PAGE ONE | 2008 | 2013 | WALGREENS | 2027 | ||||||||||||||||||||||||||||||||||||||
| ALBUQUERQUE | 1998 | FEE | 4.7 | 37,758 | 100.0 | PETSMART | 2017 | 2037 | ||||||||||||||||||||||||||||||||||||||||
| LAS CRUCES | 2006 | JOINT VENTURE | 3.9 | 30,686 | — | |||||||||||||||||||||||||||||||||||||||||||
| RIO RANCHO ALBUQUERQUE (7) | 2006 | FEE | 8.6 | 74,656 | 68.9 | |||||||||||||||||||||||||||||||||||||||||||
| NEW YORK | ||||||||||||||||||||||||||||||||||||||||||||||||
| BAYRIDGE | 2004 | FEE | 2.1 | 21,106 | 100.0 | DUANE READE | 2014 | |||||||||||||||||||||||||||||||||||||||||
| BAYSHORE | 2006 | FEE | 15.9 | 176,622 | 100.0 | BEST BUY | 2016 | 2031 | TOYS “R” US | 2008 | 2043 | OFFICE DEPOT | 2011 | 2026 | ||||||||||||||||||||||||||||||||||
| BELLMORE | 2004 | FEE | 1.4 | 24,802 | 100.0 | RITE AID | 2014 | |||||||||||||||||||||||||||||||||||||||||
| BRIDGEHAMPTON | 1973 | FEE | 30.2 | 287,587 | 100.0 | KMART | 2019 | 2039 | KING KULLEN | 2015 | 2035 | TJ MAXX | 2012 | 2017 | ||||||||||||||||||||||||||||||||||
| BRONX | 1990 | JOINT VENTURE | 22.9 | 228,638 | 96.7 | NATIONAL AMUSEMENTS | 2011 | 2036 | WALDBAUMS | 2011 | 2046 | OFFICE OF HEARING | 2007 | |||||||||||||||||||||||||||||||||||
| BRONX | 2005 | FEE | 0.4 | 3,720 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| BROOKLYN | 2004 | FEE | 2.9 | 41,076 | 100.0 | DUANE READE | 2014 | PC RICHARD & SON | 2018 | 2028 | ||||||||||||||||||||||||||||||||||||||
| BROOKLYN | 2004 | FEE | 3.0 | 29,671 | 80.5 | DUANE READE | 2014 | |||||||||||||||||||||||||||||||||||||||||
| BROOKLYN | 2003 | FEE | 0.4 | 10,000 | 100.0 | GENOVESE | 2019 | |||||||||||||||||||||||||||||||||||||||||
| BROOKLYN | 2003 | FEE | 0.8 | 7,500 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| BROOKLYN | 2005 | FEE | 0.2 | 5,200 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| BROOKLYN (8) | 2000 | JOINT VENTURE | 8.1 | 80,708 | 100.0 | HOME DEPOT | 2022 | 2052 | WALGREENS | 2030 | ||||||||||||||||||||||||||||||||||||||
| BUFFALO | 1988 | JOINT VENTURE | 9.2 | 141,285 | 77.9 | TOPS SUPERMARKET | 2012 | 2037 | FASHION BUG | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| BUFFALO, AMHERST | 1988 | JOINT VENTURE | 7.5 | 101,066 | 100.0 | TOPS SUPERMARKET | 2013 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| CENTEREACH | 1993 | JOINT VENTURE | 40.7 | 377,584 | 93.9 | WAL-MART | 2015 | 2044 | BIG LOTS | 2011 | 2021 | MODELL’S | 2019 | 2029 | ||||||||||||||||||||||||||||||||||
| CENTEREACH | 2006 | FEE | 10.5 | 101,656 | 94.9 | PATHMARK | 2020 | 2050 | ACE HARDWARE | 2017 | 2027 | |||||||||||||||||||||||||||||||||||||
| CENTRAL ISLIP (4) | 2004 | JOINT VENTURE | 11.8 | 42,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| COMMACK | 1998 | GROUND LEASE (2085) | 35.7 | 265,409 | 100.0 | KING KULLEN | 2017 | 2047 | LINENS N THINGS | 2018 | 2038 | SPORTS AUTHORITY | 2017 | 2037 | ||||||||||||||||||||||||||||||||||
| COPIAGUE (8) | 1998 | JOINT VENTURE | 15.4 | 163,999 | 100.0 | HOME DEPOT | 2011 | 2056 | BALLY TOTAL FITNESS | 2008 | 2018 | |||||||||||||||||||||||||||||||||||||
| EAST NORTHPORT | 2005 | JOINT VENTURE | 2.6 | 26,016 | 93.0 | GOLFSMITH GOLF CENTER | 2013 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| EAST NORTHPORT (4) | 2005 | JOINT VENTURE | 4.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| ELMONT | 2004 | FEE | 1.8 | 27,078 | 100.0 | DUANE READE | 2014 | |||||||||||||||||||||||||||||||||||||||||
| FARMINGDALE (14) | 2006 | JOINT VENTURE | 56.5 | 443,134 | 100.0 | HOME DEPOT | 2030 | 2075 | DAVE & BUSTER’S | 2010 | 2025 | COMP USA | 2017 | 2032 | ||||||||||||||||||||||||||||||||||
| FRANKLIN SQUARE | 2004 | FEE | 1.4 | 17,864 | 100.0 | DUANE READE | 2014 | |||||||||||||||||||||||||||||||||||||||||
| FREEPORT (8) | 2000 | JOINT VENTURE | 9.6 | 173,031 | 95.4 | STOP & SHOP | 2025 | TOYS “R” US | 2020 | 2040 | MARSHALLS | 2011 | 2016 | |||||||||||||||||||||||||||||||||||
| GLEN COVE (8) | 2000 | JOINT VENTURE | 2.7 | 49,346 | 100.0 | STAPLES | 2014 | 2029 | ANNIE SEZ | 2011 | 2026 | |||||||||||||||||||||||||||||||||||||
| GLENVILLE (5) | 2003 | FEE | 0.5 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| HAMPTON BAYS | 1989 | FEE | 8.2 | 70,990 | 84.5 | MACY’S | 2015 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| HEMPSTEAD (8) | 2000 | JOINT VENTURE | 1.4 | 13,905 | 100.0 | WALGREENS | 2059 | |||||||||||||||||||||||||||||||||||||||||
| HICKSVILLE | 2004 | FEE | 2.5 | 35,581 | 100.0 | DUANE READE | 2014 | PARTY CITY | 2007 | 2011 | ||||||||||||||||||||||||||||||||||||||
| JAMAICA | 2005 | FEE | 0.3 | 5,770 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| LATHAM (8) | 1999 | JOINT VENTURE | 60.3 | 616,130 | 99.3 | SAM’S CLUB | 2013 | 2043 | WAL-MART | 2013 | 2043 | HOME DEPOT | 2031 | 2071 | ||||||||||||||||||||||||||||||||||
| LAURELTON | 2005 | FEE | 0.2 | 7,435 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| LEVITTOWN | 2006 | JOINT VENTURE | 4.7 | 47,214 | 100.0 | FILENE’S BASEMENT | 2021 | |||||||||||||||||||||||||||||||||||||||||
| LITTLE NECK | 2003 | FEE | 4.5 | 48,275 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MANHASSET | 1999 | FEE | 9.6 | 188,608 | 100.0 | FILENE’S | 2011 | LINENS N THINGS | 2016 | 2026 | KING KULLEN | 2024 | 2052 | |||||||||||||||||||||||||||||||||||
| MANHATTAN | 2005 | FEE | 1.0 | 9,566 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MASPETH | 2004 | FEE | 1.1 | 22,500 | 100.0 | DUANE READE | 2014 | |||||||||||||||||||||||||||||||||||||||||
| MERRICK (8) | 2000 | JOINT VENTURE | 10.8 | 107,871 | 90.7 | WALDBAUMS | 2013 | 2041 | ANNIE SEZ | 2011 | 2021 | PARTY CITY | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| MIDDLETOWN (8) | 2000 | JOINT VENTURE | 10.1 | 80,000 | 100.0 | BEST BUY | 2016 | 2031 | LINENS N THINGS | 2016 | 2031 | |||||||||||||||||||||||||||||||||||||
| MUNSEY PARK (8) | 2000 | JOINT VENTURE | 6.0 | 72,748 | 100.0 | BED BATH & BEYOND | 2012 | 2022 | FRESH FIELDS | 2011 | 2021 | |||||||||||||||||||||||||||||||||||||
| NESCONSET (12) | 2004 | FEE | 5.9 | 55,580 | 100.0 | LEVITZ | 2014 | 2034 | ||||||||||||||||||||||||||||||||||||||||
| NORTH MASSAPEQUA | 2004 | GROUND LEASE (2033) | 2.0 | 29,610 | 100.0 | DUANE READE | 2014 | |||||||||||||||||||||||||||||||||||||||||
| OCEANSIDE | 2003 | FEE | 0.3 | 1,856 | — | |||||||||||||||||||||||||||||||||||||||||||
| PLAINVIEW | 1969 | GROUND LEASE (2070) | 7.0 | 88,222 | 100.0 | FAIRWAY STORES | 2017 | 2037 | ||||||||||||||||||||||||||||||||||||||||
| POUGHKEEPSIE | 1972 | FEE | 20.0 | 167,668 | 94.7 | STOP & SHOP | 2020 | 2049 | BIG LOTS | 2007 | 2017 | |||||||||||||||||||||||||||||||||||||
| QUEENS VILLAGE | 2005 | FEE | 0.5 | 14,649 | 100.0 | STRAUSS DISCOUNT AUTO | 2015 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| ROCHESTER | 1993 | FEE | 18.6 | 185,153 | 32.0 | TOPS SUPERMARKET | 2009 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| STATEN ISLAND | 2006 | FEE | 35.7 | 356,779 | 100.0 | KMART | 2012 | 2017 | PATHMARK | 2007 | 2037 | TOYS “R” US | 2015 | |||||||||||||||||||||||||||||||||||
| STATEN ISLAND | 1989 | FEE | 16.7 | 212,325 | 100.0 | KMART | 2011 | PATHMARK | 2011 | 2021 | ||||||||||||||||||||||||||||||||||||||
| STATEN ISLAND | 1997 | GROUND LEASE (2072) | 7.0 | 101,337 | 96.4 | WALDBAUMS | 2011 | 2031 | ||||||||||||||||||||||||||||||||||||||||
| STATEN ISLAND | 2005 | FEE | 5.5 | 47,270 | 100.0 | STAPLES | 2008 | 2018 | ||||||||||||||||||||||||||||||||||||||||
| STATEN ISLAND (8) | 2000 | JOINT VENTURE | 14.4 | 177,118 | 100.0 | TJ MAXX | 2010 | 2025 | NATIONAL WHOLESALE | 2010 | 2030 | MICHAELS | 2011 | 2031 | ||||||||||||||||||||||||||||||||||
| SYOSSET | 1967 | FEE | 2.5 | 32,124 | 100.0 | NEW YORK SPORTS CLUB | 2016 | 2021 | ||||||||||||||||||||||||||||||||||||||||
| WESTBURY (12) | 2004 | FEE | 30.1 | 398,602 | 100.0 | COSTCO | 2009 | 2043 | WAL-MART | 2019 | 2069 | MARSHALLS | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| WHITE PLAINS | 2004 | FEE | 2.5 | 24,577 | 88.3 | DUANE READE | 2014 | |||||||||||||||||||||||||||||||||||||||||
| YONKERS | 1995 | FEE | 4.4 | 43,560 | 100.0 | SHOPRITE | 2008 | 2028 | ||||||||||||||||||||||||||||||||||||||||
| YONKERS | 2005 | FEE | 1.0 | 10,329 | 100.0 | STRAUSS DISCOUNT AUTO | 2015 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| YONKERS (8) (6) | 2000 | GROUND LEASE (2047)/ JOINT VENTURE | 6.3 | 56,361 | 92.0 | STAPLES | 2014 | 2029 | ||||||||||||||||||||||||||||||||||||||||
| NORTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||||||||||
| BURLINGTON (5) | 2003 | FEE | 25.6 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| CARY | 1998 | FEE | 10.9 | 102,787 | 100.0 | LOWES FOOD | 2017 | 2037 | ECKERD | 2007 | 2017 | |||||||||||||||||||||||||||||||||||||
| CARY | 1996 | FEE | 10.6 | 86,015 | 100.0 | BED BATH & BEYOND | 2010 | 2014 | DICK’S SPORTING GOODS | 2014 | 2029 | |||||||||||||||||||||||||||||||||||||
| CARY (8) | 2001 | JOINT VENTURE | 40.3 | 315,797 | 100.0 | BJ’S | 2020 | 2040 | KOHL’S | 2022 | 2001 | PETSMART | 2016 | 2036 | ||||||||||||||||||||||||||||||||||
| CARY (9) | 2003 | JOINT VENTURE | 24.2 | 169,901 | 98.5 | CARMIKE CINEMAS | 2017 | 2027 | FOOD LION | 2019 | DOLLAR TREE | 2009 | 2019 | |||||||||||||||||||||||||||||||||||
| CHARLOTTE | 1986 | GROUND LEASE (2048) | 18.5 | 233,800 | 98.9 | ROSS DRESS FOR LESS | 2015 | 2035 | K&G MEN’S COMPANY | 2008 | 2018 | OFFICEMAX | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| CHARLOTTE | 1993 | FEE | 14.0 | 139,269 | 92.7 | BI-LO | 2009 | 2029 | RUGGED WEARHOUSE | 2008 | 2018 | FLOORS TODAY | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| CHARLOTTE | 1968 | FEE | 13.5 | 62,300 | 100.0 | TJ MAXX | 2012 | 2017 | CVS | 2015 | 2035 | |||||||||||||||||||||||||||||||||||||
| DURHAM | 1996 | FEE | 13.2 | 116,186 | 97.2 | TJ MAXX | 2009 | 2014 | JO-ANN FABRICS | 2010 | 2020 | |||||||||||||||||||||||||||||||||||||
| DURHAM (8) | 2002 | JOINT VENTURE | 39.5 | 408,292 | 100.0 | WAL-MART | 2015 | 2035 | BEST BUY | 2011 | 2026 | LINENS N THINGS | 2011 | 2026 | ||||||||||||||||||||||||||||||||||
34
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| FRANKLIN | 1998 | JOINT VENTURE | 2.6 | 26,326 | 100.0 | BILL HOLT FORD | 2016 | 2041 | ||||||||||||||||||||||||||||||||||||||||
| GREENSBORO | 1999 | FEE | 8.2 | 103,494 | 95.7 | HOBBY LOBBY | 2014 | 2024 | K&G MEN’S COMPANY | 2015 | 2025 | DOLLAR TREE | 2012 | 2027 | ||||||||||||||||||||||||||||||||||
| HILLSBOROUGH (5) | 2003 | FEE | 8.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| KNIGHTDALE (4) | 2005 | JOINT VENTURE | 29.2 | 188,000 | 100.0 | ROSS DRESS FOR LESS | 2017 | 2037 | BED BATH & BEYOND | 2017 | 2037 | MICHAELS | 2016 | 2036 | ||||||||||||||||||||||||||||||||||
| PINEVILLE (13) | 2003 | JOINT VENTURE | 39.1 | 269,710 | 97.4 | KMART | 2017 | 2067 | STEIN MART | 2007 | 2012 | TJ MAXX | 2008 | 2018 | ||||||||||||||||||||||||||||||||||
| RALEIGH | 1993 | FEE | 35.9 | 372,023 | 94.1 | BEST BUY | 2010 | 2020 | BED BATH & BEYOND | 2016 | 2036 | ROSS DRESS FOR LESS | 2016 | 2036 | ||||||||||||||||||||||||||||||||||
| RALEIGH (10) | 2006 | FEE | 1.6 | 16,030 | 90.4 | |||||||||||||||||||||||||||||||||||||||||||
| RALEIGH (4) | 2003 | JOINT VENTURE | 35.4 | 87,000 | 100.0 | FOOD LION | 2023 | 2043 | ||||||||||||||||||||||||||||||||||||||||
| RALEIGH (4) | 2006 | JOINT VENTURE | 8.8 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| RALEIGH (4) | 2001 | JOINT VENTURE | 4.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| WINSTON-SALEM | 1969 | FEE | 13.2 | 137,433 | 100.0 | HARRIS TEETER | 2016 | 2041 | DOLLAR TREE | 2011 | 2016 | SPORTSMAN’S SUPPLY | 2008 | |||||||||||||||||||||||||||||||||||
| OHIO | ||||||||||||||||||||||||||||||||||||||||||||||||
| AKRON | 1988 | FEE | 24.5 | 138,363 | 100.0 | GABRIEL BROTHERS | 2010 | 2025 | PAT CATANS CRAFTS | 2013 | ESSENCE BEAUTY MART | 2008 | 2014 | |||||||||||||||||||||||||||||||||||
| AKRON | 1975 | FEE | 6.9 | 75,866 | 100.0 | GIANT EAGLE | 2021 | 2041 | ||||||||||||||||||||||||||||||||||||||||
| BARBERTON | 1972 | FEE | 10.0 | 101,801 | 95.1 | GIANT EAGLE | 2027 | 2052 | ||||||||||||||||||||||||||||||||||||||||
| BEAVERCREEK | 1986 | FEE | 18.2 | 119,410 | 95.0 | KROGER | 2018 | 2048 | FITWORKS | 2007 | 2013 | REVCO | 2007 | 2027 | ||||||||||||||||||||||||||||||||||
| BRUNSWICK | 1975 | FEE | 20.0 | 171,223 | 97.0 | KMART | 2010 | 2050 | MARC’S | 2017 | 2027 | |||||||||||||||||||||||||||||||||||||
| CAMBRIDGE | 1997 | FEE | 13.1 | 78,065 | 90.8 | TRACTOR SUPPLY CO. | 2010 | 2020 | ||||||||||||||||||||||||||||||||||||||||
| CANTON | 1972 | FEE | 19.6 | 172,419 | 85.9 | BURLINGTON COAT FACTORY | 2018 | 2043 | TJ MAXX | 2012 | 2017 | HOMETOWN BUFFET | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| CENTERVILLE | 1988 | FEE | 15.2 | 125,058 | 82.2 | BED BATH & BEYOND | 2017 | 2032 | THE TILE SHOP | 2014 | 2024 | MICHAEL’S DAY SPA | 2016 | 2026 | ||||||||||||||||||||||||||||||||||
| CINCINNATI | 1988 | FEE | 29.2 | 308,277 | 75.9 | HOBBY LOBBY | 2012 | 2022 | TOYS “R” US | 2016 | 2046 | HAVERTY’S | 2019 | 2034 | ||||||||||||||||||||||||||||||||||
| CINCINNATI | 1988 | FEE | 11.6 | 223,731 | 99.3 | LOWE’S HOME CENTER | 2022 | 2052 | BIG LOTS | 2009 | 2019 | AJ WRIGHT | 2014 | 2034 | ||||||||||||||||||||||||||||||||||
| CINCINNATI | 1988 | GROUND LEASE (2054) | 8.8 | 121,242 | 25.7 | TOYS “R” US | 2019 | 2044 | ||||||||||||||||||||||||||||||||||||||||
| CINCINNATI | 1999 | FEE | 16.7 | 89,742 | 100.0 | BIGGS FOODS | 2008 | 2028 | ||||||||||||||||||||||||||||||||||||||||
| CINCINNATI | 2000 | FEE | 8.8 | 88,317 | 100.0 | HOBBY LOBBY | 2011 | 2021 | GOLD’S GYM | 2017 | 2027 | |||||||||||||||||||||||||||||||||||||
| CINCINNATI (8) | 2000 | JOINT VENTURE | 36.7 | 378,901 | 88.3 | WAL-MART | 2010 | 2040 | HOBBY LOBBY | 2015 | 2025 | DICK’S SPORTING GOODS | 2016 | 2031 | ||||||||||||||||||||||||||||||||||
| COLUMBUS | 1988 | FEE | 12.4 | 191,089 | 100.0 | KOHL’S | 2011 | 2031 | KROGER | 2031 | 2071 | TOYS “R” US | 2015 | 2040 | ||||||||||||||||||||||||||||||||||
| COLUMBUS | 1988 | FEE | 13.7 | 142,743 | 99.2 | KOHL’S | 2011 | 2031 | STAPLES | 2010 | 2020 | |||||||||||||||||||||||||||||||||||||
| COLUMBUS | 1988 | FEE | 12.4 | 135,650 | 100.0 | KOHL’S | 2011 | 2031 | CIRCUIT CITY | 2019 | 2039 | |||||||||||||||||||||||||||||||||||||
| COLUMBUS | 1988 | FEE | 17.9 | 129,008 | 100.0 | KOHL’S | 2011 | 2031 | GRANT/RIVERSIDE HOSPITAL | 2011 | ||||||||||||||||||||||||||||||||||||||
| COLUMBUS | 1988 | FEE | 12.5 | 99,262 | 100.0 | SOUTHLAND EXPO | 2007 | |||||||||||||||||||||||||||||||||||||||||
| COLUMBUS (8) | 2002 | JOINT VENTURE | 36.5 | 254,152 | 97.2 | LOWE’S HOME CENTER | 2016 | 2046 | KROGER | 2017 | 2037 | |||||||||||||||||||||||||||||||||||||
| COLUMBUS (8) | 1998 | JOINT VENTURE | 12.1 | 112,862 | 85.4 | BORDERS BOOKS | 2018 | 2038 | PIER 1 IMPORTS | 2012 | 2017 | FRANNYS HALLMARK | 2009 | 2014 | ||||||||||||||||||||||||||||||||||
| DAYTON | 1984 | FEE | 32.1 | 213,666 | 86.4 | VICTORIA’S SECRET | 2009 | 2019 | KROGER | 2012 | 2038 | |||||||||||||||||||||||||||||||||||||
| DAYTON | 1969 | GROUND LEASE (2043) | 22.8 | 163,131 | 81.6 | BEST BUY | 2008 | 2028 | BIG LOTS | 2008 | 2018 | JO-ANN FABRICS | 2012 | |||||||||||||||||||||||||||||||||||
| DAYTON | 1988 | FEE | 11.2 | 116,374 | 100.0 | VALUE CITY | 2010 | 2015 | THE OHIO TRADING COMPANY | 2007 | ||||||||||||||||||||||||||||||||||||||
| HUBER HEIGHTS (8) | 1999 | JOINT VENTURE | 40.0 | 318,468 | 98.0 | ELDER BEERMAN | 2014 | 2044 | KOHL’S | 2015 | 2035 | MARSHALLS | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| KENT | 1988/ 1991 | GROUND LEASE (2013) | 17.6 | 106,500 | 100.0 | TOPS SUPERMARKET | 2026 | 2096 | ||||||||||||||||||||||||||||||||||||||||
| MENTOR | 1988 | FEE | 25.0 | 235,577 | 93.6 | GIANT EAGLE | 2019 | 2029 | BURLINGTON COAT FACTORY | 2014 | JO-ANN FABRICS | 2009 | 2019 | |||||||||||||||||||||||||||||||||||
| MENTOR | 1987 | FEE | 20.6 | 103,910 | 100.0 | GABRIEL BROTHERS | 2013 | 2028 | BIG LOTS | 2014 | 2034 | |||||||||||||||||||||||||||||||||||||
| MIAMISBURG | 1999 | FEE | 0.6 | 6,000 | 57.5 | |||||||||||||||||||||||||||||||||||||||||||
| MIDDLEBURG HEIGHTS | 1988 | FEE | 8.2 | 104,342 | 51.5 | GABRIEL BROTHERS | 2014 | 2029 | ||||||||||||||||||||||||||||||||||||||||
| NORTH OLMSTEAD | 1988 | FEE | 11.7 | 99,862 | 100.0 | TOPS SUPERMARKET | 2026 | 2096 | ||||||||||||||||||||||||||||||||||||||||
| ORANGE TOWNSHIP (4) | 2001 | FEE | 12.2 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| SHARONVILLE | 1977 | GROUND LEASE (2076)/JOINT VENTURE | 15.0 | 130,704 | 92.7 | GABRIEL BROTHERS | 2012 | 2032 | KROGER | 2008 | 2028 | UNITED ART AND EDUCATION | 2016 | 2026 | ||||||||||||||||||||||||||||||||||
| SPRINGDALE (8) | 2000 | JOINT VENTURE | 22.0 | 253,510 | 73.5 | WAL-MART | 2015 | 2045 | HH GREGG | 2012 | 2017 | DAVID’S BRIDAL | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| TROTWOOD | 1988 | FEE | 16.9 | 141,616 | 80.4 | VALUE CITY | 2010 | 2020 | DOLLAR GENERAL | 2007 | ||||||||||||||||||||||||||||||||||||||
| UPPER ARLINGTON | 1969 | FEE | 13.3 | 160,702 | 95.0 | TJ MAXX | 2011 | 2021 | THE DUSTY ATTIC | 2011 | 2016 | HONG KONG BUFFET | 2011 | 2016 | ||||||||||||||||||||||||||||||||||
| WESTERVILLE | 1993/ 1988 | FEE | 25.4 | 242,124 | 91.7 | MARC’S | 2015 | 2025 | KOHL’S | 2016 | 2036 | OFFICEMAX | 2014 | 2024 | ||||||||||||||||||||||||||||||||||
| WICKLIFFE | 1982 | FEE | 10.0 | 128,180 | 95.6 | GABRIEL BROTHERS | 2008 | 2023 | BIG LOTS | 2010 | DOLLAR GENERAL | 2007 | ||||||||||||||||||||||||||||||||||||
| WILLOUGHBY HILLS | 1988 | FEE | 14.1 | 157,424 | 100.0 | VF OUTLET | 2012 | 2022 | MARCS DRUGS | 2012 | 2017 | |||||||||||||||||||||||||||||||||||||
| OKLAHOMA | ||||||||||||||||||||||||||||||||||||||||||||||||
| NORMAN (8) | 2001 | JOINT VENTURE | 31.3 | 262,624 | 93.6 | TOYS “R” US | 2012 | 2042 | ROSS DRESS FOR LESS | 2012 | 2027 | BARNES & NOBLE | 2012 | 2027 | ||||||||||||||||||||||||||||||||||
| OKLAHOMA CITY | 1998 | FEE | 19.8 | 233,797 | 99.6 | HOME DEPOT | 2014 | 2044 | GORDMANS | 2013 | 2033 | BEST BUY | 2008 | 2023 | ||||||||||||||||||||||||||||||||||
| OKLAHOMA CITY | 1997 | FEE | 9.8 | 103,027 | 100.0 | ACADEMY SPORTS & OUTDOORS | 2014 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| SOUTH TULSA | 1996 | FEE | 0.0 | 4,090 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| OREGON | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALBANY | 2006 | JOINT VENTURE | 3.8 | 22,700 | 100.0 | GROCERY OUTLET | 2017 | |||||||||||||||||||||||||||||||||||||||||
| ALBANY (7) | 2006 | FEE | 13.3 | 109,891 | 100.0 | RITE AID | 2008 | 2053 | BIG LOTS | 2008 | 2023 | AARON’S SALES & LEASING | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| CANBY (7_ | 2006 | FEE | 9.1 | 115,701 | 98.4 | SAFEWAY | 2023 | 2083 | RITE AID | 2014 | 2044 | CANBY ACE HARDWARE | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| CLACKAMAS (13) (6) | 2006 | JOINT VENTURE | 23.7 | 236,713 | 98.1 | GART SPORTS | 2014 | 2034 | NORDSTROM RACK | 2008 | 2018 | OLD NAVY | 2010 | |||||||||||||||||||||||||||||||||||
| GRESHAM (7) | 2006 | FEE | 25.6 | 265,765 | 94.2 | PETSMART | 2013 | 2028 | ROSS DRESS FOR LESS | 2008 | CRAFT WAREHOUSE | 2008 | ||||||||||||||||||||||||||||||||||||
| GRESHAM (7) | 2006 | FEE | 0.3 | 208,276 | 98.1 | WILD OATS MARKETS | 2020 | 2033 | OFFICE DEPOT | 2007 | 2017 | BIG LOTS | 2012 | 2017 | ||||||||||||||||||||||||||||||||||
| GRESHAM (7) | 2006 | FEE | 0.7 | 107,583 | 100.0 | FOOD 4 LESS | 2009 | 2019 | CASCADE ATHLETIC CLUB | 2008 | 2018 | |||||||||||||||||||||||||||||||||||||
| GRESHAM (7) | 2006 | FEE | 8.0 | 92,872 | 91.2 | DOLLAR TREE | 2011 | 2021 | VOLUNTEERS OF AMERICA | 2007 | 2017 | |||||||||||||||||||||||||||||||||||||
| HERMISTON (7) | 2006 | GROUND LEASE (2046) | 14.2 | 149,196 | 93.3 | SAFEWAY | 2008 | 2038 | BIG LOTS | 2008 | 2018 | DOLLAR TREE | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| HILLSBORO (7) | 2006 | FEE | 20.0 | 260,954 | 96.2 | SAFEWAY | 2014 | 2044 | STAPLES | 2013 | RITE AID | 2014 | 2044 | |||||||||||||||||||||||||||||||||||
| HILLSBORO (7) | 2006 | FEE | 20.0 | 210,992 | 97.5 | SAFEWAY | 2010 | RITE AID | 2010 | HILLSBORO PUBLIC LIBRARY | 2007 | |||||||||||||||||||||||||||||||||||||
| HOOD RIVER (7) | 2006 | FEE | 8.3 | 108,554 | 100.0 | ROSAUERS | 2021 | 2039 | HI SCHOOL PHARMACY | 2010 | 2015 | VALUE-MART | 2007 | 2012 | ||||||||||||||||||||||||||||||||||
| MCMINNVILLE (4) | 2006 | JOINT VENTURE | 90.5 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| MEDFORD (7) | 2006 | FEE | 30.1 | 335,043 | 99.3 | SEARS | 2014 | 2044 | TINSELTOWN | 2017 | 2037 | 24 HOUR FITNESS | 2015 | 2026 | ||||||||||||||||||||||||||||||||||
| MEDFORD (7) | 2006 | FEE | 16.9 | 183,850 | 96.0 | BI-MART | 2007 | 2012 | TJ MAXX | 2012 | 2022 | BIG LOTS | 2008 | 2023 | ||||||||||||||||||||||||||||||||||
| MILWAUKIE (7) | 2006 | GROUND LEASE (2041) | 16.3 | 185,859 | 100.0 | ALBERTSONS | 2013 | RITE AID | 2015 | JO-ANN FABRICS | 2008 | 2018 | ||||||||||||||||||||||||||||||||||||
| MILWAUKIE (7) | 2006 | FEE | 4.2 | 50,862 | 100.0 | OFFICEMAX/COPY MAX | 2010 | 2020 | ||||||||||||||||||||||||||||||||||||||||
| OREGON CITY (7) | 2006 | FEE | 17.6 | 246,855 | 97.0 | COASTAL FARM & HOME SUPPLY | 2009 | 2019 | RITE AID | 2011 | 2016 | FISHERMEN’S MARINE SUPPLY | 2021 | 2026 | ||||||||||||||||||||||||||||||||||
| PORTLAND (7) | 2006 | FEE | 10.6 | 115,635 | 96.8 | SAFEWAY | 2017 | 2047 | DOLLAR TREE | 2012 | 2017 | |||||||||||||||||||||||||||||||||||||
| PORTLAND (7) | 2006 | FEE | 1.5 | 112,755 | 98.7 | STAPLES | 2015 | 2030 | WALGREENS | 2021 | 2060 | |||||||||||||||||||||||||||||||||||||
| PORTLAND (7) | 2006 | FEE | 2.1 | 38,363 | 98.3 | QFC | 2019 | 2044 | ||||||||||||||||||||||||||||||||||||||||
| SANDY (7) | 2006 | FEE | 9.3 | 101,438 | 62.3 | HI SCHOOL PHARMACY | 2007 | DOLLAR TREE | 2009 | 2019 | ||||||||||||||||||||||||||||||||||||||
| SPRINGFIELD (7) | 2006 | FEE | 8.7 | 96,027 | 95.6 | SAFEWAY | 2008 | 2043 | ||||||||||||||||||||||||||||||||||||||||
| TROUTDALE (7) | 2006 | FEE | 9.8 | 98,137 | 57.0 | LAMBS THRIFTWAY | 2021 | 2031 | ||||||||||||||||||||||||||||||||||||||||
| PENNSLYVANIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| BLUE BELL | 1996 | FEE | 17.7 | 120,211 | 100.0 | KOHL’S | 2016 | 2036 | HOME GOODS | 2013 | 2033 | |||||||||||||||||||||||||||||||||||||
| CARLISLE (14) | 2005 | JOINT VENTURE | 12.2 | 90,289 | 93.4 | GIANT FOOD | 2016 | 2046 | ||||||||||||||||||||||||||||||||||||||||
| CHAMBERSBURG (4) | 2006 | FEE | 45.3 | 251,000 | 100.0 | KOHL’S | 2028 | 2058 | GIANT FOOD | 2027 | 2067 | MICHAELS | 2017 | 2037 | ||||||||||||||||||||||||||||||||||
| CHAMBERSBURG (9) | 2004 | JOINT VENTURE | 12.9 | 129,754 | 96.5 | GIANT FOOD | 2040 | 2040 | WINE & SPIRITS SHOPPE | 2011 | 2016 | |||||||||||||||||||||||||||||||||||||
| CHIPPEWA | 2000 | FEE | 22.4 | 215,206 | 100.0 | KMART | 2018 | 2068 | HOME DEPOT | 2018 | 2068 | |||||||||||||||||||||||||||||||||||||
| DUQUESNE | 1993 | FEE | 8.8 | 69,733 | 18.0 | |||||||||||||||||||||||||||||||||||||||||||
| EAGLEVILLE | 1973 | FEE | 15.2 | 165,385 | 94.9 | KMART | 2009 | 2024 | GENUARDI’S | 2011 | 2025 | |||||||||||||||||||||||||||||||||||||
| EAST NORRITON | 1984 | FEE | 12.5 | 133,569 | 100.0 | SHOPRITE | 2022 | 2037 | STAPLES | 2008 | 2023 | JO-ANN FABRICS | 2012 | |||||||||||||||||||||||||||||||||||
| EAST STROUDSBURG | 1973 | FEE | 15.3 | 168,506 | 100.0 | KMART | 2007 | 2022 | WEIS MARKETS | 2007 | ||||||||||||||||||||||||||||||||||||||
| EASTWICK | 1997 | FEE | 3.4 | 36,511 | 100.0 | MERCY HOSPITAL | 2017 | 2022 | ||||||||||||||||||||||||||||||||||||||||
| EXTON | 1996 | FEE | 9.8 | 85,184 | 100.0 | KOHL’S | 2016 | 2036 | ||||||||||||||||||||||||||||||||||||||||
| EXTON | 1990 | FEE | 6.1 | 60,685 | 100.0 | ACME MARKETS | 2015 | 2045 | ||||||||||||||||||||||||||||||||||||||||
| FEASTERVILLE | 1996 | FEE | 4.6 | 86,575 | 100.0 | VALUE CITY | 2011 | 2026 | ||||||||||||||||||||||||||||||||||||||||
| GETTYSBURG | 1986 | FEE | 2.4 | 14,584 | 100.0 | RITE AID | 2026 | 2046 | ||||||||||||||||||||||||||||||||||||||||
| GREENSBURG | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | TJ MAXX | 2010 | 2020 | MICHAELS | 2010 | 2020 | |||||||||||||||||||||||||||||||||||||
| HAMBURG | 2001 | FEE | 3.0 | 15,400 | 100.0 | LEHIGH VALLEY HEALTH | 2016 | 2026 | ||||||||||||||||||||||||||||||||||||||||
| HARRISBURG | 1972 | FEE | 17.0 | 175,917 | 100.0 | GANDER MOUNTAIN | 2013 | 2028 | AMERICAN SIGNATURE | 2011 | 2026 | SUPERPETZ | 2007 | 2022 | ||||||||||||||||||||||||||||||||||
35
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| HAVERTOWN | 1996 | FEE | 9.0 | 80,938 | 100.0 | KOHL’S | 2016 | 2036 | ||||||||||||||||||||||||||||||||||||||||
| HORSHAM (14) | 2005 | JOINT VENTURE | 8.3 | 75,206 | 100.0 | GIANT FOOD | 2022 | 2048 | ||||||||||||||||||||||||||||||||||||||||
| LANDSDALE | 1996 | GROUND LEASE (2037) | 1.4 | 84,470 | 100.0 | KOHL’S | 2012 | |||||||||||||||||||||||||||||||||||||||||
| MONROEVILLE (14) | 2005 | FEE | 13.7 | 143,200 | 89.6 | PETSMART | 2019 | 2034 | BED BATH & BEYOND | 2020 | 2034 | MICHAELS | 2009 | 2029 | ||||||||||||||||||||||||||||||||||
| MONTGOMERY (8) | 2002 | JOINT VENTURE | 45.0 | 257,565 | 100.0 | GIANT FOOD | 2020 | 2050 | BED BATH & BEYOND | 2016 | 2030 | COMPUSA | 2014 | 2028 | ||||||||||||||||||||||||||||||||||
| MORRISVILLE | 1996 | FEE | 14.4 | 2,437 | — | |||||||||||||||||||||||||||||||||||||||||||
| NEW KENSINGTON | 1986 | FEE | 12.5 | 108,950 | 100.0 | GIANT EAGLE | 2016 | 2033 | ||||||||||||||||||||||||||||||||||||||||
| PHILADELPHIA | 2006 | JOINT VENTURE | 18.0 | 294,751 | 98.4 | SEARS | 2019 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| PHILADELPHIA | 1996 | GROUND LEASE (2035) | 6.8 | 133,309 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| PHILADELPHIA | 1996 | FEE | 6.3 | 82,345 | 100.0 | KOHL’S | 2016 | 2036 | ||||||||||||||||||||||||||||||||||||||||
| PHILADELPHIA | 1998 | JOINT VENTURE | 7.5 | 75,303 | 100.0 | NORTHEAST AUTO OUTLET | 2015 | 2050 | ||||||||||||||||||||||||||||||||||||||||
| PHILADELPHIA | 2005 | FEE | 0.4 | 9,343 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| PHILADELPHIA (3) | 1995 | JOINT VENTURE | 22.6 | 274,412 | 100.0 | SUPER FRESH | 2022 | 2047 | PETSMART | 2011 | 2016 | AMC ORLEANS 8 | 2007 | |||||||||||||||||||||||||||||||||||
| PHILADELPHIA (3) | 1983 | JOINT VENTURE | 8.1 | 198,721 | 100.0 | JCPENNEY | 2012 | 2037 | TOYS “R” US | 2012 | 2052 | |||||||||||||||||||||||||||||||||||||
| PIITSBURGH | 2004 | FEE | 46.8 | 467,927 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| POTTSTOWN (9) | 2004 | FEE | 15.7 | 161,727 | 95.5 | GIANT FOOD | 2014 | 2049 | TRACTOR SUPPLY CO. | 2012 | 2027 | TJ MAXX | 2009 | 2019 | ||||||||||||||||||||||||||||||||||
| RICHBORO | 1986 | FEE | 14.5 | 110,357 | 100.0 | SUPER FRESH | 2018 | 2058 | ||||||||||||||||||||||||||||||||||||||||
| SCOTT TOWNSHIP | 2000 | GROUND LEASE (2052) | 6.9 | 69,288 | 100.0 | WAL-MART | 2032 | 2052 | ||||||||||||||||||||||||||||||||||||||||
| SHREWSBURY (13) | 2004 | JOINT VENTURE | 21.2 | 94,706 | 100.0 | GIANT FOOD | 2023 | 2053 | ||||||||||||||||||||||||||||||||||||||||
| SPRINGFIELD | 1983 | FEE | 19.7 | 212,188 | 90.9 | VALUE CITY | 2013 | 2043 | STAPLES | 2008 | 2023 | |||||||||||||||||||||||||||||||||||||
| UPPER DARBY | 1996 | JOINT VENTURE | 16.3 | 48,936 | 88.2 | MERCY HOSPITAL | 2010 | BRIGHTSIDE ACADEMY | 2013 | 2022 | ||||||||||||||||||||||||||||||||||||||
| WEST MIFFLIN | 1986 | GROUND LEASE (2032) | 8.3 | 84,279 | 100.0 | BIG LOTS | 2012 | 2032 | ||||||||||||||||||||||||||||||||||||||||
| WHITEHALL | 2005 | JOINT VENTURE | 15.1 | 151,418 | 100.0 | GIANT FOOD | 2014 | JO-ANN FABRICS | 2007 | BARNES & NOBLE | 2011 | |||||||||||||||||||||||||||||||||||||
| WHITEHALL | 1996 | GROUND LEASE (2081) | 6.0 | 84,524 | 100.0 | KOHL’S | 2016 | 2036 | ||||||||||||||||||||||||||||||||||||||||
| YORK | 1986 | FEE | 13.7 | 58,244 | 68.7 | ADVANCE AUTO PARTS | 2007 | |||||||||||||||||||||||||||||||||||||||||
| YORK | 1986 | FEE | 3.3 | 35,500 | 100.0 | GIANT FOOD | 2012 | 2017 | ||||||||||||||||||||||||||||||||||||||||
| PUERTO RICO | ||||||||||||||||||||||||||||||||||||||||||||||||
| BAYAMON | 2006 | FEE | 16.5 | 186,400 | 98.4 | AMIGO SUPERMARKET | 2027 | 2047 | OFFICEMAX | 2015 | 2030 | CHUCK E. CHEESE | 2013 | 2023 | ||||||||||||||||||||||||||||||||||
| CAGUAS | 2006 | FEE | 20.0 | 572,188 | 98.9 | COSTCO | 2026 | 2046 | JCPENNEY | 2020 | 2050 | OFFICEMAX | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| CAROLINA | 2006 | FEE | 28.5 | 570,610 | 97.8 | HOME DEPOT | 2026 | 2047 | KMART | 2019 | 2070 | PUEBLO INTERNATIONAL | 2015 | 2045 | ||||||||||||||||||||||||||||||||||
| MANATI | 2006 | FEE | 6.7 | 69,640 | 95.7 | GRANDE SUPERMARKET | 2009 | |||||||||||||||||||||||||||||||||||||||||
| MAYAGUEZ | 2006 | FEE | 32.5 | 348,593 | 100.0 | HOME DEPOT | 2026 | 2047 | SAM’S CLUB | 2019 | 2069 | CARIBBEAN CINEMA | 2028 | 2038 | ||||||||||||||||||||||||||||||||||
| PONCE | 2006 | FEE | 12.1 | 192,701 | 99.0 | 2000 CINEMA CORP. | 2032 | 2052 | SUPERMERCADOS MAXIMO | 2026 | 2046 | DAVID’S BRIDAL | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| TRUJILLO ALTO | 2006 | FEE | 20.1 | 201,324 | 96.8 | KMART | 2009 | 2055 | PUEBLO SUPERMARKET | 2014 | 2024 | FARMACIAS EL AMAL | 2015 | |||||||||||||||||||||||||||||||||||
| RHODE ISLAND | ||||||||||||||||||||||||||||||||||||||||||||||||
| CRANSTON | 1998 | FEE | 11.0 | 129,907 | 89.6 | BOB’S STORES | 2008 | 2028 | MARSHALLS | 2011 | 2021 | |||||||||||||||||||||||||||||||||||||
| PROVIDENCE | 2003 | GROUND LEASE (2022)/JOINT VENTURE | 13.0 | 71,735 | 95.5 | STOP & SHOP | 2022 | 2072 | ||||||||||||||||||||||||||||||||||||||||
| SOUTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||||||||||
| CHARLESTON | 1995 | FEE | 17.2 | 186,740 | 100.0 | TJ MAXX | 2009 | 2014 | OFFICE DEPOT | 2011 | 2016 | MARSHALLS | 2011 | |||||||||||||||||||||||||||||||||||
| CHARLESTON | 1978 | FEE | 17.6 | 128,658 | 99.4 | STEIN MART | 2011 | 2016 | FLOOR IT NOW | 2012 | TUESDAY MORNING | 2015 | 2021 | |||||||||||||||||||||||||||||||||||
| FLORENCE | 1997 | FEE | 21.0 | 113,922 | 81.8 | HAMRICKS | 2011 | STAPLES | 2010 | 2035 | DOLLAR TREE | 2008 | 2018 | |||||||||||||||||||||||||||||||||||
| GREENVILLE | 1997 | FEE | 20.4 | 148,532 | 92.8 | STEVE & BARRY’S UNIVERSITY | 2014 | 2021 | BABIES R US | 2012 | 2022 | |||||||||||||||||||||||||||||||||||||
| GREENVILLE (12) | 2004 | FEE | 31.8 | 295,928 | 98.1 | INGLES MARKETS | 2021 | 2076 | GOODY’S FAMILY CLOTHING | 2010 | 2025 | TJ MAXX | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| NORTH CHARLESTON | 2000/ 1997 | FEE | 27.3 | 267,632 | 89.4 | SPORTS AUTHORITY | 2013 | 2033 | CIRCUIT CITY | 2019 | 2029 | MARSHALLS | 2008 | 2013 | ||||||||||||||||||||||||||||||||||
| TENNESSEE | ||||||||||||||||||||||||||||||||||||||||||||||||
| BELLEVUE (4) | 2006 | JOINT VENTURE | 30.6 | 53,000 | 100.0 | PUBLIX | 2027 | 2057 | ||||||||||||||||||||||||||||||||||||||||
| CHATTANOOGA | 1973 | GROUND LEASE (2074) | 7.6 | 50,588 | 89.6 | SAVE-A-LOT | 2009 | 2014 | ||||||||||||||||||||||||||||||||||||||||
| CHATTANOOGA | 2002 | JOINT VENTURE | 5.0 | 50,000 | 100.0 | HOME GOODS | 2010 | 2020 | MICHAELS | 2017 | 2037 | |||||||||||||||||||||||||||||||||||||
| MADISON | 2004 | FEE | 25.4 | 240,318 | 98.1 | JO-ANN FABRICS | 2009 | 2024 | CIRCUIT CITY | 2009 | 2039 | TJ MAXX | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| MADISON | 1978 | GROUND LEASE (2039) | 14.5 | 175,593 | 98.1 | OLD TIME POTTERY | 2013 | 2023 | WAL-MART | 2014 | 2039 | |||||||||||||||||||||||||||||||||||||
| MADISON (8) | 1999 | JOINT VENTURE | 21.1 | 189,401 | 97.4 | DICK’S SPORTING GOODS | 2017 | 2032 | BEST BUY | 2014 | 2029 | GOODY’S FAMILY CLOTHING | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| MEMPHIS | 1991 | FEE | 14.7 | 167,243 | 87.0 | TOYS “R” US | 2017 | 2042 | OFFICEMAX | 2008 | 2028 | KIDS R US | 2019 | 2044 | ||||||||||||||||||||||||||||||||||
| MEMPHIS | 2000 | FEE | 8.8 | 87,962 | 100.0 | OLD TIME POTTERY | 2010 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| MEMPHIS (7) | 2006 | FEE | 6.0 | 51,542 | 75.6 | HANCOCK FABRICS | 2010 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| MEMPHIS (8) | 2001 | JOINT VENTURE | 3.9 | 40,000 | 100.0 | BED BATH & BEYOND | 2012 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| NASHVILLE | 1986 | FEE | 16.9 | 172,135 | 97.5 | STEIN MART | 2008 | 2013 | ASHLEY FURNITURE | 2012 | 2022 | BED BATH & BEYOND | 2013 | 2028 | ||||||||||||||||||||||||||||||||||
| NASHVILLE | 1998 | FEE | 10.2 | 109,012 | 92.6 | MARSHALLS | 2007 | OFFICEMAX | 2009 | 2019 | OLD COUNTRY BUFFET | 2011 | 2016 | |||||||||||||||||||||||||||||||||||
| NASHVILLE (8) | 1999 | JOINT VENTURE | 9.3 | 99,909 | 92.5 | BEST BUY | 2014 | 2029 | OFFICEMAX | 2015 | 2035 | |||||||||||||||||||||||||||||||||||||
| TEXAS | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALLEN | 2006 | JOINT VENTURE | 2.1 | 21,162 | 100.0 | CREME DE LA CREME | 2026 | 2046 | ||||||||||||||||||||||||||||||||||||||||
| AMARILLO (8) | 1997 | JOINT VENTURE | 9.3 | 343,989 | 99.6 | HOME DEPOT | 2019 | 2069 | KOHL’S | 2025 | 2055 | CIRCUIT CITY | 2010 | 2035 | ||||||||||||||||||||||||||||||||||
| AMARILLO (8) | 2003 | JOINT VENTURE | 10.6 | 142,747 | 99.2 | ROSS DRESS FOR LESS | 2012 | 2037 | BED BATH & BEYOND | 2012 | 2032 | JO-ANN FABRICS | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| ARLINGTON | 1997 | FEE | 8.0 | 96,127 | 100.0 | HOBBY LOBBY | 2008 | 2018 | ||||||||||||||||||||||||||||||||||||||||
| AUSTIN | 1998 | FEE | 15.4 | 157,852 | 90.5 | HEB GROCERY | 2011 | 2026 | BROKERS NATIONAL LIFE | 2013 | ||||||||||||||||||||||||||||||||||||||
| AUSTIN | 2003 | JOINT VENTURE | 10.8 | 108,028 | 100.0 | FRY’S ELECTRONICS | 2018 | 2048 | ||||||||||||||||||||||||||||||||||||||||
| AUSTIN (13) (6) | 2006 | JOINT VENTURE | 20.9 | 209,393 | 96.0 | BED BATH & BEYOND | 2011 | 2021 | ROSS DRESS FOR LESS | 2008 | 2023 | TJ MAXX | 2012 | 2017 | ||||||||||||||||||||||||||||||||||
| AUSTIN (13) (6) | 2006 | JOINT VENTURE | 20.8 | 138,422 | 98.5 | RANDALLS FOOD & DRUGS | 2009 | 2019 | ||||||||||||||||||||||||||||||||||||||||
| AUSTIN (8) | 1998 | JOINT VENTURE | 18.2 | 191,760 | 86.6 | CIRCUIT CITY | 2017 | 2037 | BABIES R US | 2012 | 2027 | WORLD MARKET | 2011 | 2026 | ||||||||||||||||||||||||||||||||||
| BAYTOWN | 1996 | FEE | 8.7 | 86,240 | 100.0 | HOBBY LOBBY | 2008 | 2018 | ROSS DRESS FOR LESS | 2012 | 2032 | |||||||||||||||||||||||||||||||||||||
| BROWNSVILLE (4) | 2005 | JOINT VENTURE | 30.1 | 197,000 | 100.0 | MERVYN’S | 2026 | 2046 | TJ MAXX | 2016 | 2036 | PETSMART | 2016 | 2041 | ||||||||||||||||||||||||||||||||||
| BURLESON (4) | 2000 | JOINT VENTURE | 46.7 | 64,000 | 100.0 | OLD NAVY | 2010 | 2025 | ULTA | 2015 | 2025 | |||||||||||||||||||||||||||||||||||||
| COLLEYVILLE | 2006 | JOINT VENTURE | 2.0 | 20,188 | 100.0 | CREME DE LA CREME | 2026 | 2046 | ||||||||||||||||||||||||||||||||||||||||
| CONROE (13) | 2006 | JOINT VENTURE | 30.0 | 299,921 | 82.7 | FINGERS FURNITURE | 2021 | 2041 | TJ MAXX | 2016 | 2036 | ROSS DRESS FOR LESS | 2017 | 2037 | ||||||||||||||||||||||||||||||||||
| COPPELL | 2006 | JOINT VENTURE | 2.0 | 20,425 | 100.0 | CREME DE LA CREME | 2026 | 2046 | ||||||||||||||||||||||||||||||||||||||||
| CORPUS CHRISTI | 1997 | GROUND LEASE (2065) | 12.5 | 125,454 | 100.0 | BEST BUY | 2016 | 2030 | ROSS DRESS FOR LESS | 2011 | 2030 | BED BATH & BEYOND | 2018 | 2032 | ||||||||||||||||||||||||||||||||||
| DALLAS | 1969 | JOINT VENTURE | 75.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| DALLAS (8) | 1998 | JOINT VENTURE | 6.8 | 83,867 | 100.0 | ROSS DRESS FOR LESS | 2012 | 2017 | OFFICEMAX | 2009 | 2024 | BIG LOTS | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| DALLAS (9) (6) | 2002 | JOINT VENTURE | 9.6 | 125,195 | 93.0 | TOM THUMB | 2017 | 2032 | ||||||||||||||||||||||||||||||||||||||||
| EAST PLANO | 1996 | FEE | 9.0 | 100,598 | 100.0 | HOME DEPOT EXPO | 2024 | 2054 | ||||||||||||||||||||||||||||||||||||||||
| FORT WORTH (4) | 2003 | JOINT VENTURE | 45.5 | 200,000 | 100.0 | MARSHALLS | 2015 | 2035 | ROSS DRESS FOR LESS | 2017 | 2042 | OFFICE DEPOT | 2021 | 2041 | ||||||||||||||||||||||||||||||||||
| FRISCO (4) | 2006 | JOINT VENTURE | 38.7 | 106,000 | 100.0 | SPROUTS SUPERMARKET | 2022 | 2042 | ||||||||||||||||||||||||||||||||||||||||
| GRAND PRAIRIE (4) | 2006 | JOINT VENTURE | 56.5 | 69,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| HARRIS COUNTY (14) | 2005 | JOINT VENTURE | 11.4 | 144,055 | 100.0 | BEST BUY | 2015 | 2035 | LINENS N THINGS | 2015 | 2030 | BARNES & NOBLE | 2014 | 2029 | ||||||||||||||||||||||||||||||||||
| HOUSTON | 1998 | FEE | 40.0 | 397,899 | 97.8 | HOBBY LOBBY | 2017 | 2027 | OSHMAN SPORTING | 2009 | 2024 | BEL FURNITURE | 2010 | 2015 | ||||||||||||||||||||||||||||||||||
| HOUSTON | 1997 | FEE | 8.0 | 113,831 | 84.3 | HEB PANTRY STORE | 2007 | 2027 | PALAIS ROYAL | 2007 | 2022 | |||||||||||||||||||||||||||||||||||||
| HOUSTON | 1996 | FEE | 8.2 | 96,500 | 100.0 | BURLINGTON COAT FACTORY | 2019 | 2034 | ||||||||||||||||||||||||||||||||||||||||
| HOUSTON | 1999 | FEE | 5.6 | 84,188 | 75.5 | OFFICE DEPOT | 2007 | 2022 | METROPOLITAN FURNITURE | 2013 | 2023 | |||||||||||||||||||||||||||||||||||||
| HOUSTON (13) | 2006 | JOINT VENTURE | 19.0 | 196,044 | 96.0 | TJ MAXX | 2015 | 2035 | ROSS DRESS FOR LESS | 2016 | 2036 | BED BATH & BEYOND | 2016 | 2041 | ||||||||||||||||||||||||||||||||||
| HOUSTON (14) | 2006 | FEE | 32.0 | 350,398 | 92.2 | MARSHALLS | 2011 | 2026 | BED BATH & BEYOND | 2012 | 2032 | OFFICEMAX | 2014 | 2034 | ||||||||||||||||||||||||||||||||||
| HOUSTON (4) | 2005 | JOINT VENTURE | 8.2 | 30,000 | 100.0 | BEST BUY | 2017 | 2037 | ||||||||||||||||||||||||||||||||||||||||
| HOUSTON (9) | 2003 | JOINT VENTURE | 17.1 | 185,332 | 92.9 | ROSS DRESS FOR LESS | 2013 | 2033 | OFFICE DEPOT | 2012 | 2032 | OLD NAVY | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| LAREDO (9) | 2004 | JOINT VENTURE | 25.8 | 257,981 | 98.7 | TOYS “R” US | 2018 | 2068 | CINEMARK | 2013 | 2033 | LINENS N THINGS | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| LEWISVILLE | 1998 | FEE | 7.6 | 123,560 | 98.0 | BABIES R US | 2009 | 2027 | BED BATH & BEYOND | 2018 | 2033 | BROYHILL HOME COLLECTIONS | 2015 | 2025 | ||||||||||||||||||||||||||||||||||
| LEWISVILLE | 1998 | FEE | 9.4 | 93,668 | 71.6 | DSW SHOE WAREHOUSE | 2008 | 2028 | PETLAND | 2009 | 2019 | |||||||||||||||||||||||||||||||||||||
| LEWISVILLE | 1998 | FEE | 11.2 | 74,837 | 82.8 | BALLY TOTAL FITNESS | 2007 | 2022 | TALBOTS OUTLET | 2009 | 2017 | |||||||||||||||||||||||||||||||||||||
| LUBBOCK | 1998 | FEE | 9.6 | 108,326 | 98.6 | PETSMART | 2015 | 2040 | OFFICEMAX | 2009 | 2029 | BARNES & NOBLE | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| MESQUITE | 1998 | FEE | 15.0 | 209,766 | 92.9 | BEST BUY | 2009 | 2024 | ASHLEY FURNITURE | 2012 | 2017 | PETSMART | 2007 | 2027 | ||||||||||||||||||||||||||||||||||
| MESQUITE | 1974 | FEE | 9.0 | 79,550 | 100.0 | KROGER | 2012 | 2037 | ||||||||||||||||||||||||||||||||||||||||
| N. BRAUNFELS | 2003 | JOINT VENTURE | 8.6 | 86,479 | 100.0 | KOHL’S | 2014 | 2064 | ||||||||||||||||||||||||||||||||||||||||
36
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| PASADENA (8) | 2001 | JOINT VENTURE | 24.6 | 240,907 | 100.0 | BEST BUY | 2012 | 2027 | ROSS DRESS FOR LESS | 2012 | 2032 | MARSHALLS | 2012 | 2027 | ||||||||||||||||||||||||||||||||||
| PASADENA (8) | 1999 | JOINT VENTURE | 15.1 | 169,190 | 100.0 | PETSMART | 2015 | 2030 | OFFICEMAX | 2014 | 2029 | MICHAELS | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| PLANO | 2005 | FEE | 0.0 | 149,343 | 100.0 | HOME DEPOT | 2027 | 2057 | ||||||||||||||||||||||||||||||||||||||||
| RICHARDSON (8) | 1998 | JOINT VENTURE | 11.7 | 115,579 | 79.5 | OFFICEMAX | 2011 | 2026 | BALLY TOTAL FITNESS | 2009 | 2019 | FOX & HOUND | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| STAFFORD (8) | 2002 | JOINT VENTURE | 54.3 | 589,201 | 96.6 | LOEWS THEATRES | 2017 | 2047 | HOBBY LOBBY | 2016 | 2026 | OSHMAN SPORTING | 2017 | 2037 | ||||||||||||||||||||||||||||||||||
| TEMPLE (14) | 2005 | JOINT VENTURE | 27.5 | 274,786 | 90.4 | HOBBY LOBBY | 2021 | 2036 | ROSS DRESS FOR LESS | 2012 | 2037 | GOODY’S FAMILY CLOTHING | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| WOODLANDS (4) | 2002 | JOINT VENTURE | 34.0 | 456,000 | 100.0 | BORDERS BOOKS | 2024 | 2044 | CINEMARK | 2020 | 2040 | TOMMY BAHAMA’S | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| UTAH | ||||||||||||||||||||||||||||||||||||||||||||||||
| OGDEN | 1967 | FEE | 11.4 | 142,628 | 100.0 | COSTCO | 2033 | 2073 | ||||||||||||||||||||||||||||||||||||||||
| VERMONT | ||||||||||||||||||||||||||||||||||||||||||||||||
| MANCHESTER | 2004 | FEE | 9.5 | 53,483 | 100.0 | PRICE CHOPPERS | 2011 | |||||||||||||||||||||||||||||||||||||||||
| VIRGINIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| BURKE (11) | 2004 | GROUND LEASE (2076)/ JOINT VENTURE | 12.5 | 124,148 | 100.0 | SAFEWAY | 2020 | 2050 | CVS | 2021 | 2041 | |||||||||||||||||||||||||||||||||||||
| COLONIAL HEIGHTS | 1996 | FEE | 6.1 | 60,909 | 100.0 | BLOOM BROTHERS FURNITURE | 2008 | BOOKS-A-MILLION | 2008 | 2015 | ||||||||||||||||||||||||||||||||||||||
| DUMFRIES (13) | 2005 | JOINT VENTURE | 0.2 | 1,702 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FAIRFAX (8) | 1998 | JOINT VENTURE | 37.0 | 323,262 | 100.0 | HOME DEPOT | 2013 | 2033 | COSTCO | 2011 | 2046 | SPORTS AUTHORITY | 2008 | 2013 | ||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 3.3 | 33,179 | 100.0 | CIRCUIT CITY | 2018 | 2038 | ||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 3.2 | 32,000 | 100.0 | BASSETT FURNITURE | 2019 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.1 | 11,097 | 100.0 | NTB TIRES | 2017 | 2037 | ||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.1 | 10,578 | 100.0 | CHUCK E CHEESE | 2014 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.0 | 10,125 | 100.0 | CVS | 2022 | 2042 | ||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.0 | 10,125 | 100.0 | CVS | 2019 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.0 | 10,125 | 100.0 | SHONEY’S | 2023 | |||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 1.0 | 10,002 | 100.0 | CRACKER BARREL | 2014 | 2034 | ||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.8 | 8,027 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.8 | 8,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.8 | 7,993 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 7,256 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | FEE | 0.7 | 7,241 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 7,200 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 7,200 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 7,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.7 | 6,818 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.6 | 6,100 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.6 | 6,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.6 | 5,892 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.6 | 5,540 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 5,126 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 5,020 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 4,842 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 4,828 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.5 | 4,800 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.4 | 4,352 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.4 | 4,261 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.4 | 3,822 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.4 | 3,650 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 3,076 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 3,028 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 3,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 3,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.3 | 2,909 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.2 | 2,454 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.2 | 2,170 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| FREDERICKSBURG (13) | 2005 | JOINT VENTURE | 0.2 | 1,762 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| HARRISONBURG (9) (3) | 2004 | JOINT VENTURE | 17.6 | 107,438 | 94.4 | KOHL’S | 2024 | 2064 | ||||||||||||||||||||||||||||||||||||||||
| MANASSAS | 1997 | FEE | 13.5 | 117,525 | 100.0 | SUPER FRESH | 2011 | 2026 | JO-ANN FABRICS | 2011 | ||||||||||||||||||||||||||||||||||||||
| MANASSAS (14) | 2005 | JOINT VENTURE | 8.9 | 107,233 | 100.0 | BURLINGTON COAT FACTORY | 2009 | 2030 | AUTO ZONE | 2010 | 2025 | |||||||||||||||||||||||||||||||||||||
| PENTAGON CITY (12) | 2004 | FEE | 16.8 | 337,429 | 97.9 | COSTCO | 2009 | 2044 | MARSHALLS | 2010 | 2025 | BEST BUY | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| RICHMOND | 1995 | FEE | 11.5 | 128,612 | 100.0 | BURLINGTON COAT FACTORY | 2010 | 2035 | ||||||||||||||||||||||||||||||||||||||||
| RICHMOND | 2002 | FEE | 8.5 | 84,683 | 100.0 | BLOOM BROTHERS FURNITURE | 2013 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| RICHMOND (13) | 2005 | JOINT VENTURE | 0.3 | 3,060 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ROANOKE | 2004 | FEE | 7.7 | 81,789 | 100.0 | DICK’S SPORTING GOODS | 2019 | 2034 | CIRCUIT CITY | 2020 | 2040 | |||||||||||||||||||||||||||||||||||||
| ROANOKE (9) | 2005 | JOINT VENTURE | 30.2 | 301,740 | 95.1 | MICHAELS | 2009 | 2019 | MARSHALLS | 2013 | 2033 | ROSS DRESS FOR LESS | 2016 | 2036 | ||||||||||||||||||||||||||||||||||
| STAFFORD (13) | 2005 | JOINT VENTURE | 9.9 | 101,042 | 100.0 | GIANT FOOD | 2027 | 2072 | STAPLES | 2017 | 2032 | PETCO SUPPLIES & FISH | 2012 | 2027 | ||||||||||||||||||||||||||||||||||
| STAFFORD (13) | 2005 | JOINT VENTURE | 0.7 | 7,310 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| STAFFORD (13) | 2005 | JOINT VENTURE | 0.4 | 4,400 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| STAFFORD (13) | 2005 | JOINT VENTURE | 1.2 | 4,211 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| STAFFORD (13) | 2005 | JOINT VENTURE | 0.4 | 3,549 | — | |||||||||||||||||||||||||||||||||||||||||||
| STAFFORD (14) | 2005 | JOINT VENTURE | 30.8 | 331,730 | 100.0 | SHOPPERS FOOD | 2023 | 2053 | TJ MAXX | 2016 | 2036 | ROSS DRESS FOR LESS | 2015 | 2035 | ||||||||||||||||||||||||||||||||||
| STERLING (14) | 2006 | JOINT VENTURE | 103.3 | 737,503 | 100.0 | WAL-MART | 2021 | 2091 | LOWE’S HOME CENTER | 2021 | 2061 | SAM’S CLUB | 2021 | 2091 | ||||||||||||||||||||||||||||||||||
| STERLING (9) | 2003 | JOINT VENTURE | 38.1 | 361,079 | 100.0 | TOYS “R” US | 2012 | 2037 | MICHAELS | 2011 | 2026 | CIRCUIT CITY | 2017 | 2037 | ||||||||||||||||||||||||||||||||||
| WOODBRIDGE | 1973 | GROUND LEASE (2072)/JOINT VENTURE | 19.6 | 150,793 | 95.5 | CAMPOS FURNITURE | 2009 | SALVATION ARMY | 2009 | 2014 | WEDGEWOOD ANTIQUES | 2008 | ||||||||||||||||||||||||||||||||||||
| WOODBRIDGE (8) (3) | 1998 | JOINT VENTURE | 54.0 | 494,048 | 99.4 | PETSMART | 2009 | 2014 | BEST BUY | 2010 | 2025 | LOWE’S | 2012 | 2032 | ||||||||||||||||||||||||||||||||||
| WOODBRIDGE (9) | 2004 | JOINT VENTURE | 27.6 | 272,174 | 100.0 | LOWE’S HOME CENTER | 2023 | 2053 | VILLAGE THRIFT STORE | 2017 | 2027 | ALDI | 2016 | 2032 | ||||||||||||||||||||||||||||||||||
| WASHINGTON | ||||||||||||||||||||||||||||||||||||||||||||||||
| AUBURN (7) | 2006 | FEE | 13.7 | 171,032 | 99.6 | ALBERTSONS | 2018 | 2038 | OFFICE DEPOT | 2009 | 2029 | RITE AID | 2008 | 2028 | ||||||||||||||||||||||||||||||||||
| BELLEVUE (3) | 2004 | JOINT VENTURE | 41.6 | 445,250 | 100.0 | TARGET | 2012 | 2037 | MERVYN’S | 2012 | 2037 | NORDSTROM RACK | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| BELLINGHAM (7) | 2006 | FEE | 30.5 | 376,023 | 99.3 | KMART | 2009 | 2049 | COST CUTTERS | 2009 | 2044 | JO-ANN FABRICS | 2010 | 2025 | ||||||||||||||||||||||||||||||||||
| BELLINGHAM (8) | 1998 | JOINT VENTURE | 20.0 | 188,885 | 98.5 | MACY’S | 2012 | 2022 | BEST BUY | 2017 | 2032 | BED BATH & BEYOND | 2012 | 2027 | ||||||||||||||||||||||||||||||||||
| BLAINE (7) | 2006 | FEE | 13.0 | 109,461 | 92.7 | COST CUTTERS | 2010 | 2055 | RITE AID | 2012 | 2042 | |||||||||||||||||||||||||||||||||||||
| EVERETT (7) | 2006 | FEE | 6.8 | 88,770 | 100.0 | QFC | 2015 | 2020 | ||||||||||||||||||||||||||||||||||||||||
| FEDERAL WAY (8) | 2000 | JOINT VENTURE | 17.0 | 200,126 | 94.1 | QFC | 2015 | 2045 | JO-ANN FABRICS | 2010 | 2030 | BARNES & NOBLE | 2011 | 2026 | ||||||||||||||||||||||||||||||||||
| KENT (7) | 2006 | FEE | 23.1 | 86,909 | 97.1 | ROSS DRESS FOR LESS | 2011 | 2026 | ||||||||||||||||||||||||||||||||||||||||
| KENT (7) | 2006 | FEE | 7.2 | 69,090 | 100.0 | RITE AID | 2015 | 2035 | ||||||||||||||||||||||||||||||||||||||||
| LAKE STEVENS (7) | 2006 | FEE | 18.6 | 199,937 | 98.0 | SAFEWAY | 2032 | 2077 | G.I. JOE’S | 2018 | 2038 | BARTELL DRUGS | 2013 | 2018 | ||||||||||||||||||||||||||||||||||
| MILL CREEK (7) | 2006 | FEE | 12.4 | 94,038 | 94.1 | SAFEWAY | 2015 | 2045 | ||||||||||||||||||||||||||||||||||||||||
| OAK HARBOR (7) | 2006 | FEE | 6.4 | 70,104 | 100.0 | SAAR’S | 2014 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| OLYMPIA (7) | 2006 | FEE | 15.0 | 168,209 | 93.8 | ALBERTSONS | 2008 | 2043 | ROSS DRESS FOR LESS | 2010 | 2015 | |||||||||||||||||||||||||||||||||||||
| OLYMPIA (7) | 2006 | FEE | 6.7 | 69,572 | 73.5 | BARNES & NOBLE | 2010 | 2015 | PETCO | 2013 | 2023 | |||||||||||||||||||||||||||||||||||||
| SEATTLE (7) | 2006 | GROUND LEASE (2083) | 3.2 | 144,170 | 93.0 | SAFEWAY | 2012 | 2037 | PRUDENTIAL REALTY | 2009 | 2018 | BARTELL DRUGS | 2007 | 2022 | ||||||||||||||||||||||||||||||||||
| SILVERDALE (7) | 2006 | GROUND LEASE (2014) | 14.7 | 170,332 | 100.0 | SAFEWAY | 2024 | 2059 | JO-ANN FABRICS | 2012 | 2032 | RITE AID | 2011 | 2041 | ||||||||||||||||||||||||||||||||||
| SILVERDALE (7) | 2006 | FEE | 5.1 | 67,287 | 95.6 | ROSS DRESS FOR LESS | 2016 | 2026 | ||||||||||||||||||||||||||||||||||||||||
| SPANAWAY (7) | 2006 | FEE | 11.8 | 116,961 | 98.8 | MARKETPLACE GROCERY | 2011 | 2041 | GEN X CLOTHING | 2016 | 2026 | STUPID PRICES | 2011 | 2016 | ||||||||||||||||||||||||||||||||||
| SPOKANE (14) | 2005 | JOINT VENTURE | 8.3 | 129,785 | 100.0 | BED BATH & BEYOND | 2011 | 2026 | ROSS DRESS FOR LESS | 2009 | 2019 | RITE AID | 2009 | 2039 | ||||||||||||||||||||||||||||||||||
| TACOMA (7) | 2006 | FEE | 14.5 | 156,916 | 85.9 | TJ MAXX | 2009 | 2009 | GALAXY THEATRES | 2008 | 2018 | OFFICE DEPOT | 2007 | 2012 | ||||||||||||||||||||||||||||||||||
| TUKWILA (8) | 2003 | JOINT VENTURE | 45.9 | 459,071 | 100.0 | THE BON MARCHE’ | 2009 | 2019 | BEST BUY | 2016 | 2031 | GART SPORTS | 2014 | 2029 | ||||||||||||||||||||||||||||||||||
| VANCOUVER (4) | 2003 | JOINT VENTURE | 32.2 | 230,000 | 100.0 | BEST BUY | 2017 | 2037 | OFFICE DEPOT | 2015 | 2035 | PETCO | 2015 | 2025 | ||||||||||||||||||||||||||||||||||
| VANCOUVER (7) | 2006 | FEE | 6.3 | 69,790 | 95.4 | SUPERMAX | 2016 | 2026 | HI SCHOOL PHARMACY | 2012 | 2017 | |||||||||||||||||||||||||||||||||||||
37
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| WEST VIRGINIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| CHARLES TOWN | 1985 | FEE | 22.0 | 208,950 | 96.0 | WAL-MART | 2017 | 2047 | STAPLES | 2016 | ||||||||||||||||||||||||||||||||||||||
| HUNTINGTON | 1993 | FEE | 19.5 | 2,400 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MARTINSBURG | 1986 | FEE | 6.0 | 43,212 | — | |||||||||||||||||||||||||||||||||||||||||||
| SOUTH CHARLESTON | 1999 | FEE | 14.8 | 147,753 | 98.6 | KROGER | 2008 | 2038 | TJ MAXX | 2011 | 2021 | |||||||||||||||||||||||||||||||||||||
| CANADA | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALBERTA | ||||||||||||||||||||||||||||||||||||||||||||||||
| SHOPPES @ SHAWNESSEY | 2002 | JOINT VENTURE | 16.3 | 162,988 | 100.0 | ZELLERS | 2011 | 2096 | ||||||||||||||||||||||||||||||||||||||||
| SHAWNESSY CENTRE | 2002 | JOINT VENTURE | 30.6 | 306,010 | 100.0 | FUTURE SHOP (BEST BUY) | 2009 | 2024 | LINEN N THINGS | 2015 | 2025 | BUSINESS DEPOT (STAPLES) | 2013 | 2028 | ||||||||||||||||||||||||||||||||||
| BRENTWOOD | 2002 | JOINT VENTURE | 31.2 | 312,331 | 99.7 | CANADA SAFEWAY | 2007 | 2032 | SEARS WHOLE HOME | 2010 | 2020 | LINEN N THINGS | 2016 | 2031 | ||||||||||||||||||||||||||||||||||
| SOUTH EDMONTON COMMON | 2002 | JOINT VENTURE | 42.9 | 428,745 | 100.0 | HOME OUTFITTERS | 2016 | 2031 | LONDON DRUGS | 2020 | 2057 | MICHAELS | 2011 | 2026 | ||||||||||||||||||||||||||||||||||
| GRANDE PRAIRIE III | 2002 | JOINT VENTURE | 6.3 | 63,413 | 100.0 | MICHAELS | 2011 | 2031 | WINNERS (TJ MAXX) | 2011 | 2026 | JYSK LINEN | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| BRITISH COLUMBIA | — | |||||||||||||||||||||||||||||||||||||||||||||||
| TILLICUM | 2002 | JOINT VENTURE | 45.5 | 455,493 | 100.0 | ZELLERS | 2013 | 2098 | SAFEWAY | 2023 | 2053 | WINNERS (TJ MAXX) | 2008 | 2023 | ||||||||||||||||||||||||||||||||||
| PRINCE GEORGE | 2001 | JOINT VENTURE | 37.3 | 372,725 | 96.4 | OVERWAITEE | 2018 | 2028 | THE BAY | 2013 | 2083 | LONDON DRUGS | 2017 | 2027 | ||||||||||||||||||||||||||||||||||
| STRAWBERRY HILL | 2002 | JOINT VENTURE | 33.3 | 332,809 | 100.0 | HOME DEPOT | 2016 | 2041 | CINEPLEX ODEON | 2014 | 2024 | WINNERS (TJ MAXX) | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| MISSION | 2001 | JOINT VENTURE | 27.1 | 271,462 | 100.0 | OVERWAITEE | 2018 | 2028 | FAMOUS PLAYERS | 2010 | 2030 | LONDON DRUGS | 2019 | 2046 | ||||||||||||||||||||||||||||||||||
| ABBOTSFORD | 2002 | JOINT VENTURE | 21.5 | 215,213 | 98.4 | ZELLERS | 2052 | 2082 | PETSMART | 2013 | 2033 | WINNERS (TJ MAXX) | 2008 | 2023 | ||||||||||||||||||||||||||||||||||
| CLEARBROOK | 2001 | JOINT VENTURE | 18.8 | 188,253 | 100.0 | SAFEWAY | 2007 | 2037 | STAPLES | 2012 | 2022 | LANDMARK CINEMAS | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| SURREY | 2001 | JOINT VENTURE | 17.1 | 170,725 | 100.0 | CANADA SAFEWAY | 2011 | 2061 | LONDON DRUGS | 2011 | 2021 | |||||||||||||||||||||||||||||||||||||
| LANGLEY POWER CENTER | 2003 | JOINT VENTURE | 22.8 | 228,314 | 99.6 | WINNERS (TJ MAXX) | 2012 | 2027 | MICHAELS | 2011 | 2021 | FUTURE SHOP (BEST BUY) | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| LANGLEY GATE | 2002 | JOINT VENTURE | 15.2 | 151,802 | 100.0 | SEARS | 2008 | 2018 | PETSMART | 2008 | 2038 | WINNERS (TJ MAXX) | 2007 | 2017 | ||||||||||||||||||||||||||||||||||
| ONTARIO | ||||||||||||||||||||||||||||||||||||||||||||||||
| THICKSON RIDGE | 2002 | JOINT VENTURE | 36.3 | 363,039 | 100.0 | WINNERS (TJ MAXX) | 2013 | 2023 | FUTURE SHOP (BEST BUY) | 2011 | 2016 | SEARS WHOLE HOME | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| SHOPPERS WORLD ALBION | 2002 | JOINT VENTURE | 34.9 | 349,399 | 98.2 | CANADIAN TIRE | 2014 | 2029 | FORTINO’S | 2010 | 2030 | |||||||||||||||||||||||||||||||||||||
| SHOPPERS WORLD DANFORTH | 2002 | JOINT VENTURE | 32.8 | 328,202 | 100.0 | ZELLERS | 2009 | 2029 | DOMINION | 2018 | 2028 | BUSINESS DEPOT (STAPLES) | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| LINCOLN FIELDS | 2002 | JOINT VENTURE | 29.0 | 289,869 | 96.0 | WAL MART | 2010 | 2025 | LOEB (GROUND) | 2009 | 2024 | CAA OTTAWA | 2007 | 2015 | ||||||||||||||||||||||||||||||||||
| 404 TOWN CENTRE | 2002 | JOINT VENTURE | 24.9 | 249,379 | 100.0 | ZELLERS | 2009 | 2024 | A & | P | 2007 | 2027 | NATIONAL GYM CLOTHING | 2019 | 2024 | |||||||||||||||||||||||||||||||||
| SUDBURY | 2002 | JOINT VENTURE | 23.4 | 234,299 | 100.0 | FAMOUS PLAYERS | 2019 | 2039 | BUSINESS DEPOT (STAPLES) | 2014 | 2024 | CHAPTERS | 2010 | 2030 | ||||||||||||||||||||||||||||||||||
| SUDBURY | 2004 | JOINT VENTURE | 17.0 | 169,555 | 100.0 | WINNERS (TJ MAXX) | 2015 | 2030 | LINEN N THINGS | 2016 | 2031 | MICHAELS | 2015 | 2035 | ||||||||||||||||||||||||||||||||||
| CLARKSON CROSSING | 2004 | JOINT VENTURE | 21.3 | 213,052 | 100.0 | CANADIAN TIRE | 2023 | 2043 | A & | P | 2023 | 2048 | ||||||||||||||||||||||||||||||||||||
| GREEN LANE CENTRE | 2003 | JOINT VENTURE | 16.0 | 160,195 | 100.0 | LINEN N THINGS | 2014 | 2029 | MICHAELS | 2013 | 2033 | PETSMART | 2014 | 2039 | ||||||||||||||||||||||||||||||||||
| KENDALWOOD | 2002 | JOINT VENTURE | 15.6 | 156,274 | 97.4 | PRICE CHOPPER | 2013 | 2038 | VALUE VILLAGE | 2008 | 2028 | SHOPPERS DRUG MART | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| LEASIDE | 2002 | JOINT VENTURE | 13.3 | 133,035 | 100.0 | CANADIAN TIRE | 2011 | 2036 | FUTURE SHOP (BEST BUY) | 2011 | 2021 | PETSMART | 2012 | 2037 | ||||||||||||||||||||||||||||||||||
| DONALD PLAZA | 2002 | JOINT VENTURE | 9.1 | 91,462 | 95.9 | WINNERS (TJ MAXX) | 2008 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| ST. LAURANT | 2002 | JOINT VENTURE | 12.6 | 125,984 | 98.0 | ZELLERS | 2017 | 2046 | LOEB | 2008 | 2023 | |||||||||||||||||||||||||||||||||||||
| BOULEVARD CENTRE III | 2004 | JOINT VENTURE | 8.3 | 82,961 | 100.0 | FOOD BASICS | 2025 | 2055 | ||||||||||||||||||||||||||||||||||||||||
| RIOCAN GRAND PARK | 2003 | JOINT VENTURE | 11.9 | 118,637 | 100.0 | SHOPPERS DRUG MART | 2018 | 2038 | WINNERS (TJ MAXX) | 2014 | 2024 | BUSINESS DEPOT (STAPLES) | 2011 | 2021 | ||||||||||||||||||||||||||||||||||
| WALKER PLACE | 2002 | JOINT VENTURE | 7.0 | 69,857 | 100.0 | COMMISSO’S | 2012 | 2032 | ||||||||||||||||||||||||||||||||||||||||
| SCARBOROUGH | 2005 | JOINT VENTURE | 2.3 | 20,506 | 100.0 | AGINCOURT NISSAN LIMITED | 2020 | |||||||||||||||||||||||||||||||||||||||||
| SCARBOROUGH | 2005 | JOINT VENTURE | 1.8 | 13,433 | 100.0 | MORNINGSIDE NISSAN LIMITED | 2020 | |||||||||||||||||||||||||||||||||||||||||
| MARKETPLACE TORONTO | 2002 | JOINT VENTURE | 17.1 | 171,088 | 100.0 | WINNERS (TJ MAXX) | 2014 | 2029 | MARK’S WORK WEARHOUSE | 2015 | 2025 | SEARS APPLIANCE | 2015 | 2025 | ||||||||||||||||||||||||||||||||||
| PRINCE EDWARD ISLAND | ||||||||||||||||||||||||||||||||||||||||||||||||
| CHARLOTTETOWN | 2002 | JOINT VENTURE | 39.1 | 390,988 | 97.2 | ZELLERS | 2019 | 2079 | WINNERS (TJ MAXX) | 2009 | 2019 | WEST ROYALTY FITNESS | 2010 | 2015 | ||||||||||||||||||||||||||||||||||
| QUEBEC | ||||||||||||||||||||||||||||||||||||||||||||||||
| GREENFIELD PARK | 2002 | JOINT VENTURE | 36.4 | 364,003 | 100.0 | WINNERS (TJ MAXX) | 2011 | 2021 | BUREAU EN GROS (STAPLES) | 2007 | 2022 | GUZZO CINEMA | 2019 | 2039 | ||||||||||||||||||||||||||||||||||
| JACQUES CARTIER | 2002 | JOINT VENTURE | 21.2 | 211,805 | 96.1 | GUZZO CINEMA | 2010 | 2040 | VALUE VILLAGE | 2008 | 2028 | IGA | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| CHATEAUGUAY | 2002 | JOINT VENTURE | 21.1 | 211,368 | 97.2 | SUPER C | 2008 | 2028 | HART | 2015 | 2025 | |||||||||||||||||||||||||||||||||||||
| MEXICO | ||||||||||||||||||||||||||||||||||||||||||||||||
| BAJA CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| MEXICALI | 2006 | FEE | 11.8 | 118,047 | 100.0 | CINEPOLIS | ||||||||||||||||||||||||||||||||||||||||||
| MEXICALI (4) | 2006 | FEE | 10.3 | 103,000 | 100.0 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| TIJUANA (4) | 2005 | JOINT VENTURE | 38.7 | 182,000 | 100.0 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| CHIHUAHUA | ||||||||||||||||||||||||||||||||||||||||||||||||
| JUAREZ | 2003 | JOINT VENTURE | 23.8 | 238,135 | 88.9 | SORIANA | ||||||||||||||||||||||||||||||||||||||||||
| JUAREZ (4) | 2006 | FEE | 11.8 | 118,000 | 100.0 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| COAHUILA | ||||||||||||||||||||||||||||||||||||||||||||||||
| SALTILLO PLAZA | 2002 | JOINT VENTURE | 17.4 | 173,772 | 98.0 | HEB | ||||||||||||||||||||||||||||||||||||||||||
| SALTILLO (4) | 2005 | FEE | 25.8 | 252,000 | 100.0 | HEB | CINEPOLIS | |||||||||||||||||||||||||||||||||||||||||
| GUERRERO | ||||||||||||||||||||||||||||||||||||||||||||||||
| ACAPULCO | 2005/ 2006 | FEE | 31.6 | 316,005 | 100.0 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| HIDALGO | ||||||||||||||||||||||||||||||||||||||||||||||||
| PACHUCA (4) | 2005 | JOINT VENTURE | 13.7 | 132,000 | 100.0 | HOME DEPOT | ||||||||||||||||||||||||||||||||||||||||||
| PACHUCA (4) | 2005 | FEE | 11.2 | 140,000 | 100.0 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| JALISCO | ||||||||||||||||||||||||||||||||||||||||||||||||
| GUADALAJARA | 2006 | FEE | 10.0 | 99,717 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| GUADALAJARA | 2005 | FEE | 12.9 | 129,198 | 84.5 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| GUADALAJARA (4) | 2005 | JOINT VENTURE | 24.0 | 571,000 | 100.0 | WAL-MART | CINEPOLIS | SUBURBIA | ||||||||||||||||||||||||||||||||||||||||
| GUADALAJARA (4) | 2006 | FEE | 17.0 | 170,000 | 100.0 | WAL-MART | CINEPOLIS | |||||||||||||||||||||||||||||||||||||||||
| PUERTO VALLARTA (4) | 2006 | FEE | 7.2 | 72,000 | 100.0 | SORIANA | ||||||||||||||||||||||||||||||||||||||||||
| MEXICO | ||||||||||||||||||||||||||||||||||||||||||||||||
| HUEHUETOCA | 2004 | JOINT VENTURE | 17.1 | 170,836 | 82.3 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| TECAMAC (4) | 2006 | FEE | 8.2 | 82,000 | 100.0 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| MEXICO CITY | ||||||||||||||||||||||||||||||||||||||||||||||||
| TLALNEPANTLA (4) | 2005 | JOINT VENTURE | 14.7 | 356,000 | 100.0 | WAL-MART | CINEPOLIS | SUBURBIA | ||||||||||||||||||||||||||||||||||||||||
| MEXICO CITY (4) | 2005 | FEE | 0.7 | 22,000 | 100.0 | MERCEDES BENZ | ||||||||||||||||||||||||||||||||||||||||||
| MORELOS | ||||||||||||||||||||||||||||||||||||||||||||||||
| CUAUTLA (4) | 2006 | FEE | 23.3 | 233,000 | 100.0 | WAL-MART | SAMS | |||||||||||||||||||||||||||||||||||||||||
| NUEVO LEON | ||||||||||||||||||||||||||||||||||||||||||||||||
| MONTERREY | 2002 | JOINT VENTURE | 26.5 | 265,360 | 95.0 | HEB | ||||||||||||||||||||||||||||||||||||||||||
| MONTERREY (4) | 2006 | FEE | 9.8 | 98,000 | 100.0 | HEB | ||||||||||||||||||||||||||||||||||||||||||
| ESCOBEDO (4) | 2006 | JOINT VENTURE | 9.2 | 92,000 | 100.0 | HEB | ||||||||||||||||||||||||||||||||||||||||||
| OAXACA | ||||||||||||||||||||||||||||||||||||||||||||||||
| TUXTEPEC | 2005 | FEE | 9.3 | 92,807 | 97.5 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| QUERETARO | ||||||||||||||||||||||||||||||||||||||||||||||||
| SAN JUAN DEL RIO (4) | 2006 | FEE | 8.4 | 84,000 | 100.0 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| QUINTANA ROO | ||||||||||||||||||||||||||||||||||||||||||||||||
| CANCUN | 2005 | FEE | 9.1 | 91,139 | 87.5 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| SAN LUIS POTOSI | ||||||||||||||||||||||||||||||||||||||||||||||||
| SAN LUIS | 2004 | FEE | 12.1 | 121,324 | 95.7 | HEB | ||||||||||||||||||||||||||||||||||||||||||
| TAMAULIPAS | ||||||||||||||||||||||||||||||||||||||||||||||||
| REYNOSA | 2004 | JOINT VENTURE | 39.1 | 391,399 | 92.9 | HEB | ||||||||||||||||||||||||||||||||||||||||||
| NUEVO LAREDO (4) | 2006 | FEE | 11.0 | 110,000 | 100.0 | WAL-MART | ||||||||||||||||||||||||||||||||||||||||||
| TOTAL 915 SHOPPING CENTER PROPERTY INTERESTS | 14,573 | 128,863,386 | ||||||||||||||||||||||||||||||||||||||||||||||
38
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| US PREFERRED EQUITY INVESTMENTS (RETAIL ASSETS ONLY) | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALASKA | ||||||||||||||||||||||||||||||||||||||||||||||||
| ANCHORAGE (3) | 2006 | JOINT VENTURE | 5.9 | 85,163 | 86.8 | COMPUSA | 2011 | 2026 | ||||||||||||||||||||||||||||||||||||||||
| ALABAMA | ||||||||||||||||||||||||||||||||||||||||||||||||
| BOAZ | 2006 | JOINT VENTURE | 2.6 | 27,900 | 93.5 | DOLLAR TREE | 2009 | 2013 | ||||||||||||||||||||||||||||||||||||||||
| ARIZONA | ||||||||||||||||||||||||||||||||||||||||||||||||
| TUSCON | 2006 | JOINT VENTURE | 57.3 | 503,084 | 97.5 | LOEWS/CINEPLEX ODEON | 2017 | 2037 | LINENS ‘N THINGS | 2013 | 2023 | BARNES & NOBLE | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| CHATSWORTH | 2003 | JOINT VENTURE | 6.8 | 75,875 | 100.0 | KAHOOTS | 2014 | 2024 | SMART & FINAL | 2014 | 2034 | TRADER JOE’S COMPANY | 2014 | 2029 | ||||||||||||||||||||||||||||||||||
| HAWTHORNE | 2003 | JOINT VENTURE | 14.4 | 182,605 | 100.0 | KROGER (FOOD 4 LESS) | 2012 | 2042 | SPORTMART | 2008 | 2028 | ROSS STORES INC. | 2009 | 2024 | ||||||||||||||||||||||||||||||||||
| HAWTHORNE | 2004 | JOINT VENTURE | 0.5 | 21,507 | 100.0 | OFFICE DEPOT | 2019 | 2038 | ||||||||||||||||||||||||||||||||||||||||
| COLORADO | ||||||||||||||||||||||||||||||||||||||||||||||||
| LA JUNTA | 2006 | JOINT VENTURE | 2.9 | 20,500 | 84.4 | |||||||||||||||||||||||||||||||||||||||||||
| FLORIDA | ||||||||||||||||||||||||||||||||||||||||||||||||
| AUBURNDALE (2) | 2006 | JOINT VENTURE | 4.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| BRANDON (4) | 2006 | JOINT VENTURE | 4.6 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| CLEARWATER | 2004 | JOINT VENTURE | 8.4 | 84,441 | 98.8 | KASH N KARRY | 2009 | 2034 | WALGREEN’S | 2009 | ||||||||||||||||||||||||||||||||||||||
| DELTONA | 2004 | JOINT VENTURE | 7.0 | 80,567 | 95.0 | WINN DIXIE | 2009 | 2034 | PET SUPERMARKET | 2009 | 2029 | |||||||||||||||||||||||||||||||||||||
| JACKSONVILLE (2) | 2006 | JOINT VENTURE | 4.8 | — | ||||||||||||||||||||||||||||||||||||||||||||
| LOXAHATCHEE | 2003 | JOINT VENTURE | 8.5 | 75,194 | 100.0 | WINN DIXIE | 2019 | 2054 | ||||||||||||||||||||||||||||||||||||||||
| MIAMI | 2004 | JOINT VENTURE | 50.0 | 651,011 | 97.4 | HOME DEPOT | 2028 | 2058 | TIGER DIRECT | 2010 | 2020 | AMC CINEMA | 2009 | |||||||||||||||||||||||||||||||||||
| PEMBROKE PINES | 2004 | JOINT VENTURE | 15.5 | 137,259 | 96.4 | BRAVO SUPERMARKETS | 2007 | 2032 | ASSOCIATION OF BUILDERS | 2007 | EEMAC INC | 2011 | 2021 | |||||||||||||||||||||||||||||||||||
| PERRY | 2006 | JOINT VENTURE | 1.6 | 15,300 | 97.4 | |||||||||||||||||||||||||||||||||||||||||||
| SARASOTA | 2005 | JOINT VENTURE | 12.6 | 148,348 | 100.0 | OFFICE DEPOT | 2015 | 2025 | PETSMART | 2008 | 2033 | JO-ANN FABRIC | 2008 | 2018 | ||||||||||||||||||||||||||||||||||
| SPRING HILL | 2003 | JOINT VENTURE | 7.3 | 69,917 | 100.0 | WINN DIXIE | 2010 | 2035 | ||||||||||||||||||||||||||||||||||||||||
| TAMPA | 2004 | JOINT VENTURE | 11.4 | 100,538 | 98.3 | KASH N KARRY | 2015 | 2035 | US POSTAL SERVICE | 2010 | BEALL’S OUTLET | 2008 | ||||||||||||||||||||||||||||||||||||
| TAMPA | 2005 | JOINT VENTURE | 11.5 | 100,200 | 100.0 | PUBLIX | 2011 | 2026 | ||||||||||||||||||||||||||||||||||||||||
| WELLINGTON | 2002 | JOINT VENTURE | 18.7 | 171,955 | 73.0 | WELLINGTON THEATRE | 2008 | 2018 | WALGREEN’S | 2029 | CLUB FITNESS WORKS | 2012 | ||||||||||||||||||||||||||||||||||||
| GEORGIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| AUGUSTA | 2005 | JOINT VENTURE | 12.7 | 258,325 | 99.6 | |||||||||||||||||||||||||||||||||||||||||||
| MOULTRIE | 2006 | JOINT VENTURE | 22.4 | 196,589 | 99.2 | WAL MART | 2017 | 2047 | ||||||||||||||||||||||||||||||||||||||||
| ILLINOIS | ||||||||||||||||||||||||||||||||||||||||||||||||
| LANSING | 2005 | JOINT VENTURE | 52.8 | 320,184 | 98.3 | WAL-MART | 2020 | 2070 | OFFICE DEPOT | 2012 | 2037 | JO-ANN FABRIC | 2008 | 2018 | ||||||||||||||||||||||||||||||||||
| INDIANA | ||||||||||||||||||||||||||||||||||||||||||||||||
| NEW ALBANY | 2004 | JOINT VENTURE | 7.6 | 31,753 | 96.0 | |||||||||||||||||||||||||||||||||||||||||||
| NEW ALBANY | 2004 | JOINT VENTURE | 2.0 | 10,554 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| NEW ALBANY (4) | 2004 | JOINT VENTURE | 6.8 | 22,320 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| SHELBYVILLE | 2006 | JOINT VENTURE | 1.5 | 14,150 | 77.4 | |||||||||||||||||||||||||||||||||||||||||||
| TELL CITY | 2006 | JOINT VENTURE | 2.3 | 27,000 | 77.8 | |||||||||||||||||||||||||||||||||||||||||||
| IOWA | ||||||||||||||||||||||||||||||||||||||||||||||||
| FORT DODGE | 2006 | JOINT VENTURE | 3.1 | 33,700 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| KEOKUK | 2006 | JOINT VENTURE | 1.0 | 10,160 | 72.4 | |||||||||||||||||||||||||||||||||||||||||||
| MARSHALLTOWN | 2006 | JOINT VENTURE | 3.1 | 22,900 | 86.0 | |||||||||||||||||||||||||||||||||||||||||||
| NEWTON | 2006 | JOINT VENTURE | 1.9 | 20,300 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| OSKALOOSA | 2006 | JOINT VENTURE | 2.0 | 20,700 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| OTTUMWA | 2006 | JOINT VENTURE | 3.0 | 22,200 | 92.8 | |||||||||||||||||||||||||||||||||||||||||||
| WEST BURLINGTON | 2006 | JOINT VENTURE | 2.9 | 26,100 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| WEST DES MOINES | 2006 | JOINT VENTURE | 7.6 | 53,423 | 82.6 | |||||||||||||||||||||||||||||||||||||||||||
| KENTUCKY | ||||||||||||||||||||||||||||||||||||||||||||||||
| LOUISVILLE | 2006 | JOINT VENTURE | 36.3 | 156,672 | 100.0 | BEST BUY | 2021 | 2056 | TJ MAXX | 2008 | GOODY’S | 2009 | 2029 | |||||||||||||||||||||||||||||||||||
| RADCLIFF | 2006 | JOINT VENTURE | 4.7 | 36,900 | 92.4 | |||||||||||||||||||||||||||||||||||||||||||
| LOUISIANA | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALEXANDRIA | 2006 | JOINT VENTURE | 2.2 | 20,400 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MINDEN | 2006 | JOINT VENTURE | 3.1 | 27,300 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| PINEVILLE | 2006 | JOINT VENTURE | 3.0 | 32,200 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| SHREVEPORT | 2005 | JOINT VENTURE | 18.4 | 93,669 | 100.0 | OFFICE MAX | 2012 | 2032 | BARNES & NOBLE | 2013 | 2028 | OLD NAVY | 2012 | |||||||||||||||||||||||||||||||||||
| SHREVEPORT | 2006 | JOINT VENTURE | 8.4 | 78,591 | 81.2 | MICHAELS | 2014 | 2034 | DOLLAR TREE | 2010 | 2025 | |||||||||||||||||||||||||||||||||||||
| ZACHARY | 2006 | JOINT VENTURE | 3.2 | 29,600 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MASSACHUSETTS | ||||||||||||||||||||||||||||||||||||||||||||||||
| HAVERHILL | 2006 | JOINT VENTURE | 6.9 | 63,203 | 94.8 | |||||||||||||||||||||||||||||||||||||||||||
| MISSISSIPPI | ||||||||||||||||||||||||||||||||||||||||||||||||
| PETAL | 2006 | JOINT VENTURE | 3.2 | 30,180 | 94.7 | |||||||||||||||||||||||||||||||||||||||||||
| RIDGELAND | 2005 | JOINT VENTURE | 3.3 | 41,079 | 85.4 | |||||||||||||||||||||||||||||||||||||||||||
| RIDGELAND | 2005 | JOINT VENTURE | 3.8 | 61,568 | 85.5 | PARTY CITY | 2009 | |||||||||||||||||||||||||||||||||||||||||
| RIDGELAND | 2005 | JOINT VENTURE | 6.0 | 81,626 | 100.0 | ACADEMY SPORTS | 2019 | 2029 | ||||||||||||||||||||||||||||||||||||||||
| NEW HAMPSHIRE | ||||||||||||||||||||||||||||||||||||||||||||||||
| LANCASTER | 2006 | JOINT VENTURE | 10.8 | 50,080 | 100.0 | SHAW’S SUPERMARKET | 2018 | 2048 | ||||||||||||||||||||||||||||||||||||||||
| LITTLETON | 2006 | JOINT VENTURE | 43.0 | 34,583 | 100.0 | STAPLES | 2015 | 2020 | ||||||||||||||||||||||||||||||||||||||||
| NEWPORT | 2006 | JOINT VENTURE | 20.0 | 117,828 | 92.5 | SHAW’S SUPERMARKET | 2015 | 2031 | ||||||||||||||||||||||||||||||||||||||||
| WOODSVILLE | 2006 | JOINT VENTURE | 1.7 | 11,280 | 100.0 | RITE AID | 2017 | 2042 | ||||||||||||||||||||||||||||||||||||||||
| WOODSVILLE | 2006 | JOINT VENTURE | 3.5 | 39,000 | 100.0 | SHAW’S SUPERMARKET | 2015 | 2030 | ||||||||||||||||||||||||||||||||||||||||
| OHIO | ||||||||||||||||||||||||||||||||||||||||||||||||
| WAUSEON | 2006 | JOINT VENTURE | 1.6 | 13,100 | 72.5 | |||||||||||||||||||||||||||||||||||||||||||
| OKLAHOMA | ||||||||||||||||||||||||||||||||||||||||||||||||
| DURANT | 2006 | JOINT VENTURE | 3.5 | 32,200 | 82.6 | |||||||||||||||||||||||||||||||||||||||||||
| NEWCASTLE | 2006 | JOINT VENTURE | 1.5 | 11,600 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| SHAWNEE | 2006 | JOINT VENTURE | 3.1 | 35,640 | 100.0 | DOLLAR TREE | 2007 | 2019 | ||||||||||||||||||||||||||||||||||||||||
| PENNSLYVANIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| FAIRVIEW TOWNSHIP | 2005 | JOINT VENTURE | 6.8 | 71,979 | 100.0 | GIANT | 2017 | 2037 | ||||||||||||||||||||||||||||||||||||||||
| HALIFAX TOWNSHIP | 2005 | JOINT VENTURE | 8.5 | 54,150 | 100.0 | GIANT | 2019 | 2039 | ||||||||||||||||||||||||||||||||||||||||
| HOWE TOWNSHIP | 2005 | JOINT VENTURE | 12.1 | 66,789 | 100.0 | GIANT | 2021 | 2041 | RITE AID | 2016 | 2026 | |||||||||||||||||||||||||||||||||||||
| PITTSBURGH | 2004 | JOINT VENTURE | 23.8 | 166,789 | 94.4 | LINENS ‘N THINGS | 2016 | 2031 | TJ MAXX | 2010 | 2020 | STAPLES | 2015 | 2030 | ||||||||||||||||||||||||||||||||||
| WILLIAMSPORT | 2002 | JOINT VENTURE | 29.0 | 293,825 | 100.0 | K MART | 2011 | 2026 | GIANT | 2019 | 2049 | STAPLES | 2014 | 2029 | ||||||||||||||||||||||||||||||||||
| TENNESSEE | ||||||||||||||||||||||||||||||||||||||||||||||||
| PULASKI | 2006 | JOINT VENTURE | 3.0 | 28,100 | 94.3 | |||||||||||||||||||||||||||||||||||||||||||
| TEXAS | ||||||||||||||||||||||||||||||||||||||||||||||||
| AUSTIN | 2006 | JOINT VENTURE | 4.2 | 40,000 | 100.0 | DAVE AND BUSTERS | 2019 | 2034 | ||||||||||||||||||||||||||||||||||||||||
| AUSTIN | 2006 | JOINT VENTURE | 10.2 | 88,829 | 88.1 | BARNES & NOBLE | 2014 | 2029 | PETCO | 2011 | 2021 | |||||||||||||||||||||||||||||||||||||
| AUSTIN | 2006 | JOINT VENTURE | 4.8 | 54,651 | 100.0 | CONN’S ELECTRIC | 2010 | 2020 | ||||||||||||||||||||||||||||||||||||||||
| AUSTIN | 2006 | JOINT VENTURE | 19.8 | 210,520 | 99.2 | ACADEMY SPORTS | 2012 | 2022 | PACIFIC RESOURCES | 2011 | 2031 | GOLD’S TEXAS HOLDINGS, L.P. | 2012 | 2022 | ||||||||||||||||||||||||||||||||||
| AUSTIN | 2006 | JOINT VENTURE | 10.9 | 131,039 | 96.2 | 24 HOUR FITNESS | 2024 | 2034 | DOLLAR TREE | 2011 | 2025 | |||||||||||||||||||||||||||||||||||||
| AUSTIN | 2004 | JOINT VENTURE | 20.0 | 92,030 | 93.0 | OSHMAN’S | 2014 | 2029 | BED BATH & BEYOND | 2014 | 2029 | |||||||||||||||||||||||||||||||||||||
| AUSTIN | 2005 | GROUND LEASE (2082)/ JOINT VENTURE | 15.6 | 178,700 | 72.4 | GOLD’S TEXAS HOLDINGS, L.P. | 2014 | 2019 | HEB GROCERY COMPANY, LP | 2009 | 2011 | K & R COMPANY- AMERICUS DIMOND | 2012 | 2012 | ||||||||||||||||||||||||||||||||||
| BELTON | 2006 | JOINT VENTURE | 3.4 | 28,060 | 95.7 | DOLLAR TREE | 2009 | 2019 | ||||||||||||||||||||||||||||||||||||||||
| CARROLLTON | 2006 | JOINT VENTURE | 1.8 | 14,950 | 27.0 | |||||||||||||||||||||||||||||||||||||||||||
39
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| CARROLLTON | 2006 | JOINT VENTURE | 2.0 | 18,740 | 88.0 | |||||||||||||||||||||||||||||||||||||||||||
| DALLAS | 2004 | JOINT VENTURE | 11.7 | 166,625 | 100.0 | STEIN MART | 2011 | 2021 | PARTY CITY | 2008 | 2018 | DOLLAR TREE | 2007 | 2022 | ||||||||||||||||||||||||||||||||||
| FT. WORTH | 2005 | JOINT VENTURE | 6.4 | 68,492 | 87.9 | |||||||||||||||||||||||||||||||||||||||||||
| GEORGETOWN | 2005 | JOINT VENTURE | 12.1 | 115,158 | 92.6 | DOLLAR TREE | 2010 | CVS | 2009 | |||||||||||||||||||||||||||||||||||||||
| KILLEEN (4) | 2006 | JOINT VENTURE | 3.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| LAKE JACKSON (4) | 2006 | JOINT VENTURE | 8.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| PAMPA | 2006 | JOINT VENTURE | 1.5 | 16,160 | 75.2 | |||||||||||||||||||||||||||||||||||||||||||
| PLAINVIEW | 2006 | JOINT VENTURE | 3.4 | 31,720 | 79.1 | |||||||||||||||||||||||||||||||||||||||||||
| SAN ANTONIO | 2003 | JOINT VENTURE | 8.1 | 102,363 | 97.0 | GREENHOUSE GALLERY | 2010 | 2025 | HOLLYWOOD VIDEO | 2010 | 2025 | |||||||||||||||||||||||||||||||||||||
| SAN MARCOS | 2005 | JOINT VENTURE | 17.0 | 185,092 | 98.0 | HOBBY LOBBY | 2013 | 2023 | HASTINGS ENTERTAINMENT INC | 2009 | 2019 | TRACTOR SUPPLY COMPANY | 2008 | 2013 | ||||||||||||||||||||||||||||||||||
| SOUTHLAKE | 2005 | JOINT VENTURE | 15.1 | 133,772 | 94.6 | HOBBY LOBBY | 2021 | 2031 | ||||||||||||||||||||||||||||||||||||||||
| SOUTHLAKE (4) | 2004 | GROUND LEASE (2089)/ JOINT VENTURE | 1.4 | 61,605 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| TYLER | 2006 | JOINT VENTURE | 3.3 | 35,840 | 100.0 | DOLLAR TREE | 2011 | 2018 | ||||||||||||||||||||||||||||||||||||||||
| CANADA PREFERRED EQUITY INVESTMENTS (RETAIL ASSETS ONLY) | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALBERTA | ||||||||||||||||||||||||||||||||||||||||||||||||
| CALGARY | 2004 | JOINT VENTURE | 9.0 | 172,697 | 90.8 | WINNERS APPAREL LTD. | 2012 | 2022 | THE HOUSE OF TOOLS | 2010 | 2015 | RUSSELL SPORTING | 2010 | 2015 | ||||||||||||||||||||||||||||||||||
| CALGARY | 2004 | JOINT VENTURE | 10.0 | 123,084 | 98.6 | PIER ONE | 2014 | 2028 | NOVA SCOTIA COMPANY | 2015 | 2035 | WINNERS MERCHANTS INT. LP | 2014 | 2025 | ||||||||||||||||||||||||||||||||||
| CALGARY | 2005 | JOINT VENTURE | 0.3 | 6,308 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| HINTON | 2004 | JOINT VENTURE | 18.5 | 137,917 | 92.4 | WAL-MART CANADA CORP. | 2011 | 2036 | CANADA SAFEWAY | 2010 | 2045 | |||||||||||||||||||||||||||||||||||||
| LETHBRIDGE | 2005 | JOINT VENTURE | 0.3 | 7,168 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| LETHBRIDGE | 2005 | JOINT VENTURE | 0.2 | 4,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| LETHBRIDGE | 2006 | JOINT VENTURE | 25.6 | 368,419 | 99.3 | CANADIAN TIRE | 2009 | 2029 | ||||||||||||||||||||||||||||||||||||||||
| BRITISH COLUMBIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| KAMLOOPS (4) | 2005 | JOINT VENTURE | 9.7 | - | - | WINNERS | 2016 | 2031 | JYSK | 2016 | 2034 | |||||||||||||||||||||||||||||||||||||
| WESTBANK (4) | 2006 | JOINT VENTURE | 25.9 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| 100 MILE HOUSE | 2004 | JOINT VENTURE | 7.2 | 69,023 | 100.0 | SAAN | 2008 | 2013 | SAVE ON FOOD & DRUGS | 2007 | 2035 | |||||||||||||||||||||||||||||||||||||
| BURNABY | 2005 | JOINT VENTURE | 0.6 | 8,788 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| COURTENAY | 2005 | JOINT VENTURE | 0.3 | 4,024 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| GIBSONS | 2004 | JOINT VENTURE | 10.3 | 103,596 | 95.5 | LONDON DRUGS LTD. | 2021 | 2031 | SUPER VALU | 2007 | 2012 | CHEVRON CANADA LTD. | 2007 | 2022 | ||||||||||||||||||||||||||||||||||
| LANGLEY | 2004 | JOINT VENTURE | 7.6 | 34,895 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| PORT ALBERNI | 2004 | JOINT VENTURE | 2.5 | 32,866 | 100.0 | BUY-LOW FOODS | 2012 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| PRINCE GEORGE | 2004 | JOINT VENTURE | 8.0 | 77,931 | 98.6 | SAVE ON FOOD & DRUGS | 2008 | 2027 | SHOPPERS REALTY INC. | 2014 | 2044 | |||||||||||||||||||||||||||||||||||||
| SURREY | 2004 | JOINT VENTURE | 8.0 | 115,117 | 96.1 | SAFEWAY STORE | 2012 | 2033 | THEATRE NEAR YOU | 2008 | 2013 | |||||||||||||||||||||||||||||||||||||
| TRAIL | 2004 | JOINT VENTURE | 15.9 | 187,713 | 91.3 | ZELLERS | 2009 | 2019 | EXTRA FOODS | 2014 | 2044 | |||||||||||||||||||||||||||||||||||||
| VANCOUVER | 2004 | JOINT VENTURE | 3.0 | 35,858 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| WESTBANK | 2004 | JOINT VENTURE | 9.7 | 113,141 | 98.1 | SAVE ON FOOD & DRUGS | 2007 | 2037 | SHOPPER’S DRUGMART | 2015 | 2045 | G&G HARDWARE | 2011 | |||||||||||||||||||||||||||||||||||
| MANITOBA | ||||||||||||||||||||||||||||||||||||||||||||||||
| WINNIPEG | 2005 | JOINT VENTURE | 0.4 | 4,200 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| NEW BRUNSWICK | ||||||||||||||||||||||||||||||||||||||||||||||||
| FREDERICTON | 2005 | JOINT VENTURE | 0.6 | 6,742 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MONCTON | 2005 | JOINT VENTURE | 0.4 | 4,655 | — | |||||||||||||||||||||||||||||||||||||||||||
| NEWFOUNDLAND | ||||||||||||||||||||||||||||||||||||||||||||||||
| ST. JOHN’S | 2006 | JOINT VENTURE | 25.8 | 457,768 | 86.2 | SEARS | 2008 | 2038 | CONVERGYS CALL CENTRE | 2016 | 2019 | SPORT CHEK | 2009 | |||||||||||||||||||||||||||||||||||
| ONTARIO | ||||||||||||||||||||||||||||||||||||||||||||||||
| KITCHENER | 2006 | JOINT VENTURE | 2.0 | 13,450 | 100.0 | VALUE VILLAGE | 2011 | 2026 | ||||||||||||||||||||||||||||||||||||||||
| KITCHENER | 2006 | JOINT VENTURE | 5.0 | 66,579 | 90.7 | |||||||||||||||||||||||||||||||||||||||||||
| LONDON | 2004 | JOINT VENTURE | 6.9 | 86,612 | 98.7 | FAMOUS PLAYERS THEATRE | 2015 | 2035 | ||||||||||||||||||||||||||||||||||||||||
| SUDBURY | 2006 | JOINT VENTURE | 5.4 | 40,128 | 100.0 | PRICE CHOPPER | 2012 | 2022 | LIQUIDATION WORLD | 2007 | ||||||||||||||||||||||||||||||||||||||
| WATERLOO | 2005 | JOINT VENTURE | 10.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| BARRIE | 2005 | JOINT VENTURE | 1.1 | 4,748 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| BARRIE | 2005 | JOINT VENTURE | 1.6 | 1,680 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| BARRIE | 2005 | JOINT VENTURE | 1.6 | 6,897 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| BRANTFORD | 2005 | JOINT VENTURE | 0.8 | 12,894 | 90.7 | |||||||||||||||||||||||||||||||||||||||||||
| BURLINGTON | 2005 | JOINT VENTURE | 0.8 | 9,126 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| CAMBRIDGE | 2005 | JOINT VENTURE | 1.3 | 15,730 | 97.1 | |||||||||||||||||||||||||||||||||||||||||||
| CORNWALL | 2005 | JOINT VENTURE | 0.3 | 4,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| GUELPH | 2005 | JOINT VENTURE | 0.8 | 3,600 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| HAMILTON | 2005 | JOINT VENTURE | 0.3 | 6,500 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| HAMILTON | 2005 | JOINT VENTURE | 0.5 | 10,441 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| HAMILTON | 2005 | JOINT VENTURE | 0.3 | 4,125 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| LONDON | 2005 | JOINT VENTURE | 0.4 | 8,152 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| LONDON | 2005 | JOINT VENTURE | 0.6 | 5,700 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MISSISSAUGA | 2005 | JOINT VENTURE | 1.8 | 31,091 | 95.3 | ESTATE HARDWOOD | 2010 | 2015 | ||||||||||||||||||||||||||||||||||||||||
| NORTH BAY | 2005 | JOINT VENTURE | 0.5 | 8,497 | 37.9 | |||||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2005 | JOINT VENTURE | 0.3 | 4,448 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ST. CATHERINES | 2005 | JOINT VENTURE | 3.0 | 38,993 | 70.7 | |||||||||||||||||||||||||||||||||||||||||||
| ST. CATHERINES | 2005 | JOINT VENTURE | 0.3 | 5,418 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ST. THOMAS | 2005 | JOINT VENTURE | 0.2 | 3,595 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| SUDBURY | 2005 | JOINT VENTURE | 0.6 | 9,643 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| WATERLOO | 2005 | JOINT VENTURE | 0.6 | 5,274 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| QUEBEC | ||||||||||||||||||||||||||||||||||||||||||||||||
| MONTREAL (4) | 2006 | JOINT VENTURE | 232.0 | 328,069 | 100.0 | ZELLERS | 2021 | 2056 | THE BRICK | 2026 | 2036 | TOYS R US | 2021 | 2041 | ||||||||||||||||||||||||||||||||||
| ALMA | 2004 | JOINT VENTURE | 36.1 | 267,531 | 99.0 | ZELLERS | 2009 | 2094 | SEARS | 2011 | 2026 | IGA (COOP DES CONSUMMAT) | 2015 | 2035 | ||||||||||||||||||||||||||||||||||
| CHANDLER | 2004 | JOINT VENTURE | 20.1 | 114,071 | 96.0 | HART STORES | 2009 | 2024 | MCDONALD’S | 2015 | 2025 | METRO | 2010 | 2020 | ||||||||||||||||||||||||||||||||||
| GASPE | 2004 | JOINT VENTURE | 15.2 | 152,285 | 97.0 | CANADIAN TIRE | 2021 | 2046 | SOBEYS STORES LTD | 2015 | ||||||||||||||||||||||||||||||||||||||
| JONQUIERE | 2004 | JOINT VENTURE | 25.2 | 246,536 | 95.0 | ZELLERS | 2009 | 2094 | SUPER C GROCERIES | 2009 | 2020 | ZELLERS | 2009 | 2094 | ||||||||||||||||||||||||||||||||||
| LAMALBAIE | 2006 | JOINT VENTURE | 9.2 | 117,169 | 88.7 | SAAN | 2010 | METRO RICHELIEU | 2016 | 2026 | CANADIAN TIRE | 2008 | ||||||||||||||||||||||||||||||||||||
| LAURIER STATION | 2006 | JOINT VENTURE | 3.2 | 36,366 | 94.2 | PROVIGO | 2010 | 2015 | ||||||||||||||||||||||||||||||||||||||||
| MONTREAL | 2006 | GROUND LEASE (2064)/ JOINT VENTURE | 6.7 | 93,152 | 99.4 | MAXI (PROVIGO) | 2012 | 2037 | ||||||||||||||||||||||||||||||||||||||||
| MONTREAL | 2006 | GROUND LEASE (2064)/ JOINT VENTURE | 8.0 | 25,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| MONTREAL | 2006 | GROUND LEASE (2064)/ JOINT VENTURE | 1.1 | 10,157 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ROBERVAL | 2004 | JOINT VENTURE | 3.7 | 126,892 | 98.8 | IGA | 2013 | 2046 | ROSSY | 2010 | 2015 | |||||||||||||||||||||||||||||||||||||
| SAGUENAY | 2004 | JOINT VENTURE | 13.5 | 284,669 | 98.9 | ZELLERS | 2008 | SEARS | 2009 | WINNERS | 2011 | 2026 | ||||||||||||||||||||||||||||||||||||
| ST. AUGUSTIN-DE-DESMAURES | 2006 | JOINT VENTURE | 4.7 | 52,565 | 98.3 | PROVIGO | 2009 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| STE. EUSTACHE | 2005 | JOINT VENTURE | 6.6 | 88,596 | 65.4 | MAXI (PROVIGO) | 2022 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| STE. EUSTACHE | 2005 | JOINT VENTURE | 2.4 | 26,694 | 87.2 | |||||||||||||||||||||||||||||||||||||||||||
| dddTOTAL 152 PREFERRED EQUITY INTERESTS (RETAIL ASSETS ONLY) | 1,480.9 | 11,648,982 | ||||||||||||||||||||||||||||||||||||||||||||||
| PREFERRED EQUITY ACQUISITIONS SUBSEQUENT TO DECEMBER 31, 2006 THROUGH JANUARY 31, 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||
| FLORIDA | ||||||||||||||||||||||||||||||||||||||||||||||||
| APOKA | 2007 | JOINT VENTURE | 7.9 | 71,615 | 85.0 | WINN DIXIE | 2013 | 2028 | ||||||||||||||||||||||||||||||||||||||||
| LAKE WALES | 2007 | JOINT VENTURE | 3.0 | - | — | |||||||||||||||||||||||||||||||||||||||||||
40
| YEAR | OWNERSHIP | LAND | LEASABLE | PERCENT | MAJOR LEASES | |||||||||||||||||||||||||||||||||||||||||||
| DEVELOPED | INTEREST/ | AREA | AREA | LEASED | LEASE | OPTION | LEASE | OPTION | LEASE | OPTION | ||||||||||||||||||||||||||||||||||||||
| LOCATION | OR ACQUIRED | (EXPIRATION)(2) | (ACRES) | (SQ. FT.) | (1) | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | TENANT NAME | EXPIRATION | EXPIRATION | ||||||||||||||||||||||||||||||||||
| NEW JERSEY | ||||||||||||||||||||||||||||||||||||||||||||||||
| WHITING (4) | 2007 | JOINT VENTURE | 26.7 | 4,000 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| ONTARIO | ||||||||||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2007 | JOINT VENTURE | 2.7 | 31,001 | 100.0 | LOEB CANADA, INC. | 2007 | 2027 | ||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2007 | JOINT VENTURE | 4.5 | 3,400 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2007 | JOINT VENTURE | 4.6 | 11,133 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2007 | JOINT VENTURE | 0.2 | 11,265 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2007 | JOINT VENTURE | 1.1 | 12,287 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2007 | JOINT VENTURE | 2.6 | 39,840 | 100.0 | ORMES FURNITURE | 2010 | 2015 | ||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2007 | JOINT VENTURE | 1.5 | 26,512 | 85.0 | |||||||||||||||||||||||||||||||||||||||||||
| OTTAWA | 2007 | JOINT VENTURE | 5.0 | 46,400 | 100.0 | LOBLAW PROPERTIES | 2009 | 2014 | ||||||||||||||||||||||||||||||||||||||||
| PREFERRED EQUITY DISPOSITIONS SUBSEQUENT TO DECEMBER 31, 2006 THROUGH JANUARY 31, 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||
| TEXAS | ||||||||||||||||||||||||||||||||||||||||||||||||
| SOUTHLAKE | 2004 | GROUND LEASE (2089)/ JOINT VENTURE | 1.6 | 67,839 | 90.8 | |||||||||||||||||||||||||||||||||||||||||||
| SHOPPING CENTER ACQUISITIONS SUBSEQUENT TO DECEMBER 31, 2006 THROUGH JANUARY 31, 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||
| CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| TORRANCE | 2007 | JOINT VENTURE | 6.8 | 67,504 | 94.4 | ACE HARDWARE | 2013 | 2023 | ||||||||||||||||||||||||||||||||||||||||
| GEORGIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| ALPHARETTA | 2007 | FEE | 13.1 | 130,515 | 96.2 | KROGER | 2013 | 2038 | ||||||||||||||||||||||||||||||||||||||||
| MARYLAND | ||||||||||||||||||||||||||||||||||||||||||||||||
| GAITHERSBURG | 2007 | JOINT VENTURE | 7.1 | 71,329 | 100.0 | RUGGED WAREHOUSE | 2008 | 2018 | ||||||||||||||||||||||||||||||||||||||||
| MINNESOTA | ||||||||||||||||||||||||||||||||||||||||||||||||
| HASTINGS | 2007 | JOINT VENTURE | 9.8 | 97,535 | 100.0 | CUB FOODS | 2013 | 2053 | ||||||||||||||||||||||||||||||||||||||||
| NEW YORK | ||||||||||||||||||||||||||||||||||||||||||||||||
| HARRIMAN | 2007 | JOINT VENTURE | 52.9 | 227,939 | 100.0 | KOHL’S | 2023 | 2103 | LINEN N THINGS | 2013 | 2028 | STAPLES | 2013 | 2028 | ||||||||||||||||||||||||||||||||||
| PENNSYLVANIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| PITTSBURGH | 2007 | JOINT VENTURE | 13.1 | 130,824 | 93.9 | ECKERD’S | 2008 | 2018 | ||||||||||||||||||||||||||||||||||||||||
| TENNESSEE | ||||||||||||||||||||||||||||||||||||||||||||||||
| GERMANTOWN | 2007 | JOINT VENTURE | 5.5 | 55,297 | 87.4 | |||||||||||||||||||||||||||||||||||||||||||
| TEXAS | ||||||||||||||||||||||||||||||||||||||||||||||||
| DALLAS | 2007 | JOINT VENTURE | 17.2 | 171,988 | 94.0 | WHOLE FOODS | 2009 | |||||||||||||||||||||||||||||||||||||||||
| AUSTIN | 2007 | JOINT VENTURE | 3.3 | 33,181 | 100.0 | JO-ANN FABRICS | 2010 | PRIMITIVES | 2009 | |||||||||||||||||||||||||||||||||||||||
| SOUTHLAKE | 2007 | FEE | 3.7 | 37,447 | 96.7 | |||||||||||||||||||||||||||||||||||||||||||
| VIRGINIA | ||||||||||||||||||||||||||||||||||||||||||||||||
| FAIRFAX | 2007 | FEE | 3.5 | - | — | |||||||||||||||||||||||||||||||||||||||||||
| FAIRFAX | 2007 | JOINT VENTURE | 10.1 | 101,332 | 100.0 | HARRIS TEETER | 2021 | 2041 | TJ MAXX | 2014 | 2024 | |||||||||||||||||||||||||||||||||||||
| LEESBURG | 2007 | JOINT VENTURE | 31.5 | 314,968 | 98.4 | SHOPPER FOOD WAREHOUSE | 2014 | 2054 | STEIN MART | 2011 | 2031 | ROSS DRESS FOR LESS | 2013 | 2023 | ||||||||||||||||||||||||||||||||||
| MEXICO | ||||||||||||||||||||||||||||||||||||||||||||||||
| HUEHUETOCA (4) | 2007 | FEE | 7.9 | 125,873 | 100.0 | SORIANA | ||||||||||||||||||||||||||||||||||||||||||
| SHOPPING CENTER DISPOSITIONS SUBSEQUENT TO DECEMBER 31, 2006 THROUGH JANUARY 31, 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||
| TEXAS | ||||||||||||||||||||||||||||||||||||||||||||||||
| DALLAS (9) (6) | 2002 | JOINT VENTURE | 9.6 | 125,195 | 93.0 | TOM THUMB | 2017 | 2032 | ||||||||||||||||||||||||||||||||||||||||
| NEW YORK | ||||||||||||||||||||||||||||||||||||||||||||||||
| YONKERS (8) (6) | 2000 | GROUND LEASE (2047)/ JOINT VENTURE | 6.3 | 56,361 | 92.0 | STAPLES | 2014 | 2029 | ||||||||||||||||||||||||||||||||||||||||
| RETAIL STORE LEASES (15) | 1995/ 1997 | LEASEHOLD | - | 1,867,104 | 99.8 | |||||||||||||||||||||||||||||||||||||||||||
| OTHER REAL ESTATE INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||
| AI PORTFOLIO (VARIOUS CITIES) | 2005 | JOINT VENTURE | 146.3 | 6,387,682 | 98.3 | GOODYEAR | ||||||||||||||||||||||||||||||||||||||||||
| NINETY NON-RETAIL ASSETS | 2005 — 2007 | VARIOUS | 249.1 | 10,872,664 | 100.0 | |||||||||||||||||||||||||||||||||||||||||||
| GRAND TOTAL 1260 PROPERTY INTERESTS | 16,676.9 | 161,213,608 | (16 | ) | ||||||||||||||||||||||||||||||||||||||||||||
(1) | PERCENT LEASED INFORMATION AS OF DECEMBER 31, | |||||||||
(2) | THE TERM | |||||||||
THE DATE INDICATED IS THE EXPIRATION DATE OF ANY GROUND LEASE AFTER GIVING AFFECT TO ALL RENEWAL PERIODS. | ||||||||||
(3) | DENOTES REDEVELOPMENT PROJECT. | |||||||||
(4) | DENOTES GROUND-UP DEVELOPMENT PROJECT. THE SQUARE FOOTAGE SHOWN REPRESENTS THE COMPLETED LEASEABLE AREA. | |||||||||
(5) | DENOTES LAND HOLDINGS. | |||||||||
(6) | ||||||||||
DENOTES PROPERTY INTEREST IN KIMPRU. | ||||||||||
(7) | DENOTES PROPERTY INTEREST IN KIMCO INCOME REIT | |||||||||
(8) | DENOTES PROPERTY INTEREST IN KIMCO RETAIL OPPORTUNITY PORTFOLIO | |||||||||
(9) | DENOTES PROPERTY INTEREST IN KIMSOUTH REALTY, INC. | |||||||||
(10) | DENOTES PROPERTY INTEREST IN KIMCO INCOME FUND I. | |||||||||
(11) | DENOTES PROPERTY INTEREST IN PL REALTY LLC. | |||||||||
(12) | DENOTES PROPERTY INTEREST IN OTHER INSTITUTIONAL PROGRAMS. | |||||||||
(13) | DENOTES PROPERTY INTEREST IN UBS. | |||||||||
(14) | THE COMPANY HOLDS INTERESTS IN | |||||||||
(15) | DOES NOT INCLUDE | |||||||||
PROPERTIES WITH 2.3 MILLION SQUARE FEET AND |
41
Executive Officers of the Registrant
The following table sets forth information with respect to the executive officers of the Company as of
February 27, 2008.
Name | Age | Position | Since |
|
|
|
|
Milton Cooper | 78 | Chairman of the Board of Directors and | 1991 |
|
| Chief Executive Officer |
|
|
|
|
|
Michael J. Flynn | 72 | Vice Chairman of the Board of Directors and | 1996 |
|
| President and Chief Operating Officer | 1997 |
|
|
|
|
David B. Henry | 59 | Vice Chairman of the Board of Directors and |
|
|
| Chief Investment Officer | 2001 |
|
|
|
|
Thomas A. Caputo | 61 | Executive Vice President | 2000 |
|
|
|
|
Glenn G. Cohen | 44 | Vice President - | 2000 |
|
| Treasurer | 1997 |
|
|
|
|
Raymond Edwards | 45 | Vice President - | 2001 |
|
| Retail Property Solutions |
|
|
|
|
|
Jerald Friedman | 63 | President, KDI and | 2000 |
|
| Executive Vice President | 1998 |
|
|
|
|
Bruce M. Kauderer (1) | 61 | Vice President - Legal | 1995 |
|
| General Counsel and Secretary | 1997-2007 |
|
|
|
|
Michael V. Pappagallo | 48 | Executive Vice President - | 2005 |
|
| Chief Financial Officer | 1997 |
(1)
Effective January 31, 2007.
| Name | Age | Position | Since | |||||||
| Milton Cooper | 78 | Chairman of the Board of Directors and Chief Executive Officer | 1991 | |||||||
| Michael J. Flynn | 71 | Vice Chairman of the Board of Directors and President and Chief Operating Officer | 1996 1997 | |||||||
| David B. Henry | 58 | Vice Chairman of the Board of Directors and Chief Investment Officer | 2001 | |||||||
| Thomas A. Caputo | 60 | Executive Vice President | 2000 | |||||||
| Glenn G. Cohen | 43 | Vice President - Treasurer | 2000 1997 | |||||||
| Raymond Edwards | 44 | Vice President - Retail Property Solutions | 2001 | |||||||
| Jerald Friedman | 62 | President, KDI and Executive Vice President | 2000 1998 | |||||||
| Bruce M. Kauderer | 60 | Vice President — Legal General Counsel and Secretary | 1995 1997 | |||||||
| Michael V. Pappagallo | 48 | Executive Vice President - Chief Financial Officer | 2005 1997 | |||||||
The executive officers of the Company serve in their respective capacities for approximateapproximately one-year terms and are subject to re-election by the Board of Directors, generally at the time of the Annual Meeting of the Board of Directors following the Annual Meeting of Stockholders.
42
35
PART II
Item 5. Market for the Registrant’sRegistrant's Common Equity and Related Shareholder Matters
Market Information The following table sets forth the common stock offerings completed by the Company during the three-year period ended December 31, 2006.2007. The Company’s common stock was sold for cash at the following offering price per share:
| Offering Date | Offering Price | |||
| March 2006 | $ | 40.80 | ||
Offering Date
Offering Price
March 2006
$40.80
The table below sets forth, for the quarterly periods indicated, the high and low sales prices per share reported on the NYSE Composite Tape and declared dividends per share for the Company’s common stock. The Company’s common stock is traded on the New York Stock Exchange under the trading symbol “KIM”"KIM".
| Stock Price | ||||||||||||
| Period | High | Low | Dividends | |||||||||
| 2006: | ||||||||||||
| First Quarter | $ | 42.00 | $ | 32.02 | $ | 0.330 | ||||||
| Second Quarter | $ | 40.57 | $ | 34.20 | $ | 0.330 | ||||||
| Third Quarter | $ | 43.15 | $ | 36.18 | $ | 0.360 | ||||||
| Fourth Quarter | $ | 47.13 | $ | 42.13 | $ | 0.360 | (a) | |||||
| 2005: | ||||||||||||
| First Quarter | $ | 29.09 | $ | 25.90 | $ | 0.305 | ||||||
| Second Quarter | $ | 30.00 | $ | 26.17 | $ | 0.305 | ||||||
| Third Quarter | $ | 33.35 | $ | 29.19 | $ | 0.330 | ||||||
| Fourth Quarter | $ | 33.21 | $ | 27.81 | $ | 0.330 | (b) | |||||
|
| Stock Price |
| |
| Period | High | Low | Dividends |
|
|
|
|
|
| 2007: |
|
|
|
| First Quarter | $53.60 | $43.59 | $0.360 |
| Second Quarter | $50.36 | $36.92 | $0.360 |
| Third Quarter | $47.58 | $33.74 | $0.400 |
| Fourth Quarter | $47.69 | $34.74 | $0.400 (a) |
|
|
|
|
|
| 2006: |
|
|
|
| First Quarter | $42.00 | $32.02 | $0.330 |
| Second Quarter | $40.57 | $34.20 | $0.330 |
| Third Quarter | $43.15 | $36.18 | $0.360 |
| Fourth Quarter | $47.13 | $42.13 | $0.360 (b) |
(a)
Paid on January 15, 2008, to stockholders of record on January 2, 2008.
(b)
Paid on January 16, 2007, to stockholders of record on January 2, 2007.
Holders The number of holders of record of the Company’sCompany's common stock, par value $0.01 per share, was 3,5303,442 as of January 31, 2007.
Dividends Since the IPO, the Company has paid regular quarterly dividends to its stockholders. While the Company intends to continue paying regular quarterly dividends, future dividend declarations will be at the discretion of the Board of Directors and will depend on the actual cash flow of the Company, its financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant. The Company is required by the Internal Revenue Code of 1986, as amended, to distribute at least 90% of its REIT taxable income. The actual cash flow available to pay dividends will be affected by a number of factors, including the revenues received from rental properties, the operating expenses of the Company, the interest expense on its borrowings, the ability of lessees to meet their obligations to the Company and any unanticipated capital expenditures.
The Company has determined that the $1.48 dividend per common share paid during 2007 represented 56% ordinary income, 35% in capital gains and a 9% return of capital to its stockholders. The $1.35 dividend per common share paid during 2006 represented 66% ordinary income, 28% in capital gains and a 6% return of capital to its stockholders. The $1.25 dividend per common share paid during 2005 represented 86% ordinary income and 14% capital gain to its stockholders.
In addition to its common stock offerings, the Company has capitalized the growth in its business through the issuance of unsecured fixed and floating-rate medium-term notes, underwritten bonds, mortgage debt and construction loans, convertible preferred stock and perpetual preferred stock. Borrowings under the Company’sCompany's revolving credit facilities have also been an interim source of funds to both finance the purchase of properties and other investments and meet any short-term working capital requirements. The various instruments governing the Company’sCompany's issuance of its unsecured public debt, bank debt, mortgage debt and preferred stock impose certain restrictions on the Company with regard to dividends, voting, liquidation and other preferential rights available to the holders of such instruments. See “Management’s"Management's Discussion and Analysis of Financial Condition and Results of Operations”Operations" and Notes 11 and 17 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.
43
36
The Company maintains a dividend reinvestment and direct stock purchase plan (the “Plan”"Plan") pursuant to which common and preferred stockholders and other interested investors may elect to automatically reinvest their dividends to purchase shares of the Company’s common stock or, through optional cash payments, purchase shares of the Company’s common stock. The Company may, from time to time,time-to-time, either (i) purchase shares of its common stock in the open market or (ii) issue new shares of its common stock for the purpose of fulfilling its obligations under the Plan.
Total Stockholder Return Performance The following performance chart compares, over the five years ended December 31, 2006,2007, the cumulative total stockholder return on the Company’s common stock with the cumulative total return of the S&P 500 Index and the cumulative total return of the NAREIT Equity REIT Total Return Index (the “NAREIT"NAREIT Equity Index”Index") prepared and published by the National Association of Real Estate Investment Trusts (“NAREIT”("NAREIT"). Equity real estate investment trusts are defined as those which derive more than 75% of their income from equity investments in real estate assets. The NAREIT Equity Index includes all tax qualified equity real estate investment trusts listed on the New York Stock Exchange, American Stock Exchange or the NASDAQ National Market System. Stockholder return performance, presented quarterly for the five years ended December 31, 2006,2007, is not necessarily indicative of future results. All stockholder return performance assumes the reinvestment of dividends.
![[kimco10k002.gif]](https://capedge.com/proxy/10-K/0001398432-08-000075/kimco10k002.gif)
Item 6. Selected Financial Data
The following table sets forth selected, historical, consolidated financial data for the Company and should be read in conjunction with the Consolidated Financial Statements of the Company and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this annual report on
Form 10-K.
The Company believes that the book value of its real estate assets, which reflects the historical costs of such real estate assets less accumulated depreciation, is not indicative of the current market value of its properties. Historical operating results are not necessarily indicative of future operating performance.
37
44
|
| Year ended December 31, (2) | ||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
|
| (in thousands, except per share information) | ||||||||
Operating Data: |
|
|
|
|
|
|
|
|
|
|
Revenues from rental property (1) | $ | 681,553 | $ | 587,547 | $ | 501,569 | $ | 488,021 | $ | 446,096 |
Interest expense (3) | $ | 213,674 | $ | 170,677 | $ | 126,432 | $ | 105,898 | $ | 101,351 |
Depreciation and amortization (3) | $ | 189,650 | $ | 139,263 | $ | 100,517 | $ | 94,651 | $ | 78,817 |
Gain on sale of development properties (4) | $ | 40,099 | $ | 37,276 | $ | 33,636 | $ | 16,835 | $ | 17,495 |
Gain on transfer/sale of operating properties, net (3) | $ | 2,708 | $ | 2,460 | $ | 2,833 | $ | - | $ | 3,177 |
Benefit for income taxes (5) | $ | 30,346 | $ | - | $ | - | $ | - | $ | - |
Provision for income taxes (6) | $ | - | $ | 17,253 | $ | 10,989 | $ | 8,320 | $ | 8,514 |
Income from continuing operations (7) | $ | 361,934 | $ | 345,309 | $ | 324,894 | $ | 273,393 | $ | 234,195 |
Income per common share, from continuing |
|
|
|
|
|
|
|
|
|
|
operations: |
|
|
|
|
|
|
|
|
|
|
Basic | $ | 1.36 | $ | 1.39 | $ | 1.38 | $ | 1.17 | $ | 0.99 |
Diluted | $ | 1.33 | $ | 1.36 | $ | 1.36 | $ | 1.15 | $ | 0.97 |
Weighted average number of shares of common |
|
|
|
|
|
|
|
|
|
|
stock: |
|
|
|
|
|
|
|
|
|
|
Basic |
| 252,129 |
| 239,552 |
| 226,641 |
| 222,859 |
| 214,184 |
Diluted |
| 257,058 |
| 244,615 |
| 230,868 |
| 227,143 |
| 217,540 |
Cash dividends declared per common share | $ | 1.52 | $ | 1.38 | $ | $1.27 | $ | 1.16 | $ | 1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, | ||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data: | $ | 7,325,035 | $ | 6,001,319 | $ | 4,560,406 | $ | 4,092,222 | $ | 4,174,664 |
Real estate, before accumulated depreciation | $ | 9,097,816 | $ | 7,869,280 | $ | 5,534,636 | $ | 4,749,597 | $ | 4,641,092 |
Total assets | $ | 4,216,415 | $ | 3,587,243 | $ | 2,691,196 | $ | 2,118,622 | $ | 2,154,948 |
Total debt | $ | 3,894,574 | $ | 3,366,959 | $ | 2,387,214 | $ | 2,236,400 | $ | 2,135,846 |
Total stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow provided by operations | $ | 665,989 | $ | 455,569 | $ | 410,797 | $ | 365,176 | $ | 308,632 |
Cash flow used for investing activities | $ | (1,507,611) | $ | (246,221) | $ | (716,015) | $ | (299,597) | $ | (637,636) |
Cash flow provided by (used for) financing activities | $ | $584,056 | $ | 59,444 | $ | 343,271 | $ | (75,647) | $ | 341,330 |
(1)
Does not include (i) revenues from rental property relating to unconsolidated joint ventures, (ii) revenues relating to the investment in retail stores leases and (iii) revenues from properties included in discontinued operations.
(2)
All years have been adjusted to reflect the impact of operating properties sold during the years ended December 31, 2007, 2006, 2005, 2004 and 2003 and properties classified as held for sale as of December 31, 2007, which are reflected in discontinued operations in the Consolidated Statements of Income.
(3)
Does not include amounts reflected in discontinued operations.
(4)
Amounts exclude income taxes
(5)
Does not include amounts reflected in discontinued operations and extraordinary gain. Amounts include income taxes related to gain on sale of development properties, gain on transfer/sale of operating properties, and adjustment for property carrying value.
(6)
Amounts include income taxes related to gain on sale of development properties and gain on transfer/sale of operating properties.
(7)
Amounts include gain on transfer/sale of operating properties, net of tax.
38
| Year ended December 31, (2) | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
| (in thousands, except per share information) | ||||||||||||||||||||
| Operating Data: | ||||||||||||||||||||
| Revenues from rental property (1) | $ | 593,880 | $ | 505,557 | $ | 490,901 | $ | 448,203 | $ | 399,725 | ||||||||||
| Interest expense (3) | $ | 172,888 | $ | 126,901 | $ | 106,239 | $ | 101,438 | $ | 83,916 | ||||||||||
| Depreciation and amortization (3) | $ | 141,070 | $ | 101,432 | $ | 95,398 | $ | 79,322 | $ | 64,318 | ||||||||||
| Gain on sale of development properties | $ | 37,276 | $ | 33,636 | $ | 16,835 | $ | 17,495 | $ | 15,880 | ||||||||||
| Gain on transfer/sale of operating properties,net (3) | $ | 2,460 | $ | 2,833 | $ | — | $ | 3,177 | $ | — | ||||||||||
| Provision for income taxes | $ | 16,542 | $ | 10,989 | $ | 8,320 | $ | 8,514 | $ | 12,904 | ||||||||||
| Income from continuing operations | $ | 345,131 | $ | 325,947 | $ | 274,110 | $ | 234,827 | $ | 225,316 | ||||||||||
| Income per common share, from continuing operations: | ||||||||||||||||||||
| Basic | $ | 1.39 | $ | 1.39 | $ | 1.18 | $ | 0.99 | $ | 0.99 | ||||||||||
| Diluted | $ | 1.36 | $ | 1.36 | $ | 1.16 | $ | 0.98 | $ | 0.98 | ||||||||||
| Weighted average number of shares of common stock: | ||||||||||||||||||||
| Basic | 239,552 | 226,641 | 222,859 | 214,184 | 208,916 | |||||||||||||||
| Diluted | 244,615 | 230,868 | 227,143 | 217,540 | 210,922 | |||||||||||||||
| Cash dividends declared per common share | $ | 1.38 | $ | 1.27 | $ | 1.16 | $ | 1.10 | $ | 1.05 | ||||||||||
| December 31, | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||
| Real estate, before accumulated depreciation | $ | 6,001,319 | $ | 4,560,406 | $ | 4,092,222 | $ | 4,174,664 | $ | 3,398,971 | ||||||||||
| Total assets | $ | 7,869,280 | $ | 5,534,636 | $ | 4,749,597 | $ | 4,641,092 | $ | 3,758,350 | ||||||||||
| Total debt | $ | 3,587,243 | $ | 2,691,196 | $ | 2,118,622 | $ | 2,154,948 | $ | 1,576,982 | ||||||||||
| Total stockholders’ equity | $ | 3,366,959 | $ | 2,387,214 | $ | 2,236,400 | $ | 2,135,846 | $ | 1,908,800 | ||||||||||
| Cash flow provided by operations | $ | 455,569 | $ | 410,797 | $ | 365,176 | $ | 308,632 | $ | 278,931 | ||||||||||
| Cash flow used for investing activities | $ | (246,221 | ) | $ | (716,015 | ) | $ | (299,597 | ) | $ | (637,636 | ) | $ | (396,655 | ) | |||||
| Cash flow provided by (used for) financing activities | $ | 59,444 | $ | 343,271 | $ | (75,647 | ) | $ | 341,330 | $ | 59,839 | |||||||||
45
The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this annual report on Form 10-K. Historical results and percentage relationships set forth in the Consolidated Statements of Income contained in the Consolidated Financial Statements, including trends which might appear, should not be taken as indicative of future operations.
Executive Summary
Kimco Realty Corporation is one of the nation’s largest publicly-traded owners and operators of neighborhood and community shopping centers. As of JanuaryDecember 31, 2007, the Company had interests in 1,3481,973 properties totaling approximately 175.4183 million square feet of GLA located in 45 states, Canada, Mexico, Puerto Rico and Puerto Rico.
The Company is self-administered and self-managed through present management, which has owned and managed neighborhood and community shopping centers for over 45 years. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company.
In connection with the Tax Relief Extension Act of 1999 (the “RMA”"RMA"), which became effective January 1, 2001, the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust (“REIT”("REIT"), so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code, subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries, is engaged in various retail real estate-related opportunities including (i) merchant building, through its KDI subsidiary,wholly owned taxable REIT subsidiaries, which isare primarily engaged in the ground-up development of neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) retail real estate advisory and disposition services, which primarily focusesfocus on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers and (iii) acting as an agent or principal in connection with tax deferred exchange transactions. The Company will consider other investments through taxable REIT subsidiaries should suitable opportunities arise.
In addition, the Company continues to capitalize on its established expertise in retail real estate by establishing other ventures in which the Company owns a smaller equity interest and provides management, leasing and operational support for those properties. The Company also provides preferred equity capital for real estate entrepreneurs and provides real estate capital and advisory services to both healthy and distressed retailers. The Company also makes selective investments in secondary market opportunities where a security or other investment is, in management’s judgment, priced below the value of the underlying real estate.
The Company’s strategy is to maintain a strong balance sheet while investing opportunistically and selectively. The Company intends to continue to execute its plan of delivering solid growth in earnings and dividends. As a result of the improved 20062007 performance, the Board of Directors increased the quarterly dividend per common share to $0.36$0.40 from $0.33,$0.36, effective for the third quarter of 2006.
Critical Accounting Policies
The Consolidated Financial Statements of the Company include the accounts of the Company, its wholly-owned subsidiaries and all entities in which the Company has a controlling interest including where the Company has been determined to be a primary beneficiary of a variable interest entity in accordance with the provisions and guidance of Interpretation No. 46 (R), Consolidation of Variable Interest Entities, or meets certain criteria of a sole general partner or managing member in accordance with Emerging Issues Task Force (“EITF”("EITF") Issue 04-5, Investor’s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (“("EITF 04-5”04-5"). The Company applies these provisions to each of its joint venture investments to determine whether the cost, equity or consolidation method of accounting is appropriate. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying Consolidated Financial Statements and related notes. In preparing these financial
39
statements, management has made its best estimates and assumptions that affect the
46
Revenue Recognition and Accounts Receivable
Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recorded once the required sales level is achieved. Operating expense reimbursements are recognized as earned. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement to the Company of common area maintenance, real estate taxes and other operating expenses.
The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income is directly affected by management’s estimate of the collectability of accounts receivable.
Real Estate
The Company’s investments in real estate properties are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized.
Upon acquisition of operating real estate properties, the Company estimates the fair value of acquired tangible assets (consisting(primarily consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting(primarily consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and assumed debtredeemable units issued in accordance with Statement of Financial Accounting Standards (“SFAS”("SFAS") No. 141, Business Combinations. Based on these estimates, the Company allocates the purchase price to the applicable assets and liabilities. The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:
Buildings and building improvements
15 to 50 years
Fixtures, leasehold and tenant improvements
Terms of leases or useful lives, whichever is shorter
(including certain identified intangible assets)
The Company is required to make subjective assessments as to the useful lives of its properties for purposes of determining the amount of depreciation to reflect on an annual basis with respect to those properties. These assessments have a direct impact on the Company’s net income.
Real estate under development on the Company’s Consolidated Balance Sheets represents ground-up development of neighborhood and community shopping center projects which are subsequently sold upon completion and projects which the Company may hold as long-term investments. These assets are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the
40
completion of major construction activity. If, in management’s opinion, the estimated net sales price of these assets is less than the net carrying value, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property. A gain on the sale of these assets is generally recognized using the full accrual method in accordance with the provisions of SFAS No. 66, Accounting for Real Estate Sales.
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Investments in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control, these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
The Company’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in neighborhood and community shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses to the amount of its equity investment, and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company’s exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.
Long Lived Assets
On a periodic basis, management assesses whether there are any indicators that the value of the real estate properties (including any related amortizable intangible assets or liabilities) may be impaired. A property value is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and without interest charges) of the property over its remaining useful life is less than the net carrying value of the property. Such cash flow projections consider factors such as expected future operating income, trends, and prospects, as well as the effects of demand, competition and other factors. To the extent impairment has occurred, the carrying value of the property would be adjusted to an amount to reflect the estimated fair value of the property.
When a real estate asset is identified by management as held for sale, the Company ceases depreciation of the asset and estimates the sales price of such asset net of selling costs. If, in management’s opinion, the net sales price of the asset is less than the net book value of such asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property.
The Company is required to make subjective assessments as to whether there are impairments in the value of its real estate properties, investments in joint ventures and other investments. The Company’s reported net income is directly affected by management’s estimate of impairments and/or valuation allowances.
Results of Operations
Comparison 20062007 to 20052006
| 2007 |
| 2006 |
| Increase/ |
| % change |
| (all amounts in thousands) |
|
| ||||
|
|
|
|
|
|
|
|
Revenues from rental property (1) | $ 681.6 |
| $ 587.5 |
| $ 94.1 |
| 16.0% |
|
|
|
|
|
|
|
|
Rental property expenses: (2) |
|
|
|
|
|
|
|
Rent | $ 12.1 |
| $ 11.5 |
| $ 0.6 |
| 5.2% |
Real estate taxes | 83.6 |
| 74.6 |
| 9.0 |
| 12.1% |
Operating and maintenance | 90.0 |
| 72.7 |
| 17.3 |
| 23.8% |
| $ 185.7 |
| $ 158.8 |
| $ 26.9 |
| 16.9% |
|
|
|
|
|
|
|
|
Depreciation and amortization (3) | $ 189.7 |
| $ 139.3 |
| $ 50.4 |
| 36.2% |
41
(1)
Revenues from rental property increased $88.3 million or 17.5% to $593.9 million for the year ended December 31, 2006, as compared with $505.6 million for the corresponding period ended December 31, 2005. This net increase resulted primarily from the combined effect of (i) the acquisition of operating properties during 20052006 and 2007, providing incremental revenues of approximately $85.5 million, (ii) an overall occupancy increase from the consolidated shopping center portfolio to 95.9% at December 31, 2007, as compared to 95.1% at December 31, 2006, due to growth in rental rates from renewing expiring leases, the completion of certain redevelopment and development projects and tenant buyouts providing incremental revenues of approximately $14.6 million for the year ended December 31, 2007 as compared to the corresponding period in 2006, offset by (iii) a decrease in revenues of approximately $6.0 million for the year ended December 31, 2007 as compared to the corresponding period in 2006, resulting from the transfer of operating properties to various unconsolidated joint venture entities, and the sale of certain properties during 2007 and 2006.
(2)
Rental property expenses increased primarily due to operating property acquisitions during 2007 and 2006 which were partially offset by operating property dispositions including those transferred to various joint venture entities.
(3)
Depreciation and amortization increased primarily due to operating property acquisitions during 2007 and 2006 which were partially offset by operating property dispositions including those transferred to various joint venture entities.
Mortgage and other financing income decreased $4.6 million to $14.2 million for the year ended December 31, 2007, as compared to $18.8 million for the corresponding period in 2006. This decrease is primarily due to the recognition of accretion income of approximately $6.2 million, resulting from the early prepayment of a mortgage receivable in 2006 partially offset by an overall increase in interest income on mortgage receivables entered into in 2007 and 2006.
Management and other fee income increased approximately $14.2 million for the year ended December 31, 2007, as compared to the corresponding period in 2006. This increase is primarily due to increased property management fees and other transaction related fees related to the growth in the Company’s co-investment programs.
General and administrative expenses increased approximately $26.6 million for the year ended December 31, 2007, as compared to the corresponding period in 2006. This increase is primarily due to personnel-related costs, primarily due to growth within the Company’s co-investment programs and the overall continued growth of the Company.
Interest, dividends and other investment income decreased approximately $24.9 million for the year ended December 31, 2007, as compared to the corresponding period in 2006. This decrease is primarily due to a decrease in realized gains resulting from the sale of certain marketable securities during 2007 as compared to the corresponding period in 2006.
Other (expense)/income, net decreased approximately $19.5 million to $10.6 million of an expense for the year ended December 31, 2007, as compared to $8.9 million in income for the corresponding period in 2006. This decrease is primarily due to (i) the receipt of fewer shares during 2007 as compared to 2006 of Sears Holding Corp. common stock received as partial settlement of Kmart pre-petition claims and (ii) an increase in Canadian withholding charges on profit participation proceeds received during 2007 relating to capital transactions from a Canadian preferred equity investment.
Interest expense increased approximately $43.0 million for the year ended December 31, 2007, as compared to the corresponding period in 2006. This increase is due to higher interest rates and higher outstanding levels of debt during the year ended December 31, 2007, as compared to the same period in 2006.
Benefit for income taxes increased $48.9 million for the year ended December 31, 2007, as compared to the corresponding period in 2006. This increase is primarily due to the reduction of approximately $31.2 million of NOL valuation allowance and a tax benefit of approximately $10.1 million from operating losses recognized in connection with the Albertson’s investment.
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Equity in income of real estate joint ventures, net increased $67.8 million to $173.4 million for the year ended December 31, 2007, as compared to $105.5 million for the corresponding period in 2006. This increase is primarily the result of (i) an increase in equity in income from the Kimco Realty Opportunity Portfolio ("KROP") joint venture investment primarily resulting from profit participation of approximately $39.3 million and gains on sale/transfer of operating properties during 2007 of which the Company’s share of gains were $12.8 million for the year ended December 31, 2007, (ii) an increase in equity in income from the Kimco Income Opportunity Portfolio ("KIR") joint venture investment primarily resulting from gains on sale of operating properties during 2007 of which the Company’s share of gains was $20.7 million for the year ended December 31, 2007 and (iii) the Company’s growth of its various other real estate joint ventures due to additional capital investments for the acquisition of additional operating properties by the ventures throughout 2007 and 2006, partially offset by net operating losses and excess cash distribution from the Albertson’s joint venture of approximately $7.9 million during 2007.
During 2007, the Company sold, in separate transactions, (i) four recently completed merchant building projects, (ii) 26 out-parcels, (iii) 74.3 acres of undeveloped land and (iv) completed partial sales of two projects, for aggregate total proceeds of approximately $310.5 million and approximately $3.3 million of proceeds from completed earn-out requirements on previously sold projects. These transactions resulted in gains of approximately $24.1 million, after income taxes of $16.0 million.
As part of the Company’s ongoing analysis of its merchant building projects, the Company has determined that for two of its projects, located in Jacksonville, FL and Anchorage, AK, the recoverable value will not exceed their estimated cost. This is primarily due to adverse changes in local market conditions and the uncertainty of those conditions in the future. As a result, the Company has recorded an aggregate pre-tax adjustment of property carrying value on these projects for the year ended December 31, 2007, of $8.5 million, representing the excess of the carrying value of the projects over their estimated fair value.
During 2006, the Company sold six recently completed merchant building projects, its partnership interest in one project and 30 out-parcels, in separate transactions, for approximately $260.0 million. These sales resulted in gains of approximately $25.1 million, after income taxes of $12.2 million. These gains exclude approximately $1.1 million of gain relating to one project, which was deferred due to the Company’s continued ownership interest.
During 2007, the Company (i) disposed of six operating properties and completed partial sales of three operating properties, in separate transactions, for an aggregate sales price of approximately $40.0 million, which resulted in an aggregate net gain of approximately $6.4 million, after income tax of approximately $1.6 million and (ii) transferred one operating property, which was acquired in the first quarter of 2007, to a joint venture in which the Company holds a 15% non-controlling ownership interest for an aggregate price of approximately $4.5 million, which represented the net book value.
Additionally, during 2007, two consolidated joint ventures in which the Company had preferred equity investments disposed of, in separate transactions, their respective properties for an aggregate sales price of approximately $66.5 million. As a result of these capital transactions, the Company received approximately $22.1 million of profit participation, before minority interest of approximately $5.6 million. This profit participation has been recorded as income from other real estate investments and is reflected in Income from discontinued operating properties in the Company’s Consolidated Statements of Income.
During 2006, the Company disposed of (i) 28 operating properties and one ground lease for an aggregate sales price of $270.5 million, which resulted in an aggregate net gain of approximately $71.7 million, net of income taxes of $2.8 million relating to the sale of two properties, and (ii) transferred five operating properties, to joint ventures in which the Company has 20% non-controlling interests for an aggregate price of approximately $95.4 million, which resulted in a gain of approximately $1.4 million from one transferred property.
Net income for the year ended December 31, 2007 was $442.8 million or $1.65 on a diluted per share basis as compared to $428.3 million or $1.70 on a diluted per share basis for the corresponding period in 2006. This change is primarily attributable to (i) an increase in revenues from rental properties primarily due to acquisitions of operating properties during 2007 and 2006, (ii) an increase in equity in income of real estate joint ventures achieved from profit participation and gains on sale of joint venture operating properties and additional capital investments in the Company’s joint venture programs for the acquisition of additional operating properties throughout 2007 and 2006,
43
(iii) earnings of $75.5 million related to the Albertson’s investment monetization, partially offset by, (iv) a decrease in income resulting from the sale of certain marketable securities during the corresponding period in 2006 and (v) a decrease in gains on sale of operating properties in 2007 as compared to 2006.
Comparison 2006 to 2005
| 2006 |
| 2005 |
| Increase/ |
| % change |
| (amounts in thousands) |
|
| ||||
|
|
|
|
|
|
|
|
Revenues from rental property (1) | $ 587.5 |
| $ 501.6 |
| $ 85.9 |
| 17.1% |
|
|
|
|
|
|
|
|
Rental property expenses: (2) |
|
|
|
|
|
|
|
Rent | $ 11.5 |
| $ 10.0 |
| $ 1.5 |
| 15.0% |
Real estate taxes | 74.6 |
| 64.1 |
| 10.5 |
| 16.4% |
Operating and maintenance | 72.7 |
| 58.2 |
| 14.5 |
| 24.9% |
| $ 158.8 |
| $ 132.3 |
| $ 26.5 |
| 20.0% |
|
|
|
|
|
|
|
|
Depreciation and amortization (3) | $ 139.3 |
| $ 100.5 |
| $ 38.8 |
| 38.6% |
(1)
Revenues from rental property increased primarily from the combined effect of (i) the acquisition of operating properties during 2006 and 2005, providing incremental revenues for the year ended December 31, 2006 of approximately $72.3 million, (ii) an overall increase in shopping center portfolio occupancy to 95.5%95.1% at December 31, 2006, as compared to 94.6% at December 31, 2005 and the completion of certain redevelopment and development projects providing incremental revenues of approximately $33.6 million for the year ended December 31, 2006 as compared to the corresponding period in 2005, offset by (iii) a decrease in revenues of approximately $17.6$20.0 million for the year ended December 31, 2006, as compared to the corresponding period in 2005, resulting from the transfer of operating properties to various unconsolidated joint venture entities, tenant buyouts, and the sale of certain properties during 2005 and 2006.
(2)
Rental property expenses including depreciation and amortization, increased approximately $67.4 million or 28.7% to $302.5 million for the year ended December 31, 2006, as compared with $235.1 million for the corresponding year ended December 31, 2005. This increase is primarily due to operating property acquisitions during 2006 and 2005 which were partially offset by operating property dispositions including those transferred to various joint venture entities.
(3)
Depreciation and amortization increased primarily due to operating property acquisitions during 2006 and 2005 which were partially offset by operating property dispositions including those transferred to various joint venture entities.
Mortgage and other financing income decreased $8.8 million to $18.8 million for the year ended December 31, 2006, as compared to $27.6 million for the corresponding period in 2005. This decrease is primarily due to the recognition in 2005 of a prepayment fee of $14.0 million received by the Company relating to the early repayment by Shopko of its outstanding loan with the Company, offset by accretion income of approximately $6.2 million received in 2006, resulting from an early pre-paymentprepayment of a mortgage receivable in June 2006, which had been acquired at a discount.
Management and other fee income increased approximately $10.2 million for the year ended December 31, 2006, as compared to the corresponding period in 2005. This increase is primarily due to incremental fees earned from the Kimsouth portfolio and growth in the Company’s other co-investment programs.
General and administrative expenses increased approximately $20.9$20.8 million for the year ended December 31, 2006, as compared to the corresponding period in 2005. This increase is primarily due to personnel-related costs including the non-cash expensing of stock options granted attributable toand the overall continued growth of the Company.
Interest, dividends and other investment income increased approximately $26.1$27.5 million for the year ended December 31, 2006, as compared to the corresponding period in 2005. This
48
Interest expense increased $46.0$44.2 million for the year ended December 31, 2006, as compared to the corresponding period in 2005. This increase is due to higher interest rates and higher outstanding levels of debt during this period as compared to the same period in the preceding year.
44
Income from other real estate investments increased $20.3 million to $77.1 million for the year ended December 31, 2006, as compared to $56.8 million for the corresponding period in 2005. This increase is primarily due to (i) increased investment in the Company’s Preferred Equity program which contributed $40.1 million for the year ended December 31, 2006, including $12.2 million of profit participation earned from 16 capital transactions, as compared to $32.8 million for the corresponding period in 2005, including $12.6 million of profit participation earned from six capital transactions and (ii) pre-tax profits of $7.9 million from the transfer of two properties from Kimsouth to a joint venture in which the Company has an 18% non-controlling interest. These profits exclude amounts that have been deferred as a result of the Company’s continued ownership interest.
Equity in income of real estate joint ventures, net increased $29.5$28.1 million to $106.9$105.5 million for the year ended December 31, 2006, as compared to $77.5 million for the corresponding period in 2005. This increase is primarily attributable to (i) increase in equity in income from the KROP joint venture primarily resulting from profit participation of approximately $22.2 million and gains from the sale of nine operating properties, one land parcel and one out-parcel during 2006 of which the pro-rataCompany’s share of gains to the Company werewas $9.9 million for the year ended December 31, 2006, and (ii) the Company’s growth of its various other real estate joint ventures. The Company has made additional capital investments in these and other joint ventures for the acquisition of additional shopping center properties by the ventures throughout 20052006 and 2006.
During 2006, KDIthe Company sold six recently completed merchant building projects, its partnership interest in one project and 30 out-parcels, in separate transactions, for approximately $260.0 million. These sales resulted in gains of approximately $25.1 million, after income taxes of $12.2 million. These gains exclude approximately $1.1 million of gain relating to one project, which was deferred due to the Company’s continued ownership interest.
During 2005, KDI,the Company sold, in separate transactions, 41 out-parcels and six recently completed merchant building projects for approximately $264.1 million. These sales provided gains of approximately $22.8 million, after income taxes of approximately $10.8 million.
During 2006, the Company disposed of (i) 28 operating properties and one ground lease for an aggregate sales price of $270.5 million, which resulted in an aggregate net gain of approximately $71.7 million, net of income taxes of $2.8 million relating to the sale of two properties, and (ii) transferred five operating properties, to joint ventures in which the Company has 20% non-controlling interests for an aggregate price of approximately $95.4 million, which resulted in a gain of approximately $1.4 million from one transferred property.
During 2005, the Company disposed of, in separate transactions, (i) 20 operating properties for an aggregate sales price of approximately $93.3 million, (ii) transferred three operating properties to KROP for an aggregate price of approximately $49.0 million and (iii) transferred 52 operating properties to various joint ventures in which the Company has non-controlling interests ranging from 15% to 50% for an aggregate price of approximately $183.1 million. For the year ended December 31, 2005, these transactions resulted in gains of approximately $31.9 million and a loss on sale/transfer from four of the properties for $5.2 million.
Net income for the year ended December 31, 2006 was $428.3 million. Net income for the year ended December 31, 2005 was $363.6 million. On a diluted per share basis, net income improved $0.18 to $1.70 for the year ended December 31, 2006, as compared to $1.52 for the corresponding period in 2005. These increases are attributable to (i) an increase in revenues from rental properties primarily due to acquisitions in 20052006 and 2006,2005, (ii) increased income from other real estate investments primarily due to increased investments in the Company’s Preferred Equity program, (iii) an increase in equity in income of real estate joint ventures achieved from profit participation and gains on sale of joint venture operating properties and additional capital investment in the Company’s joint venture programs for the acquisition of additional operating properties throughout 2006 and 2005, (iv) increased gains on sales of operating properties in 2006 and (v) increased income contributed from the marketable securities portfolio in 2006 as compared to 2005,
49
50
Tenant Concentrations
The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties, avoiding dependence on any
51
Liquidity and Capital Resources
The Company’s capital resources include access to liquidity in the capital markets, mortgage and construction loan financing and immediate access to unsecured revolving credit facilities with aggregate bank commitments of approximately $1.8 billion.
The Company’s cash flow activities are summarized as follows (in millions):
| Year Ended December 31, | ||||||||||||
| 2006 | 2005 | 2004 | ||||||||||
| Net cash flow provided by operating activities | $ | 455.6 | $ | 410.8 | $ | 365.2 | ||||||
| Net cash flow used for investing activities | $ | (246.2 | ) | $ | (716.0 | ) | $ | (299.6 | ) | |||
| Net cash flow provided by (used for) financing activities | $ | 59.4 | $ | 343.3 | $ | (75.6 | ) | |||||
| Year Ended December 31, | ||
| 2007 | 2006 | 2005 |
Net cash flow provided by operating activities | $ 666.0 | $ 455.6 | $ 410.8 |
Net cash flow used for investing activities | $ (1,507.6) | $ (246.2) | $ (716.0) |
Net cash flow provided by financing activities | $ 584.1 | $ 59.4 | $ 343.3 |
Operating Activities
Cash flows provided from operating activities for the year ended December 31, 2007 were approximately $666.0 million, as compared to approximately $455.6 million for the comparable period in 2006. The increase of approximately $210.4 million is primarily attributable to increased cash flows due to (i) the acquisition of properties during 2007 and 2006, (ii) an increase in revenues from rental properties due to an overall occupancy increase from the consolidated shopping center portfolio, growth in rental rates from lease renewals and the completion of certain re-development and development projects and (iii) an increase in distributions from joint ventures primarily received from the Company’s investment in KROP resulting from the distribution of profit participation proceeds and distributions from the Albertson's investment.
The Company anticipates that cash flows from operationsoperating activities will continue to provide adequate capital to fund its operating and administrative expenses, regular debt service obligations and all dividend payments in accordance with REIT requirements in both the short term and long term. In addition, the Company anticipates that cash on hand, borrowings under its revolving credit facilities, issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. Net cash flow provided by operating activities for the year ended December 31, 2006,2007, was primarily attributable to (i) cash flow from the diverse portfolio of rental properties, (ii) the acquisition of operating properties during 20052007 and 2006, (iii) new leasing, expansion and re-tenanting of core portfolio properties and (iv) growth in the Company’s joint venture and Preferred Equity programs.
Investing Activities
Cash flows used for investing activities for the year ended December 31, 2007 were approximately $1.5 billion, as compared to approximately $246.2 million for the comparable period in 2006. This increase in cash utilization of $1.3 billion resulted primarily from an increase in acquisition of and improvements to operating real estate and real estate under development and a decrease in proceeds received from transferred operating/development properties, partially offset by reimbursements of advances to real estate joint ventures received in 2007 as compared to 2006.
Acquisitions and Redevelopments
During the year ended December 31, 2006,2007, the Company expended approximately $484.8 million$1.0 billion towards acquisition of and improvements to operating real estate. (See Note 3 of the Notes to the Consolidated Financial Statements included in this annual report on Form 10-K.)
46
The Company has an ongoing program to reformat and re-tenant its properties to maintain or enhance its competitive position in the marketplace. During the year ended December 31, 2006,2007, the Company expended approximately $62.2$70.1 million in connection with these major redevelopments and re-tenanting projects. The Company anticipates its capital commitment toward these and other redevelopment projects during 20072008 will be approximately $125.0$90.0 million to $150.0$110.0 million. The funding of these capital requirements will be provided by cash flow from operating activities and availability under the Company’s revolving lines of credit.
Investments and Advances to Real Estate Joint Ventures
During the year ended December 31, 2006,2007, the Company expended approximately $472.7$413.2 million for investments and advances to real estate joint ventures and received approximately $183.4$293.5 million from reimbursements of advances to real estate joint ventures. (See Note 7 of the Notes to the Consolidated Financial Statements included in this annual report on Form 10-K.)
Ground-up Development
The Company is engaged in ground-up development projects which consistsconsist of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiary, KDI,subsidiaries, which developsdevelop neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Mexico and Canada for long-term investment. Allinvestment (see Recent Developments - International Real Estate Investments and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K). The ground-up development projects generally have substantialsignificant pre-leasing prior to the commencement of construction. As of December 31, 2006,2007, the Company had in progress a total of 4560 ground-up development projects including 2327 merchant building projects, six domesticnine U.S. ground-up development projects, and 1624 ground-up development projects located throughout Mexico.
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Dispositions and Transfers
During the year ended December 31, 2006,2007, the Company received net proceeds of approximately $342.8$359.2 million relating to the sale of various operating properties and ground-up development projects and approximately $1.2 billion$69.9 million from the transfer of operating properties to various joint ventures. (See Notes 3 and 7 of the Notes to the Consolidated Financial Statements included in this annual report on Form 10-K.)
Financing Activities
Cash flows provided from financing activities for the year ended December 31, 2007 were approximately $584.1 million, as compared to approximately $59.4 million for the comparable period in 2006. This increase of approximately $524.7 million resulted primarily from (i) an increase in borrowings under the Company’s revolving credit facilities in 2007 due to increased investment activity during 2007, (ii) an increase in proceeds from mortgage/construction loan financing and (iii) a decrease in the repayment of borrowings under the revolving credit facilities in 2007 as compared to 2006, partially offset by an increase in dividends paid.
It is management’s intention that the Company continually havehas access to the capital resources necessary to expand and develop its business. As such, the Company intends to operate with and maintain a conservative capital structure with a level of debt to total market capitalization of 50% or less. As of December 31, 2006,2007, the Company’s level of debt to total market capitalization was 23%30%. In addition, the Company intends to maintain strong debt service coverage and fixed charge coverage ratios as part of its commitment to maintaining its investment-grade debt ratings. The Company may, from time to time,time-to-time, seek to obtain funds through additional common and preferred equity offerings, unsecured debt financings and/or mortgage/construction loan financings and other capital alternatives in a manner consistent with its intention to operate with a conservative debt structure.
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Since the completion of the Company’s IPO in 1991, the Company has utilized the public debt and equity markets as its principal source of capital for its expansion needs. Since the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $4.9$5.7 billion. Proceeds from public capital market activities have been used for the purposes of, among other things, repaying indebtedness, acquiring interests in neighborhood and community shopping centers, funding ground-up development projects, expanding and improving properties in the portfolio and other investments. In March 2006, the Company was added to the S & P 500 Index, an index containing the stock of 500 Large Cap corporations, most of which are U.S. corporations.
During October 2007, the Company has an $850.0 millionestablished a new $1.5 billion unsecured U.S. revolving credit facility (the "U.S. Credit Facility") with a group of banks, which is scheduled to expire in July 2008.October 2011. This credit facility, which replaced the Company’s $850.0 million unsecured U.S. revolving facility, which was scheduled to expire in July 2008, has made available funds to both finance general corporate purposes, including (i) property acquisitions, (ii) investments in the purchase of propertiesCompany’s institutional management programs, (iii) development and other investmentsredevelopment costs and meet(iv) any short-term working capital requirements. Interest on borrowings under the U.S. Credit Facility accrues at LIBOR plus 0.375% and fluctuates in accordance with changes in the Company’s senior debt ratings. As part of this U.S. Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $750.0 million of its requested borrowings to the bank group. This competitive bid option provides the Company the opportunity to obtain pricing below the currently stated spread. A facility fee of 0.125% per annum is payable quarterly in arrears. As part of the U.S. Credit Facility, the Company has a $200.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the U.S. Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both secured and unsecured debt and (ii) minimum interest and fixed coverage ratios. As of December 31, 2006,2007, there was noapproximately $259.0 million outstanding balance under this credit facility.
The Company also has a three-year CAD $250.0 million unsecured credit facility with a group of banks. This facility bore interest at the CDOR Rate, as defined, plus 0.50%0.45%, and iswas scheduled to expire in March 2008. During January 2006,October 2007, the facility was further amended to reduce the borrowing spread to 0.45% and to modify the covenant package to conform to the Company’s $850.0 million U.S. Credit Facility. The facility was further amended in January 2008, to extend the maturity date to 2011, with an additional one-year extension option, at a reduced rate of CDOR plus 0.375%, subject to change in accordance with the Company’s senior debt ratings. Proceeds from this facility are used for general corporate purposes, including the funding of Canadian denominated investments. As of December 31, 2006,2007, there was no outstanding balance under this credit facility.
Additionally, the Company has a three-year MXP 500.0 million unsecured revolving credit facility. This facility bears interest at the TIIE Rate, as defined therein, plus 1.00%, subject to change in accordance with the Company’s senior debt ratings, and is scheduled to expiremature in May 2008.2008 with an additional one-year extension option. Proceeds from this facility are used to fund peso denominated investments. As of December 31, 2006,2007, there was noMXP 250.0 million (approximately USD $22.9 million) outstanding balance under this credit facility.
The Company is currently negotiating a five-year fixed rate MXP 1.0 billion term loan. Proceeds from this loan will be used to pay the outstanding balance on the MXP 500.0 million unsecured revolving credit facility and for funding Mexican denominated investments.
During August 2007, the Company obtained a $200.0 million unsecured term loan that bore interest at LIBOR plus 0.325%. The term loan was scheduled to mature on December 14, 2007. The Company utilized these proceeds to partially repay the outstanding balance on the Company’s U.S. Credit Facility. The term loan was fully repaid in October 2007.
The Company has a MTNMedium Term Notes ("MTN") program pursuant to which it may, from time-to-time, offer for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company’s debt maturities. (See Note 11 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
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During March 2006,April 2007, the Company issued $300.0 million of fixedten-year Senior Unsecured Notes at an interest rate unsecured seniorof 5.70% per annum payable semi-annually in arrears. These notes
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During the year ended December 31, 2007, the Company repaid the following senior unsecured notes: (i) its medium-term notes and senior$30.0 million 7.46% fixed rate notes, which amended the (i) total debt test and secured debt test by changing the asset value definition from undepreciated real estate assets to total assets, with total assets being defined as undepreciated real estate assets, plus other assets (but excluding goodwill and amortized debt costs) andmatured on May 20, 2007, (ii) maintenance of unencumbered total asset value covenant by increasing the requirement of the ratio of unencumbered total asset value to outstanding unsecured debt from 1 to 1 to 1.5 to 1. Additionally, the same amended covenants were adopted within the Canadian supplemental indenture,its $55.0 million 5.75% fixed rate notes, which governs the 4.45% Canadian Debentures due in 2010. As a result of the amended covenants, the Company has increased its borrowing capacity by approximately $2.0 billion.
In addition to the public equity and debt markets as capital sources, the Company may, from time-to-time, obtain mortgage financing on selected properties and construction loans to partially fund the capital needs of KDI.its ground-up development projects. As of December 31, 2006,2007, the Company had over 390 unencumbered property interests in its portfolio.
During March 2006,2007, the Company completed a primary public stock offering(i) obtained an aggregate of 10,000,000 sharesapproximately $285.8 million of Common Stock. The net proceeds from this salenon-recourse mortgage debt on 12 operating properties, (ii) assumed approximately $83.7 million of Common Stock, totalingindividual non-recourse mortgage debt relating to the acquisition of eight operating properties, including approximately $405.5$2.5 million (after related transaction costs of $2.5 million) were primarily used to repayfair value debt adjustments and (iii) paid off approximately $81.6 million of individual non-recourse mortgage debt that encumbered 11 operating properties.
During 2007, the outstanding balance under the Company’s U.S. revolving credit facility, partial repayment of the outstanding balance under the Company’s Canadian denominated credit facilityCompany obtained individual construction loans on five merchant building projects and for general corporate purposes.
During May 2006, the Company filed a shelf registration statement on Form S-3ASR, which is effective for a term of three years,three-years, for the unlimited future offerings, from time to time,time-to-time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants.
During October 2007, the Company andissued 18,400,000 Depositary Shares (the "Class G Depositary Shares"), after the closing occurred on October 31, 2006. Under the termsexercise of the merger agreement, the Company agreed to acquire all of the outstanding shares of Pan Pacific foran over-allotment option, each representing a total merger consideration of $70.00 per share. As permitted under the merger agreement, the Company elected to issue $10.00 perone-hundredth fractional interest in a share of the total merger considerationCompany’s 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class G Preferred Stock"). Dividends on the Class G Depositary Shares are cumulative and payable quarterly in arrears at the rate of 7.75% per annum based on the $25.00 per share initial offering price, or $1.9375 per annum. The Class G Depositary Shares are redeemable, in whole or part, for cash on or after October 10, 2012, at the option of the Company, at a redemption price of $25.00 per depositary share, plus any accrued and unpaid dividends thereon. The Class G Depositary Shares are not convertible or exchangeable for any other property or securities of the Company. Net proceeds from the sale of the Class G Depositary Shares, totaling approximately $444.5 million (after related transaction costs of $15.5 million) were used for general corporate purposes, including funding property acquisitions, investments in the form of Common Stock. As such, theCompany’s institutional management programs and other investment activities. The Company issued 9,185,847 million shares of Common Stock valued at approximately $407.7 million (see Note 7also used a portion of the Notesproceeds to Consolidated Financial Statements included in this annual report on Form 10-K).
During 2006,2007, the Company received approximately $43.8$38.1 million through employee stock option exercises and the dividend reinvestment program.
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from other investments. Since cash used to pay dividends reduces amounts available for capital investment, the Company generally intends to maintain a conservative dividend payout ratio, reserving such amounts as it considers necessary for the expansion and renovation of shopping centers in its portfolio, debt reduction, the acquisition of interests in new properties and other investments as suitable opportunities arise and such other factors as the Board of Directors considers appropriate. Cash dividends paid increased to $384.5 million in 2007, compared to $332.6 million in 2006 compared toand $293.3 million in 2005 and $265.3 million in 2004.
Although the Company receives substantially all of its rental payments on a monthly basis, it generally intends to continue paying dividends quarterly. Amounts accumulated in advance of each quarterly distribution will be invested by the Company in short-term money market or other suitable instruments.
Contractual Obligations and Other Commitments
The Company has debt obligations relating to its revolving credit facilities, MTNs, senior notes, mortgages and construction loans with maturities ranging from less than one year to 2928 years. As of December 31, 2006,2007, the Company’s total debt had a weighted average term to maturity of approximately 5.75.5 years. In addition, the Company has non-cancelable operating leases pertaining to its shopping center portfolio. As of December 31, 2006,2007, the Company has 8279 shopping center properties that are subject to long-term ground leases where a third party owns and has leased the underlying land to the Company to construct and/or operate a shopping center. In addition, the Company has 2019 non-cancelable operating leases pertaining to its retail store lease portfolio. The following table summarizes the Company’s debt maturities and obligations under non-cancelable operating leases as of December 31, 20062007 (in millions):
| 2007 | 2008 | 2009 | 2010 | 2011 | Thereafter | Total | ||||||||||||||||||||||
| Long-Term Debt | $ | 457.0 | $ | 302.0 | $ | 254.5 | $ | 241.4 | $ | 410.2 | $ | 1,922.2 | $ | 3,587.3 | ||||||||||||||
| Operating Leases | ||||||||||||||||||||||||||||
| Ground Leases | $ | 14.9 | $ | 14.8 | $ | 14.3 | $ | 12.4 | $ | 10.1 | $ | 175.8 | $ | 242.3 | ||||||||||||||
| Retail Store Leases | $ | 4.6 | $ | 4.0 | $ | 3.6 | $ | 3.2 | $ | 2.6 | $ | 2.2 | $ | 20.2 | ||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | Thereafter | Total |
Long-Term Debt, | $742.9 | $523.6 | $500.7 | $817.0 | $405.8 | $2,448.4 | $5,438.4 |
Operating Leases |
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Ground Leases | $ 11.4 | $ 10.9 | $ 9.0 | $ 6.7 | $ 6.0 | $115.6 | $ 159.6 |
Retail Store Leases | $ 3.9 | $ 3.7 | $ 3.6 | $ 3.1 | $ 2.0 | $ 1.3 | $ 17.6 |
(1)
maturities utilized do not reflect extension options, which range from six months to two years.
(2)
for loans which have interest at floating rates, future interest expense was calculated using the rate as of December 31, 2007.
The Company has $250.0$100.0 million of medium term notes, $42.8$25.3 million of senior unsecured notes, $84.4 million of mortgage debt and $164.2$260.9 million of construction loans maturingscheduled to mature in 2007.2008. The Company anticipates satisfying these maturities with a combination of operating cash flows, its unsecured revolving credit facilities, new debt issuances and the sale of completed ground-up development projects.
The Company has issued letters of credit in connection with completion and repayment guarantees for construction loans encumbering certain of the Company’s ground-up development projects and guaranty of payment related to the Company’s insurance program. These letters of credit aggregate approximately $34.9$30.7 million.
In June 2006, the FASB issued Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN 48"), which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements in accordance with FASB Statement No. 109, "Accounting for Income Taxes". The interpretation prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
The Company closedadopted the provisions of FIN 48 on January 1, 2007. The Company does not have any material unrecognized tax benefits, therefore the adoption of FIN 48 did not have a material impact on the Pan Pacific merger,Company’s financial position or results of operations.
During June 2007, the Company entered into a joint venture, in which hadthe Company has a total valuenon-controlling ownership interest, and acquired all of the common stock of InTown Suites Management, Inc. This investment was funded with approximately $4.1 billion. Funding for this transaction was provided by approximately $1.3 billion$186.0 million of new individual
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cross-collateralized non-recourse mortgage loansdebt with a fixed interest rate of 5.59%, encumbering 5135 properties, a $153.0 million three-year unsecured credit facility, which bears interest at LIBOR plus 0.325% and is guaranteed by the Company and the assumption of $278.6 million cross-collateralized non-recourse mortgage debt with fixed interest rates ranging from 5.19% to 5.89%, encumbering 86 properties. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay. The outstanding balance on the three-year unsecured credit facility was $149.0 million as of December 31, 2007. The joint venture obtained an interest rate swap at 5.37% on $128.0 million of this debt. The swap is designated as a cash flow hedge and as such adjustments are recorded in Other comprehensive income.
During 2007, the Company entered into a joint venture, in which the Company has a non-controlling ownership interest, to acquire a property in Houston, Texas. This investment was funded with a $24.5 million one-year unsecured credit facility with an additional one-year extension option, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company. The outstanding balance on this credit facility as of December 31, 2007 was $24.5 million.
During April 2007, the Company entered into a joint venture, in which the Company has a 50% non-controlling ownership interest to acquire a property in Visalia, CA. Subsequent to this acquisition the joint venture obtained a three-year $6.0 million three-year promissory note which bears interest at LIBOR plus 0.75%, and has an extension option of two-years. This loan is jointly and severally guaranteed by the Company and the joint venture partner. As of December 31, 2007, the outstanding balance on this loan was $6.0 million.
The KimPru joint ventures, entities in which the Company holds a 15% non-controlling interest, with Prudential Real Estate Investors ("PREI") through three separate accounts managed by PREI obtained a $1.2 billion two yeartwo-year credit facility provided by a consortium of banks and guaranteed by the joint venture partners described below and the Company, the issuance of 9,185,847 shares of Common Stock valued at approximately $407.7 million, which was based upon the average closing price of Common Stock over the ten trading days immediately preceding the closing date, the assumption of approximately $630.0 million of unsecured bonds and approximately $289.4 million of existing non-recourse mortgage debt encumbering 23 properties and approximately $300.0 million in cash. With respect to the $1.2 billion guarantee by the Company,Company. PREI as defined below, guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make. The Company evaluatedAs of December 31, 2007, there was $702.5 million outstanding under this guaranteecredit facility, which bears interest at LIBOR plus 0.45% and is scheduled to mature in connection with the provisions of FASB Interpretation No. 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others and determined that the impact did not have a material effect on the Company’s financial position or results of operations.
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In connection with the construction of its development projects and related infrastructure, certain public agencies require performance and surety bonds be posted to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2006,2007, there were approximately $92.5$90.4 million bonds outstanding.
Additionally, the RioCan Venture, an entity in which the Company holds a 50% non-controlling interest, has a CAD $7.0 million (approximately USD $6.0$7.1 million) letter of credit facility. This facility is jointly guaranteed by RioCan and the Company and had approximately CAD $3.9$5.5 million (approximately USD $3.4$5.6 million) outstanding as of December 31, 2006,2007, relating to various development projects.
During 2005, a joint venturean entity in which the Company has a non-controlling interestpreferred equity investment obtained a CAD $22.5 million (approximately USD $19.3$22.9 million) credit facility to finance the construction of a 0.1 million square foot shopping center property located in Kamloops, B.C. This facility bears interest at Royal Bank Prime Rate (“RBP”("RBP") plus 0.5% per annum and is scheduled to mature in May 2007.March 2008. The Company and its partner in this entity each have a limited and several guarantee of CAD $7.5 million (approximately USD $64.3$7.6 million) on this facility. As of December 31, 2006,2007, there was CAD $21.0$21.1 million (approximately USD $18.0$21.5 million) outstanding on this facility.
During 2005, PL Retail, a joint venture in which the Company holds a 15% non-controlling interest, entered into a $39.5 million unsecured revolving credit facility, which bears interest at LIBOR plus 0.675%0.45% and was scheduled to mature in February 2007.2008. During 2007,2008, the loan was extended to February 2008 at a reduced rate of LIBOR plus 0.45%.2009. This facility is guaranteed by the Company and the joint venture partner has guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make. As of December 31, 2006,2007, there was $39.5$24.6 million outstanding under this facility.
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Additionally, during 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company holds 50% non-controlling interests. Subsequent to these acquisitions, the joint ventures obtained four individual one-year loans aggregating $20.4 million with interest rates ranging from LIBOR plus 0.50% to LIBOR plus 0.55%. During 2006,2007, one of these properties was sold for a sales price of approximately $10.5 million, including the pay down of $5.0 million of debt. During 2007, two of these term loans were extended foruntil May 2008 and one was extended until October 2008. As of December 31, 2007, there was an additional year.aggregate of $15.4 million outstanding on these loans. These loans are jointly and severally guaranteed by the Company and the joint venture partner.
Off-Balance Sheet Arrangements
Ground-Up DevelopmentMerchant Building Joint Ventures
At December 31, 2006,2007, the Company has three ground-up developmenttwo merchant building projects through unconsolidated joint ventures in which the Company has 50% non-controlling interests. Two projects areOne project is financed with individual non-recourse construction loans and onea $113.0 million ten-year permanent note, which bears interest at a rate of 5.55% per annum. The other project is financed with a term loan, which is 50% guaranteed by the Company, with total aggregate loan commitmentsa commitment of up to $249.4$28.0 million of which $128.6$28.0 million has been funded. These loans have variablewas outstanding as of December 31, 2007. This loan bears interest rates ranging from 5.82% to 8.25%at LIBOR plus 1.55%, or 6.78% at December 31, 2006,2007, and maturities ranging from four monthsis scheduled to 10 months.
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The Company has investments in various unconsolidated real estate joint ventures with varying structures. These joint ventures operate either shopping center properties or are established for development projects. Such arrangements are generally with third-party institutional investors, local developers and individuals. The properties owned by the joint ventures are primarily financed with individual non-recourse mortgage loans. Non-recourse mortgage debt is generally defined as debt whereby the lenders’ sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage. The lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower, except for certain specified exceptions listed in the particular loan documents (see(See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K). These investments include the following joint ventures:
| Non-Recourse | Weighted | |||||||||||||||||||||||||||||||
| Kimco | Mortgage | Recourse | Number of | Average | Average | |||||||||||||||||||||||||||
| Ownership | Number of | Total GLA | Payable | Notes Payable | Encumbered | Interest | Term | |||||||||||||||||||||||||
| Venture | Interest | Properties | (in thousands) | (in millions) | (in millions) | Properties | Rate | (months) | ||||||||||||||||||||||||
| KimPru | 15.00 | % | 137 | 19,645 | $ | 1,545.1 | $ | 1,235.3 | (c) | 72 | 5.73 | % | 63.8 | |||||||||||||||||||
| KIR | 45.00 | % | 66 | 13,996 | $ | 1,080.7 | $ | 14.0 | 64 | 7.06 | % | 49.9 | ||||||||||||||||||||
| KROP | 20.00 | % | 25 | 3,606 | $ | 318.9 | (b) | $ | 15.0 | (c) | 25 | 6.30 | % | 41.8 | ||||||||||||||||||
| PL Retail | 15.00 | % | 23 | 5,809 | $ | 682.2 | $ | 39.5 | (c) | 23 | 6.48 | % | 30.7 | |||||||||||||||||||
| KUBS | 18.93 | %(a) | 31 | 4,994 | $ | 592.2 | $ | — | 31 | 5.59 | % | 96.7 | ||||||||||||||||||||
| RioCan Venture | 50.00 | % | 34 | 8,140 | $ | 641.4 | $ | — | 34 | 6.32 | % | 69.9 | ||||||||||||||||||||
Venture | Kimco | Number | Total GLA | Non- | Recourse | Number of | Average | Weighted |
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KimPru (c) | 15.00% | 127 | 19,837 | $2,085.5 | $702.5(b) | 92 | 5.66% | 70.1 |
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KIR (d) | 45.00% | 63 | 13,117 | $1,018.7 | $ - | 61 | 6.96% | 41.4 |
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PL Retail (e) | 15.00% | 22 | 5,578 | $ 658.2 | $ 24.6(b) | 22 | 6.17% | 26.0 |
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KUBS (f) | 17.89%(a) | 43 | 6,166 | $ 770.2 | $ - | 43 | 5.70% | 89.2 |
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RioCan Venture (g) | 50.00% | 35 | 8,199 | $ 763.9 | $ - | 35 | 6.12% | 67.0 |
(a) Ownership % is a blended rate.
(b) See Contractual Obligations and Other Commitments regarding guarantees by the Company and its joint venture partners.
(c) Represents the Company’s joint ventures with Prudential Real Estate Investors.
(d) Represents the Kimco Income REIT, formed in 1998.
(e) Represents the Company’s joint venture formed from the acquisition of the Price Legacy Corporation.
(f) Represents the Company’s joint ventures with UBS Wealth Management North American Property Fund Limited.
(g) Represents the Company’s joint venture with RioCan Real Estate Investment Trust.
The Company has various other unconsolidated real estate joint ventures with varying structures. As of December 31, 2006,2007, these unconsolidated joint ventures had individual non-recourse mortgage loans aggregating approximately $2.2$2.9 billion. The Company’s pro-rata share of these non-recourse mortgages was approximately $734.1$707.7 million. (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
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Other Real Estate Investments
The Company maintains a Preferred Equity program, which provides capital to developers and owners of real estate properties. The Company accounts for its preferred equity investments under the equity method of accounting. As of December 31, 2006,2007, the Company’s net investment under the Preferred Equity Program was approximately $400.4$484.1 million relating to 215258 properties. As of December 31, 2006,2007, these preferred equity investment properties had individual non-recourse mortgage loans aggregating approximately $1.2$1.7 billion. Due to the Company’s preferred position in these investments, the Company’s pro-rata share of each investment is subject to fluctuation and is dependent upon property cash flows. The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital.
Additionally, during July 2007, the Company invested approximately $81.7 million of preferred equity capital in a portfolio comprised of 403 net leased properties which are divided into 30 master leased pools with each pool leased to individual corporate operators. These properties consist of a diverse array of free-standing restaurants, fast food restaurants, convenience and auto parts stores. As of December 31, 2007 these properties were encumbered by third party loans aggregating approximately $433.0 million with interest rates ranging from 5.08% to 10.47% with a weighted average interest rate of 9.3% and maturities ranging from 1.4 years to 15.2 years.
During June 2002, the Company acquired a 90% equity participation interest in an existing leveraged lease of 30 properties. The properties are leased under a long-term bond-type net lease whose primary term expires in 2016, with the lessee having certain renewal option rights. The Company’s cash equity investment was approximately $4.0 million. This equity investment is reported as a net investment in leveraged lease in accordance with SFAS No. 13, Accounting for Leases (as amended). The net investment in leveraged lease reflects the original cash investment adjusted by remaining net rentals, estimated unguaranteed residual value, unearned and deferred income and deferred taxes relating to the investment.
As of December 31, 2006, 162007, 18 of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $29.1$32.1 million. As of
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Effects of Inflation
Many of the Company’sCompany's leases contain provisions designed to mitigate the adverse impact of inflation. Such provisions include clauses enabling the Company to receive payment of additional rent calculated as a percentage of tenants’tenants' gross sales above pre-determined thresholds, which generally increase as prices rise, and/or escalation clauses, which generally increase rental rates during the terms of the leases. Such escalation clauses often include increases based upon changes in the consumer price index or similar inflation indices. In addition, many of the Company’sCompany's leases are for terms of less than 10 years, which permits the Company to seek to increase rents to market rates upon renewal. Most of the Company’sCompany's leases require the tenant to pay an allocable share of operating expenses, including common area maintenance costs, real estate taxes and insurance, thereby reducing the Company’sCompany's exposure to increases in costs and operating expenses resulting from inflation. The Company periodically evaluates its exposure to short-term interest rates and foreign currency exchange rates and will, from time-to-time, enter into interest rate protection agreements and/or foreign currency hedge agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt and fluctuations in foreign currency exchange rates.
New Accounting Pronouncements
In September 2006, the FASB issued SFASStatement of Financial Accounting Standards ("SFAS") No. 157, Fair Value Measurement (“("SFAS No. 157”157"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurement. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007. During February 2008, the FASB issued a Staff Position that will (i) partially defer the effective date of SFAS No. 157 for one year for certain nonfinancial assets and nonfinancial liabilities and (ii) remove certain leasing transactions from the scope of SFAS No. 157. The impact of adopting SFAS No. 157 is not expected to have a material impact on the Company’s financial position or results of operations.
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In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (“("SFAS No. 159”159"). SFAS No. 159 permits entities to choose to measure many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007. The Company is currently assessing the impact of SFAS No. 159 is not expected to have a material impact on the Company’s financial position or results of operations.
In June 2007, the AICPA issued Statement of Position 07-1, Clarification of the Scope of the Audit and Accounting Guide for Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies (“SOP 07-1”). SOP 07-1 sets forth more stringent criteria for qualifying as an investment company than does the predecessor Audit Guide. In addition, SOP 07-1 establishes new criteria for a parent company or equity method investor to retain investment company accounting in their consolidated financial statements. Investment companies record all their investments at fair value with changes in value reflected in earnings. SOP 07-1 was to be effective for the Company’s 2008 fiscal year, however, in October 2007 the FASB agreed to propose an indefinite delay, and, in February 2008, the FASB issued a final Staff Position to indefinitely delay the effective date of SOP 07-1.
In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business Combinations ("SFAS No. 141(R)"). The objective of this statement is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this Statement establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase and (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. This statement applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008. An entity may not apply it before that date. The Company is currently assessing the impact the adoption of SFAS No. 141(R) would have on the Company’s financial position and results of operations.
In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements, an Amendment of ARB No. 51("SFAS No. 160"). A noncontrolling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. The objective of this statement is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements by establishing accounting and reporting standards that require: (i) the ownership interests in subsidiaries held by parties other than the parent be clearly identified, labeled, and presented in the consolidated statement of financial position within equity, but separate from the parent’s equity, (ii) the amount of consolidated net income attributable to the parent and to the non-controlling interest be clearly identified and presented on the face of the consolidated statement of income, (iii) changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently and requires that they be accounted for similarly, as equity transactions, (iv) when a subsidiary is deconsolidated, any retained noncontrolling equity investment in the former subsidiary be initially measured at fair value, the gain or loss on the deconsolidation of the subsidiary is measured using the fair value of any noncontrolling equity investment rather than the carrying amount of that retained investment and (v) entities provide sufficient disclosures that clearly identify and distinguish between the interests of the parent and the interests of the noncontrolling owners. This statement is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008. Earlier adoption is prohibited. The Company is currently assessing the impact the adoption of SFAS No. 160 would have on the Company’s financial position and results of operations.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
The Company’s primary market risk exposure is interest rate risk. The following table presents the Company’s aggregate fixed rate and variable rate domestic and foreign debt obligations outstanding as of December 31, 2006,2007, with corresponding weighted-average interest rates sorted by maturity date. The information is presented in U.S. dollar equivalents, which is the Company’s reporting currency. The instrumentsinstruments’ actual cash flows are denominated in U.S. dollars, and Canadian dollars and Mexican pesos as indicated by geographic description ($USD equivalent in millions).
| Fair | ||||||||||||||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012+ | Total | Value | |||||||||||||||||||||||||
| U.S. Dollar Denominated | ||||||||||||||||||||||||||||||||
| Secured Debt Fixed Rate | $ | 26.5 | $ | 94.8 | $ | 49.2 | $ | 19.9 | $ | 46.7 | $ | 304.5 | $ | 541.6 | $ | 555.6 | ||||||||||||||||
| Average Interest Rate | 8.06 | % | 7.21 | % | 7.83 | % | 8.39 | % | 7.42 | % | 6.53 | % | 6.99 | % | ||||||||||||||||||
| Variable Rate | $ | 173.5 | $ | 81.5 | $ | 25.3 | $ | 16.4 | $ | — | $ | 0.6 | $ | 297.3 | $ | 297.3 | ||||||||||||||||
| Average Interest Rate | 7.22 | % | 7.04 | % | 6.91 | % | 7.35 | % | — | 8.25 | % | 7.15 | % | |||||||||||||||||||
| Unsecured Debt Fixed Rate | $ | 250.0 | $ | 125.7 | $ | 180.0 | $ | 76.5 | $ | 363.4 | $ | 1,445.7 | $ | 2,441.3 | $ | 2,457.9 | ||||||||||||||||
| Average Interest Rate | 6.83 | % | 4.61 | % | 6.98 | % | 5.55 | % | 6.36 | % | 5.50 | % | 5.83 | % | ||||||||||||||||||
| Variable Rate | $ | 6.9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6.9 | $ | 6.9 | ||||||||||||||||
| Average Interest Rate | 8.00 | % | — | — | — | — | — | 8.00 | % | |||||||||||||||||||||||
| Fair | ||||||||||||||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012+ | Total | Value | |||||||||||||||||||||||||
| Canadian Dollar Denominated | ||||||||||||||||||||||||||||||||
| Unsecured Debt Fixed Rate | $ | — | $ | — | $ | — | $ | 128.6 | $ | — | $ | 171.5 | $ | 300.1 | $ | 297.9 | ||||||||||||||||
| Average Interest Rate | — | — | — | 4.45 | % | — | 5.18 | % | 4.87 | % | ||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013+ | Total | Fair Value |
U.S. Dollar Denominated |
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Secured Debt |
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Fixed Rate | $ 84.4 | $ 60.7 | $ 18.0 | $ 45.1 | $ 52.8 | $ 435.2 | $ 696.2 | $ 682.1 |
Average Interest Rate | 7.18% | 7.04% | 8.47% | 7.43% | 7.26% | 6.20% | 6.61% |
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Variable Rate | $ 260.9 | $ 73.1 | $ 54.1 | $ - | $ - | $ 0.4 | $ 388.5 | $ 388.5 |
Average Interest Rate | 6.00% | 6.69% | 6.70% | - | - | 7.25% | 5.71% |
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Unsecured Debt |
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Fixed Rate | $ 125.3 | $ 180.0 | $ 76.1 | $ 360.3 | $ 217.0 | $ 1,528.1 | $ 2,486.8 | $ 2,454.9 |
Average Interest Rate | 4.61% | 6.98% | 5.54% | 6.35% | 6.00% | 5.47% | 5.71% |
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Variable Rate | $ 2.4 | $ - | $ 6.5 | $ 259.0 | $ - | $ - | $ 267.9 | $ 267.9 |
Average Interest Rate | 6.25% | - | 7.52% | 5.28% | - | - | 5.35% |
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Canadian Dollar Denominated |
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Unsecured Debt |
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Fixed Rate | $ - | $ - | $ 151.8 | $ - | $ - | $ 202.4 | $ 354.2 | $ 349.4 | |
Average Interest Rate | - | - | 4.45% | - | - | 5.18% | 4.87% |
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Unsecured Debt |
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Variable Rate | $ 22.9 | $ - | $ - | $ - | $ - | $ - | $ 22.9 | $ 22.9 | |
Average Interest Rate | 8.92% | - | - | - | - | - | 8.92% |
| |
Based on the Company’s variable-rate debt balances, interest expense would have increased by approximately $3.0$6.8 million in 20062007 if short-term interest rates were 1.0% higher.
As of December 31, 2006,2007, the Company had (i) Canadian investments totaling approximately CAD $801.3$476.8 million (approximately USD $687.2$482.5 million) comprised of real estate joint venture investments and marketable securities. In addition, the Company hassecurities, (ii) Mexican real estate investments of approximately MXP 5.08.0 billion (approximately USD $463.2$734.8 million) and (iii) Chilean real estate investments of approximately 1.6 billion Chilean Pesos ("CLP") (approximately USD $3.0 million). The
59
Item 8. Financial Statements and Supplementary Data
The response to this Item 8 is included as a separate section of this annual report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s chief executive officer and chief financial officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”
55
"Exchange Act")) as of the end of the period covered by this report. Based on such evaluation, the Company’s chief executive officer and chief financial officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act.
Changes in Internal Control over Financial Reporting
There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter to which this report relates that have materially affected, or are reasonable likely to materially affect, the Company’s internal control over financial reporting.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control —- Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control-Integrated Framework, our management concluded that our internal control over financial reporting was effective as of December 31, 2006.
The effectiveness of our internal control over financial reporting as of December 31, 20062007 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included herein.
Item 9B. Other Information
Amendments to Articles of Incorporation or Bylaws.
On February 27, 2008, the Company's Board of Directors amended and restated the Company's bylaws, effective upon adoption. The full text of the Company's amended and restated bylaws is set forth in Exhibit 3.2 to this 10-K and is incorporated into this Item 9B by reference. The following summarizes these amendments.
Voting Requirements for Election of Directors
·
Previously, the bylaws provided that a plurality vote was sufficient to elect directors. As amended, Article II, Section 5 of the bylaws provides that, except in an election in which the number of nominees for director exceeds the number of directors to be elected, each director must be elected by a majority of the votes cast in person or by proxy at any meeting that includes the election of directors and at which a quorum is present.
·
For purposes of the election of directors, a majority of the votes cast means the affirmative vote of a majority of the total votes cast “for” and “against” such nominee. Votes cast do not include “abstentions” and any “broker non-votes.”
·
In an election in which the number of nominees for director exceeds the number of directors to be elected, directors will continue to be elected by a plurality of the votes cast.
Director Resignations
·
If an incumbent director fails to receive the requisite vote in an election, the bylaws require (1) the director to offer to resign from the Board, (2) the Nominating and Corporate Governance Committee of the Board to make a recommendation to the Board as to whether the Board should accept the resignation and (3) the Board to consider the recommendation of the Committee and to publicly disclose its decision regarding the resignation, and the reasons for its decision within 90 days after the date on which the results of the election were certified.
60
The Committee, in making its recommendation, and the Board, in making its decision, may each consider any factors or other information that it considers to be relevant. The director whose resignation is being considered may not participate in the recommendation of the Committee or the decision of the Board, except in the event that no nominee for director receives the vote required in the bylaws for election.
If an incumbent director's resignation is not accepted by the Board, the director will continue to serve until the next annual meeting of the stockholders and until his or her successor is duly elected and qualifies, or his or her earlier death, resignation, retirement or removal.
·
If a director's resignation is accepted by the Board, or if a non-incumbent nominee for director is not elected, the Board may fill any resulting vacancy in accordance with the bylaws.
Advance Notice Provisions
·
Article II, Section 12 was added to include advance notice provisions for stockholder nominations for director and stockholder business proposals at annual and special stockholder meetings. The advance notice period for annual stockholder meetings synchronizes the advance notice timing under the bylaws with the federal proxy rules. For annual stockholders meetings, the bylaws generally provide that such advance notice shall be delivered to the Secretary at the principal executive office of the Company not earlier than the 150th day nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date of the proxy statement for the preceding year's annual meeting.
·
For special meetings of stockholders, stockholders must notify the Secretary of the Company of director nominations (if the Board has determined that directors will be elected at such special meeting) and other stockholder proposals not earlier than the 120th day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90th day prior to such special meeting or the tenth day following the first public announcement of the date of the special meeting.
·
Additionally, the amended bylaws require certain information to be provided by the stockholder making a nomination or proposal, including information about the nominee or proposal, persons controlling or acting in concert with such stockholder and information about any hedging activities engaged in by them. The amended bylaws also establish procedures for the verification of information provided by the stockholder making the proposal.
Other Bylaw Amendments
·
Article II, Section 3 was added to establish procedures and requirements for stockholders to call a special meeting of stockholders, including, among other things, addressing issues relating to (1) who may call a special meeting of stockholders, (2) the fixing of a record date for determining stockholders entitled to request a special meeting and stockholders entitled to notice of and to vote at the meeting and (3) setting the time, date and place of special stockholders meetings.
·
Article II, Section 4 was amended to provide that (1) the chairman of a meeting of stockholders will have the power to adjourn the meeting and (2) a stockholders meeting may be adjourned without further notice (other than a statement at the meeting) to a date not more than 120 days after the original record date.
·
Article II, Section 7 was amended to (1) provide that a minor irregularity in providing notice of a stockholders meeting will not affect the validity of the meeting, (2) clarify that any business of the Company may be transacted at an annual meeting without being specifically designated in the notice while business transacted at a special meeting must be disclosed in the notice of the special meeting and (3) provide that the Company may postpone or cancel a meeting by making a public announcement.
·
Article II, Section 8 was amended to provide a more comprehensive list of the powers of the chairman in the conduct of the meeting, including, among other things, complying with state and local laws concerning safety and security.
57
·
Article II, Section 10 was added to (1) clarify the procedures for voting stock registered in the name of the Company and other business entities and (2) provide for a procedure by which a stockholder may certify that shares of stock are held for the account of another person.
·
Article II, Section 11 was added to provide for the appointment and powers of inspectors at stockholders meetings.
·
Article III, Section 4 was amended to provide that, when a vacancy on the Board of Directors results from an increase in the number of directors, a majority of the entire Board may fill the vacancy. Any other vacancy on the Board may be filled by a majority of the remaining directors, whether or not sufficient to constitute a quorum.
·
Article III, Section 5 was added to provide for the holding of regular meetings of the Board without notice other than a resolution setting the time and place for the meetings.
·
Article III, Section 9 was amended to clarify that, if enough directors have withdrawn from a meeting to leave less than a quorum but the meeting is not adjourned, the action of the majority of the number of directors necessary to constitute a quorum is the action of the Board, unless a greater proportion is required by applicable law, the charter or another provision of the bylaws.
·
Article III, Section 10 was added to more fully describe the procedures for choosing the chairman and secretary of Board meetings.
·
Article III, Section 11 was amended to permit unanimous Board consent via electronic transmission.
·
Article III, Section 13 was amended to provide compensation to the directors who are not officers of the Corporation based on an annual sum for their service on the Board of Directors and its committees.
·
Article III, Section 14 was added to clarify that directors and officers may rely on information prepared or presented by others whom the director or officer reasonably believes to be reliable and competent in the matters presented.
·
Article III, Section 15 was added to clarify the power of the Board and stockholders to ratify prior actions or inactions by the Company, including matters questioned in litigation.
·
Article III, Section 16 was added to provide for procedural flexibility in the event of an emergency.
·
Article IV, Sections 1-2 were added to (1) authorize the Board to delegate any of its powers to a committee, except as prohibited by law and (2) clarify Board committee meeting procedures with respect to notice, quorum and voting.
·
Article V was amended to clarify that reimbursement of expenses may be in advance of final disposition of a proceeding and that a director or officer who is threatened to be made a party to a proceeding is entitled to indemnification and advance of expenses. Article V was also amended to clarify that rights to indemnification and expense advance provided in the bylaws are not exclusive of other indemnification rights or expense advance.
·
Article VII, Section 1 was amended to expand the list of permitted officers.
·
Article VII, Section 5 was added to provide that any officer or agent of the Company may be removed, with or without cause, by the Board if in its judgment the best interests of the Company would be served thereby, but such removal will be without prejudice to the contract rights, if any, of the person so removed. Article VII, Section 5 was also amended to clarify procedures for the resignation of an officer.
·
Article VII, Section 7 was amended to clarify that, in the absence of a Chief Executive Officer, the President will be the CEO.
·
Article VII, Section 11 was amended to delete legacy provisions concerning the giving of bonds by the Treasurer.
·
Article VIII, Sections 1-3 were added to (1) provide that a stockholder is not entitled to a stock certificate and (2) make updates in accordance with the New York Stock Exchange's recently adopted Direct Registration System eligibility requirements.
·
In addition to the bylaw amendments summarized above, the Board also added and amended other sections of the Company's bylaws.
58
PART III
Item 10. Directors and Executive Officers of the Registrant
Incorporated herein by reference to the Company’sCompany's definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 17, 2007.
Information with respect to the Executive Officers of the Registrant follows Part I, Item 4 of this annual report on Form 10-K.
On June 14, 2006,13, 2007, the Company’s Chief Executive Officer submitted to the New York Stock Exchange (the “NYSE”"NYSE") the annual certification required by Section 303A.12 (a) of the NYSE Company Manual. In addition, the Company has filed with the Securities and Exchange Commission as exhibits to this Form 10-K the certifications, required pursuant to Section 302 of the Sarbanes-Oxley Act, of its Chief Executive Officer and Chief Financial Officer relating to the quality of its public disclosure.
Item 11. Executive Compensation
Incorporated herein by reference to the Company’sCompany's definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 17, 2007.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Incorporated herein by reference to the Company’sCompany's definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 17, 2007.
Item 13. Certain Relationships and Related Transactions
Incorporated herein by reference to the Company’sCompany's definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 17, 2007.
Item 14. Principal Accountant Fees and Services
Incorporated herein by reference to the Company’sCompany's definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 17, 2007.
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59
PART IV
Item 15. Exhibits, Financial Statements, Schedules and Reports on Form | 8-K | |||||||||
(a) | ||||||||||
1. Financial Statements | ||||||||||
| – The following consolidated financial information is included as a separate | Form10-K | |||||||||
Report of Independent Registered Public Accounting Firm | 68 | |||||||||
Consolidated Financial Statements | ||||||||||
Consolidated Balance Sheets as of December 31, | 69 | |||||||||
Consolidated Statements of Income for the years ended | 70 | |||||||||
Consolidated Statements of Comprehensive Income for the years ended | 71 | |||||||||
Consolidated Statements of Stockholders’ Equity for the years ended | 72 | |||||||||
Consolidated Statements of Cash Flows for the years ended | 73 | |||||||||
Notes to Consolidated Financial Statements | 74 | |||||||||
2. Financial Statement Schedules - - | ||||||||||
Schedule II | Valuation and Qualifying Accounts | 123 | ||||||||
Schedule III | Real Estate and Accumulated Depreciation | 124 | ||||||||
Schedule IV - | Mortgage Loans on Real Estate | 132 | ||||||||
All other schedules are omitted since the required information is not present | ||||||||||
3. Exhibits | ||||||||||
The exhibits listed on the accompanying Index to Exhibits are filed as part | 61 | |||||||||
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INDEX TO EXHIBITS
Exhibits | Form 10-K | |||||||
2.1 – | Form of Plan of Reorganization of Kimco Realty Corporation | |||||||
[Incorporated by reference to Exhibit 2.1 to the | ||||||||
2.2 – | Agreement and Plan of Merger by and between Kimco Realty Corporation, KRC CT Acquisition Limited Partnership, KRC PC Acquisition Limited Partnership, Pan Pacific Retail Properties, Inc., CT Operating Partnership L.P., and Western/PineCreek, Ltd. dated July 9, 2006. [Incorporated by reference to Exhibit 2.1 to the Company’s Form 10-Q filed July 28, 2006]. | |||||||
2.3 – | Amendment No. 1 to Agreement and Plan of Merger, dated as of October 30, 2006, by and between Kimco Realty Corporation, KRC CT Acquisition Limited Partnership, KRC PC Acquisition Limited Partnership, Pan Pacific Retail Properties, Inc., CT Operating Partnership L.P., and Western/PineCreek, Ltd. | |||||||
3.1 – | Articles of Amendment and Restatement of the Company, dated August 4, 1994 [Incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1994]. | |||||||
*3.2 – | Amended and Restated By-laws of the Company dated February | 133 | ||||||
3.3 – | Reserved | |||||||
3.4 – | Reserved | |||||||
3.5 – | ||||||||
Articles Supplementary relating to the 6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00 per share, of the Company, dated May 7, 2003 [Incorporated by reference to the Company’s filing on Form 8-A dated June 3, 2003]. | ||||||||
3.6 – | Articles Supplementary relating to the 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share, of the Company, dated October 2, 2007 [Incorporated by reference to the Company’s filing on Form 8-A12B dated October 9, 2007]. | |||||||
4.1 – | Agreement of the Company pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K [Incorporated by reference to Exhibit 4.1 to Amendment No. 3 to the | |||||||
4.2 – | Certificate of Designations | |||||||
63
INDEX TO EXHIBITS (continued)
Exhibits | Form 10-K | |||||||
4.3 – | Indenture dated September 1, 1993, between Kimco Realty Corporation and Bank of New York (as successor to IBJ Schroder Bank and Trust Company) | |||||||
4.4 – | First Supplemental Indenture, dated as of August 4, 1994. [Incorporated by reference to Exhibit 4.6 to the 1995 Form 10-K.] | |||||||
4.5 – | Second Supplemental Indenture, dated as of April 7, 1995 | |||||||
4.6 – | Form of Medium-Term Note (Fixed Rate) [Incorporated by reference to Exhibit 4.6 to the 2001 Form 10-K]. | |||||||
4.7 – | Form of Medium-Term Note (Floating Rate) [Incorporated by reference to Exhibit 4.7 to the 2001 Form 10-K]. | |||||||
4.8 – | Indenture dated April 1, 2005, between Kimco North Trust III, Kimco Realty Corporation, as Guarantor and BNY Trust Company of Canada, as Trustee [Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated April 21, 2005]. | |||||||
4.9 – | Third Supplemental Indenture dated as of June 2, 2006. [Incorporated by reference to Exhibit 4.1 to the Company’s | |||||||
4.10 – | Fifth Supplemental Indenture, dated as of October 31, 2006, among Kimco Realty Corporation, Pan Pacific Retail Properties, Inc. and Bank of New York Trust Company, N.A., as trustee [Incorporated by reference to Exhibit 4.1 to the Company’s | |||||||
4.11 – | First Supplemental Indenture, dated as of October 31, 2006, among Kimco Realty Corporation, Pan Pacific Retail Properties, Inc. and Bank of New York Trust Company, N.A., as trustee [Incorporated by reference to Exhibit 4.2 to the Company’s | |||||||
4.12 – | First Supplemental Indenture, dated as of June 2, 2006, among Kimco North Trust III, Kimco Realty Corporation, as Guarantor and BNY Trust Company of Canada, as | |||||||
4.13 – | Second Supplemental Indenture, dated as of August 16, 2006, among Kimco North Trust III, Kimco Realty Corporation, as Guarantor and BNY Trust Company of Canada, as | |||||||
10.1 – | Management Agreement between the Company and KC Holdings, Inc. | |||||||
10.2 – | Amended and Restated Stock Option Plan [Incorporated by reference to Exhibit 10.3 to the 1995 Form 10-K]. | |||||||
10.3 – | Employment Agreement between Kimco Realty Corporation and Michael J. Flynn, dated November 1, | |||||||
62
INDEX TO EXHIBITS (continued)
Exhibits | Form 10-K | |||||||
10.4 – | Restricted Equity Agreement, Non-Qualified and Incentive Stock Option Agreement, and Price Condition | |||||||
10.5 – | Employment Agreement between Kimco Realty Corporation and Michael J. Flynn, dated July 21, 2004 [Incorporated by reference to Exhibit 10.14 to the Company’s Form 10-Q filed on November 5, 2004]. | |||||||
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10.6 – | ||||||||
Employment Agreement between Kimco Realty Corporation and Michael V. Pappagallo, dated January 1, 2002 [Incorporated by reference to Exhibit 10.6 to the 2001 Form 10-K]. | ||||||||
10.7 – | Employment Agreement between Kimco Realty Corporation and Jerald Friedman, dated January 13, 1998 [Incorporated by reference to Exhibit 10.10 to the Company’s and the Price REIT, Inc.’s Joint Proxy Statement/Prospectus on Form S-4 No. 333-52667]. | |||||||
10.8 – | First Amendment to Amended and Restated Executive Employment Agreement between Kimco Realty Corporation and Jerald Friedman, dated January 1, 2002 [Incorporated by reference to Exhibit 10.8 to the 2001 Form 10-K]. | |||||||
10.9 – | The 1998 Equity Participation Plan [Incorporated by reference to the Company’s and The Price REIT, Inc.’s Joint Proxy/Prospectus on Form S-4 No. 333-52667]. | |||||||
10.10 – | Employment Agreement between Kimco Realty Corporation and David B. Henry | |||||||
10.11 – | Employment Agreement between Kimco Realty Corporation and David B. Henry, dated July 26, 2004 [Incorporated by reference to Exhibit 10.14 to the Company’s Form 10-Q filed on November 5, 2004]. | |||||||
10.12 – | $500,000,000 Credit Agreement dated as of June 3, 2003, among Kimco Realty Corporation, the Several Lenders from Time to Time Parties Hereto, JPMorgan Chase Bank as Issuing Lender, Bank One, NA, Wachovia Bank, National Association as Syndication Agents, UBS AG, Cayman Island Branch, The Bank of Nova Scotia, New York Agency as Documentation Agents, The Bank of New York, Eurohypo AG, New York Branch, Keybank National Association, Merrill Lynch Bank, USA, Suntrust as Co-Agents and JPMorgan Chase as Administrative Agent [Incorporated by reference to Exhibit 10.11 to the Company’s Form 10-Q filed on August 11, 2003]. | |||||||
10.13 – | $400,000,000 Credit Agreement dated as of October 1, 2003, among Kimco Realty Corporation, the Several Lenders from Time to Time Parties Hereto, Wachovia Bank, National Association and the Bank of Nova Scotia, as Syndication Agents, Keybank National Association as Documentation Agent, Bank One, NA, as Administrative Agent, Banc One Capital Markets, Inc. and Scotia Capital as Co-Bookrunners and Co-Lead Arrangers [Incorporated by reference to Exhibit 10.12 to the Company’s Form 10-Q filed on November 10, 2003]. | |||||||
65
INDEX TO EXHIBITS (continued)
Exhibits | Form 10-K | |||||||
10.14 – | CAD $150,000,000 Credit Agreement dated September 21, 2004, among Kimco North Trust I, North Trust II, North Trust III, North Trust V, North Trust VI, Kimco North Loan Trust IV, Kimco Realty Corporation, the Several Lenders from Time to Time Parties Hereto, Royal Bank of Canada, as Issuing Lender and Administrative Agent, The Bank of Nova Scotia and Bank of America, N.A., as Syndication Agents, Canadian Imperial Bank of Commerce as Documentation Agent and RBC Capital Markets, as Bookrunner and Lead Arranger [Incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K dated September 21, 2004]. | |||||||
10.17 – | Amendment and Restated 1998 Equity Participation Plan [Incorporated by reference to Exhibit 10.17 to the Company’s 2004 Form 10-K]. | |||||||
10.18 – | CAD $250,000,000 Amended and Restated Credit Facility dated March 31, 2005, with Royal Bank of Canada, as Issuing Lender and Administrative Agent and various lenders [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 31, 2005]. | |||||||
10.19 – | $850,000,000 Amended and Restated Unsecured Revolving Credit Facility dated July 26, 2005, with JPMorgan Chase Bank NA, as Issuing Lender and Administrative Agent and various lenders [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated July 26, 2005]. | |||||||
10.20 – | Employment Agreement between Kimco Realty Corporation and Jerald Friedman, dated September 21, 2005 [Incorporated by reference to Exhibit 10.16 to the Company’s Form 10-Q filed on November 4, | |||||||
10.21 – | CAD $250,000,000 Amended and Restated Credit Facility dated January 25, 2006, with Royal Bank of Canada, as Issuing Lender and Administrative Agent and various lenders. | |||||||
10.22 – | $1.2 billion Credit Agreement, dated as of October 30, 2006, among PK Sale LLC, as borrower, PRK Holdings I LLC, PRK Holdings II LLC and PK Holdings III LLC, as guarantors, Kimco Realty Corporation, as guarantor, the lenders party hereto from time to time, JP Morgan Chase Bank, N.A., as Administrative Agent and Bank of America, N.A., as Co-Syndication Agents, Scotia Banc, Inc. and Wells Fargo Bank, National Association as Co-Documentation Agents, The Royal Bank of Scotland, PLC, Sumitomo Mitsui Banking Corporation, and West LB AG, New York Branch as Co-Managing Agents, and The Bank of New York, Mizuho Corporate Bank (USA), Royal Bank of Canada, and U.S. Bank, National Association, as Co-Agents [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 3, 2006]. | |||||||
10.23 – | $1.5 billion Credit Agreement, dated as of October 25, 2007, among Kimco Realty Corporation, the subsidiaries of Kimco from time to time parties thereto, the several banks, financial institutions and other entities from time to time parties thereto, Bank of America, N.A., the Bank of Nova Scotia, New York Agency, and Wachovia Bank, National Association, as Syndication Agents, UBS Securities LLC, Deutsche Bank Securities, Inc., Royal Bank of Canada and the Royal Bank of Scotland PLC, as Documentation Agents, the Bank of Tokyo-Mitsubishi UFJ, Ltd., Citicorp North America, Inc., Merrill Lynch Bank USA, Morgan Stanley Bank, Regions Bank, Sumitomo Mitsui Banking Corporation and U.S. Bank National Association, as Managing Agents, The Bank of New York, Barclays Bank PLC, Eurohypo AG New York Branch, Suntrust Bank and Wells Fargo Bank National Association, as Co-Agents, and JPMorgan Chase Bank, N.A., as Administrative Agent for the lenders thereunder. [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated October 25, 2007]. | |||||||
64
INDEX TO EXHIBITS (continued)
Exhibits | Form 10-K | |||||||
10.24 – | Employment Agreement between Kimco Realty Corporation and David B. Henry, dated March 8, 2007. [Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 21, 2007]. | |||||||
*10.25 – | CAD $250,000,000 Amended and Restated Credit Facility dated January 11, 2008, with Royal Bank of Canada as Issuing lender and Administrative Agent and various lenders. | 154 | ||||||
*10.26 – | Employment Agreement between Kimco Realty Corporation and Michael J. Flynn dated October 15, 2007. | 170 | ||||||
*12.1 – | Computation of Ratio of Earnings to Fixed Charges | 182 | ||||||
*12.2 – | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred | 183 | ||||||
*21.1 – | Subsidiaries of the Company | 184 | ||||||
*23.1 – | Consent of PricewaterhouseCoopers LLP | 195 | ||||||
*31.1 – | Certification of the Company’s Chief Executive Officer, Milton Cooper, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | 196 | ||||||
*31.2 – | Certification of the Company’s Chief Financial Officer, Michael V. Pappagallo, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | 197 | ||||||
*32.1 – | Certification of the Company’s Chief Executive Officer, Milton Cooper, and the Company’s Chief Financial Officer, Michael V. Pappagallo, pursuant to |
198 |
66
______________
*
Filed herewith.
65
SIGNATURES
KIMCO REALTY CORPORATION
(Registrant)
By:
/s/ Milton Cooper
Milton Cooper
Chief Executive Officer
Dated:
February 27, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrantregistrant and in the capacities and on the datesdate indicated.
Signature | Title | Date | ||
/s/ Martin S. Kimmel | Chairman (Emeritus) of | February 27, 2008 | ||
Martin S. Kimmel | the Board of Directors | |||
/s/ Milton Cooper | Chairman of the Board of Directors and | February 27, 2008 | ||
Milton Cooper | Chief Executive Officer | |||
/s/ Michael J. Flynn | Vice Chairman of the Board of Directors, | February 27, 2008 | ||
Michael J. Flynn | President and Chief Operating Officer | |||
/s/ David B. Henry | Vice Chairman of the Board of Directors | February 27, 2008 | ||
David B. Henry | and Chief Investment Officer | |||
/s/ Richard G. Dooley | Director | February 27, 2008 | ||
Richard G. Dooley | ||||
/s/ Joe Grills | Director | February 27, | ||
Joe Grills | ||||
/s/ F. Patrick Hughes | Director | February 27, 2008 | ||
F. Patrick Hughes | ||||
/s/ Frank Lourenso | Director | February 27, | ||
Frank Lourenso | ||||
/s/ Richard Saltzman | Director | February 27, | ||
Richard Saltzman | ||||
/s/ Michael V. Pappagallo | Executive Vice President - | February 27, 2008 | ||
Michael V. Pappagallo | Chief Financial Officer | |||
/s/ Glenn G. Cohen | Vice President - | February 27, 2008 | ||
Glenn G. Cohen | Treasurer | |||
/s/ Paul Westbrook | Director of Accounting | February 27, | ||
Paul Westbrook |
67
ANNUAL REPORT ON FORM 10-K
ITEM 8, ITEM 15 (a) (1) and (2)
INDEX TO FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULES
Form10-K | |||||
KIMCO REALTY CORPORATION AND SUBSIDIARIES | |||||
68 | |||||
Consolidated Financial Statements and Financial Statement Schedules: | |||||
| 2006 | 69 | ||||
| 2005 | 70 | ||||
| 2005 | 71 | ||||
| 2005 | 72 | ||||
| 2005 | 73 | ||||
74 | |||||
Financial Statement Schedules: | |||||
Valuation and Qualifying Accounts | 123 | ||||
III. | Real Estate and Accumulated Depreciation | 124 | |||
IV. | Mortgage Loans on Real Estate | 132 | |||
68
To the Board of Directors and Stockholders
of Kimco Realty Corporation:
In our opinion, the consolidated financial statements listed in the accompanying index appearing under Item 15(a)(1) present fairly, in all material respects, the financial position of Kimco Realty Corporation and its Subsidiaries (collectively, the “Company”"Company") at December 31, 20062007 and 2005,2006, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2006,2007, in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedules listed in the index appearing under Item 15(a)(2)present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. TheseAlso in our opinion, the Company maintained, in all material respects, effective internal control over financial statements and financial statement schedules arereporting as of December 31, 2007, based on criteria established inInternal Control - Integrated Framework issued by the responsibilityCommittee of Sponsoring Organizations of the Company’s management. Our responsibilityTreadway Commission (COSO). The Company's management is to express an opinion onresponsible for these financial statements and financial statement schedules, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedules, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the auditaudits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An auditmisstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements includesincluded examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes
69
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ PricewaterhouseCoopers LLP
New York, New York
February 27, 20072008
70
CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
| December 31, | December 31, | |||||||
| 2006 | 2005 | |||||||
| Assets: | ||||||||
| Real Estate | ||||||||
| Rental property | ||||||||
| Land | $ | 978,819 | $ | 686,123 | ||||
| Building and improvements | 3,984,518 | 3,263,162 | ||||||
| 4,963,337 | 3,949,285 | |||||||
| Less, accumulated depreciation and amortization | 806,670 | 740,127 | ||||||
| 4,156,667 | 3,209,158 | |||||||
| Real estate under development | 1,037,982 | 611,121 | ||||||
| Real estate, net | 5,194,649 | 3,820,279 | ||||||
| Investment and advances in real estate joint ventures | 1,067,918 | 735,648 | ||||||
| Other real estate investments | 451,731 | 283,035 | ||||||
| Mortgages and other financing receivables | 162,669 | 132,675 | ||||||
| Cash and cash equivalents | 345,065 | 76,273 | ||||||
| Marketable securities | 202,659 | 206,452 | ||||||
| Accounts and notes receivable | 83,418 | 64,329 | ||||||
| Deferred charges and prepaid expenses | 95,163 | 84,022 | ||||||
| Other assets | 266,008 | 131,923 | ||||||
| $ | 7,869,280 | $ | 5,534,636 | |||||
| Liabilities & Stockholders’ Equity: | ||||||||
| Notes payable | $ | 2,748,345 | $ | 2,147,405 | ||||
| Mortgages payable | 567,917 | 315,336 | ||||||
| Construction loans payable | 270,981 | 228,455 | ||||||
| Accounts payable and accrued expenses | 256,890 | 119,605 | ||||||
| Dividends payable | 93,222 | 78,168 | ||||||
| Other liabilities | 139,724 | 135,609 | ||||||
| 4,077,079 | 3,024,578 | |||||||
| Minority interests | 425,242 | 122,844 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ Equity | ||||||||
| Preferred stock, $1.00 par value, authorized 3,600,000 shares | ||||||||
| Class F Preferred Stock, $1.00 par value, authorized 700,000 shares | ||||||||
| Issued and outstanding 700,000 shares | 700 | 700 | ||||||
| Aggregate liquidation preference $175,000 | ||||||||
| Common stock, $.01 par value, authorized 300,000,000 shares | ||||||||
| Issued 251,416,749 shares; outstanding 250,870,169 at December 31, 2006; | ||||||||
| Issued and outstanding 228,059,056 shares at December 31, 2005 | 2,509 | 2,281 | ||||||
| Paid-in capital | 3,178,016 | 2,255,332 | ||||||
| Retained earnings | 140,509 | 59,855 | ||||||
| 3,321,734 | 2,318,168 | |||||||
| Accumulated other comprehensive income | 45,225 | 69,046 | ||||||
| 3,366,959 | 2,387,214 | |||||||
| $ | 7,869,280 | $ | 5,534,636 | |||||
|
|
| December 31, |
| December 31, |
|
|
| 2007 |
| 2006 |
Assets: |
|
|
|
| |
Real Estate |
|
|
|
| |
| Rental property |
|
|
|
|
| Land |
| $ 1,262,879 |
| $ 978,819 |
| Building and improvements |
| 4,917,750 |
| 3,984,518 |
|
|
| 6,180,629 |
| 4,963,337 |
| Less, accumulated depreciation and amortization |
| 977,444 |
| 806,670 |
|
|
| 5,203,185 |
| 4,156,667 |
| Real estate under development |
| 1,144,406 |
| 1,037,982 |
| Real estate, net |
| 6,347,591 |
| 5,194,649 |
| Investments and advances in real estate joint ventures |
| 1,246,917 |
| 1,067,918 |
| Other real estate investments |
| 615,016 |
| 451,731 |
| Mortgages and other financing receivables |
| 153,847 |
| 162,669 |
| Cash and cash equivalents |
| 87,499 |
| 345,065 |
| Marketable securities |
| 212,988 |
| 202,659 |
| Accounts and notes receivable |
| 88,017 |
| 83,418 |
| Deferred charges and prepaid expenses |
| 121,690 |
| 95,163 |
| Other assets |
| 224,251 |
| 266,008 |
Total assets |
| $ 9,097,816 |
| $ 7,869,280 | |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Stockholders' Equity: |
|
|
|
| |
| Notes payable |
| $ 3,131,765 |
| $ 2,748,345 |
| Mortgages payable |
| 838,736 |
| 567,917 |
| Construction loans payable |
| 245,914 |
| 270,981 |
| Accounts payable and accrued expenses |
| 161,526 |
| 163,668 |
| Dividends payable |
| 112,052 |
| 93,222 |
| Other liabilities |
| 265,090 |
| 232,946 |
Total liabilities |
| 4,755,083 |
| 4,077,079 | |
| Minority interests |
| 448,159 |
| 425,242 |
| Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
| |
| Preferred Stock , $1.00 par value, authorized 3,232,000 and 3,600,000 shares, respectively |
|
|
|
|
| Class F Preferred Stock, $1.00 par value, authorized 700,000 shares |
|
|
|
|
| Issued and outstanding 700,000 shares |
| 700 |
| 700 |
| Aggregate liquidation preference $175,000 |
|
|
|
|
| Class G Preferred Stock, $1.00 par value, authorized 184,000 shares |
|
|
|
|
| Issued and outstanding 184,000 shares |
| 184 |
| - |
| Aggregate liquidation preference $460,000 |
|
|
|
|
| Common stock, $.01 par value, authorized 750,000,000 and 300,000,000 shares, respectively |
|
|
| |
| Issued 253,350,144 and 251,416,749, shares; outstanding 252,803,564 and 250,870,169, respectively. |
| 2,528 |
| 2,509 |
| Paid-in capital |
| 3,677,509 |
| 3,178,016 |
| Retained earnings |
| 180,005 |
| 140,509 |
|
|
| 3,860,926 |
| 3,321,734 |
| Accumulated other comprehensive income |
| 33,648 |
| 45,225 |
Total stockholders' equity |
| 3,894,574 |
| 3,366,959 | |
Total liabilities and stockholders' equity |
| $ 9,097,816 |
| $ 7,869,280 | |
The accompanying notes are an integral part of these consolidated financial statements.
71
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended 2007, 2006 and 2005
(in thousands, except per share information)
| Year Ended December 31, | ||||||||||||
| 2006 | 2005 | 2004 | ||||||||||
| Revenues from rental property | $ | 593,880 | $ | 505,557 | $ | 490,901 | ||||||
| Rental property expenses: | ||||||||||||
| Rent | 11,786 | 10,267 | 10,794 | |||||||||
| Real estate taxes | 75,515 | 64,731 | 63,250 | |||||||||
| Operating and maintenance | 74,178 | 58,715 | 52,162 | |||||||||
| 161,479 | 133,713 | 126,206 | ||||||||||
| 432,401 | 371,844 | 364,695 | ||||||||||
| Mortgage and other financing income | 18,816 | 27,586 | 15,032 | |||||||||
| Management and other fee income | 40,684 | 30,474 | 25,445 | |||||||||
| Depreciation and amortization | (141,070 | ) | (101,432 | ) | (95,398 | ) | ||||||
| General and administrative expenses | (77,683 | ) | (56,799 | ) | (43,524 | ) | ||||||
| Interest, dividends and other investment income | 54,417 | 28,350 | 18,701 | |||||||||
| Other income, net | 9,522 | 5,400 | 10,031 | |||||||||
| Interest expense | (172,888 | ) | (126,901 | ) | (106,239 | ) | ||||||
| 164,199 | 178,522 | 188,743 | ||||||||||
| Provision for income taxes | (4,387 | ) | (165 | ) | (3,919 | ) | ||||||
| Income from other real estate investments | 77,062 | 56,751 | 30,127 | |||||||||
| Equity in income of real estate joint ventures, net | 106,930 | 77,454 | 56,385 | |||||||||
| Minority interests in income, net | (26,254 | ) | (12,260 | ) | (9,660 | ) | ||||||
| Gain on sale of development properties net of tax of $12,155, $10,824 and $4,401, respectively | 25,121 | 22,812 | 12,434 | |||||||||
Income from continuing operations | 342,671 | 323,114 | 274,110 | |||||||||
Discontinued operations: | ||||||||||||
| Income from discontinued operating properties | 14,004 | 14,337 | 12,749 | |||||||||
| Minority interest from discontinued operating properties | (1,497 | ) | (476 | ) | (481 | ) | ||||||
| Loss on operating properties held for sale/sold | (1,421 | ) | (5,098 | ) | (5,064 | ) | ||||||
| Gain on disposition of operating properties, net of tax | 72,042 | 28,918 | 15,823 | |||||||||
Income from discontinued operations | 83,128 | 37,681 | 23,027 | |||||||||
| Gain on transfer of operating properties | 1,394 | 2,301 | — | |||||||||
| Loss on transfer of operating property | — | (150 | ) | — | ||||||||
| Gain on sale of operating properties, net of tax | 1,066 | 682 | — | |||||||||
| 2,460 | 2,833 | — | ||||||||||
Net income | 428,259 | 363,628 | 297,137 | |||||||||
| Preferred stock dividends | (11,638 | ) | (11,638 | ) | (11,638 | ) | ||||||
Net income available to common shareholders | $ | 416,621 | $ | 351,990 | $ | 285,499 | ||||||
| Per common share: | ||||||||||||
| Income from continuing operations: | ||||||||||||
| -Basic | $ | 1.39 | $ | 1.39 | $ | 1.18 | ||||||
| -Diluted | $ | 1.36 | $ | 1.36 | $ | 1.16 | ||||||
| Net income : | ||||||||||||
| -Basic | $ | 1.74 | $ | 1.55 | $ | 1.28 | ||||||
| -Diluted | $ | 1.70 | $ | 1.52 | $ | 1.26 | ||||||
| Weighted average common shares outstanding: | ||||||||||||
| -Basic | 239,552 | 226,641 | 222,859 | |||||||||
| -Diluted | 244,615 | 230,868 | 227,143 | |||||||||
|
| Year Ended December 31, | |||||
|
| 2007 |
| 2006 |
| 2005 | |
|
|
|
|
|
|
| |
Revenues from rental property |
| $ 681,553 |
| $ 587,547 |
| $ 501,569 | |
|
|
|
|
|
|
|
|
Rental property expenses: |
|
|
|
|
|
| |
| Rent |
| (12,131) |
| (11,531) |
| (10,012) |
| Real estate taxes |
| (83,571) |
| (74,607) |
| (64,067) |
| Operating and maintenance |
| (90,013) |
| (72,701) |
| (58,167) |
|
|
|
|
|
|
|
|
Mortgage and other financing income |
| 14,197 |
| 18,816 |
| 27,586 | |
Management and other fee income |
| 54,844 |
| 40,684 |
| 30,474 | |
Depreciation and amortization |
| (189,650) |
| (139,263) |
| (100,517) | |
General and administrative expenses |
| (103,882) |
| (77,324) |
| (56,475) | |
Interest, dividends and other investment income |
| 30,951 |
| 55,822 |
| 28,345 | |
Other (expense)/income, net |
| (10,590) |
| 8,928 |
| 5,071 | |
Interest expense |
| (213,674) |
| (170,677) |
| (126,432) | |
|
|
|
|
|
|
|
|
| Income from continuing operations before income taxes, income from other real estate investments, equity in |
|
|
|
|
|
|
| income of joint ventures, minority interests in income, gain on sale of development properties and adjustment |
|
|
|
|
|
|
| of property carrying values |
| 78,034 |
| 165,694 |
| 177,375 |
|
|
|
|
|
|
|
|
Benefit/(provision) for income taxes |
| 44,490 |
| (4,387) |
| (165) | |
|
|
|
|
|
|
|
|
Income from other real estate investments |
| 78,524 |
| 77,062 |
| 56,751 | |
Equity in income of joint ventures, net |
| 173,363 |
| 105,525 |
| 77,454 | |
Minority interests in income, net |
| (34,144) |
| (26,166) |
| (12,164) | |
Gain on sale of development properties, |
|
|
|
|
|
| |
| net of tax of $16,040, $12,155 and $10,824, respectively |
| 24,059 |
| 25,121 |
| 22,812 |
Adjustment of property carrying values, |
|
|
|
|
|
| |
| net of tax of $3,400, $0 and $0, respectively |
| (5,100) |
| - |
| - |
|
|
|
|
|
|
|
|
| Income from continuing operations |
| 359,226 |
| 342,849 |
| 322,063 |
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
| |
| Income from discontinued operating properties |
| 32,773 |
| 13,914 |
| 15,485 |
| Minority interests in income |
| (5,848) |
| (1,585) |
| (573) |
| Loss on operating properties held for sale/sold |
| (1,832) |
| (1,421) |
| (5,098) |
| Gain on disposition of operating properties, net of tax |
| 5,538 |
| 72,042 |
| 28,918 |
| Income from discontinued operations |
| 30,631 |
| 82,950 |
| 38,732 |
|
|
|
|
|
|
|
|
Gain on transfer of operating properties |
| - |
| 1,394 |
| 2,301 | |
Loss on transfer of operating property |
| - |
| - |
| (150) | |
Gain on sale of operating properties, net of tax |
| 2,708 |
| 1,066 |
| 682 | |
| Total gain on transfer or sale of operating properties, net of tax |
| 2,708 |
| 2,460 |
| 2,833 |
|
|
|
|
|
|
|
|
| Income before extraordinary item |
| 392,565 |
| 428,259 |
| 363,628 |
|
|
|
|
|
|
|
|
Extraordinary gain from joint venture resulting from purchase price |
|
|
|
|
|
| |
| allocation, net of tax and minority interest |
| 50,265 |
| - |
| - |
|
|
|
|
|
|
|
|
| Net income |
| 442,830 |
| 428,259 |
| 363,628 |
|
|
|
|
|
|
|
|
| Preferred stock dividends |
| (19,659) |
| (11,638) |
| (11,638) |
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
| $ 423,171 |
| $ 416,621 |
| $ 351,990 |
|
|
|
|
|
|
|
|
Per common share: |
|
|
|
|
|
| |
| Income from continuing operations: |
|
|
|
|
|
|
| -Basic |
| $ 1.36 |
| $ 1.39 |
| $ 1.38 |
| -Diluted |
| $ 1.33 |
| $ 1.36 |
| $ 1.36 |
| Net income : |
|
|
|
|
|
|
| -Basic |
| $ 1.68 |
| $ 1.74 |
| $ 1.55 |
| -Diluted |
| $ 1.65 |
| $ 1.70 |
| $ 1.52 |
|
|
|
|
|
|
|
|
Weighted average shares: |
|
|
|
|
|
| |
| -Basic |
| 252,129 |
| 239,552 |
| 226,641 |
| -Diluted |
| 257,058 |
| 244,615 |
| 230,868 |
The accompanying notes are an integral part of these consolidated financial statements.
72
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
| Year Ended December 31, | ||||||||||||
| 2006 | 2005 | 2004 | ||||||||||
| Net income | $ | 428,259 | $ | 363,628 | $ | 297,137 | ||||||
| Other comprehensive income: | ||||||||||||
| Change in unrealized gain/(loss) on marketable securities | (26,467 | ) | 26,689 | 28,594 | ||||||||
| Change in unrealized (loss) on warrants | — | — | (8,252 | ) | ||||||||
| Change in unrealized gain/(loss) on foreign currency hedge agreements | 143 | 2,536 | (15,102 | ) | ||||||||
| Change in foreign currency translation adjustment | 2,503 | 2,040 | 15,675 | |||||||||
| Other comprehensive income | (23,821 | ) | 31,265 | 20,915 | ||||||||
| Comprehensive income | $ | 404,438 | $ | 394,893 | $ | 318,052 | ||||||
|
|
| Year Ended December 31, | ||||
|
|
|
|
|
|
|
|
|
|
| 2007 |
| 2006 |
| 2005 |
|
|
|
|
|
|
|
|
Net income | $ 442,830 |
| $ 428,259 |
| $ 363,628 | ||
Other comprehensive income: |
|
|
|
|
| ||
Change in unrealized gain/(loss) on marketable securities | (25,803) |
| (26,467) |
| 26,689 | ||
Change in unrealized gain/(loss) on foreign currency hedge agreements | (1,470) |
| 143 |
| 2,536 | ||
Change in foreign currency translation adjustment | 15,696 |
| 2,503 |
| 2,040 | ||
|
|
|
|
|
| ||
Other comprehensive income | (11,577) |
| (23,821) |
| 31,265 | ||
|
|
|
|
|
| ||
|
|
|
|
|
| ||
Comprehensive income | $ 431,253 |
| $ 404,438 |
| $ 394,893 | ||
The accompanying notes are an integral part of these consolidated financial statements.
73
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’STOCKHOLDERS' EQUITY
For the Years Ended December 31, 2007, 2006 2005 and 2004
(in thousands, except per share information)
| Retained | ||||||||||||||||||||||||||||||||
| Earnings / | ||||||||||||||||||||||||||||||||
| (Cumulative | ||||||||||||||||||||||||||||||||
| Distributions | Accumulated | Total | ||||||||||||||||||||||||||||||
| Preferred Stock | Common Stock | Paid-in | in Excess | Other Comprehensive | Stockholders’ | |||||||||||||||||||||||||||
| Issued | Amount | Issued | Amount | Capital | of Net Income) | Income | Equity | |||||||||||||||||||||||||
| Balance, January 1, 2004 | 700 | $ | 700 | 221,248 | $ | 2,212 | $ | 2,146,180 | $ | (30,112 | ) | $ | 16,866 | $ | 2,135,846 | |||||||||||||||||
| Net income | 297,137 | 297,137 | ||||||||||||||||||||||||||||||
| Dividends ($1.16 per common share; $1.6625 Class F Depositary Share, respectively) | (270,774 | ) | (270,774 | ) | ||||||||||||||||||||||||||||
| Issuance of common stock | 226 | 2 | 5,419 | 5,421 | ||||||||||||||||||||||||||||
| Exercise of common stock options | 3,380 | 34 | 46,023 | 46,057 | ||||||||||||||||||||||||||||
| Amortization of stock option expense | 1,798 | 1,798 | ||||||||||||||||||||||||||||||
| Other comprehensive income | 20,915 | 20,915 | ||||||||||||||||||||||||||||||
| Balance, December 31, 2004 | 700 | 700 | 224,854 | 2,248 | 2,199,420 | (3,749 | ) | 37,781 | 2,236,400 | |||||||||||||||||||||||
| Net income | 363,628 | 363,628 | ||||||||||||||||||||||||||||||
| Dividends ($1.27 per common share; $1.6625 Class F Depositary Share, respectively) | (300,024 | ) | (300,024 | ) | ||||||||||||||||||||||||||||
| Issuance of common stock | 242 | 3 | 6,837 | 6,840 | ||||||||||||||||||||||||||||
| Exercise of common stock options | 2,963 | 30 | 44,467 | 44,497 | ||||||||||||||||||||||||||||
| Amortization of stock option expense | 4,608 | 4,608 | ||||||||||||||||||||||||||||||
| Other comprehensive income | 31,265 | 31,265 | ||||||||||||||||||||||||||||||
| Balance, December 31, 2005 | 700 | 700 | 228,059 | 2,281 | 2,255,332 | 59,855 | 69,046 | 2,387,214 | ||||||||||||||||||||||||
| Net income | 428,259 | 428,259 | ||||||||||||||||||||||||||||||
| Dividends ($1.38 per common share; $1.6625 Class F Depositary Share, respectively) | (347,605 | ) | (347,605 | ) | ||||||||||||||||||||||||||||
| Issuance of common stock | 20,614 | 206 | 870,465 | 870,671 | ||||||||||||||||||||||||||||
| Exercise of common stock options | 2,197 | 22 | 42,007 | 42,029 | ||||||||||||||||||||||||||||
| Amortization of stock option expense | 10,212 | 10,212 | ||||||||||||||||||||||||||||||
| Other comprehensive income | (23,821 | ) | (23,821 | ) | ||||||||||||||||||||||||||||
| Balance, December 31, 2006 | 700 | $ | 700 | 250,870 | $ | 2,509 | $ | 3,178,016 | $ | 140,509 | $ | 45,225 | $ | 3,366,959 | ||||||||||||||||||
|
|
|
|
| Paid-in Capital |
| Retained Earnings / |
| Accumulated |
| Total | ||||
| Preferred Stock |
| Common Stock |
| |||||||||||
| Issued |
| Amount |
| Issued |
| Amount |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2005 | 700 |
| $ 700 |
| 224,854 |
| $ 2,248 |
| $2,199,420 |
| $ (3,749) |
| $ 37,781 |
| $ 2,236,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
| 363,628 |
|
|
| 363,628 |
Dividends ($1.27 per common share; $1.6625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Depositary Share, respectively) |
|
|
|
|
|
|
|
|
|
| (300,024) |
|
|
| (300,024) |
Issuance of common stock |
|
|
|
| 242 |
| 3 |
| 6,837 |
|
|
|
|
| 6,840 |
Exercise of common stock options |
|
|
|
| 2,963 |
| 30 |
| 44,467 |
|
|
|
|
| 44,497 |
Amortization of stock option expense |
|
|
|
|
|
|
|
| 4,608 |
|
|
|
|
| 4,608 |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
| 31,265 |
| 31,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2005 | 700 |
| 700 |
| 228,059 |
| 2,281 |
| 2,255,332 |
| 59,855 |
| 69,046 |
| 2,387,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
| 428,259 |
|
|
| 428,259 |
Dividends ($1.38 per common share; $1.6625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Depositary Share, respectively) |
|
|
|
|
|
|
|
|
|
| (347,605) |
|
|
| (347,605) |
Issuance of common stock |
|
|
|
| 20,614 |
| 206 |
| 870,465 |
|
|
|
|
| 870,671 |
Exercise of common stock options |
|
|
|
| 2,197 |
| 22 |
| 42,007 |
|
|
|
|
| 42,029 |
Amortization of stock option expense |
|
|
|
|
|
|
|
| 10,212 |
|
|
|
|
| 10,212 |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
| (23,821) |
| (23,821) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2006 | 700 |
| 700 |
| 250,870 |
| 2,509 |
| 3,178,016 |
| 140,509 |
| 45,225 |
| 3,366,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
| 442,830 |
|
|
| 442,830 |
Dividends ($1.52 per common share; $1.6625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class F Depositary Share, and $0.4359 per |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class G Depositary Share, respectively) |
|
|
|
|
|
|
|
|
|
| (403,334) |
|
|
| (403,334) |
Issuance of common stock |
|
|
|
| 50 |
| 1 |
| 2,413 |
|
|
|
|
| 2,414 |
Exercise of common stock options |
|
|
|
| 1,884 |
| 18 |
| 40,546 |
|
|
|
|
| 40,564 |
Issuance of Class G Preferred Stock | 184 |
| 184 |
|
|
|
|
| 444,283 |
|
|
|
|
| 444,467 |
Amortization of stock option expense |
|
|
|
|
|
|
|
| 12,251 |
|
|
|
|
| 12,251 |
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
| (11,577) |
| (11,577) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2007 | 884 |
| $ 884 |
| 252,804 |
| $ 2,528 |
| $3,677,509 |
| $ 180,005 |
| $ 33,648 |
| $ 3,894,574 |
The accompanying notes are an integral part of these consolidated financial statements.
74
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | ||||||||||||
| 2006 | 2005 | 2004 | ||||||||||
| Cash flow from operating activities: | ||||||||||||
| Net income | $ | 428,259 | $ | 363,628 | $ | 297,137 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 144,767 | 108,042 | 102,872 | |||||||||
| Loss on operating properties held for sale/sold/transferred | 1,421 | 5,248 | 8,029 | |||||||||
| Gain on sale of development properties | (37,276 | ) | (33,636 | ) | (16,835 | ) | ||||||
| Gain on sale/transfer of operating properties | (77,300 | ) | (31,901 | ) | (15,823 | ) | ||||||
| Minority interests in income of partnerships, net | 27,751 | 12,446 | 9,660 | |||||||||
| Equity in income of real estate joint ventures, net | (106,930 | ) | (77,454 | ) | (56,385 | ) | ||||||
| Income from other real estate investments | (54,494 | ) | (40,562 | ) | (23,571 | ) | ||||||
| Distributions from joint ventures | 152,099 | 116,765 | 94,994 | |||||||||
| Cash retained from excess tax benefits | (2,926 | ) | — | — | ||||||||
| Change in accounts and notes receivable | (17,778 | ) | (12,156 | ) | (1,742 | ) | ||||||
| Change in accounts payable and accrued expenses | 38,619 | 10,606 | 2,850 | |||||||||
| Change in other operating assets and liabilities | (40,643 | ) | (10,229 | ) | (36,010 | ) | ||||||
| Net cash flow provided by operating activities | 455,569 | 410,797 | 365,176 | |||||||||
| Cash flow from investing activities: | ||||||||||||
| Acquisition of and improvements to operating real estate | (547,001 | ) | (431,514 | ) | (351,369 | ) | ||||||
| Acquisition of and improvements to real estate under development | (619,083 | ) | (452,722 | ) | (204,631 | ) | ||||||
| Investment in marketable securities | (86,463 | ) | (93,299 | ) | (70,864 | ) | ||||||
| Proceeds from sale of marketable securities | 83,832 | 46,692 | 22,278 | |||||||||
| Proceeds from transferred operating/development properties | 1,186,851 | 128,537 | 342,496 | |||||||||
| Investments and advances to real estate joint ventures | (472,666 | ) | (267,287 | ) | (203,569 | ) | ||||||
| Reimbursements of advances to real estate joint ventures | 183,368 | 130,590 | 80,689 | |||||||||
| Other real estate investments | (254,245 | ) | (123,005 | ) | (113,663 | ) | ||||||
| Reimbursements of advances to other real estate investments | 74,677 | 26,969 | 34,045 | |||||||||
| Investment in mortgage loans receivable | (154,894 | ) | (82,305 | ) | (136,637 | ) | ||||||
| Collection of mortgage loans receivable | 125,003 | 90,709 | 103,819 | |||||||||
| Other investments | (123,609 | ) | (3,152 | ) | (1,551 | ) | ||||||
| Reimbursements of other investments | 16,113 | — | — | |||||||||
| Settlement of net investment hedges | (953 | ) | (34,580 | ) | — | |||||||
| Proceeds from sale of operating properties | 110,404 | 89,072 | 43,077 | |||||||||
| Proceeds from sale of development properties | 232,445 | 259,280 | 156,283 | |||||||||
| Net cash flow used for investing activities | (246,221 | ) | (716,015 | ) | (299,597 | ) | ||||||
| Cash flow from financing activities: | ||||||||||||
| Principal payments on debt, excluding normal amortization of rental property debt | (61,758 | ) | (66,794 | ) | (54,322 | ) | ||||||
| Principal payments on rental property debt | (11,062 | ) | (8,296 | ) | (7,848 | ) | ||||||
| Principal payments on construction loan financings | (79,399 | ) | (98,002 | ) | (66,950 | ) | ||||||
| Proceeds from mortgage/construction loan financings | 174,087 | 265,418 | 348,386 | |||||||||
| Borrowings under revolving credit facilities | 317,661 | 210,188 | 336,675 | |||||||||
| Repayment of borrowings under revolving credit facilities | (653,219 | ) | (156,486 | ) | (100,000 | ) | ||||||
| Proceeds from issuance of unsecured notes | 478,947 | 672,429 | 200,000 | |||||||||
| Repayment of unsecured notes/term loan | (185,000 | ) | (200,250 | ) | (514,000 | ) | ||||||
| Financing origination costs | (11,442 | ) | (9,538 | ) | — | |||||||
| Redemption of minority interests in real estate partnerships | (31,554 | ) | (21,024 | ) | (3,781 | ) | ||||||
| Dividends paid | (332,552 | ) | (293,345 | ) | (265,254 | ) | ||||||
| Cash retained from excess tax benefits | 2,926 | — | — | |||||||||
| Proceeds from issuance of stock | 451,809 | 48,971 | 51,447 | |||||||||
| Net cash flow provided by (used for) financing activities | 59,444 | 343,271 | (75,647 | ) | ||||||||
| Change in cash and cash equivalents | 268,792 | 38,053 | (10,068 | ) | ||||||||
| Cash and cash equivalents, beginning of year | 76,273 | 38,220 | 48,288 | |||||||||
| Cash and cash equivalents, end of year | $ | 345,065 | $ | 76,273 | $ | 38,220 | ||||||
| Interest paid during the year (net of capitalized interest of $22,741, $12,587, and $8,732, respectively) | $ | 153,664 | $ | 121,087 | $ | 108,117 | ||||||
| Income taxes paid during the year | $ | 9,350 | $ | 13,763 | $ | 10,694 | ||||||
|
| Year Ended December 31, | ||||
|
| 2007 |
| 2006 |
| 2005 |
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income |
| $ 442,830 |
| $ 428,259 |
| $ 363,628 |
Adjustments to reconcile net income to net cash provided |
|
|
|
|
|
|
by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
| 191,270 |
| 144,767 |
| 108,042 |
Extraordinary item |
| (50,265) |
| - |
| - |
Loss on operating properties held for sale/sold/transferred |
| 1,832 |
| 1,421 |
| 5,248 |
Adjustment of property carrying values |
| 8,500 |
| - |
| - |
Gain on sale of development properties |
| (40,099) |
| (37,276) |
| (33,636) |
Gain on sale/transfer of operating properties |
| (9,800) |
| (77,300) |
| (31,901) |
Minority interests in income of partnerships, net |
| 39,992 |
| 27,751 |
| 12,446 |
Equity in income of joint ventures, net |
| (173,363) |
| (106,930) |
| (77,454) |
Income from other real estate investments |
| (64,046) |
| (54,494) |
| (40,562) |
Distributions from joint ventures |
| 403,032 |
| 152,099 |
| 116,765 |
Cash retained from excess tax benefits |
| (2,471) |
| (2,926) |
| - |
Change in accounts and notes receivable |
| (4,876) |
| (17,778) |
| (12,156) |
Change in accounts payable and accrued expenses |
| 1,361 |
| 38,619 |
| 10,606 |
Change in other operating assets and liabilities |
| (77,908) |
| (40,643) |
| (10,229) |
Net cash flows provided by operating activities |
| 665,989 |
| 455,569 |
| 410,797 |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Acquisition of and improvements to operating real estate |
| (1,077,202) |
| (547,001) |
| (431,514) |
Acquisition of and improvements to real estate under development |
| (640,934) |
| (619,083) |
| (452,722) |
Investment in marketable securities |
| (55,235) |
| (86,463) |
| (93,299) |
Proceeds from sale of marketable securities |
| 35,525 |
| 83,832 |
| 46,692 |
Proceeds from transferred operating/development properties |
| 69,869 |
| 1,186,851 |
| 128,537 |
Investments and advances to real estate joint ventures |
| (413,172) |
| (472,666) |
| (267,287) |
Reimbursements of advances to real estate joint ventures |
| 293,537 |
| 183,368 |
| 130,590 |
Other real estate investments |
| (192,890) |
| (254,245) |
| (123,005) |
Reimbursements of advances to other real estate investments |
| 87,925 |
| 74,677 |
| 26,969 |
Investment in mortgage loans receivable |
| (97,592) |
| (154,894) |
| (82,305) |
Collection of mortgage loans receivable |
| 94,720 |
| 125,003 |
| 90,709 |
Other investments |
| (26,688) |
| (123,609) |
| (3,152) |
Reimbursements of other investments |
| 55,361 |
| 16,113 |
| - |
Settlement of net investment hedges |
| - |
| (953) |
| (34,580) |
Proceeds from sale of operating properties |
| 59,450 |
| 110,404 |
| 89,072 |
Proceeds from sale of development properties |
| 299,715 |
| 232,445 |
| 259,280 |
Net cash flows used for investing activities |
| (1,507,611) |
| (246,221) |
| (716,015) |
|
|
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
|
|
Principal payments on debt, excluding |
|
|
|
|
|
|
normal amortization of rental property debt |
| (82,337) |
| (61,758) |
| (66,794) |
Principal payments on rental property debt |
| (14,014) |
| (11,062) |
| (8,296) |
Principal payments on construction loan financings |
| (78,295) |
| (79,399) |
| (98,002) |
Proceeds from mortgage/construction loan financings |
| 413,488 |
| 174,087 |
| 265,418 |
Borrowings under credit facilities |
| 627,369 |
| 317,661 |
| 210,188 |
Repayment of borrowings under credit facilities |
| (343,553) |
| (653,219) |
| (156,486) |
Proceeds from issuance of unsecured senior notes |
| 300,000 |
| 478,947 |
| 672,429 |
Repayment of unsecured senior notes |
| (250,000) |
| (185,000) |
| (200,250) |
Financing origination costs |
| (10,819) |
| (11,442) |
| (9,538) |
Redemption of minority interests in real estate partnerships |
| (80,972) |
| (31,554) |
| (21,024) |
Dividends paid |
| (384,502) |
| (332,552) |
| (293,345) |
Cash retained from excess tax benefits |
| 2,471 |
| 2,926 |
| - |
Proceeds from issuance of stock |
| 485,220 |
| 451,809 |
| 48,971 |
Net cash flows provided by financing activities |
| 584,056 |
| 59,444 |
| 343,271 |
|
|
|
|
|
|
|
Change in cash and cash equivalents |
| (257,566) |
| 268,792 |
| 38,053 |
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of year |
| 345,065 |
| 76,273 |
| 38,220 |
Cash and cash equivalents, end of year |
| $ 87,499 |
| $ 345,065 |
| $ 76,273 |
|
|
|
|
|
|
|
Interest paid during the year (net of capitalized interest |
|
|
|
|
|
|
of $25,505, $22,741, and $12,587, respectively) |
| $ 215,121 |
| $ 153,664 |
| $ 121,087 |
|
|
|
|
|
|
|
Income taxes paid during the year |
| $ 14,292 |
| $ 9,350 |
| $ 13,763 |
The accompanying notes are an integral part of these consolidated financial statements.
75
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Amounts relating to the number of buildings, square footage, tenant and occupancy data and estimated project costs are unaudited.
1.Summary of Significant Accounting Policies:
Business
Kimco Realty Corporation (the “Company”"Company" or “Kimco”"Kimco"), its subsidiaries, affiliates and related real estate joint ventures are engaged principally in the operation of neighborhood and community shopping centers which are anchored generally by discount department stores, supermarkets or drugstores. The Company also provides property management services for shopping centers owned by affiliated entities, various real estate joint ventures and unaffiliated third parties.
Additionally, in connection with the Tax Relief Extension Act of 1999 (the “RMA”"RMA"), which became effective January 1, 2001, the Company is permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust (“REIT”("REIT"), so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Internal Revenue Code, as amended (the “Code”"Code"), subject to certain limitations. As such, the Company, through its taxable REIT subsidiaries, is engaged in various retail real estate related opportunities including (i) merchant building through itsit’s wholly-owned taxable REIT subsidiaries including Kimco Developers, Inc. (“KDI”("KDI") subsidiary,, which isare primarily engaged in the ground-up development of neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) retail real estate advisory and disposition services which primarily focuses on leasing and disposition strategies of retail real estate controlled by both healthy and distressed and/or bankrupt retailers and (iii) acting as an agent or principal in connection with tax deferred exchange transactions.
The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties, avoiding dependence on any single property, and a large tenant base. At December 31, 2006,2007, the Company’sCompany's single largest neighborhood and community shopping center accounted for only 1.6%1.7% of the Company’sCompany's annualized base rental revenues and only 0.8% of the Company’s total shopping center gross leasable area (“GLA”("GLA"). At December 31, 2006,2007, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Wal-Mart, which represented approximately 3.5%3.2%, 2.9%2.8%, 2.5%2.3%, 2.2%2.0% and 2.1%1.9%, respectively, of the Company’s annualized base rental revenues, including the proportionate share of base rental revenues from properties in which the Company has less than a 100% economic interest.
The principal business of the Company and its consolidated subsidiaries is the ownership, development, management and operation of retail shopping centers, including complementary services that capitalize on the Company’s established retail real estate expertise. The Company does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”("GAAP").
Principles of Consolidation and Estimates
The accompanying Consolidated Financial Statements include the accounts of the Company, its subsidiaries, all of which are wholly-owned, and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity in accordance with the provisions and guidance of Interpretation No. 46(R), Consolidation of Variable Interest Entities (“("FIN 46(R)”") or meets certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (“EITF”("EITF") Issue 04-5, Investor’s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (“("EITF 04-5”04-5"). All intercompany balances and transactions have been eliminated in consolidation.
76
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
GAAP requires the Company’sCompany's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and related intangible assets and liabilities, depreciable lives, revenue recognition, the collectability of trade accounts receivable, and the realizability of deferred tax assets. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could differ from these estimates.
Minority Interests
Minority interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a variable interest entity in accordance with the provisions and guidance of FIN 46(R).
Minority interests also include partnership units issued from consolidated subsidiaries of the Company in connection with certain property acquisitions. These units have a stated redemption value or a redemption amount based upon the Adjusted Current Trading Price, as defined, of the Company’s common stock (“("Common Stock”Stock") and provide the unit holders various rates of return during the holding period. The unit holders generally have the right to redeem their units for cash at any time after one year from issuance. The Company typically has the option to settle redemption amounts in cash or Common Stock for the issuance of convertible units. The Company evaluates the terms of the partnership units issued in accordance with Statement of Financial Accounting Standards (“SFAS”("SFAS") No. 150, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity, and EITF D-98, Classification and Measurement of Redeemable Securities, to determine if the units are mandatorily redeemable and as such accounts for them accordingly.
Real Estate
Real estate assets are stated at cost, less accumulated depreciation and amortization. If there is an event or a change in circumstances that indicates that the basis of a property (including any related amortizable intangible assets or liabilities) may not be recoverable, then management will assess any impairment in value by making a comparison of (i) the current and projected operating cash flows (undiscounted and without interest charges) of the property over its remaining useful lifeestimated holding period, and (ii) the net carrying amount of the property. If the current and projected operating cash flows (undiscounted and without interest charges) are less than the carrying value of the property, the carrying value would be adjusted to an amount to reflect the estimated fair value of the property.
When a real estate asset is identified by management as held for sale, the Company ceases depreciation of the asset and estimates the sales price, net of selling costs. If, in management’s opinion, the net sales price of the asset is less than the net book value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property.
Upon acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets (consisting of land, building, building improvements and tenant improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), assumed debt and redeemable units issued in accordance with SFAS No. 141, Business Combinations (“("SFAS No. 141”141"), at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the initial purchase price to the applicable assets and liabilities. As final information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation. The allocations are finalized within twelve months of the acquisition date.
The Company utilizes methods similar to those used by independent appraisers in estimating the fair value of acquired assets and liabilities. The fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant”"as-if-vacant". The fair value reflects the depreciated replacement cost of the permanent assets, with no trade fixtures included.
77
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
In allocating the purchase price to identified intangible assets and liabilities of an acquired property, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the leases and management’s estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental income over the estimated remaining term of the respective leases. Mortgage debt premiums are amortized into interest expense over the remaining term of the related debt instrument. Unit discounts and premiums are amortized into Minority interest in income, net over the period from the date of issuance to the earliest redemption date of the units.
In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods and costs to execute similar leases including leasing commissions, legal and other related costs based on current market demand. In estimating the value of tenant relationships, management considers the nature and extent of the existing tenant relationship, the expectation of lease renewals, growth prospects, and tenant credit quality, among other factors. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets, as follows:
Buildings and building improvements
15 to 50 years
Fixtures, leasehold and tenant improvements
Terms of leases or useful lives, whichever is shorter
(including certain identified intangible assets)
Expenditures for maintenance and repairs are charged to operations as incurred. Significant renovations and replacements, which improve and extend the life of the asset, are capitalized. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life.
Real Estate Under Development
Real estate under development represents both the ground-up development of neighborhood and community shopping center projects which are subsequently sold upon completion and projects which the Company may hold as long-term investments. These properties are carried at cost. The cost of land and buildings under development includes specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries, and related costs of personnel directly involved and other costs incurred during the period of development. The Company ceases cost capitalization when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity. If, in management’s opinion, the net sales price of assets held for resale or the current and projected undiscounted cash flows of these assets to be held as long-term investments is less than the net carrying value, the carrying value would be adjusted to an amount to reflect the estimated fair value of the property.
Investments in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are recorded initially at cost and subsequently adjusted for cash contributions and distributions. Earnings for each investment are recognized in accordance with each respective investment agreement and where applicable, based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
78
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company’s joint ventures and other real estate investments primarily consist of co-investments with institutional and other joint venture partners in neighborhood and community shopping center properties, consistent with its core business. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting the Company’s exposure to losses to the amount of its equity investment; and due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. The Company’s exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the estimated fair value of the investment.
Other Real Estate Investments
Other real estate investments primarily consist of preferred equity investments for which the Company provides capital to developers and owners of real estate. The Company typically accounts for its preferred equity investments on the equity method of accounting, whereby earnings for each investment are recognized in accordance with each respective investment agreement and based upon an allocation of the investment’s net assets at book value as if the investment was hypothetically liquidated at the end of each reporting period.
Mortgages and Other Financing Receivables
Mortgages and other financing receivables consist of loans acquired and loans originated by the Company. Loan receivables are recorded at stated principal amounts net of any discount or premium or deferred loan origination costs or fees. The related discounts or premiums on mortgages and other loans purchased are amortized or accreted over the life of the related loan receivable. The Company defers certain loan origination and commitment fees, net of certain origination costs and amortizes them as an adjustment of the loan’s yield over the term of the related loan. The Company evaluates the collectibilitycollectability of both interest and principal on each loan to determine whether it is impaired. A loan is considered to be impaired, when based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the value of the underlying collateral if the loan is collateralized. Interest income on performing loans is accrued as earned. Interest income on impaired loans is recognized on a cash basis.
Cash and Cash Equivalents
Cash and cash equivalents (demand deposits in banks, commercial paper and certificates of deposit with original maturities of three months or less) includes tenants’tenants' security deposits, escrowed funds and other restricted deposits approximating $0.6 million and $6.7 million at December 31, 20062007 and 2005, respectively.
Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates its risksrisk by investing in or through major financial institutions. Recoverability of investments is dependent upon the performance of the issuers.
Marketable Securities
The Company classifies its existing marketable equity securities as available-for-sale in accordance with the provisions of SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities. These securities are carried at fair market value, with unrealized gains and losses reported in stockholders’ equity as a component of Accumulated other comprehensive income (“OCI”("OCI"). Gains or losses on securities sold are based on the specific identification method.
79
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
All debt securities are classified as held-to-maturity because the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s marketable securities may be impaired. A marketable security is impaired only if management’s estimate of fair value of the security is less than the carrying value of the security and such difference is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the security over the estimated fair value in the security.
Deferred Leasing and Financing Costs
Costs incurred in obtaining tenant leases and long-term financing, included in deferred charges and prepaid expenses in the accompanying Consolidated Balance Sheets, are amortized over the terms of the related leases or debt agreements, as applicable. Such capitalized costs include salaries and related costs of personnel directly involved in successful leasing efforts.
Revenue Recognition and Accounts Receivable
Base rental revenues from rental property are recognized on a straight-line basis over the terms of the related leases. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the lessee. These percentage rents are recognized once the required sales level is achieved. Rental income may also include payments received in connection with lease termination agreements. In addition, leases typically provide for reimbursement to the Company of common area maintenance costs, real estate taxes and other operating expenses. Operating expense reimbursements are recognized as earned.
Management and other fee income consistconsists of property management fees, leasing fees, property acquisition and disposition fees, development fees and asset management fees. These fees arise from contractual agreements with third parties or with entities in which the Company has a partial non-controlling interest. Management and other fee income, including acquisition and disposition fees, are recognized as earned under the respective agreements. Management and other fee income related to partially owned entities isare recognized to the extent attributable to the unaffiliated interest.
Gains and losses from the sale of depreciated operating property and ground-up development projects are generally recognized using the full accrual method in accordance with SFAS No. 66, Accounting for Sales of Real Estate (“("SFAS No. 66”66"), provided that various criteria relating to the terms of sale and subsequent involvement by the Company with the properties are met.
Gains and losses on transfers of operating properties result from the sale of a partial interest in properties to unconsolidated joint ventures and are recognized using the partial sale provisions of SFAS No. 66.
The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income is directly affected by management’s estimate of the collectability of accounts receivable.
Income Taxes
The Company has made an election to qualify, and believes it is operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under Section 856 through 860 of the Code.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
In connection with the RMA, which became effective January 1, 2001, the Company is permitted to participate in certain activities which it was previously precluded from in order to maintain its qualification as a REIT, so long as these activities are conducted in entities which elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities.
80
Foreign Currency Translation and Transactions
Assets and liabilities of the Company’s foreign operations are translated using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in OCI, as a separate component of the Company’s stockholders’ equity. Gains or losses resulting from foreign currency transactions are translated to local currency at the rates of exchange prevailing at the dates of the transactions. The effect of the transaction’s gain or loss is included in the caption Other income, net in the Consolidated Statements of Income.
Derivative/Financial Instruments
The Company measures its derivative instruments at fair value and records them in the Consolidated Balance Sheet as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. In addition, the fair value adjustments will be recorded in either stockholders’ equity or earnings in the current period based on the designation of the derivative. The effective portions of changes in fair value of cash flow hedges are reported in OCI and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in the fair value of foreign currency hedges that are designated and effective as net investment hedges are included in the cumulative translation component of OCI to the extent they are economically effective and are subsequently reclassified to earnings when the hedged investments are sold or otherwise disposed of. The changes in fair value of derivative instruments which are not designated as hedging instruments and the ineffective portions of hedges are recorded in earnings for the current period.
The Company utilizes derivative financial instruments to reduce exposure to fluctuations in interest rates, foreign currency exchange rates and market fluctuations on equity securities. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. The Company has not entered, and does not plan to enter, into financial instruments for trading or speculative purposes. Additionally, the Company has a policy of only entering into derivative contracts with major financial institutions. The principal financial instruments used by the Company are interest rate swaps, foreign currency exchange forward contracts, cross-currency swaps and warrant contracts. These derivative instruments were designated and qualified as cash flow, fair value or foreign currency hedges (see Note 16).
Earnings Per Share
On July 21, 2005, the Company’s Board of Directors declared a two-for-one split (the “Stock Split”"Stock Split") of the Company’s common stock which was effected in the form of a stock dividend paid on August 23, 2005, to stockholders of record on August 8, 2005. All share and per share data included in the accompanying Consolidated Financial Statements and Notes thereto have been adjusted to reflect this Stock Split.
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):
| 2006 | 2005 | 2004 | ||||||||||
Computation of Basic Earnings Per Share: | ||||||||||||
| Income from continuing operations | $ | 342,671 | $ | 323,114 | $ | 274,110 | ||||||
| Gain on transfer/sale of operating properties, net | 2,460 | 2,833 | — | |||||||||
| Preferred stock dividends | (11,638 | ) | (11,638 | ) | (11,638 | ) | ||||||
81
| 2007 |
| 2006 |
| 2005 |
Computation of Basic Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before | $ 359,226 |
| $ 342,849 |
| $ 322,063 |
|
|
|
|
|
|
Gain on transfer of operating properties, net | - |
| 1,394 |
| 2,151 |
|
|
|
|
|
|
Gain on sale of operating properties, net of tax | 2,708 |
| 1,066 |
| 682 |
|
|
|
|
|
|
Preferred stock dividends | (19,659) |
| (11,638) |
| (11,638) |
|
|
|
|
|
|
Income from continuing operations before extraordinary gain applicable to common shares | 342,275 |
| 333,671 |
| 313,258 |
|
|
|
|
|
|
Income from discontinued operations | 30,631 |
| 82,950 |
| 38,732 |
|
|
|
|
|
|
Extraordinary gain | 50,265 |
| - |
| - |
|
|
|
|
|
|
Net income applicable to common shares | $ 423,171 |
| $ 416,621 |
| $ 351,990 |
|
|
|
|
|
|
Weighted average common shares outstanding | 252,129 |
| 239,552 |
| 226,641 |
|
|
|
|
|
|
Basic Earnings Per Share: |
|
|
|
|
|
Income from continuing operations before | $ 1.36 |
| $ 1.39 |
| $ 1.38 |
Income from discontinued operations | 0.12 |
| 0.35 |
| 0.17 |
Extraordinary gain | 0.20 |
| - |
| - |
Net income | $ 1.68 |
| $ 1.74 |
| $ 1.55 |
|
|
|
|
|
|
Computation of Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before | $ 342,275 |
| $ 333,671 |
| $ 313,258 |
|
|
|
|
|
|
Income from discontinued operations | 30,631 |
| 82,950 |
| 38,732 |
|
|
|
|
|
|
Extraordinary gain | 50,265 |
| - |
| - |
|
|
|
|
|
|
Net income for diluted earnings per share | $ 423,171 |
| $ 416,621 |
| $ 351,990 |
|
|
|
|
|
|
Weighted average common shares outstanding – Basic | 252,129 |
| 239,552 |
| 226,641 |
|
|
|
|
|
|
Effect of dilutive securities (a): |
|
|
|
|
|
Stock options/deferred stock awards | 4,929 |
| 5,063 |
| 4,227 |
|
|
|
|
|
|
Shares for diluted earnings per common share | 257,058 |
| 244,615 |
| 230,868 |
|
|
|
|
|
|
Diluted Earnings Per Share: |
|
|
|
|
|
Income from continuing operations before extraordinary gain | $ 1.33 |
| $ 1.36 |
| $ 1.36 |
Income from discontinued operations | 0.12 |
| 0.34 |
| 0.16 |
Extraordinary gain | 0.20 |
| - |
| - |
Net income | $ 1.65 |
| $ 1.70 |
| $ 1.52 |
(a)
| Income from continuing operations applicable to common shares | 333,493 | 314,309 | 262,472 | |||||||||
| Income from discontinued operations | 83,128 | 37,681 | 23,027 | |||||||||
| Net income applicable to common shares | $ | 416,621 | $ | 351,990 | $ | 285,499 | ||||||
| Weighted average common shares outstanding | 239,552 | 226,641 | 222,859 | |||||||||
| Basic Earnings Per Share: | ||||||||||||
| Income from continuing operations | $ | 1.39 | $ | 1.39 | $ | 1.18 | ||||||
| Income from discontinued operations | 0.35 | 0.16 | 0.10 | |||||||||
| Net income | $ | 1.74 | $ | 1.55 | $ | 1.28 | ||||||
Computation of Diluted Earnings Per Share: | ||||||||||||
| Income from continuing operations applicable to common shares (a) | $ | 333,493 | $ | 314,309 | $ | 262,472 | ||||||
| Income from discontinued operations | 83,128 | 37,681 | 23,027 | |||||||||
| Net income for diluted earnings per share | $ | 416,621 | $ | 351,990 | $ | 285,499 | ||||||
| Weighted average common shares outstanding – Basic | 239,552 | 226,641 | 222,859 | |||||||||
| Effect of dilutive securities (a): | ||||||||||||
| Stock options/deferred stock awards | 5,063 | 4,227 | 4,284 | |||||||||
| Shares for diluted earnings per share | 244,615 | 230,868 | 227,143 | |||||||||
| Diluted Earnings Per Share: | ||||||||||||
| Income from continuing operations | $ | 1.36 | $ | 1.36 | $ | 1.16 | ||||||
| Income from discontinued operations | 0.34 | 0.16 | 0.10 | |||||||||
| Net income | $ | 1.70 | $ | 1.52 | $ | 1.26 | ||||||
In addition, there were approximately 3,017,400, 71,250, 2,195,400 and 1,648,7502,195,400 stock options that were anti-dilutive as of December 31, 2007, 2006 and 2005, and 2004, respectively.
80
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Stock Compensation
The Company maintains an equity participation plan (the “Plan”"Plan") pursuant to which a maximum of 42,000,000 shares of Common Stock may be issued for qualified and non-qualified options and restricted stock grants. Options granted under the Plan generally vest ratably over a three year term for options granted prior to August 1, 2005 or five year term for options granted after August 1, 2005, expire ten years from the date of grant and are exercisable at the market price on the date of grant, unless otherwise determined by the Board of Directors at its sole discretion. Restricted stock grants generally vest 100% on the fifth anniversary of the grant. In addition, the Plan provides for the granting of certain options to each of the Company’s non-employee directors (the “Independent Directors”"Independent Directors") and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.
Prior to January 1, 2003, the Company accounted for the Plan under the intrinsic value-based method of accounting prescribed by Accounting Principles Board (“APB”("APB") Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations including FASB Interpretation No. 44, Accounting for Certain Transactions involving Stock Compensation (an interpretation of APB Opinion No. 25). Effective January 1, 2003, the Company adopted the prospective method provisions of SFAS No. 148, Accounting for Stock-Based Compensation – Transition and Disclosure an Amendment of
82
During December 2004, the FASB issued SFAS No. 123 (revised 2004), “Share-Based Payment” (“"Share-Based Payment" ("SFAS No. 123(R)”"), which is a revision of Statement 123. SFAS No. 123(R) supersedes Opinion 25. Generally, the approach in SFAS No. 123(R) is similar to the approach described in Statement 123. However, SFAS No. 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations based on their fair values. Pro-forma disclosure is no longer an alternative under SFAS No. 123(R). SFAS No. 123(R) was effective for fiscal years beginning after December 31, 2005. The Company began expensing stock based employee compensation with its adoption of the prospective method provisions of SFAS No. 148, effective January 1, 2003, as a result, the adoption of SFAS No. 123(R) did not have a material impact on the Company’s financial position or results of operations.
The non-cash expense related to stock-based employee compensation included in the determination of net income is less than that which would have been recognized if the fair value based method had been applied to all awards since the original effective date of SFAS No. 123. There was no difference in amounts for the yearyears ended December 31, 2007 or 2006. The following table illustrates the effect on net income and earnings per share if the fair value based method had been applied to all outstanding stock awards in each period2005 (amounts presented in thousands, except per share data):
2005 | |
Net income, as reported | $ 363,628 |
Add: Stock based employee compensation | |
expense included in reported net income | 4,608 |
Deduct: Total stock based employee | |
compensation expense determined under fair value | |
based method for all awards | (5,206) |
Pro Forma Net Income – Basic | $ 363,030 |
Earnings Per Share | |
Basic – as reported | $ 1.55 |
Basic – pro forma | $ 1.55 |
| 2005 | 2004 | |||||||
| Net income, as reported | $ | 363,628 | $ | 297,137 | ||||
| Add: Stock based employee compensation expense included in reported net income | 4,608 | 1,650 | ||||||
| Deduct: Total stock based employee compensation expense determined under fair value based method for all awards | (5,206 | ) | (3,316 | ) | ||||
| Pro Forma Net Income – Basic | $ | 363,030 | $ | 295,471 | ||||
| Earnings Per Share | ||||||||
| Basic – as reported | $ | 1.55 | $ | 1.28 | ||||
| Basic – pro forma | $ | 1.55 | $ | 1.27 | ||||
| Net income for diluted earnings per share | $ | 351,990 | $ | 285,499 | ||||
| Add: Stock based employee compensation expense included in reported net income | 4,608 | 1,650 | ||||||
| Deduct: Total stock based employee compensation expense determined under fair value based method for all awards | (5,206 | ) | (3,316 | ) | ||||
| Pro Forma Net Income – Diluted | $ | 351,392 | $ | 283,833 | ||||
| Earnings Per Share | ||||||||
| Diluted – as reported | $ | 1.52 | $ | 1.26 | ||||
| Diluted – pro forma | $ | 1.52 | $ | 1.25 | ||||
81
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Net income for diluted earnings per share | $ 351,990 |
Add: Stock based employee compensation | |
expense included in reported net income | 4,608 |
Deduct: Total stock based employee | |
compensation expense determined under fair value | |
based method for all awards | (5,206) |
Pro Forma Net Income – Diluted | $ 351,392 |
Earnings Per Share | |
Diluted – as reported | $ 1.52 |
Diluted – pro forma | $ 1.52 |
The pro forma adjustments to net income and net income per diluted common share assume fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing formula. The more significant assumptions underlying the determination of such fair values for options granted during the year ended December 2005 and 2004 were as follows:
83
2005 | |
Weighted average fair value of options granted | $3.21 |
Weighted average risk-free interest rates | 4.03% |
Weighted average expected option lives | 4.80 |
Weighted average expected volatility | 18.01% |
Weighted average expected dividend yield | 5.30% |
| 2005 | 2004 | |||||||
| Weighted average fair value of options granted | $ | 3.21 | $ | 2.14 | ||||
| Weighted average risk-free interest rates | 4.03 | % | 3.30 | % | ||||
| Weighted average expected option lives | 4.80 | 3.72 | ||||||
| Weighted average expected volatility | 18.01 | % | 16.69 | % | ||||
| Weighted average expected dividend yield | 5.30 | % | 5.59 | % | ||||
In September 2006, the FASB issued SFAS No. 157, Fair Value Measurement (“("SFAS No. 157”157"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurement. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007. During February 2008, the FASB issued a Staff Position that will (i) partially defer the effective date of SFAS No. 157, for one year for certain nonfinancial assets and nonfinancial liabilities and (ii) remove certain leasing transactions from the scope of SFAS No. 157. The impact of adopting SFAS No. 157 is not expected to have a material impact on the Company’s financial position or results of operations.
84
In June 2007, the AICPA issued Statement of Position 07-1, Clarification of the Scope of the Audit and Accounting Guide for Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies ("SOP 07-1"). SOP 07-1 sets forth more stringent criteria for qualifying as an investment company than does the predecessor Audit Guide. In addition, SOP 07-1 establishes new criteria for a parent company or equity method investor to retain investment company accounting in their consolidated financial statements. Investment companies record all their investments at fair value with changes in value reflected in earnings. SOP 07-1 was to be effective for the Company’s 2008 fiscal year, however, in October 2007 the FASB agreed to propose an indefinite delay and in February 2008, the FASB issued a final Staff Position to indefinitely delay the effective date of SOP 07-1.
82
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business Combinations ("SFAS No. 141(R)"). The objective of this statement is to improve the relevance, representation, faithfulness, and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. To accomplish that, this Statement establishes principles and requirements for how the acquirer: (i) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree, (ii) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase and (iii) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. This statement applies prospectively to business combinations for which the acquisition date is on or after the first annual reporting period beginning on or after December 15, 2008. An entity may not apply it before that date. The Company is currently assessing the impact the adoption of SFAS No 141(R) would have on the Company’s financial position and results of operations.
In December 2007, the FASB issued SFAS No. 160, Non-Controlling Interest in Consolidated Financial Statements in Amendment of ARB No. 51 ("SFAS No. 160"). A non-controlling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. The objective of this statement is to improve the relevance, comparability, and transparency of the financial information that a reporting entity provides in its consolidated financial statements by establishing accounting and reporting standards that require: (i) the ownership interest in subsidiaries held by parties other than the parent be clearly identified, labeled, and presented in the consolidated statement of financial position within equity, but separate from the parent’s equity, (ii) the amount of consolidated net income attributable to the parent and to the non-controlling interest be clearly identified and presented on the face of the consolidated statement of income, (iii) changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary be accounted for consistently and requires that they be accounted for similarly, as equity transactions, (iv) when a subsidiary is deconsolidated, any retained non-controlling equity investment in the former subsidiary be initially measured at fair value, the gain or loss on the deconsolidation of the subsidiary is measured using the fair value of any non-controlling equity investment rather than the carrying amount of that retained investment, and (v) entities provide sufficient disclosures that clearly identity and distinguish between the interest of the parent and the interest of the non-controlling owners. This statement is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008. Earlier adoption is prohibited. The Company is currently assessing the impact the adoption of SFAS No. 160 would have on the Company’s financial position and results of operations.
Reclassification
Certain reclassification of prior years’ amounts have been made to conform with the current year presentation.
2.Real Estate:
The Company’s components of Rental property consist of the following (in thousands):
| December 31, | ||
| 2007 |
| 2006 |
Land | $ 1,262,879 |
| $ 978,819 |
Buildings and improvements |
|
|
|
Buildings | 3,559,464 |
| 2,980,369 |
Building improvements | 566,720 |
| 301,584 |
Tenant improvements | 549,490 |
| 528,479 |
Fixtures and leasehold improvements | 33,932 |
| 22,216 |
Other rental property (1) | 208,144 |
| 151,870 |
| 6,180,629 |
| 4,963,337 |
Accumulated depreciation and amortization | (977,444) |
| (806,670) |
|
|
|
|
Total | $ 5,203,185 |
| $ 4,156,667 |
| December 31, | ||||||||
| 2006 | 2005 | |||||||
| Land | $ | 978,819 | $ | 686,123 | ||||
| Buildings and improvements | ||||||||
| Buildings | 2,980,369 | 2,696,194 | ||||||
| Building improvements | 301,584 | 180,005 | ||||||
| Tenant improvements | 528,479 | 334,765 | ||||||
| Fixtures and leasehold improvements | 22,216 | 17,088 | ||||||
| Other rental property (1) | 151,870 | 35,110 | ||||||
| 4,963,337 | 3,949,285 | |||||||
| Accumulated depreciation and amortization | (806,670 | ) | (740,127 | ) | ||||
| Total | $ | 4,156,667 | $ | 3,209,158 | ||||
83
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
(1)
At December 31, 2007 and 2006, Other rental property consisted of intangible assets including $130,598 and $88,328 respectively, of in-place leases, $21,555 and $15,705 respectively, of tenant relationships, and $55,991 and $47,837 respectively, of above-market leases.
In addition, at December 31, 2007 and 2006, the Company had intangible liabilities relating to below-market leases from property acquisitions of approximately $182.3 million and $120.6 million, respectively. These amounts are included in the caption Other liabilities in the Company’s Consolidated Balance Sheets.
3.Property Acquisitions, Developments and Other Investments:
Operating property acquisitions, ground-up development costs and other investments have been funded principally through the application of proceeds from the Company's public equity and unsecured debt issuances, proceeds from mortgage and construction financings, availability under the Company’s revolving lines of credit and issuance of various partnership units.
Operating Properties
Acquisition of Existing Shopping CentersOperating Properties -
During the years 2006, 2005 and 2004,year ended December 31, 2007, the Company acquired, operating properties, in separate transactions, at61 operating properties, comprising an aggregate costs4.4 million square feet of GLA, for an aggregate purchase price of approximately $1.1 billion $278.0including the assumption of approximately $114.3 million of non-recourse mortgage debt encumbering nine of the properties. Details of these transactions are as follows (in thousands):
|
|
| Purchase Price |
| ||
Property Name | Location | Month | Cash | Debt | Total | GLA |
|
|
|
|
|
|
|
U.S. acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Properties | Various | Jan-07 (1) | $ 22,535 | $19,480 | $ 42,015 | 240 |
|
|
|
|
|
|
|
Embry Village | Atlanta, GA | Feb-07 | 46,800 | - | 46,800 | 215 |
|
|
|
|
|
|
|
Park Place | Morrisville, NC | Mar-07 (2) | 10,700 | 10,700 | 21,400 | 170 |
|
|
|
|
|
|
|
35 North Third Street | Philadelphia, PA | Mar-07 | 2,100 | - | 2,100 | 2 |
|
|
|
|
|
|
|
Cranberry | Pittsburgh, PA | Mar-07 (3) | 1,431 | 3,108 | 4,539 | 17 |
|
|
|
|
|
|
|
Lake Grove | Lake Grove, NY | Apr-07 (4) | 31,500 | - | 31,500 | 158 |
|
|
|
|
|
|
|
1628 Walnut St | Philadelphia, PA | Apr-07 | 3,500 | - | 3,500 | 2 |
|
|
|
|
|
|
|
2 Properties | Various | Apr-07 (5) | 62,800 | - | 62,800 | 436 |
|
|
|
|
|
|
|
Flagler Park | Miami, FL | Apr-07 | 95,000 | - | 95,000 | 350 |
|
|
|
|
|
|
|
2 Properties | Various | May-07 (6) | 36,801 | 16,800 | 53,601 | 169 |
|
|
|
|
|
|
|
Suburban Square | Ardmore, PA | May-07 | 215,000 | - | 215,000 | 359 |
|
|
|
|
|
|
|
1701 Walnut St | Philadelphia, PA | May-07 | 12,000 | - | 12,000 | 15 |
84
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
30 West 21st St | New York, NY | May-07 | 6,250 | 18,750 | �� 25,000 | 5 |
|
|
|
|
|
|
|
Chatham Plaza | Savannah, GA | June-07 | 44,600 | - | 44,600 | 199 |
|
|
|
|
|
|
|
2 Properties | Various | June-07 (7) | 16,920 | - | 16,920 | 22 |
|
|
|
|
|
|
|
Birchwood Portfolio | Long Island, NY | July-07 | 92,090 | - | 92,090 | 280 |
|
|
|
|
|
|
|
493-497 | Boston, MA | July-07 | 5,650 | - | 5,650 | 20 |
|
|
|
|
|
|
|
3 Properties | Philadelphia, PA | July-07 (8) | 60,890 | - | 60,890 | 68 |
|
|
|
|
|
|
|
Highlands Square | Clearwater, FL | July-07(9) | 4,531 | - | 4,531 | 76 |
|
|
|
|
|
|
|
Mooresville Crossings | Mooresville, NC | Aug-07 | 41,000 | - | 41,000 | 155 |
|
|
|
|
|
|
|
Corona Hills Marketplace | Corona, CA | Aug-07 | 32,000 | - | 32,000 | 149 |
|
|
|
|
|
|
|
127-129 Newbury St | Boston, MA | Oct-07 | 11,600 | - | 11,600 | 9 |
|
|
|
|
|
|
|
Talavi | Glendale, AZ | Nov-07 (10) | 12,500 | - | 12,500 | 109 |
|
|
|
|
|
|
|
Wayne Plaza | Chambersburg, PA | Nov-07 (2) | 6,849 | 14,289 | 21,138 | 132 |
|
|
|
|
|
|
|
Rockford Crossing | Rockford, IL | Dec-07 (2) | 3,867 | 11,033 | 14,900 | 89 |
|
|
|
|
|
|
|
Center at Westbank | Harvey, LA | Dec-07 (2) | 11,551 | 20,149 | 31,700 | 182 |
|
|
|
|
|
|
|
|
|
| 890,465 | 114,309 | 1,004,774 | 3,628 |
Mexican Acquisitions: |
|
|
|
|
|
|
Waldo’s Mexico Portfolio | Various, Mexico | Mar-07 | 51,500 | - | 51,500 | 488 |
Gran Plaza Cancun | Mexico | Dec-07 | 38,909 | - | 38,909 | 273 |
|
|
|
|
|
|
|
|
|
| $980,874 | $114,309 | $1,095,183 | 4,389 |
(1)
Three properties acquired in separate transactions, located in Alpharetta, GA, Southlake, TX and $440.5Apopka, FL.
(2)
The Company acquired these properties from a joint venture in which the Company holds a 20% non-controlling interest.
(3)
The Company acquired this property from a venture in which the Company had a preferred equity investment.
(4)
The Company provided a $31.0 million respectively.preferred equity investment to a newly formed joint venture in which the Company has a 98% economic interest for the acquisition of this operating property and has determined under the provisions of FIN 46(R) that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.
(5)
The Company acquired, in separate transactions, these two properties located in Chico, CA and Auburn, WA from a joint venture in which the Company holds a 15% non-controlling interest.
(6)
Two properties acquired in separate transactions, located in Sparks, NV and San Diego, CA.
(7)
Two properties acquired in separate transactions, located in Boston, MA and Philadelphia, PA.
(8)
Three mixed use residential/retail properties acquired in separate transactions, located in Philadelphia, PA.
(9)
The Company provided a $4.3 million preferred equity investment to a newly formed joint venture in which the Company has a 94% economic interest for the acquisition of this operating property and has determined under the provisions of FIN 46(R) that this joint venture is a VIE and that the Company is the primary beneficiary. As such, the Company has consolidated this entity for accounting and reporting purposes.
(10)
The Company acquired an additional 50% ownership interest in this operating property, as such the Company now holds a 100% interest in this property and consolidates it for financial reporting purposes.
85
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 2006, the Company acquired, in separate transactions, 40 operating properties, comprising an aggregate 4.8 million square feet of GLA, for an aggregate purchase price of approximately $1.1 billion, including the assumption of approximately $297.7 million of non-recourse mortgage debt encumbering 20 of the properties, issuance of approximately $247.6 million of redeemable units relating to 10 properties and issuance of approximately $51.5 million of Common Stock relating to one property. Details of these transactions are as follows (in thousands):
|
|
| Purchase Price |
| ||
Property Name | Location | Month Acquired | Cash | Debt Assumed/ | Total | GLA |
|
|
|
|
|
|
|
Portfolio – 19 properties | Various: CA, NV, & HI | Jan-06 | $114,430 | $ 19,124 | $ 133,554 | 815 |
|
|
|
|
|
|
|
Groves at Lakeland | Lakeland, FL | Feb-06 | 1,500 | - | 1,500 | 105 |
|
|
|
|
|
|
|
625 Broadway | New York, NY | Feb-06 | 36,600 | 27,750 | 64,350 | 83 |
|
|
|
|
|
|
|
387 Bleecker Street | New York, NY | Feb-06 | 3,700 | 2,960 | 6,660 | - |
|
|
|
|
|
|
|
Cupertino Village | Cupertino, CA | Mar-06 | 27,400 | 38,000 | 65,400 | 115 |
|
|
|
|
|
|
|
Poway Center | Poway, CA | Mar-06 (1) | 3,500 | - | 3,500 | 16 |
|
|
|
|
|
|
|
Plaza Centro | Caguas, PR | Mar-06 | 35,731 | 71,774(2) | 107,505 | 438 |
|
|
|
|
|
|
|
Los Colobos | Carolina, PR | Mar-06 | 36,684 | 41,719(2) | 78,403 | 343 |
|
|
|
|
|
|
|
Hylan Plaza | Staten Island, NY | Mar-06 | - | 81,800(3) | 81,800 | 358 |
|
|
|
|
|
|
|
Tyler St Plaza | Riverside, CA | Apr-06 | 10,100 | - | 10,100 | 86 |
|
|
|
|
|
|
|
Market at Bay Shore | Bay Shore, NY | Apr-06 | - | 39,673(2) | 39,673 | 177 |
|
|
|
|
|
|
|
Pathmark S.C. | Centereach, NY | Apr-06 | - | 21,955(2) | 21,955 | 102 |
|
|
|
|
|
|
|
Western Plaza | Mayaguez, PR | June-06 | 4,562 | 30,378(2) | 34,940 | 226 |
|
|
|
|
|
|
|
Mallside Plaza | Portland, ME | June-06 | 23,100 | - | 23,100 | 91 |
|
|
|
|
|
|
|
Pearl Towers | Albany, NY | June-06 | - | 39,868(2) | 39,868 | 253 |
|
|
|
|
|
|
|
19 Greenwich | New York, NY | Sept-06 | 1,010 | 4,040 | 5,050 | - |
|
|
|
|
|
|
|
Western Plaza | Mayaguez, PR | Sept-06 | 1,900 | 19,443(2) | 21,343 | 126 |
|
|
|
|
|
|
|
Los Colobos | Carolina, PR | Sept-06 | 2,034 | 24,414(2) | 26,448 | 228 |
|
|
|
|
|
|
|
Plaza Centro | Caguas, PR | Sept-06 | 16,165 | 9,185(2) | 25,350 | 139 |
|
|
|
|
|
|
|
Trujillo Alto Plaza | Trujillo Alto, PR | Sept-06 | 7,379 | 26,058(2) | 33,437 | 201 |
|
|
|
|
|
|
|
Ponce Town Center | Ponce, PR | Oct-06 | 3,679 | 38,974(2) | 42,653 | 193 |
|
|
|
|
|
|
|
Villa Maria S.C. | Manati, PR | Oct-06 | 1,382 | 6,825(2) | 8,207 | 70 |
|
|
|
|
|
|
|
100 Van Dam Street | New York, NY | Oct-06 | 3,650 | 16,400 | 20,050 | - |
|
|
|
|
|
|
|
Rexville Town Center | Bayamon, PR | Nov-06 | 6,813 | 66,766(2) | 73,579 | 186 |
|
|
|
|
|
|
|
Fountains at Arbor Lakes | Maple Grove, MN | Dec-06 | 95,025 | - | 95,025 | 407 |
|
|
|
|
|
|
|
|
|
| $436,344 | $627,106 | $1,063,450 | 4,758 |
86
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
(1) Acquired additional square footage of existing property.
(2) Represents the value of units issued and/or debt assumed, see additional disclosure below.
(3) Represents the value of Common Stock issued by the Company relating to the merger transaction with Atlantic Realty, including $30.3 million issued to the Company’s subsidiaries representing the 37% of Atlantic Realty previously owned (See Note 17 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).
Included in the 2006 acquisitions above is the acquisition of interests in seven shopping center properties, located in Caguas, Carolina, Mayaguez, Trujillo Alto, Ponce, Manati, and Bayamon, Puerto Rico, valued at an aggregate $451.9 million. The properties were acquired through the issuance of units from a consolidated subsidiary and consist of approximately $158.6 million of floating and fixed-rate redeemable units, approximately $45.8 million of redeemable units, which are redeemable at the option of the holder, the assumption of approximately $131.2 million of non-recourse mortgage debt encumbering six of the properties and approximately $116.3 million in cash. The Company has the option to settle the redemption of the $45.8 million redeemable units with Common Stock or cash.
During April 2006, the Company acquired interests in two shopping center properties, included in the table above, located in Bay Shore and Centereach, NY, valued at an aggregate $61.6 million. The properties were acquired through the issuance of units from a consolidated subsidiary and consist of approximately $24.2 million of redeemable units, which are redeemable at the option of the holder, approximately $14.0 million of fixed-rate redeemable units and the assumption of approximately $23.4 million of non-recourse mortgage debt. The Company has the option to settle the redemption of the $24.2 million redeemable units with Common Stock or cash. During 2007, $1.1 million of the $24.2 million in redeemable units were redeemed by the holder in cash at the option of the Company. The aggregate remaining value of the units is included in Minority interests on the Company’s Consolidated Balance Sheets.
During June 2006, the Company acquired an interest in an office property, included in the table above, located in Albany, NY, valued at approximately $39.9 million. The property was acquired through the issuance of approximately $5.0 million of redeemable units from a consolidated subsidiary, which are redeemable at the option of the holder after one year, and the assumption of approximately $34.9 million of non-recourse mortgage debt. The Company has the option to settle the redemption of the redeemable units with Common Stock or cash. The aggregate value of the units is included in Minority interests on the Company’s Consolidated Balance Sheets.
The aggregate purchase price of these Puerto Ricothe above mentioned 2007 and 2006 properties hashave been allocated to the tangible and intangible assets and liabilities of the properties in accordance with SFAS No. 141.141, at the date of acquisition, based on evaluation of information and estimates available at such date. As final information regarding the fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation. The allocations are finalized no later than twelve months from the acquisition date. The total aggregate purchase price includes intangible liabilities of approximately $0.6 million for the value attributed to assumed mortgage debt premiums, net, below market rents of approximately $37.4 million and fair value unit adjustments of approximately $28.6 million, including unit premiums of approximately $13.5 million.
85
| 2007 |
| 2006 |
Land | $327,970 |
| $335,224 |
Buildings | 623,311 |
| 410,146 |
Below Market Rents | (62,802) |
| (38,681) |
Above Market Rents | 13,629 |
| 35,293 |
In-Place Leases | 41,281 |
| 73,847 |
Other Intangibles | 10,181 |
| 7,215 |
Building Improvements | 105,716 |
| 84,405 |
Tenant Improvements | 35,897 |
| 156,001 |
| $1,095,183 |
| $1,063,45 |
87
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Ground-Up Development -
The Company is engaged in ground-up development projects which consists of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiary, KDI,subsidiaries, which developsdevelop neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) U.S. ground-up development projects which will be held as long-term investments by the Company and (iii) various ground-up development projects located in Mexico and Canada for long-term investment .investment. The ground-up development projects generally have substantialsignificant pre-leasing prior to the commencement of construction. As of December 31, 2006,2007, the Company had in progress a total of 4560 ground-up development projects including 2327 merchant building projects, six domesticnine U.S. ground-up development projects, and 1624 ground-up development projects located throughout Mexico. These projects are currently proceeding on schedule and substantially in line with the Company’s budgeted costs of approximately $1.8 billion.
Merchant Building -
During the years 2007, 2006 and 2005, and 2004, KDIthe Company expended approximately $269.6 million, $287.0 million $363.1 million and $205.2$385.3 million, respectively, in connection with the purchase of land and construction costs related to its ground-up development projects.
Long-term Ground-up Development -
During 2007, the Company expended approximately $7.7 million in connection with the purchase of undeveloped land in Union, NJ, which will be developed into a 0.2 million square foot retail center and approximately $21.5 million in connection with the purchase of three redevelopment properties located in Bronx, NY, which will be redeveloped into mixed-use residential/retail centers aggregating 0.1 million square feet. These projects have a total estimated project cost of approximately $71.5 million.
During 2007, the Company acquired, in separate transactions, nine land parcels located in various cities throughout Mexico, for an aggregate purchase price of approximately MXP 1.1 billion (approximately USD $94.8 million). Seven of these land parcels will be developed into retail centers aggregating approximately 2.8 million square feet of GLA with a total estimated aggregate project cost of approximately MXP 2.3 billion (approximately USD $210.2 million).
During 2007, the Company acquired, through a newly formed joint venture in which the Company has a controlling ownership interest, a 0.3 million square foot development project in Neuvo Vallarta, Mexico, for a purchase price of approximately MXP 119.5 million (approximately USD $11.0 million). Total estimated project costs are approximately USD $28.3 million.
During 2007, the Company acquired, through a newly formed joint venture in which the Company has a non-controlling interest, a 0.1 million square foot development project in Tuxtepec, Mexico, for a purchase price of MXP 48.6 million (approximately USD $4.4 million). Total estimated project costs are approximately USD $14.4 million.
During 2006, the Company acquired land in Chambersburg, PA and Anchorage, AK in separate transactions, for an aggregate purchase price of approximately $12.2 million. The properties will be developed into retail centers with approximately 0.7 million square feet of GLA with total estimated project costs of approximately $62.7 million.
During June 2006, the Company acquired, through a newly formed joint venture in which the Company has a non-controlling interest, a 0.1 million square foot development project in Puerta Vallarta, Mexico, for a purchase price of MXP 65.4 million Mexican Pesos (“MXP”) (approximately USD $5.7 million). Total estimated project costs are approximately USD $7.3 million.
88
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 2006, the Company acquired, in separate transactions, nine parcels of land located in various cities throughout Mexico, for an aggregate purchase price of approximately MXP 1.3 billion (approximately USD $119.3 million). The properties were at various stages of construction at acquisition and will be developed into retail centers aggregating approximately 3.4 million square feet. Total estimated remaining project costs are approximately USD $324.2$312.4 million.
86
During November 2002, the Company through its taxable REIT subsidiary, together with Prometheus Southeast Retail Trust, completed the merger and privatization of Konover Property Trust, which has been renamed Kimsouth Realty, Inc. (“Kimsouth”("Kimsouth"). In connection with the merger, the Company acquired 44.5% of the common stock of Kimsouth, which consisted primarily of 38 retail shopping center properties comprising approximately 4.6 million square feet of GLA. Total acquisition value was approximately $280.9 million including approximately $216.2 million in mortgage debt. The Company’s investment strategy with respect to Kimsouth included re-tenanting, repositioning and disposition of the properties. As of January 1, 2006, Kimsouth consisted of five properties.
During 2006, Kimsouth sold two properties for an aggregate sales price of approximately $9.8 million and transferred two properties to a joint venture in which the Company has an 18% non-controlling interest for an aggregate price of approximately $54.0 million, which included the repayment of approximately $23.1 million in mortgage debt.
During May 2006, the Company acquired an additional 48% interest in Kimsouth for approximately $22.9 million, which increased the Company’s total ownership to 92.5%. As a result of this transaction, the Company became the controlling shareholder and hashad therefore, commenced consolidation of Kimsouth upon the closing date. The acquisition of the additional 48% ownership interest has been accounted for as a step acquisition with the purchase price being allocated to the identified assets and liabilities of Kimsouth.
As of May 12, 2006, Kimsouth had approximately $133.0 million of net operating loss carry-forwards (“NOLs”("NOLs"), which may be utilized to offset future taxable income of Kimsouth. The Company evaluated the need for a valuation allowance based on projected taxable income and determined that a valuation allowance of approximately $34.2 million was required. As such, a purchase price adjustment of $17.5 million was recorded (see(See Note 22 for additional information).
During June 2006, Kimsouth contributed approximately $51.0 million, of which $47.2 million or 92.5% was provided by the Company, to fund its 15% non-controlling interest in a newly formed joint venture with an investment group to acquire a portion of Albertson’s Inc. To maximize investment returns, the investment group’s strategy with respect to this joint venture, includes refinancing, selling selected stores and the enhancement of operations at the remaining stores. ThisKimsouth accounts for this investment is included in Other assets inunder the Consolidated Balance Sheets.equity method of accounting. During Februarythe year ended December 31, 2007, this joint venture completed the disposition of certain operating stores and a refinancing of the remaining assets in the joint venture. As a result of these transactions Kimsouth received a cash distributiondistributions of approximately $121.3$148.6 million. Kimsouth has a remaining capital commitment obligation to fund up to an additional $15.0 million for general purposes. Due to this remaining capital commitment, $15.0 million is included in Other liabilities in the Company’s Consolidated Balance Sheets.
During the year ended December 31, 2007, Kimsouth’s income from the Albertson’s joint venture aggregated approximately $49.6 million, net of income tax. This amount includes (i) an operating loss of approximately $15.1 million, net of an income tax benefit of approximately $10.1 million, (ii) distribution in excess of Kimsouth’s investment of approximately $10.4 million, net of income tax expense of approximately $6.9 million, and (iii) an extraordinary gain of approximately $54.3 million, net of income tax expense of approximately $36.2 million, resulting from purchase price allocation adjustments as determined in accordance with SFAS No. 141. In accordance with Accounting Principles Board Opinion 18, The Equity Method of Accounting for Investments in Common Stock, the Company has classified its 15% share of the extraordinary gain, net of income taxes, as a separate component on the Company’s Consolidated Statements of Income.
89
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 2007, Kimsouth sold its remaining property for an aggregate sales price of approximately $9.1 million. This sale resulted in a gain of approximately $7.9 million, net of income taxes.
As a result of the Albertson’s transaction and the property sale described above, the Company has reduced the valuation allowance that was applied against the Kimsouth NOLs resulting in an income tax benefit of approximately $31.2 million. At December 31, 2007, Kimsouth has deferred tax assets of approximately $14.8 million representing the tax effect of approximately $37.9 million of NOLs that expire from 2021 to 2023. The Company believes that it is more likely than not that a net deferred tax asset of approximately $11.7 million will be realized on future tax returns, primarily from the generation of future taxable income and therefore, a valuation allowance of $3.1 million has been established for a portion of these deferred tax assets.
During 2007, the Albertson’s joint venture acquired two operating properties for approximately $20.3 million, including the assumption of $18.5 million in non-recourse mortgage debt.
During July 2006, Kimsouth contributed approximately $3.7 million to fund its 15% non-controlling interest in a newly formed joint venture with an investment group to acquire 50 grocery anchored operating properties. During September 2006, Kimsouth contributed an additional $2.2 million to this joint venture to acquire an operating property in Sacramento, CA, comprising approximately 0.1 million square feet of GLA, for a purchase price of approximately $14.5 million. This joint venture investment is included in Investment and advances in real estate joint ventures in the Consolidated Balance Sheets.
4. Dispositions of Real Estate:
Operating Real Estate -
During 2006, Kimsouth sold two properties for an aggregate sales price of approximately $9.8 million and transferred two properties to a joint venture in which2007, the Company has an 18% non-controlling interest for an aggregate price of approximately $54.0 million, which included the repayment of approximately $23.1 million in mortgage debt.
During 2007, FNC Realty Corporation, a consolidated entity in which the Company holds a 53% controlling ownership interest, disposed of, in separate transactions, seven properties and completed the partial sale of an additional property for an aggregate sales price of $10.4 million. These transactions resulted in pre-tax profits from the Kimsouth investment of approximately $4.9$4.7 million, which is included in the captionbefore minority interest of $3.3 million. This income has been recorded as Income from other real estate investments onin the Company’s Consolidated Statements of Income.
87
| December 31, | ||||
| 2005 | ||||
| Assets: | ||||
| Real estate held for sale | $ | 56.7 | ||
| Other assets | 6.5 | |||
| $ | 63.2 | |||
| Liabilities and Stockholders’ Equity: | ||||
| Mortgages payable | $ | 29.4 | ||
| Other liabilities | 0.7 | |||
| Stockholders’ equity | 33.1 | |||
| $ | 63.2 | |||
| January 1 to | Year Ended December 31, | |||||||||||
| May 12, 2006 | 2005 | 2004 | ||||||||||
| Revenues from rental property | $ | 1.8 | $ | 9.0 | $ | 21.8 | ||||||
| Operating expenses | (0.8 | ) | (6.9 | ) | (7.5 | ) | ||||||
| Interest | (0.8 | ) | (3.1 | ) | (7.9 | ) | ||||||
| Depreciation and amortization | — | (0.3 | ) | (4.5 | ) | |||||||
| Other, net | (7.7 | ) | (0.5 | ) | (0.4 | ) | ||||||
| (7.5 | ) | (1.8 | ) | 1.5 | ||||||||
| Gain on disposition of properties | 1.9 | 12.6 | 8.7 | |||||||||
| Adjustment of property carrying values | — | (2.4 | ) | (14.3 | ) | |||||||
| Net income/(loss) | $ | (5.6 | ) | $ | 8.4 | $ | (4.1 | ) | ||||
| �� | ||||||||||||
88
During 2006, the Company disposed of (i) 28 operating properties and one ground lease for an aggregate sales price of approximately $270.5 million, which resulted in an aggregate net gain of approximately $71.7 million, net of income taxes of $2.8 million relating to the sale of two properties, and (ii) transferred five operating properties, to joint ventures in which the Company has 20% non-controlling interests for an aggregate price of approximately $95.4 million, which resulted in a gain of approximately $1.4 million from one transferred property.
During November 2006, the Company disposed of a vacant land parcel located in Bel Air, MD, for approximately $1.8 million resulting in a $1.6 million gain on sale. This gain is included in Other income (expense), net on the Company’s Consolidated Statements of Income.
90
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 2005, the Company (i) disposed of, in separate transactions, 20 operating properties for an aggregate sales price of approximately $93.3 million, (ii) transferred three operating properties to KROP, as defined below, for an aggregate price of approximately $49.0 million and (iii) transferred 52 operating properties to various joint ventures in which the Company has non-controlling interests ranging from 15% to 50% for an aggregate price of approximately $183.1 million. For the year ended December 31, 2005, these transactions resulted in gains of approximately $31.9 million and a loss on sale/transfer from four of the properties of approximately $5.2 million.
89
Merchant Building - -
During 2004,2007, the Company (i) disposed of,sold, in separate transactions, 16 operating properties(i) four of its recently completed merchant building projects, (ii) 26 out-parcels, (iii) 74.3 acres of undeveloped land, and one ground lease(iv) completed partial sales of two projects, for an aggregate sales price of approximately $81.1 million, including the assignment of approximately $8.0 million of non-recourse mortgage debt encumbering one of the properties; cashtotal proceeds of approximately $16.9$310.5 million and received approximately $3.3 million of proceeds from the sale of two of these properties were usedcompleted earn-out requirements on previously sold projects. These sales resulted in a 1031 exchange to acquire shopping center properties located in Roanoke, VA, and Tempe, AZ, (ii) transferred 17 operating properties to KROP, as defined below, for an aggregate pricepre-tax gains of approximately $197.9 million and (iii) transferred 21 operating properties, comprising approximately 3.2 million square feet of GLA, to various co-investment ventures in which$40.1 million.
During 2006, the Company has non-controlling interests ranging from 10% to 30% for an aggregate price of approximately $491.2 million.
During 2005, KDIthe Company sold, in separate transactions, six of its recently completed projects and 41 out-parcels for approximately $264.1 million. These sales resulted in pre-tax gains of approximately $33.6 million.
5.Adjustment of Property Carrying Values:
As part of the Company’s periodic assessmentongoing analysis of its real estate properties with regard to both the extent to which such assets are consistent with the Company’s long-term real estate investment objectives and the performance and prospects of each asset,merchant building projects, the Company has determined that for two of its projects, located in December 2004 that its investmentJacksonville, FL and Anchorage, AK, the recoverable value will not exceed their estimated cost. This is primarily due to adverse changes in an operating property comprised of approximately 0.1 million square feet of GLA, with a book value of approximately $3.8 million, net of accumulated depreciation of approximately $2.6 million, may not be fully recoverable. Based upon management’s assessment of currentlocal market conditions and lackthe uncertainty of demand forthose conditions in the property, the Company reduced its anticipated holding period for this investment.future. As a result, the Company determined that its investment in this asset was not fully recoverable andhas recorded an aggregate pre-tax adjustment of property carrying value on these projects for the year ended December 31, 2007, of approximately $3.0$8.5 million, to reflectrepresenting the property’sexcess of the carrying values of the projects over their estimated fair value. The Company’s determination of estimated fair value was based upon third-party purchase offers less estimated closing costs. This property was subsequently sold during 2005 and this adjustment was included along with the related property operations in the line Income from discontinued operations in the Company’s Consolidated Statements of Income.
6.Discontinued Operations and Assets Held for Sale:
The Company reports as discontinued operations assets held-for-sale (as defined by SFAS No. 144) as of the end of the current period and assets sold subsequent toduring the adoption of SFAS No. 144.period. All results of these discontinued operations are included in a separate component of income on the Consolidated Statements of Income under the caption Discontinued operations. This has resulted in certain reclassifications of 2007, 2006, 2005 and 20042005 financial statement amounts.
The components of Income from discontinued operations for each of the three years in the period ended December 31, 2006,2007, are shown below. These include the results of operations through the date of each respective sale for properties sold during 2007, 2006, 2005 and 20042005 and a full year of operations for those assets classified as held-for-sale as of December 31, 20062007 (in thousands):
90
91
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
| 2006 | 2005 | 2004 | ||||||||||
| Discontinued Operations: | ||||||||||||
| Revenues from rental property | $ | 15,318 | $ | 27,757 | $ | 33,670 | ||||||
| Rental property expenses | (2,774 | ) | (7,925 | ) | (9,369 | ) | ||||||
| Income from property operations | 12,544 | 19,832 | 24,301 | |||||||||
| Depreciation and amortization | (3,697 | ) | (6,610 | ) | (7,473 | ) | ||||||
| Interest expense | (380 | ) | (1,382 | ) | (1,779 | ) | ||||||
| Income from other real estate investments | 3,705 | 1,192 | — | |||||||||
| Other income/(expense) | 1,832 | 1,305 | (2,300 | ) | ||||||||
| Income from discontinued operating properties | 14,004 | 14,337 | 12,749 | |||||||||
| Provision for income taxes | (2,096 | ) | — | — | ||||||||
| Minority interest in income from discontinued operating properties | (1,497 | ) | (476 | ) | (481 | ) | ||||||
| Loss on operating properties held for sale/sold | (1,421 | ) | (5,098 | ) | (5,064 | ) | ||||||
| Gain on disposition of operating properties | 74,138 | 28,918 | 15,823 | |||||||||
| Income from discontinued operations | $ | 83,128 | $ | 37,681 | $ | 23,027 | ||||||
| 2007 |
| 2006 |
| 2005 |
Discontinued operations: |
|
|
|
|
|
Revenues from rental property | $ 4,449 |
| $ 21,651 |
| $ 31,746 |
Rental property expenses | (1,794) |
| (5,369) |
| (9,381) |
Depreciation and amortization | (1,620) |
| (5,503) |
| (7,525) |
Interest expense | (9) |
| (2,590) |
| (1,851) |
Income from other real estate investments | 34,740 |
| 3,705 |
| 1,192 |
Other (expense)/income | (2,993) |
| 2,020 |
| 1,304 |
|
|
|
|
|
|
Income from discontinued operating properties | 32,773 |
| 13,914 |
| 15,485 |
|
|
|
|
|
|
Provision for income taxes | - |
| (2,096) |
| - |
|
|
|
|
|
|
Minority interest in income | (5,848) |
| (1,585) |
| (573) |
|
|
|
|
|
|
Loss on operating properties held for sale/sold | (1,832) |
| (1,421) |
| (5,098) |
|
|
|
|
|
|
Gain on disposition of operating properties | 5,538 |
| 74,138 |
| 28,918 |
|
|
|
|
|
|
Income from discontinued operations | $ 30,631 |
| $ 82,950 |
| $ 38,732 |
During 2007, the Company classified as held-for-sale ten shopping center properties comprising approximately 0.6 million square feet of GLA. The book value of each of these properties, aggregating approximately $80.7 million, net of accumulated depreciation of approximately $4.9 million, did not exceed each of their estimated fair values. As a result, no adjustment of property carrying value has been recorded. The Company’s determination of the fair value for each of these properties, aggregating approximately $116.8 million, is based primarily upon executed contracts of sale with third parties less estimated selling costs. During 2007, the Company completed the sale of five of these properties and reclassified one property as held-for-use.
During 2006, the Company reclassified as held-for-sale 13 operating properties comprising 0.8 million square feet of GLA. The aggregate book value of these properties was approximately $36.5 million, net of accumulated depreciation of approximately $5.9 million. The book value of one property exceeded its estimated fair value by approximately $0.6 million, and, as a result, the Company recorded a loss resulting from an adjustment of property carrying value of approximately $0.6 million. The remaining properties had fair values exceeding their book values, and, as a result, no adjustment of property carrying value was recorded. The Company’s determination of the fair value for each of these properties, aggregating approximately $50.0 million, is based primarily upon executed contracts of sale with third parties less estimated selling costs. The Company completed the sale of ten of these operating properties during 2006.
During 2005, the Company reclassified as held-for-sale four operating properties comprising approximately 0.6 million square feet of GLA. The book value of each of these properties, aggregating approximately $42.2 million, net of accumulated depreciation of approximately $9.4 million, did not exceed each of their estimated fair values. As a result, no adjustment of property carrying value was recorded. The Company’s determination of the fair value for each of these properties, aggregating approximately $61.4 million, was based upon executed contracts of sale with third parties less estimated selling costs. The Company completed the sale of these properties during 2005 and 2006.
91
Kimco Prudential Joint Venture (“KimPru”Ventures ("KimPru") -
On July 9, 2006, the Company entered into a definitive merger agreement with Pan Pacific Retail Properties Inc. (“("Pan Pacific”Pacific")., which closed on October 31, 2006. Under the terms of the agreement, the Company
92
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
agreed to acquire all of the outstanding shares of Pan Pacific for total merger consideration of $70.00 per share. As permitted under the merger agreement, the Company elected to issue $10.00 per share of the total merger consideration in the form of Common Stock to be based upon the average closing price of the Common Stock over ten trading days immediately preceding the closing date.
On September 25, 2006, Pan Pacific stockholders approved the proposed merger and the closing occurred on October 31, 2006. In addition to the merger consideration of $70.00 per share, Pan Pacific stockholders also received $0.2365 per share as a pro-rata portion of Pan Pacific’s regular $0.64 per share dividend for each day between September 26, 2006 and the closing date.
The transaction had a total value of approximately $4.1 billion, including Pan Pacific’s outstanding debt totaling approximately $1.1 billion. As of October 31, 2006, Pan Pacific owned interests in 138 operating properties, which comprised approximately 19.9 million square feet of GLA, located primarily in California, Oregon, Washington, and Nevada.
Funding for this transaction was provided by approximately $1.3 billion of new individual non-recourse mortgage loans encumbering 51 properties, a $1.2 billion two-year credit facility, which bearsbore interest at LIBOR plus 0.375% in the first year, and is currently at LIBOR plus 0.45% provided by a consortium of banks and guaranteed by the joint venture partners described below and the Company, the issuance of 9,185,847 shares of Common Stock valued at approximately $407.7 million, the assumption of approximately $630.0 million of unsecured bonds and approximately $289.4 million of existing non-recourse mortgage debt encumbering 23 properties and approximately $300.0 million in cash. With respect to the $1.2 billion guarantee by the Company, PREI as defined below, guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make.
As of December 31, 2007 the merger, the Company commenced its joint venture agreements with Prudential Real Estate Investors (“PREI”) through three separate accounts managed by PREI. In accordance with the joint venture agreements, all Pan Pacific assets and the respective non-recourse mortgage debt and the $1.2 billion credit facility mentioned above were transferred to the separate accounts. PREI contributed approximately $1.1 billion on behalf of institutional investors in three of its portfolios. The Company holds 15% non-controlling ownership interests in each of these joint ventures, collectively, KimPru, with a total aggregate investment of approximately $194.8 million. In addition, the Company will manage the portfolios and earn acquisition fees, leasing commissions, property management fees and construction management fees.
The following reconciliation describes the sources and uses of funds related to the acquisition of Pan Pacific, the commencement of the Company’s joint venture agreements with PREI, and provides a reconciliation of the Company’s aggregate initial investment in the three joint ventures of approximately $194.8 million (in millions):
Total Purchase Price | $ 4,100.0 |
Less: | |
New individual non-recourse mortgage loans | (1,300.0) |
Two-year credit facility | (1,200.0) |
Assumed mortgages | (289.4) |
Amount to be funded | $ 1,310.6 |
Funding Provided: | |
Company Common Stock issued | $ 407.7 |
Pan Pacific bonds assumed by the Company | 630.0 |
Cash | 272.9 |
Amount funded | $ 1,310.6 |
Reconciliation of the Company’s Investment: | |
Company Common Stock issued | $ 407.7 |
Pan Pacific bonds assumed by the Company | 630.0 |
Acquisition costs | 1.8 |
1,039.5 | |
Less: | |
Cash proceeds to the Company from PREI’s contribution into the joint ventures | (844.7) |
Company’s initial investment | $ 194.8 |
93
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 2007, KimPru sold, in separate transactions, 27 operating properties, two of which were sold to the Company and one development property in separate transactions, for an aggregate sales price of approximately $517.0 million. These sales resulted in an aggregate loss of approximately $2.8 million, of which the Company’s share was approximately $0.4 million.
Proceeds from property sales were used to repay a portion of the outstanding balance on the $1.2 billion credit facility. As of December 31, 2007, there was $702.5 million outstanding under this credit facility, which currently bears interest at LIBOR plus 45.0 bps and is scheduled to mature in October 2008.
During November 2006, KimPru sold an operating property for a sales price of $5.3 million. There was no gain or loss recognized in connection with this sale.
Additionally, during January 2007, the Company and PREI entered into a new joint venture in which the Company holds a 15% non-controlling interest, which acquired 16 operating properties, aggregating 3.3 million square feet of GLA, for an aggregate purchase price of approximately $822.5 million, including the assumption of approximately $487.0 million in non-recourse mortgage debt. Six of these properties were transferred from a joint venture in which the Company held a 5% non-controlling ownership interest. One of the properties was transferred from a joint venture in which the Company held a 30% non-controlling ownership interest. As a result of this transaction, the Company recognized profit participation of approximately $3.7 million and recognized its share of the gain. The Company will manage these properties and accounts for its investment in this joint venture under the equity method of accounting.
As of December 31, 2007, the KimPru portfolio was comprised of 127 shopping center properties aggregating approximately 19.8 million square feet of GLA located in 6 states.
Kimco Income REIT (“KIR”("KIR") -
The Company has a non-controlling limited partnership interest in KIR and manages the portfolio. Effective July 1, 2006, the Company acquired an additional 1.7% limited partnership interest in KIR, which increased the Company’s total non-controlling interest to approximately 45.0%.
During 2007, KIR disposed of three operating properties, in separate transactions, for an aggregate sales price of approximately $149.3 million. These sales resulted in an aggregate gain of approximately $46.0 million of which the Company’s share was approximately $20.7 million.
During 2006, KIR disposed of two operating properties and one land parcel, in separate transactions, for an aggregate sales price of approximately $15.2 million. These sales resulted in an aggregate gain of approximately $4.4 million of which the Company’s share was approximately $1.9 million.
92
As of December 31, 2006,2007, the KIR portfolio was comprised of 6663 shopping center properties aggregating approximately 14.013.1 million square feet of GLA located in 1918 states.
RioCan Investments -
During October 2001, the Company formed a joint venture (the “RioCan Venture”"RioCan Venture") with RioCan Real Estate Investment Trust (“RioCan”("RioCan"), in which the Company has a 50% non-controlling interest, to acquire retail properties and development projects in Canada. The acquisition and development projects are to be sourced and managed by RioCan and are subject to review and approval by a joint oversight committee consisting of RioCan management and the Company’s management personnel. Capital contributions will only be required as suitable opportunities arise and are agreed to by the Company and RioCan.
94
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
As of December 31, 2006,2007, the RioCan Venture was comprised of 34 operating properties and one joint venture investment consisting of approximately 8.18.2 million square feet of GLA.
Kimco / G.E. Joint Venture (“KROP”("KROP")
During 2001, the Company formed a joint venture (the “Kimco"Kimco Retail Opportunity Portfolio”Portfolio" or “KROP”"KROP") with GE Capital Real Estate (“GECRE”("GECRE"), in which the Company has a 20% non-controlling interest and manages the portfolio.
During 2007, KROP sold seven operating properties for an aggregate sales price of approximately $162.9 million. These sales resulted in an aggregate gain of $43.1 million of which the Company’s share was approximately $8.6 million.
During 2007, KROP transferred ten operating properties for an aggregate sales price of approximately $267.8 million, including approximately $111.6 million of non-recourse mortgage debt, to a new joint venture in which the Company holds a 15% non-controlling ownership interest. As a result of this transaction, the Company has deferred its share of the gain related to its remaining ownership interest in the properties. The Company will manage this new joint venture and accounts for this investment under the equity method of accounting.
Additionally, during 2007, KROP sold four operating properties to the Company for an aggregate sales price of approximately $89.1 million, including the assumption of $41.9 million in non-recourse mortgage debt. The Company’s share of the gains related to these transactions has been deferred.
During 2006, KROP acquired one operating property from the Company for an aggregate purchase price of approximately $3.5 million.
During 2006, KROP sold three operating properties to a joint venture in which the Company has a 20% non-controlling interest for an aggregate sales price of approximately $62.2 million. These sales resulted in an aggregate gain of approximately $26.7 million. As a result of its continued 20% ownership interest in these properties, the Company has deferred recognition of its share of these gains. In addition, KROP sold one operating property to a joint venture in which the Company has a 19% non-controlling interest for an aggregate sales price of $96.0 million. This sale resulted in a gain of approximately $42.3 million. As a result of its continued 19% ownership interest in this property, the Company recognized 1%deferred the portion of the gain.
Additionally, during 2006, KROP sold nine operating properties, one out-parcel and one land parcel, in separate transactions, for an aggregate sales price of approximately $171.4 million. These sales resulted in an aggregate gain of approximately $49.6 million of which the Company’s share was approximately $9.9 million.
During 2006, KROP obtained one non-recourse, non-cross collateralized variable rate mortgage for $14.0 million on a property previously unencumbered with a rate of LIBOR plus 1.10%.
Additionally during 2006, KROP obtained a one-year $15.0 million unsecured term loan, which bearsbore interest at LIBOR plus 0.5%. This loan is guaranteed by the Company and GECRE has guaranteed reimbursement to the Company of 80% of any guaranty payment the Company is obligated to make.
93
The Company’s equity in income from KROP for the year ended December 31, 2007, exceeded 10% of the Company’s income from continuing operations, as such the Company and GECRE agreed to marketis providing summarized financial information for sale the remaining properties within the KROP venture.as follows (in millions):
95
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
|
|
| December 31, | ||
|
|
| 2007 |
| 2006 |
Assets: |
|
|
| ||
| Real estate, net |
| $137.4 |
| $ 492.5 |
| Other assets |
| 4.5 |
| 19.8 |
|
|
| $141.9 |
| $ 512.3 |
Liabilities and Members’ Capital: |
|
|
|
| |
| Mortgages payable |
| $ 113.4 |
| $ 337.6 |
| Notes payable |
| - |
| 22.2 |
| Other liabilities |
| 3.8 |
| 8.3 |
| Minority interest |
| 3.9 |
| 4.4 |
| Members’ capital |
| 20.8 |
| 139.8 |
|
|
| $141.9 |
| $ 512.3 |
| Year Ended December 31, | ||||
| 2007 |
| 2006 |
| 2005 |
|
|
|
|
|
|
Revenues from rental property | $ 17.1 |
| $ 54.7 |
| $86.1 |
|
|
|
|
|
|
Operating expenses | (4.8) |
| (14.5) |
| (22.7) |
Interest | (7.2) |
| (17.9) |
| (27.4) |
Depreciation and amortization | (5.2) |
| (15.8) |
| (24.6) |
Other, net | (0.7) |
| (0.6) |
| (1.2) |
| (17.9) |
| (48.8) |
| (75.9) |
|
|
|
|
|
|
Income/(loss) from continuing operations | (0.8) |
| 5.9 |
| 10.2 |
|
|
|
|
|
|
Discontinued Operations: |
|
|
|
|
|
Income from discontinued operations | 3.1 |
| 5.4 |
| 0.9 |
|
|
|
|
|
|
Gain on dispositions of properties | 147.8 |
| 110.1 |
| 6.2 |
|
|
|
|
|
|
Net income | $150.1 |
| $121.4 |
| $17.3 |
Kimco/UBS Joint Ventures (“KUBS”("KUBS") -
The Company has joint venture investments with UBS Wealth Management North American Property Fund Limited (“UBS”("UBS") in which the Company has non-controlling interests ranging from 15% to 20%. These joint ventures, (collectively “KUBS”"KUBS"), were established to acquire high quality retail properties primarily financed through the use of individual non-recourse mortgages. Capital contributions are only required as suitable opportunities arise and are agreed to by the Company and UBS. The Company manages the properties.
During 2007, KUBS acquired twelve operating properties for an aggregate purchase price of approximately $354.3 million, which included approximately $94.6 million of assumed non-recourse debt encumbering eight properties and $73.5 million of new non-recourse debt encumbering four properties. These mortgage loans have combined maturities ranging from four to seventeen years and interest rates ranging from 5.29% to 8.39%.
During 2006, KUBS acquired 15 operating properties for an aggregate purchase price of approximately $447.8 million, which included approximately $136.8 million of non-recourse debt encumbering 13 properties, with maturities ranging from three to ten years and bear interest at rates ranging from 4.74% to 6.20%.
Additionally during 2006, KUBS acquired one operating property from the Company and five operating properties from joint ventures in which the Company has 15% to 20% non-controlling interests, for an aggregate purchase price of approximately $297.0 million, including the assumption of approximately $93.2 million of non-recourse mortgage debt encumbering two of the properties, with maturities ranging from six to seven years with interest rates ranging from 5.64% to 5.88%.
96
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
As of December 31, 2006,2007, the KUBS portfolio was comprised of 3143 operating properties aggregating approximately 5.06.2 million square feet of GLA located in 1112 states.
PL Retail -
During December 2004, the Company acquired the Price Legacy Corporation through a newly formed joint venture, PL Retail LLC (“("PL Retail”Retail"), in which the Company has a 15% non-controlling interest and manages the portfolio. In connection with this transaction, PL Retail acquired 33 operating properties aggregating approximately 7.6 million square feet of GLA located in ten states. To partially fund the acquisition, the Company provided PL Retail approximately $30.6 million of secured mezzanine financing. This interest-only loan bore interest at a fixed rate of 7.5% and matured in Decemberwas repaid during 2006. The Company also provided
During 2007, PL Retail sold one operating property for a secured short-term promissory notesales price of $40.1 million which resulted in a gain of approximately $8.2$13.5 million, of which the Company’s share was approximately $2.0 million. This interest only note boreProceeds from this sale were used to partially pay down the outstanding balance on PL Retail’s revolving credit facility described below.
During 2007, PL Retail obtained two non-recourse mortgage loans for an aggregate total of $84.0 million on a previously unencumbered property which bears interest at LIBOR plus 4.50%1.15% and was2.55%, respectively. These mortgage loans are scheduled to mature in June 2005. During 2005, this note was amended to bearMay 2010.
Additionally during 2007, PL Retail obtained a non-recourse mortgage loan for $48.9 million on three properties, which bears interest at LIBOR plus 6.0%5.95% and is now payable on demand. As of December 31, 2006, there was no outstanding balances due the Company on the mezzanine financing or promissory note.
94
Additionally during 2006, PL Retail sold one of its operating properties to a newly formed joint venture in which the Company has a 19% non-controlling interest for a sales price of approximately $109.0 million. As a result of the Company’s continued ownership no gain was recognized from this transaction. Proceeds of approximately $17.0 million from these sales were used by PL Retail to repay the remaining balance of mezzanine financing and the promissory note which were previously provided by the Company.
During 2005, PL Retail entered into a $39.5 million unsecured revolving credit facility, which bearsbore interest at LIBOR plus 0.675% and was scheduled to mature in February 2007. During 2007, the loan was extended to February 20082009 at a reduced rate of LIBOR plus 0.45%. This facility is guaranteed by the Company and the joint venture partner has guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make. As of December 31, 2006,2007, there was $39.5$24.6 million outstanding under this facility.
As of December 31, 2006,2007, PL Retail consisted of 2322 operating properties aggregating approximately 5.85.6 million square feet of GLA located in seven states.
Other Real Estate Joint Ventures –
The Company and its subsidiaries have investments in and advances to various other real estate joint ventures. These joint ventures are engaged primarily in the operation and development of shopping centers which are either owned or held under long-term operating leases.
During 2007, the Company acquired, in separate transactions, 177 operating properties, through joint ventures in which the Company has various non-controlling interests. These properties were acquired for an aggregate purchase price of approximately $1.3 billion, including the assumption of approximately $612.1 million of non-recourse mortgage debt encumbering 142 of the properties and $177.5 million in proceeds from unsecured credit facilities obtained by two joint ventures. The Company accounts for its investment in these joint ventures under the equity method of accounting. The Company’s aggregate investment in these joint ventures was approximately $261.1 million. Details of these transactions are as follows (in thousands):
97
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
|
|
| Purchase Price |
| ||
Property Name | Location | Month Acquired | Cash | Debt | Total | GLA |
|
|
|
|
|
|
|
Cypress Towne Center | Houston, TX | Jan-07 (1) | $ 2,175 | $ 4,039 | $ 6,214 | 30 |
|
|
|
|
|
|
|
Perimeter Expo | Atlanta, GA | Mar-07 | 62,150 | - | 62,150 | 176 |
|
|
|
|
|
|
|
Cranberry Commons | Pittsburgh, PA | Mar-07 (2) | 9,961 | 18,500 | 28,461 | 150 |
|
|
|
|
|
|
|
Westgate Plaza | Tampa, FL | Mar-07 (2) | 4,000 | 8,100 | 12,100 | 100 |
|
|
|
|
|
|
|
Sequoia Mall & Tower | Visalia, CA | Apr-07 | 29,550 | - | 29,550 | 235 |
|
|
|
|
|
|
|
Patio (4 Properties) | Santiago, Chile | Apr-07 | 5,374 | 11,148 | 16,522 | 95 |
|
|
|
|
|
|
|
Cranberry Commons | Pittsburgh, PA | May-07 (3) | 4,539 | - | 4,539 | 17 |
|
|
|
|
|
|
|
550 Adelaide Street East | Toronto, Ontario | May-07 | 9,900 | - | 9,900 | 31 |
|
|
|
|
|
|
|
K-Mart Shopping Ctr | Pompano Beach, FL | Jun-07 | 7,800 | - | 7,800 | 103 |
|
|
|
|
|
|
|
American Industries (2 Properties) | Chihuahua, Mexico | Jun-07 | 3,968 | - | 3,968 | 146 |
|
|
|
|
|
|
|
Frederick 125th St | New York, NY | Jun-07 (4) | 5,000 | 25,000 | 30,000 | 20 |
|
|
|
|
|
|
|
In Town Suites (127 extended stay residential properties, 16,364 units) | Various | Jun-07 | 155,800 | 617,607(5) | 773,407 | - |
|
|
|
|
|
|
|
American Industries (6 Properties) | Various, Mexico | Jul-07 | 13,300 | - | 13,300 | 202 |
|
|
|
|
|
|
|
1150 Provincial Road | Windsor, Ontario | Jul-07 | 11,346 | - | 11,346 | 48 |
|
|
|
|
|
|
|
In Town Suites (9 extended stay residential properties, 129 units) | Various | Jul-07 | 1,156 | 39,744 | 40,900 | - |
|
|
|
|
|
|
|
2 Properties | Various, Mexico | Jul-07 | 57,729 | - | 57,729 | 246 |
|
|
|
|
|
|
|
American Industries | Reynosa, Mexico | Aug-07 | 3,579 | - | 3,579 | - |
|
|
|
|
|
|
|
California Portfolio | Various,CA (6) | Oct-07 | 7,900 | 31,300 | 39,200 | 600 |
|
|
|
|
|
|
|
In Town Suites (extended stay residential property, 129 units) | Louisville, KY | Oct-07 | 3,150 | - | 3,150 | - |
|
|
|
|
|
|
|
American Industries | Various, Mexico | Oct-07 | 44,535 | - | 44,535 | 483 |
|
|
|
|
|
|
|
Harston Woods | Euless, TX | Nov-07 | 2,300 | 9,700 | 12,000 | - |
|
|
|
|
|
|
|
Willowick (1 Property, | Houston, TX | Nov-07 | 14,051 | 24,500 | 38,551 | - |
|
|
|
|
|
|
|
American Industries | Chihuahua, Mexico | Dec-07 | 5,600 | - | 5,600 | - |
|
|
| $464,863 | $789,638 | $1,254,501 | 2,682 |
98
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
(1)
This property was transferred from KDI.
(2)
These properties were transferred from ventures in which the Company had preferred equity investments.
(3)
This property was transferred from the Company.
(4)
This property was purchased for redevelopment purposes.
(5)
Includes approximately $278.6 million of assumed cross-collateralized non-recourse mortgage debt with interest rates ranging from 5.19% to 5.89%, encumbering 86 properties, $186.0 million of new cross-collateralized non-recourse mortgage debt with an interest rate of 5.59%, encumbering 35 properties and a $153.0 million three-year unsecured credit facility, which bears interest at LIBOR plus 0.325% (5.55% as of December 31, 2007), and is guaranteed by the Company. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay.
(6)
Three properties acquired located in Pleasanton, CA, Laguna Hills, CA and San Diego, CA.
During 2007, the Company transferred in separate transactions, 50% of its 100% interest in seven projects located in Juarez, Tecamac, Mexicali, Cuaulta, Ciudad Del Carmen, Tijuana, and Rosarito, Mexico to a joint venture partner for approximately $48.3 million, which approximated their carrying values. As a result of these transactions, the Company has deconsolidated these entities and now accounts for its investments under the equity method of accounting.
During 2007, joint ventures in which the Company has non-controlling interests disposed of, in separate transactions, (i) seven properties for an aggregate sales price of approximately $467.3 million resulting in an aggregate gain of approximately $42.7 million, of which the Company’s share was approximately $24.9 million, and (ii) two vacant parcels of land for an aggregate sales price of $6.7 million, which resulted in no gain or loss.
During 2006, the Company acquired, in separate transactions, 36 operating properties and one ground lease, through joint ventures in which the Company has various non-controlling interests. These properties were acquired for an aggregate purchase price of approximately $726.7 billion,million, including approximately $419.5 million of non-recourse mortgage debt encumbering 20 of the properties. The Company’s aggregate investment in these joint ventures was approximately $90.4 million. Details of these transactions are as follows (in thousands):
|
|
| Purchase Price |
| |||
Property Name | Location | Month Acquired | Cash | Debt | Total | GLA | |
|
|
|
|
|
|
| |
Stabilus Building | Saltillo, Cahuila, Mexico | Jan-06 | $ 2,600 | $ - | $ 2,600 | 63 | |
|
|
|
|
|
|
| |
American Industries (3 Locations) | Chihuahua & San Luis Postosi, Mexico | Feb-06 | 12,200 | - | 12,200 | 224 | |
|
|
|
|
|
|
| |
Crème de la Crème (2 Locations) | Allen & Colleyville, TX | Feb-06 | 2,409 | 7,229 | 9,638 | 41 | |
|
|
|
|
|
|
| |
Five free-standing | CO, OR, NM, NY | Mar-06 | 7,000 | - | 7,000 | 162 | |
|
|
|
|
|
|
| |
Edgewater Commons | Edgewater, NJ | Mar-06 | 44,104 | 74,250 | 118,354 | 424 | |
|
|
|
|
|
|
| |
Long Gate Shopping Ctr | Ellicot City, MD | Mar-06 | 36,330 | 40,200 | 76,530 | 433 | |
|
|
|
|
|
|
| |
Clackamas Promenade | Clakamas, OR | Mar-06 | 35,240 | 42,550 | 77,790 | 237 | |
|
|
|
|
|
|
| |
Westmont Portfolio (8 Locations) | Various, Canada | Mar-06 | 16,066 | 69,572 | 85,638 | 358 | |
|
|
|
|
|
|
| |
Crow Portfolio | FL and TX | Apr-06 | 46,698 | 66,200 | 112,898 | 678 | |
| Purchase Price | ||||||||||||
| Month | ||||||||||||
| Property Name | Location | Acquired | Cash | Debt | Total | GLA | ||||||
| Stabilus | Saltillo, | Jan-06 | $2,600 | $— | $2,600 | 63 | ||||||
| Building | Cahuila, | |||||||||||
| Mexico | ||||||||||||
| American | Chihuahua & San | Feb-06 | 12,200 | — | 12,200 | 224 | ||||||
| Industries | Luis Postosi, | |||||||||||
| (3 Locations) | Mexico | |||||||||||
| Crème de la | Allen & | Feb-06 | 2,409 | 7,229 | 9,638 | 41 | ||||||
| Crème | Colleyville, | |||||||||||
| (2 Locations) | TX | |||||||||||
| Five free-standing | CO, OR, NM, | Mar-06 | 7,000 | — | 7,000 | 162 | ||||||
| locations | NY | |||||||||||
| Edgewater Commons | Edgewater, NJ | Mar-06 | 44,104 | 74,250 | 118,354 | 424 | ||||||
| Long Gate | Ellicot City, | Mar-06 | 36,330 | 40,200 | 76,530 | 433 | ||||||
| Shopping Ctr | MD | |||||||||||
95
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
| Purchase Price | ||||||||||||
| Month | ||||||||||||
| Property Name | Location | Acquired | Cash | Debt | Total | GLA | ||||||
| Clackamas | Clakamas, OR | Mar-06 | 35,240 | 42,550 | 77,790 | 237 | ||||||
| Promenade | ||||||||||||
| Westmont | Various, | Mar-06 | 16,066 | 69,572 | 85,638 | 358 | ||||||
| Portfolio | Canada | |||||||||||
| (8 Locations) | ||||||||||||
| Crow Portfolio | FL and TX | Apr-06 | 46,698 | 66,200 | 112,898 | 678 | ||||||
| (3 Locations) | ||||||||||||
| Great Northeast | Philadelphia, PA | Apr-06 | 36,500 | — | 36,500 | 290 | ||||||
| Plaza | ||||||||||||
| Cessna Building | Chihuahua, | Apr-06 | 2,060 | — | 2,060 | 62 | ||||||
| Mexico | ||||||||||||
| Crème de la | Coppell, TX | Jun-06 | 1,325 | 4,275 | 5,600 | 20 | ||||||
| Crème | ||||||||||||
| Westmont | Houston, TX | Jun-06 | 14,000 | 47,200 | 61,200 | 460 | ||||||
| Portfolio | ||||||||||||
| Werner II | Juarez, | Jun-06 | 1,800 | — | 1,800 | 200 | ||||||
| Mexico | ||||||||||||
| Cypress Towne | Cypress, TX | Aug-06 | 13,332 | 25,650 | 38,982 | 196 | ||||||
| Center | ||||||||||||
| Bustleton Dunkin | Philadelphia, PA | Aug-06 | 1,000 | — | 1,000 | 2 | ||||||
| Donuts (ground | ||||||||||||
| lease) | ||||||||||||
| American | Juarez, | Aug-06 | 8,000 | — | 8,000 | 187 | ||||||
| Industries | Mexico | |||||||||||
| American Industries | Chihuahua, | Nov-06 | 3,152 | — | 3,152 | 57 | ||||||
| (ITT) | Mexico | |||||||||||
| American Industries | Juarez, | Nov-06 | 2,174 | — | 2,174 | 39 | ||||||
| (Columbus) | Mexico | |||||||||||
| American Industries | Chihuahua, | Nov-06 | 3,100 | — | 3,100 | 80 | ||||||
| (Zodiac) | Mexico | |||||||||||
| Conroe | Conroe, TX | Dec-06 | 18,150 | 42,350 | 60,500 | 244 | ||||||
| Marketplace | ||||||||||||
| $307,240 | $419,476 | $726,716 | 4,457 | |||||||||
Great Northeast Plaza | Philadelphia, PA | Apr-06 | 36,500 | - | 36,500 | 290 |
|
|
|
|
|
|
|
Cessna Building | Chihuahua, Mexico | Apr-06 | 2,060 | - | 2,060 | 62 |
|
|
|
|
|
|
|
Crème de la Crème | Coppell, TX | Jun-06 | 1,325 | 4,275 | 5,600 | 20 |
|
|
|
|
|
|
|
Westmont Portfolio | Houston, TX | Jun-06 | 14,000 | 47,200 | 61,200 | 460 |
|
|
|
|
|
|
|
Werner II | Juarez, Mexico | Jun-06 | 1,800 | - | 1,800 | 200 |
|
|
|
|
|
|
|
Cypress Towne Center | Cypress, TX | Aug-06 | 13,332 | 25,650 | 38,982 | 196 |
|
|
|
|
|
|
|
Bustleton Dunkin Donuts (ground lease) | Philadelphia, PA | Aug-06 | 1,000 | - | 1,000 | 2 |
|
|
|
|
|
|
|
American Industries | Juarez, Mexico | Aug-06 | 8,000 | - | 8,000 | 187 |
|
|
|
|
|
|
|
American Industries (ITT) | Chihuahua, Mexico | Nov-06 | 3,152 | - | 3,152 | 57 |
|
|
|
|
|
|
|
American Industries (Columbus) | Juarez, Mexico | Nov-06 | 2,174 | - | 2,174 | 39 |
|
|
|
|
|
|
|
American Industries (Zodiac) | Chihuahua, Mexico | Nov-06 | 3,100 | - | 3,100 | 80 |
|
|
|
|
|
|
|
Conroe Marketplace | Conroe, TX | Dec-06 | 18,150 | 42,350 | 60,500 | 244 |
|
|
| $ 307,240 | $ 419,476 | $ 726,716 | 4,457 |
During January 2006, the Company transferred 50% of its 60% interest in an operating property in Guadalajara, Mexico, to a joint venture partner for approximately $12.8 million, which approximated its carrying value. As a result of this transaction, the Company now holds a 30% non-controlling interest and continues to account for its investment under the equity method of accounting.
During June 2006, the Company transferred 50% of its 60% interest in a development property located in Tijuana, Baja California, Mexico, to a joint venture partner for approximately $6.4 million, which approximated its carrying value. As a result of this transaction, the Company now holds a 30% non-controlling interest and continues to account for its investment under the equity method of accounting.
During August 2006, the Company sold 50% of its 100% interest in a development property located in Monterrey, Mexico, to a joint venture partner for approximately $9.6
96
During 2006, joint ventures in which the Company has non-controlling interests ranging from 10% to 50%, disposed of, in separate transactions, six properties for an aggregate sales price of approximately $62.4 million. These sales resulted in an aggregate gain of approximately $8.1 million, of which the Company’s share was approximately $2.0 million.
| Purchase Price | ||||||||||||||||||||
| Month | ||||||||||||||||||||
| Property Name | Location | Acquired | Cash | Debt | Total | GLA | ||||||||||||||
| Kmart Building | Hillsborough, NJ | Apr-05 | $ | 2,100 | $ | 1,900 | (a) | $ | 4,000 | 56 | ||||||||||
| Hyatt Regency | Cancun, | May-05 | 19,700 | — | 19,700 | 306 | ||||||||||||||
| Cancun | Mexico | |||||||||||||||||||
| Fremont Hub | Freemont, CA | Jun-05(b) | 80,654 | 42,500 | 123,154 | 503 | ||||||||||||||
| One City Center | Houston, TX | Jul-05 | 14,600 | 76,500 | 91,100 | 593 | ||||||||||||||
| The Grove at | Lakeland, FL | Jul-05 | 8,000 | — | 8,000 | 105 | ||||||||||||||
| Lakeland | ||||||||||||||||||||
| North Quincy | Quincy, MA | Jul-05 | 7,204 | 7,796 | 15,000 | 81 | ||||||||||||||
| Riverside Center | St. Augustine, FL | Aug-05 | 5,560 | — | 5,560 | 63 | ||||||||||||||
| Greeley S.C. | Greeley, CO | Sept-05 | 21,000 | — | 21,000 | 139 | ||||||||||||||
| American Industries | Various, | Oct-05 | 110,500 | 167,037 | 277,537 | 5,608 | ||||||||||||||
| Portfolio | Mexico | |||||||||||||||||||
| (57 properties) | ||||||||||||||||||||
| Docstone Commons | Stafford, VA | Nov-05 | 17,525 | — | 17,525 | 101 | ||||||||||||||
| MacArthur Towne Center | Whitehall, PA | Nov-05 | 17,150 | — | 17,150 | 151 | ||||||||||||||
| The Center at East | East | |||||||||||||||||||
| Northport | Northport, NY | Nov-05 | 9,000 | — | 9,000 | 26 | ||||||||||||||
| Cambridge Crossing | Troy, MI | Dec-05 | 11,108 | 21,257 | 32,365 | 223 | ||||||||||||||
| $ | 324,101 | $ | 316,990 | $ | 641,091 | 7,955 | ||||||||||||||
97
| December 31, | ||||||||
| 2006 | 2005 | |||||||
| Assets: | ||||||||
| Real estate, net | $ | 11,858.0 | $ | 6,470.4 | ||||
| Other assets | 418.4 | 308.5 | ||||||
| $ | 12,276.4 | $ | 6,778.9 | |||||
| Liabilities and Partners’ Capital: | ||||||||
| Mortgages payable | $ | 6,931.5 | $ | 4,443.6 | ||||
| Notes payable | 1,388.5 | 58.7 | ||||||
| Construction loans | 24.2 | 69.6 | ||||||
| Other liabilities | 176.8 | 144.0 | ||||||
| Minority interest | 107.1 | 81.9 | ||||||
| Partners’ capital | 3,648.3 | 1,981.1 | ||||||
| $ | 12,276.4 | $ | 6,778.9 | |||||
100
| Year Ended December 31, | ||||||||||||
| 2006 | 2005 | 2004 | ||||||||||
| Revenues from rental property | $ | 1,007.1 | $ | 759.0 | $ | 545.8 | ||||||
| Operating expenses | (287.6 | ) | (214.0 | ) | (155.6 | ) | ||||||
| Interest | (323.7 | ) | (247.1 | ) | (171.0 | ) | ||||||
| Depreciation and amortization | (223.3 | ) | (153.7 | ) | (97.1 | ) | ||||||
| Other, net | (13.1 | ) | (8.4 | ) | (5.8 | ) | ||||||
| (847.7 | ) | (623.2 | ) | (429.5 | ) | |||||||
| Income from continuing operations | 159.4 | 135.8 | 116.3 | |||||||||
| Discontinued Operations: | ||||||||||||
| Income/(loss) from discontinued operations | 8.1 | (1.7 | ) | 1.8 | ||||||||
| Gain on dispositions of properties | 134.6 | 52.5 | 20.2 | |||||||||
| Net income | $ | 302.1 | $ | 186.6 | $ | 138.3 | ||||||
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
|
|
| December 31, | ||
|
|
| 2007 |
| 2006 |
Assets: |
|
|
| ||
| Real estate, net |
| $12,176.0 |
| $11,345.0 |
| Other assets |
| 1,317.5 |
| 419.0 |
|
|
| $13,493.5 |
| $11,764.0 |
Liabilities and Partners’/Members’ Capital: |
|
|
|
| |
| Mortgages payable |
| $ 7,901.1 |
| $ 6,593.9 |
| Notes payable |
| 917.6 |
| 1,366.3 |
| Construction loans |
| 39.8 |
| 24.2 |
| Other liabilities |
| 278.6 |
| 168.4 |
| Minority interest |
| 101.3 |
| 102.6 |
| Partners’/Members’ capital |
| 4,255.1 |
| 3,508.6 |
|
|
| $13,493.5 |
| $11,764.0 |
| Year Ended December 31, | ||||
| 2007 |
| 2006 |
| 2005 |
|
|
|
|
|
|
Revenues from rental property | $ 1,452.0 |
| $952.4 |
| $672.9 |
|
|
|
|
|
|
Operating expenses | (435.4) |
| (273.1) |
| (191.3) |
Interest | (497.9) |
| (305.9) |
| (219.7) |
Depreciation and amortization | (383.8) |
| (207.5) |
| (129.1) |
Other, net | (18.2) |
| (12.4) |
| (7.2) |
| (1,335.3) |
| (798.9) |
| (547.3) |
|
|
|
|
|
|
Income from continuing operations | 116.7 |
| 153.5 |
| 125.6 |
|
|
|
|
|
|
Discontinued Operations: |
|
|
|
|
|
Income/(loss) from discontinued operations | 2.2 |
| 2.8 |
| (2.6) |
|
|
|
|
|
|
Gain on dispositions of properties | 164.5 |
| 24.6 |
| 46.3 |
|
|
|
|
|
|
Net income | $283.4 |
| $180.9 |
| $169.3 |
Other liabilities included in the Company’s accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling approximately $13.5$16.9 million and $13.2$13.5 million at December 31, 20062007 and 2005,2006, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ
98
The Company’s maximum exposure to losses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. As of December 31, 20062007 and 2005,2006, the Company’s carrying value in these investments approximated $1.2 billion and $1.1 billion, and $735.6 million, respectively.
8.Other Real Estate Investments:
Preferred Equity Capital -
The Company maintains a Preferred Equity program, which provides capital to developers and owners of real estate properties. During 2007 the Company provided, in separate transactions, an aggregate of approximately $103.6 million in investment capital to developers and owners of 61 real estate properties. During 2006, the Company provided, in separate transactions, an aggregate of approximately $223.9 million in investment capital to developers and owners of 101 real estate properties. During 2005, the Company provided, in separate transactions, an aggregate of approximately $84.3 million in investment capital to developers and owners of 79 real estate properties. As of December 31, 2006,2007, the Company’s net investment under the Preferred Equity program was approximately $400.4$484.1 million relating to 215258 properties. For the years ended December 31, 2007, 2006 2005 and 2004,2005, the Company earned approximately $63.5 million including $30.5 million of profit participation earned from 18 capital transactions, $40.1 million, including $12.2 million of profit participation earned from 16 capital transactions, and $32.8 million, including $12.6 million of profit participation earned from six capital transactions, and $11.4respectively, from these investments.
101
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Two of the capital transactions described above for the year ended December 31, 2007, were the result of the transfer of two operating properties, in separate transactions, to a joint venture in which the Company holds a 15% non-controlling interest for an aggregate price of approximately $40.6 million, including $3.9the assumption of approximately $26.6 million in non-recourse debt. These sales resulted in an aggregate profit participation of approximately $1.4 million.
Also, included in the capital transactions described above for the year ended December 31, 2007, was the transfer of an operating property to the Company for approximately $4.5 million, including the assumption of $3.1 million in non-recourse mortgage debt. As a result of the Company’s acquisition of this property, the Company did not recognize any profit participation.
Additionally, during 2007, the Company invested approximately $81.7 million of profit participation earnedpreferred equity capital in a portfolio comprised of 403 net leased properties which are divided into 30 master leased pools with each pool leased to individual corporate operators. These properties consist of a diverse array of free-standing restaurants, fast food restaurants, convenience and auto parts stores. As of December 31, 2007 these properties were encumbered by third party loans aggregating approximately $433.0 million with interest rates ranging from four capital transactions, respectively,5.08% to 10.47% with a weighted average interest rate of 9.3% and maturities ranging from these investments.
Summarized financial information relating to the Company’s preferred equity investments is as follows (in millions):
| December 31, | ||||||||
| 2006 | 2005 | |||||||
| Assets: | ||||||||
| Real estate, net | $ | 1,683.8 | $ | 945.0 | ||||
| Other assets | 113.4 | 65.5 | ||||||
| $ | 1,797.2 | $ | 1,010.5 | |||||
| Liabilities and Partners’ Capital: | ||||||||
| Notes and mortgages payable | $ | 1,239.7 | $ | 703.3 | ||||
| Other liabilities | 55.2 | 19.7 | ||||||
| Partners’ capital | 502.3 | 287.5 | ||||||
| $ | 1,797.2 | $ | 1,010.5 | |||||
| Year Ended December 31, | ||||||||||||
| 2006 | 2005 | 2004 | ||||||||||
| Revenues from Rental Property | $ | 177.6 | $ | 118.5 | $ | 61.6 | ||||||
| Operating expenses | (58.6 | ) | (42.0 | ) | (19.4 | ) | ||||||
| Interest | (61.6 | ) | (38.9 | ) | (21.2 | ) | ||||||
| Depreciation and amortization | (34.2 | ) | (19.3 | ) | (9.6 | ) | ||||||
| Other, net | (4.4 | ) | (1.2 | ) | (0.3 | ) | ||||||
| (158.8 | ) | (101.4 | ) | (50.5 | ) | |||||||
| 18.8 | 17.1 | 11.1 | ||||||||||
| Gain on disposition of properties | 49.4 | 49.8 | 4.4 | |||||||||
| Net income | $ | 68.2 | $ | 66.9 | $ | 15.5 | ||||||
|
| December 31, | ||
|
| 2007 |
| 2006 |
Assets: |
|
|
|
|
Real estate, net |
| $2,223.3 |
| $1,683.8 |
Other assets |
| 701.3 |
| 113.4 |
|
| $2,924.6 |
| $1,797.2 |
Liabilities and Partners’/Members’ Capital: |
|
|
|
|
Notes and mortgages payable |
| $2,157.7 |
| $1,239.7 |
Other liabilities |
| 86.2 |
| 55.2 |
Partners’/Members’ capital |
| 680.7 |
| 502.3 |
|
| $2,924.6 |
| $1,797.2 |
| Year Ended December 31, | ||||
| 2007 |
| 2006 |
| 2005 |
|
|
|
|
|
|
Revenues from Rental Property | $266.3 |
| $177.6 |
| $118.5 |
|
|
|
|
|
|
Operating expenses | (87.5) |
| (58.6) |
| (42.0) |
Interest | (111.1) |
| (61.6) |
| (38.9) |
Depreciation and amortization | (60.3) |
| (34.2) |
| (19.3) |
Other, net | (1.1) |
| (4.4) |
| (1.2) |
| 6.3 |
| 18.8 |
| 17.1 |
|
|
|
|
|
|
Gain on disposition of properties | 90.5 |
| 49.4 |
| 49.8 |
|
|
|
|
|
|
Net income | $ 96.8 |
| $ 68.2 |
| $ 66.9 |
The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital. As of December 31, 20062007 and 2005,2006, the Company’s invested capital in its preferred equity investments approximated $484.1 million and $400.4 million, and $225.9 million, respectively.
Investment in Retail Store Leases -
The Company has interests in various retail store leases relating to the anchor store
99
102
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
December 31, 2007, 2006 2005 and 2004,2005, of approximately $7.7 million, $8.2 million $17.8 million and $13.3$17.8 million, respectively, less related expenses of $5.5 million, $5.7 million $7.4 million and $8.0$7.4 million, respectively, and an amount which, in management’smanagement's estimate, reasonably provides for the recovery of the investment over a period representing the expected remaining term of the retail store leases. The Company’sCompany's future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases, assuming no new or renegotiated leases are executed for such premises, for future years are as follows (in millions): 2007, $7.42008, $6.3 and $4.6; 2008, $6.6$3.9; 2009, $5.9 and $4.0; 2009, $5.8$3.7; 2010, $5.2 and $3.6; 2010, $5.02011, $4.1 and $3.2; 2011, $4.0$3.1; 2012, $2.3 and $2.6;$2.0 and thereafter, $2.8$1.0 and $2.2,$1.3, respectively.
Leveraged Lease -
During June 2002, the Company acquired a 90% equity participation interest in an existing leveraged lease of 30 properties. The properties are leased under a long-term bond-type net lease whose primary term expires in 2016, with the lessee having certain renewal option rights. The Company’s cash equity investment was approximately $4.0 million. This equity investment is reported as a net investment in leveraged lease in accordance with SFAS No. 13, Accounting for Leases (as amended).
From 2002 to 2005, 142006, 16 of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $27.1$28.3 million.
During 2006,2007, an additional two properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $1.2$3.0 million. As of December 31, 2006,2007, the remaining 1412 properties were encumbered by third-party non-recourse debt of approximately $48.4$48.8 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease.
As an equity participant in the leveraged lease, the Company has no recourse obligation for principal or interest payments on the debt, which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease. Accordingly, this obligation has been offset against the related net rental receivable under the lease.
At December 31, 20062007 and 2005,2006, the Company’s net investment in the leveraged lease consisted of the following (in millions):
| 2006 | 2005 | |||||||
| Remaining net rentals | $ | 62.3 | $ | 68.9 | ||||
| Estimated unguaranteed residual value | 40.5 | 43.8 | ||||||
| Non-recourse mortgage debt | (48.4 | ) | (52.8 | ) | ||||
| Unearned and deferred income | (50.7 | ) | (55.9 | ) | ||||
| Net investment in leveraged lease | $ | 3.7 | $ | 4.0 | ||||
| 2007 |
| 2006 |
|
|
|
|
Remaining net rentals | $55.0 |
| $62.3 |
Estimated unguaranteed residual value | 36.0 |
| 40.5 |
Non-recourse mortgage debt | (43.9) |
| (48.4) |
Unearned and deferred income | (43.3) |
| (50.7) |
|
|
|
|
Net investment in leveraged lease | $ 3.8 |
| $ 3.7 |
9.Mortgages and Other Financing Receivables:
The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company provided approximately $16.0 million as its share ofCompany. For a $50.0 million junior participation in a $700.0 million first mortgage loan, in connection with a private investment firm’s acquisition of a retailer. This loan participation bore interest at LIBOR plus 7.75% per annum and had a two-year term with a one-year extension option and was collateralized by certain real estate interestscomplete listing of the retailer. During June 2006, the borrower elected to pre-pay the outstanding loan balance of approximately $16.0 million in full satisfactionCompany’s mortgages and other financing receivables at December 31, 2007, see Financial Statement Schedule IV included on page 132 of this loan.
100
Reconciliation of Mortgage loans and other financing receivables on Real Estate:
The following table reconciles Mortgage loans and other financing receivables on Real Estate from January 1, 2005 to December 31, 2007:
103
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
101
| 2007 |
| 2006 |
| 2005 |
Balance at January 1 | $162,669 |
| $132,675 |
| $140,717 |
|
|
|
|
|
|
Additions: |
|
|
|
|
|
New mortgage loan | 62,362 |
| 104,892 |
| 90,886 |
Additions under existing mortgage loans | 38,122 |
| 54,815 |
| 6,920 |
Capitalized loan costs | 675 |
| 1,305 |
| 377 |
Amortization of discount | 271 |
| 673 |
| 865 |
|
|
|
|
|
|
Deductions: |
|
|
|
|
|
Collections of principal | (105,277) |
| (97,501) |
| (103,860) |
Charge Off | (1,837) |
| (609) |
| (1,000) |
Amortization of premium | (2,298) |
| (33,003) |
| (1,513) |
Amortization of loan costs | (840) |
| (578) |
| (717) |
Balance at December 31 | $153,847 |
| $162,669 |
| $132,675 |
102
The amortized cost and estimated fair values of securities available-for-sale and held-to-maturity at December 31, 20062007 and 2005,2006, are as follows (in thousands):
| December 31, 2006 | ||||||||||||||||
| Gross | Gross | |||||||||||||||
| Amortized | Unrealized | Unrealized | ||||||||||||||
| Cost | Gains | Losses | Estimated Fair Value | |||||||||||||
| Available-for-sale: | ||||||||||||||||
| Equity securities | $ | 82,910 | $ | 38,718 | $ | (1,775 | ) | $ | 119,853 | |||||||
| Held-to-maturity: | ||||||||||||||||
| Other debt securities | 82,806 | 3,451 | (639 | ) | 85,618 | |||||||||||
| Total marketable securities | $ | 165,716 | $ | 42,169 | $ | (2,414 | ) | $ | 205,471 | |||||||
| December 31, 2005 | ||||||||||||||||
| Gross | Gross | |||||||||||||||
| Amortized | Unrealized | Unrealized | ||||||||||||||
| Cost | Gains | Losses | Estimated Fair Value | |||||||||||||
| Available-for-sale: | ||||||||||||||||
| Equity securities | $ | 85,613 | $ | 63,466 | $ | (56 | ) | $ | 149,023 | |||||||
| Held-to-maturity: | ||||||||||||||||
| Other debt securities | 57,429 | 3,615 | (1,953 | ) | 59,091 | |||||||||||
| Total marketable securities | $ | 143,042 | $ | 67,081 | $ | (2,009 | ) | $ | 208,114 | |||||||
| December 31, 2007 | ||||||
| Amortized Cost |
| Gross Unrealized Gains |
| Gross Unrealized Losses |
| Estimated |
Available-for-sale: |
|
|
|
|
|
|
|
Equity securities | $114,896 |
| $24,846 |
| $(13,706) |
| $126,036 |
Held-to-maturity: |
|
|
|
|
|
|
|
Other debt securities | 86,952 |
| 3,747 |
| (4,284) |
| 86,415 |
Total marketable securities | $201,848 |
| $28,593 |
| $(17,990) |
| $212,451 |
| December 31, 2006 | ||||||
| Amortized Cost |
| Gross Unrealized Gains |
| Gross Unrealized Losses |
| Estimated |
Available-for-sale: |
|
|
|
|
|
|
|
Equity securities | $ 82,910 |
| $38,718 |
| $(1,775) |
| $119,853 |
Held-to-maturity: |
|
|
|
|
|
|
|
Other debt securities | 82,806 |
| 3,451 |
| (639) |
| 85,618 |
Total marketable securities | $165,716 |
| $42,169 |
| $(2,414) |
| $205,471 |
For each of the securities in the Company's portfolio with unrealized losses, the Company reviews the underlying cause of the decline in value and the estimated recovery period, as well as the severity and duration of the decline. In the Company's evaluation, the Company considers its ability and intent to hold these investments for a reasonable period of time sufficient for the Company to recover its cost basis. At December 31, 2007, the aggregate unrealized loss of $18.0 million relates to marketable securities with an aggregate fair value of $83.3 million. The Company does not believe that the decline in value of any of these securities is other-than-temporary at December 31,2007.
As of December 31, 2006,2007, the contractual maturities of Other debt securities classified as held-to-maturity are as follows: within one year, $1.5$1.4 million; after one year through five years, $36.7$39.2 million; after five years through 10 years, $27.0 million$28.9 million; and after 10 years, $17.6$17.5 million. Actual maturities may differ from contractual maturities as issuers may have the right to prepay debt obligations with or without prepayment penalties.
11.Notes Payable:
103
104
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During the year ended December 31, 2007, the Company repaid the following Senior Unsecured Notes: (i) its $30.0 million 7.46% fixed rate notes, which matured on May 20, 2007, (ii) its $55.0 million 5.75% fixed rate notes, which matured on June 29, 2007, (iii) its $20.0 million 6.96% fixed rate notes which matured on July 16, 2007, (iv) its $50.0 million 7.86% fixed rate notes, which matured on November 1, 2007, (v) its $50.0 million 7.90% fixed rate notes, which matured on December 7,2007 and (vi) its $10.0 million 6.70% fixed rate notes, which matured on December 14, 2007. Additionally, the Company repaid its $35.0 million 4.96% fixed rate Senior Unsecured Notes, which matured on November 30, 2007.
As of December 31, 2006,2007, a total principal amount of approximately $1.4$1.3 billion in senior fixed-rate MTNs was outstanding. These fixed-rate notes had maturities ranging from fiveseven months to nineeight years as of December 31, 2006,2007, and bear interest at rates ranging from 3.95% to 7.90%7.56%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.
During March 2006, the Company issued $300.0 million of fixed rate unsecured senior notes under its MTN program. This fixed rate MTN matures March 15, 2016 and bears interest at 5.783% per annum. The proceeds from this MTN issuance were primarily used to repay a portion of the outstanding balance under the Company’s U.S. revolving credit facility and for general corporate purposes.
During June 2006, the Company entered into a third supplemental indenture, under the indenture governing its medium-term notes and senior notes, which amended the (i) total debt test and secured debt test by changing the asset value definition from undepreciated real estate assets to total assets, with total assets being defined as undepreciated real estate assets, plus other assets (but excluding goodwill and amortizedunamortized debt costs), and (ii) maintenance of unencumbered total asset value covenant by increasing the requirement of the ratio of unencumbered total asset value to outstanding unsecured debt from 1 to 1 to 1.5 to 1. Additionally, the same amended covenants were adopted within the Canadian supplemental indenture, which governs the 4.45% Canadian Debentures due in 2010. In connection with the consent solicitation, the Company incurred costs aggregating approximately $5.8 million, of which $1.8 million was related to costs paid to third parties, which were expensed. The remaining $4.0 million was related to fees paid to note holders, which were capitalized and are being amortized over the remaining term of the notes.
During 2006, the Company repaid its (i) $30.0 million 6.93% fixed rate notes, which matured on July 20, 2006, (ii) $100.0 million floating rate notes, which matured August 1, 2006, and (iii) $55.0 million 7.50% fixed rate notes, which matured on November 5, 2006.
As of December 31, 2006, a total principal amount of approximately $1.4 billion in senior fixed-rate MTNs was outstanding. These fixed-rate notes had maturities ranging from five months to nine years as of December 31, 2006, and bear interest at rates ranging from 3.95% to 7.90%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.
During April 2007, the Company issued $300.0 million of ten-year Senior Unsecured Notes at an interest rate of 5.70% per annum payable semi-annually in arrears. These notes were sold at 99.984% of par value. Net proceeds from the issuance were approximately $297.8 million, after related transaction costs of approximately $2.2 million. The proceeds from this issuance were primarily used to repay a portion of the outstanding balance under the Company’s U.S. Credit Facility and for general corporate purposes. These notes were issued in conjunction with a fourth supplemental indenture, which removed the financial covenant requirements for this issuance and future offerings under the indenture as amended.
As of December 31, 2007, the Company had a total principal amount of $1.2 billion in fixed-rate unsecured senior notes. These fixed-rate notes had maturities ranging from nine months to nine years as of December 31, 2007, and bear interest at rates ranging from 4.70% to 7.95%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears.
105
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During August 2006, Kimco North Trust III, a wholly-owned entity of the Company, completed the issuance of $200.0 million Canadian denominated senior unsecured notes. The notes bear interest at 5.18% and mature on August 16, 2013. The proceeds were used by Kimco North Trust III, to pay down outstanding indebtedness under the existing Canadian credit facility and to fund long-term investments in Canadian real estate.
In connection with the October 31, 2006 Pan Pacific merger transaction, the Company assumed $650.0 million of unsecured notes payable, including $20.0 million of fair value debt premiums. TheseAt December 31, 2007, the remaining notes bear interest at fixed rates ranging from 4.70% to 7.95% per annum and have maturity dates ranging from June 29, 2007September 18, 2008 to September 1, 2015.
104
The scheduled maturities of all unsecured notes payable as of December 31, 2006,2007, were approximately as follows (in millions): 2007, $256.9; 2008, $125.7;$125.3; 2009, $180.0; 2010, $205.1;$76.0; 2011, $363.4$360.3; 2012, $217.0; and thereafter, $1,617.2.
During October 2007, the Company has an $850.0 millionestablished a new $1.5 billion unsecured U.S. revolving credit facility (the “Credit Facility”"U.S. Credit Facility"), with a group of banks, which is scheduled to expire in October 2011. This credit facility, which replaced the Company’s $850.0 million unsecured U.S. revolving facility which was scheduled to expire in July 2008. Under the Credit Facility2008, has made available funds may be borrowed forto finance general corporate purposes, including the funding of (i) property acquisitions, (ii) investments in the Company’s institutional management programs, (iii) development and redevelopment costs, and (iii)(iv) any short-term working capital requirements. Interest on borrowings under the U.S. Credit Facility accrueaccrues at a spread (currently 0.45%) to LIBOR plus 0.375% and fluctuates in accordance with changes in the Company’s senior debt ratings. As part of this U.S. Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $425.0$750.0 million of its requested borrowings to the bank group. This competitive bid option provides the Company the opportunity to obtain pricing below the currently stated spread to LIBOR of 0.45%.spread. A facility fee of 0.125% per annum is payable quarterly in arrears. In addition,As part of the U.S. Credit Facility, the Company has a $200.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the U.S. Credit Facility, the Company, among other things, is (i) subject to maintaining certaincovenants requiring the maintenance of (i) maximum leverage ratios on both unsecured senior corporateand secured debt, and (ii) minimum unencumbered assetinterest and equity levels and (ii) restricted from paying dividends in amounts that exceed 95% of funds from operations, as defined.fixed coverage ratios. As of December 31, 2006,2007, there was noapproximately $259.0 million outstanding under this credit facility, of which approximately $9.0 million (approximately 4.5 million Pounds Sterling) was outstanding under the alternative currency sub-limit.
During August 2007, the Company obtained a $200.0 million unsecured term loan that bore interest at LIBOR plus 0.325%. The term loan was scheduled to mature on December 14, 2007. The Company utilized these proceeds to partially repay the outstanding balance underon the Credit Facility.
The Company also has a three-year CAD $250.0 million unsecured revolving credit facility with a group of banks. This facility originally bore interest at the CDOR Rate, as defined, plus 0.50%0.45%, and iswas scheduled to expire in March 2008. During January 2006,October 2007, the facility was amended to reduce the borrowing spread to 0.45% and to modify the covenant package to conform to the Company’s $850.0 million U.S. credit facility.Credit Facility. The facility was further amended in January 2008, to extend the maturity date to 2011, with an additional one-year extension option, at a reduced rate of CDOR plus 0.375%, subject to change in accordance with the Company’s senior debt ratings. Proceeds from this facility are used for general corporate purposes, including the funding of Canadian-denominatedCanadian denominated investments. As of December 31, 2006,2007, there was no outstanding balance under this credit facility.
Additionally, the Company also has a three-year MXP 500.0 million unsecured revolving credit facility. This facility bears interest at the TIIE Rate, as defined therein, plus 1.00%, subject to change in accordance with the Company’s senior debt ratings, and is scheduled to expiremature in May 2008.2008 with an additional one-year extension option. Proceeds from this facility are used to fund peso-denominatedpeso denominated investments. As of December 31, 2006,2007, there was noMXP 250.0 million (approximately USD $22.9 million) outstanding under this credit facility.
106
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company is currently negotiating a five-year fixed rate MXP 1.0 billion term loan. Proceeds from this loan will be used to pay the outstanding balance under this facility.
In accordance with the terms of the Indenture, as amended, pursuant to which the Company’sCompany's senior unsecured notes, except for the $300.0 million issued under the fourth supplemental indenture, described above, have been issued, the Company is (a) subject to maintaining certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels and (b) restricted from paying dividends in amounts that exceed by more than $26.0 million the
105
12.Mortgages Payable:
During 2007, the Company (i) obtained an aggregate of approximately $285.8 million of individual non-recourse mortgage debt on 12 operating properties, (ii) assumed approximately $83.7 million of individual non-recourse mortgage debt relating to the acquisition of eight operating properties, including approximately $2.5 million of fair value debt adjustments, (iii) obtained approximately $3.2 million of additional funding on three previously encumbered properties, and (iv) paid off approximately $81.6 million of individual non-recourse mortgage debt that encumbered 11 operating properties.
During 2006, the Company (i) obtained an aggregate of approximately $52.7 million of individual non-recourse mortgage debt on five operating properties, (ii) assumed approximately $253.6 million of individual non-recourse mortgage debt relating to the acquisition of 19 operating properties, including approximately $2.9 million of fair value debt adjustments, (iii) consolidated approximately $27.1 million of non-recourse mortgage debt relating to the purchase of additional ownership interests in various entities, (iv) paid off approximately $61.9 million of individual non-recourse mortgage debt that encumbered 16 operating properties, and (v) assigned approximately $3.9 million of non-recourse mortgage debt relating to the sale of an operating property.
Mortgages payable, collateralized by certain shopping center properties and related tenants’tenants' leases, are generally due in monthly installments of principal and/or interest which mature at various dates through 2035. Interest rates range from approximately 4.95% to 10.50% (weighted-average interest rate of 7.0%6.6% as of December 31, 2006)2007). The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $14.3$11.3 million, as of December 31, 2006,2007, were approximately as follows (in millions): 2007, $45.1; 2008, $95.3;$212.9; 2009, $56.0;$78.2; 2010, $29.3;$47.6; 2011, $38.8$52.3; 2012, $57.4; and thereafter, $289.1.
13.Construction Loans Payable:
During 2007, the Company obtained construction financing on five merchant building projects and assumed one loan associated with a separate project for an aggregate original loan commitment amount of up to $187.1 million, of which approximately $80.9 million was outstanding at December 31, 2007. As of December 31, 2007, the Company had a total of 15 construction loans with total commitments of up to $360.3 million, of which $245.9 million had been funded. These loans have scheduled maturities ranging from one month to 33 months (excluding any extension options which may be available to the Company) and bear interest at rates ranging from 6.60% to 7.48% at December 31, 2007. These construction loans are collateralized by the respective projects and associated tenants’ leases. The scheduled maturities of all construction loans payable as of December 31, 2007, were approximately as follows (in millions): 2008, $143.9, 2009, $66.1 and 2010, $35.9.
During 2006, the Company obtained construction financing on three ground-up development projects for an aggregate original loan commitment amount of up to $83.8 million, of which approximately $36.0 million was outstanding at December 31, 2006. The Company assigned a $7.2 million construction loan, which bore interest at LIBOR plus 1.75% and
107
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
was scheduled to mature in November 2006, in connection with the sale of its partnership interest in one project. As of December 31, 2006, the Company had a total of 13 construction loans with total commitments of up to $330.9 million, of which $271.0 million had been funded. These loans had maturities ranging from two to 31 months and variable interest rates ranging from 6.87% to 7.32% at December 31, 2006. These construction loans are collateralized by the respective projects and associated tenants’ leases. The scheduled maturities of all construction loans payable as of December 31, 2006, were approximately as follows (in millions): 2007, $164.3; 2008, $81.5$81.5; and 2009, $25.2.
106
Minority interests represent the portion of equity that the Company does not own in those entities it consolidates as a result of having a controlling interest or determined that the Company was the primary beneficiary of a variable interest entity in accordance with the provisions and guidance of FIN 46(R).
During 2006 the Company acquired in seven shopping center properties located throughout Puerto Rico during 2006.Rico. The properties were acquired through the issuance of approximately $158.6 million of non-convertible units, approximately $45.8 million of convertible units, the assumption of approximately $131.2 million of non-recourse debt and $116.3 million in cash. Minority interests related to these acquisitions was approximately $233.0 million of units, including premiums of approximately $13.5 million and a fair market value adjustment of approximately $15.1 million (the "Units"). The Company is restricted from disposing of these assets, other than through a tax free transaction until November 2015.
The Units consistconsisted of (i) approximately 81.8 million Preferred A Units par value $1.00 per unit, which pay the holder a return of 7.0% per annum on the Preferred A Par Value and are redeemable for cash by the holder at anytime after one year or callable by the Company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% increase, (ii) 2,000 Class A Preferred Units, par value $10,000 per unit, which pay the holder a return equal to LIBOR plus 2.0% per annum on the Class A Preferred Par Value and are redeemable for cash by the holder at anytime after November 30, 2010, (iii) 2,627 Class B-1 Preferred Units, par value $10,000 per unit, which pay the holder a return equal to 7.0% per annum on the Class B-1 Preferred Par Value and are redeemable by the holder at anytime after November 30, 2010 for cash or at the Company’s option, shares of the Company’s common stock, equal to the Cash Redemption Amount, as defined, (iv) 5,673 Class B-2 Preferred Units, par value $10,000 per unit, which pay the holder a return equal to 7.0% per annum on the Class B-2 Preferred par value and are redeemable for cash by the holder at anytime after November 30, 2010 and (v) 640,001 Class C DownReit Units, valued at an issuance price of $30.52 per unit which pay the holder a return at a rate equal to the Company’s common stock dividend and are redeemable by the holder at anytime after November 30, 2010, for cash or at the Company’s option, shares of the Company’s common stock equal to the Class C Cash Amount, as defined.
During 2007, 2,438 units, or $24.4 million, of the Class B-1 Preferred Units were redeemed and 61,804 units, or $1.9 million, of the Class C DownREIT Units were redeemed under the Loan provision of the Agreement. The Company opted to settle these units in cash not stock. Additionally, 300 units, or $3.0 million, of the Class B-2 Preferred Units were redeemed through transfer to a charitable organization, as permitted under the provisions of the Agreement. Minority interest relating to the units was $187.6 million and $230.6 million as of December 31, 2007 and 2006, respectively.
During 2006 the Company acquired two shopping center properties located in Bay Shore and Centereach, NY during 2006. Included in Minority interests are approximately $41.6 million, including a discount of $0.3 million and a fair market value adjustment of $3.8 million, in redeemable units (the “Redeemable Units”"Redeemable Units"), issued by the Company related to the acquisition of two shopping center properties located in Bay Shore and Centereach, NY during 2006.Company. The properties were acquired through the issuance of $24.2 million of Redeemable Units, which are redeemable at the option of the holder; approximately $14.0 million of fixed rate Redeemable Units and the assumption of approximately $23.4 million of non-recourse debt. The Redeemable Units consist of (i) 13,963 Class A Units, par value $1,000 per unit, which pay the holder a return of 5% per annum of the Class A par value and are redeemable for cash by the holder at anytime after April 3, 2011 or callable by the Company anytime after April 3, 2016, and (ii) 647,758 Class B Units, valued at an issuance price of $37.24 per unit, which pay the holder a return at a
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
rate equal to the Company’s common stock dividend and are redeemable by the holder at anytime after April 3, 2007 for cash or at the option of the Company for Common Stock at a ratio of 1:1, or callable by the Company anytime after April 3, 2026. The Company is restricted from disposing of these assets, other than through a tax free transaction, until April 2016 and April 2026 for the Centereach, NY, and Bay Shore, NY, assets, respectively.
During 2007, 30,000 units, or $1.1 million par value, of the Class B Units were redeemed by the holder in cash at the option of the Company. Minority interest relating to the units was $40.4 million and $41.6 million as of December 31, 2007 and 2006 respectively.
Minority interests also includes 138,015 convertible units issued during 2006, by the Company, which are valued at approximately $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY. These units are redeemable at the option of the holder after one year for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1. The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock. The Company is restricted from disposing of these assets, other than through a tax free transaction, until January 2017.
Minority interests also includes approximately 4.8 million convertible units (the
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15.Fair Value Disclosure of Financial Instruments:
All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are reflected. The valuation method used to estimate fair value for fixed-rate debt and minority interests relating to mandatorily redeemable non-controlling interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses. The fair values for marketable securities are based on published or securities dealers’ estimated market values. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition. The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):
| December 31, | ||||||||||||||||
| 2006 | 2005 | |||||||||||||||
| Carrying | Estimated | Carrying | Estimated | |||||||||||||
| Amounts | Fair Value | Amounts | Fair Value | |||||||||||||
| Marketable Securities | $ | 202,659 | $ | 205,471 | $ | 206,452 | $ | 208,114 | ||||||||
| Notes Payable | $ | 2,748,345 | $ | 2,762,751 | $ | 2,147,405 | $ | 2,172,031 | ||||||||
| Mortgages Payable | $ | 567,917 | $ | 581,846 | $ | 315,336 | $ | 330,897 | ||||||||
| Mandatorily Redeemable Minority Interests (termination dates ranging from 2019 – 2027) | $ | 1,263 | $ | 4,436 | $ | 1,782 | $ | 4,934 | ||||||||
| December 31, | |||
| 2007 | 2006 | ||
| Carrying | Estimated Fair | Carrying | Estimated Fair |
|
|
|
|
|
Marketable Securities | $ 201,848 | $ 212,451 | $ 202,659 | $ 205,471 |
|
|
|
|
|
Notes Payable | $ 3,131,765 | $ 3,095,004 | $ 2,748,345 | $ 2,762,751 |
|
|
|
|
|
Mortgages Payable | $ 838,738 | $ 824,609 | $ 567,917 | $ 581,846 |
|
|
|
|
|
Mandatorily Redeemable Minority Interests (termination dates ranging from 2019 – 2027) | $ 3,070 | $ 6,521 | $ 1,263 | $ 4,436 |
16.Financial Instruments —- Derivatives and Hedging:
The Company is exposed to the effect of changes in interest rates, foreign currency exchange rate fluctuations and market value fluctuations of equity securities. The Company limits these risks by following established risk management policies and procedures including the use of derivatives.
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The principal financial instruments generally used by the Company are interest rate swaps, foreign currency exchange forward contracts, cross currency swaps and equity warrant contracts. The Company, from time to time, hedges the future cash flows of its floating-rate debt instruments to reduce exposure to interest rate risk principally through interest rate swaps with major financial institutions.
During 2007, the Company entered into an interest rate swap with a notional amount of $18.75 million (which commenced on May 15, 2007). The interest rate swap is designated as a cash flow hedge and is hedging the variability of floating rate interest payments on the debt of a consolidated subsidiary. No hedge ineffectiveness on this cash flow hedge was recognized during 2007. For the year ended December 31, 2007, the change in net unrealized gains/losses on this hedge was reported in the consolidated statements of stockholders’ equity as a $0.2 million net loss. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the variable-rate debt. The change in net unrealized gains/losses on cash flow hedges reflects a reclassification of $28,000 of net unrealized gains from accumulated other comprehensive income to reduce interest expense for the year ended December 31, 2007.
As of December 31, 2006, the Company entered intohad two interest rate swaps with notional amounts of $21.5 million and $6.25 million respectively. The interest rate swaps areoutstanding that were designated as cash flow hedges. During 2007, these swaps were early terminated for a gain of $0.1 million. For the year ending December 31, 2007 and 2006, the change in net unrealized gains/losses on these hedges was reported in the consolidated statements of stockholders’ equity as a $0.3 million (net gain) and mature in 2016 and 2009,$0.1 million (net loss), respectively. The change in fair valuenet unrealized gains/losses on cash flow hedges reflects a reclassification of $21,000 of net unrealized gains from accumulated other comprehensive income to reduce interest expense for the interest rate swaps representing unrealized losses recorded in OCI, asyear ended December 31, 2007.
As of December 31, 2006, was approximately $0.1 million.
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The following tables summarize the notional values and fair values of the Company’sCompany's derivative financial instruments as of December 31, 20062007 and 2005:2006:
| As of December 31, 2007 | |||
Hedge Type | Notional Value | Rate | Maturity | Fair Value (in millions USD) |
|
|
|
|
|
Interest rate swaps - cash flow | $18.75 million | 5.062% | 5/09 | ($0.20) |
| As of December 31, 2006 | |||
Hedge Type | Notional Value | Rate | Maturity | Fair Value (in millions USD) |
|
|
|
|
|
MXP cross currency swap - net investment | MXP 82.4 million | 7.227% | 10/07 | $0.10 |
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|
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|
|
Interest rate swaps cash flow | $6.25 million - $21.5 million | 6.455% - 6.669% | 3/09 – 3/16 | ($0.10) |
| As of December 31, 2006 | ||||||||||||||||
| Notional | Fair Value | |||||||||||||||
| Hedge Type | Value | Rate | Maturity | (in millions USD) | ||||||||||||
| MXP cross currency swap – net investment | MXP 82.4 million | 7.227 | % | 10/07 | $ | 0.10 | ||||||||||
| Interest rate swaps – cash flow | $6.25 million - $21.5 million | 6.455% - 6.669 | % | 3/09 - 3/16 | $ | (0.10 | ) | |||||||||
| Interest rate caps – marked to market | $53.8 million - $150 million | 6.500 | % | 7/09 - 8/08 | $ | 0.03 | ||||||||||
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| As of December 31, 2005 | ||||||||||||||||
| Notional | Fair Value | |||||||||||||||
| Hedge Type | Value | Rate | Maturity | (in millions USD) | ||||||||||||
| Foreign currency forwards – net investment | CAD $5.2 million | 1.4013 | % | 7/06 | ($0.80 | ) | ||||||||||
| MXP cross currency swap – net investment | MXP 82.4 million | 7.227 | % | 10/07 | ($0.20 | ) | ||||||||||
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
As of December 31, 20062007 and 2005,2006, respectively, these derivative instruments were reported at their fair value as other liabilities of ($0.1)0.2) million and ($1.0)0.1) million and other assets of $0.1$0.0 million and $0.0$0.1 million. The Company expects to reclassify to earnings less than $1.0 million of the current OCI balance during the next 12 months.
17.Preferred Stock, Common Stock and Convertible Unit Transactions:
During October 2007, the Company issued 18,400,000 Depositary Shares (the "Class G Depositary Shares"), after the exercise of an over-allotment option, each representing a one-hundredth fractional interest in a share of the Company’s 7.75% Class G Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class G Preferred Stock"). Dividends on the Class G Depositary Shares are cumulative and payable quarterly in arrears at the rate of 7.75% per annum based on the $25.00 per share initial offering price, or $1.9375 per annum. The Class G Depositary Shares are redeemable, in whole or part, for cash on or after October 10, 2012 at the option of the Company, at a redemption price of $25.00 per depositary share, plus any accrued and unpaid dividends thereon. The Class G Depositary Shares are not convertible or exchangeable for any other property or securities of the Company. Net proceeds from the sale of the Class G Depositary Shares, totaling approximately $444.5 million (after related transaction costs of $15.5 million) were used for general corporate purposes, including funding property acquisitions, investments in the Company’s institutional management programs and other investment activities. The Company also used a portion of the proceeds to partially repay amounts outstanding under its U.S. Credit Facility. The Class G Preferred Stock (represented by the Class G Depositary Shares outstanding) ranks pari passu with the Company’s Class F Preferred Stock as to voting rights, priority for receiving dividends and liquidation preference as set forth below.
During June 2003, the Company issued 7,000,000 Depositary Shares (the "Class F Depositary Shares"), each such Class F Depositary Share representing a one-tenth fractional interest of a share of the Company’s 6.65% Class F Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class F Preferred Stock"). Dividends on the Class F Depositary Shares are cumulative and payable quarterly in arrears at the rate of 6.65% per annum based on the $25.00 per share initial offering price, or $1.6625 per annum. The Class F Depositary Shares are redeemable, in whole or part, for cash on or after June 5, 2008, at the option of the Company, at a redemption price of $25.00 per Depositary Share, plus any accrued and unpaid dividends thereon. The Class F Depositary Shares are not convertible or exchangeable for any other property or securities of the Company. The Class F Preferred Stock (represented by the Class F Depositary Shares outstanding) ranks pari passu with the Company’s Class G Preferred Stock as to voting rights, priority for receiving dividends and liquidation preference as set forth below.
Voting Rights - As to any matter on which the Class F Preferred Stock may vote, including any action by written consent, each share of Class F Preferred Stock shall be entitled to 10 votes, each of which 10 votes may be directed separately by the holder thereof. With respect to each share of Class F Preferred Stock, the holder thereof may designate up to 10 proxies, with each such proxy having the right to vote a whole number of votes (totaling 10 votes per share of Class F Preferred Stock). As a result, each Class F Depositary Share is entitled to one vote.
As to any matter on which the Class G Preferred Stock may vote, including any action by written consent, each share of Class G Preferred Stock shall be entitled to 100 votes, each of which 100 votes may be directed separately by the holder thereof. With respect to each share of Class G Preferred Stock, the holder thereof may designate up to 100 proxies, with each such proxy having the right to vote a whole number of votes (totaling 100 votes per share of Class G Preferred Stock). As a result, each Class G Depositary Share is entitled to one vote.
Liquidation Rights - In the event of any liquidation, dissolution or winding up of the affairs of the Company, the Preferred Stock holders are entitled to be paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $250.00 per Class F Preferred share and $2,500.00 per Class G Preferred share ($25.00 per Class F and Class G Depositary Share),
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
plus an amount equal to any accrued and unpaid dividends to the date of payment, before any distribution of assets is made to holders of the Company’s common stock or any other capital stock that ranks junior to the Preferred Stock as to liquidation rights.
During March 2006, the Company completed a primary public stock offering of 10,000,000 shares of the Company’s common stock. The net proceeds from this sale of Common Stock, totaling approximately $405.5 million (after related transaction costs of $2.5 million) were primarily used to repay the outstanding balance under the Company’s U.S. revolving credit facility, partial repayment of the outstanding balance under the Company’s Canadian denominated credit facility and for general corporate purposes.
During March 2006, the shareholders of Atlantic Realty Trust (“("Atlantic Realty”Realty") approved the proposed merger with the Company and the closing occurred on March 31, 2006. As consideration for this transaction, the Company issued Atlantic Realty shareholders 1,274,420 shares of Common Stock, excluding 748,510 shares of Common Stock that were to be received by the Company, at a price of $40.41 per share.
On September 25, 2006, Pan Pacific stockholders approved the proposed merger with the Company and the closing occurred on October 31, 2006. Under the terms of the merger
109
During 2006, the Company acquired interests in seven shopping center properties located throughout Puerto Rico. The properties were acquired through the issuance of approximately $158.6 million of non-convertible units, approximately $45.8 million of convertible units, approximately $131.2 million of non-recourse debt and $116.3 million in cash.
The convertible units consist of (i) 2,627 Class B-1 Preferred Units, par value $10,000 per unit and 640,001 Class C DownREIT Units, valued at an issuance price of $30.52 per unit. Both the Class B-1 Units and the Class C DownREIT Units are redeemable by the holder at anytime after November 30, 2010 for cash or at the Company’s option, shares of the Company’s common stock.
The number of shares of Common Stock issued upon conversion of the Class B-1 Preferred Units would be equal to the Class B-1 Cash Redemption Amount, as defined, which ranges from $6,000 to $14,000 per Class B-1 Preferred Unit depending on the Common Stock’s Adjusted Current Trading Price, as defined, divided by the average daily market price for the 20 consecutive trading days immediately preceding the redemption date.
Prior to January 1, 2009, the number of shares of Common Stock issued upon conversion of the Class C DownREIT Units would be equal to the Class C Cash Amount which equals the number of Class C DownREIT Units being redeemed, multiplied by the Adjusted Current Trading Price, as defined. After January 1, 2009, if the Adjusted Current Trading Price is greater than $36.62 then the Class C Cash Amount shall be an amount equal to the Adjusted Current Trading Price per Class C DownREIT Unit. If the Adjusted Current Trading Price is greater than $24.41 but less than $36.62, then the Class C Cash Amount shall be an amount equal to $30.51 per Class C DownREIT Unit; or is less than $24.41, then the Class C Cash Amount shall be an amount per Class C DownREIT Unit equal to the Adjusted Current Trading Price Multipliedmultiplied by 1.25.
During April 2006, the Company acquired interests in two shopping center properties, located in Bay Shore and Centereach, NY, valued at an aggregate $61.6 million. The properties were acquired through the issuance of units from a consolidated subsidiary and consist of approximately $24.2 million of Redeemable Units, which are redeemable at the option of the holder, approximately $14.0 million of fixed rate
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Redeemable Units and the assumption of approximately $23.4 million of non-recourse mortgage debt. The Company has the option to settle the redemption of the $24.2 million redeemable units with Common Stock, at a ratio of 1:1, or cash.
During June 2006, the Company acquired an interest in an office property, located in Albany, NY, valued at approximately $39.9 million. The property was acquired through the issuance of approximately $5.0 million of redeemable units from a consolidated subsidiary, which are redeemable at the option of the holder after one year, and the assumption of approximately $34.9 million of non-recourse mortgage debt. The Company has the option to settle the redemption with Common Stock, at a ratio of 1:1, or cash.
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18.Supplemental Schedule of Non-Cash Investing/Financing Activities:
The following schedule summarizes the non-cash investing and financing activities of the Company for the years ended December 31, 2007, 2006 2005 and 20042005 (in thousands):
| 2007 | 2006 | 2005 |
Acquisition of real estate interests by issuance of Common Stock and/or assumption of debt | $ 82,614 | $ 1,627,058 | $ 73,400 |
|
|
|
|
Acquisition of real estate interest by issuance of | $ - | $ 247,475 | $ - |
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|
|
Disposition/transfer of real estate interest by assignment of down REIT units | $ - | $ - | $ 4,236 |
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Acquisition of real estate interests through proceeds held | $ 68,031 | $ 140,802 | $ - |
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|
|
Disposition/transfer of real estate interests by assignment of mortgage debt | $ - | $ 293,254 | $ 166,108 |
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|
|
Proceeds held in escrow through sale of real estate interest | $ - | $ 39,210 | $ 19,217 |
|
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|
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Acquisition of real estate through the issuance of an unsecured obligation | $ - | $ 10,586 | $ - |
|
|
|
|
Investment in real estate joint venture by contribution | $ 740 | $ - | $ - |
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|
Deconsolidation of Joint Venture: |
|
|
|
Decrease in real estate and other assets | $ 113,074 | $ - | $ - |
Decrease in construction loan and other liabilities | $ 113,074 | $ - | $ - |
| 2006 | 2005 | 2004 | ||||||||||
| Acquisition of real estate interests by issuance of Common Stock and/or assumption of debt | $ | 1,627,058 | $ | 73,400 | $ | 151,987 | ||||||
| Acquisition of real estate interest by issuance of redeemable units | $ | 247,475 | $ | — | $ | 28,349 | ||||||
| Disposition/transfer of real estate interest by assignment of downREIT units | $ | — | $ | 4,236 | $ | 24,114 | ||||||
| Acquisition of real estate interests through proceeds held in escrow | $ | 140,802 | $ | — | $ | 69,681 | ||||||
| Disposition/transfer of real estate interests by assignment of mortgage debt | $ | 293,254 | $ | 166,108 | $ | 320,120 | ||||||
| Proceeds held in escrow through sale of real estate interest | $ | 39,210 | $ | 19,217 | $ | 9,688 | ||||||
| Acquisition of real estate through the issuance of an unsecured obligation | $ | 10,586 | $ | — | $ | — | ||||||
| Notes received upon disposition of real estate interests | $ | — | $ | — | $ | 6,277 | ||||||
| Declaration of dividends paid in succeeding period | $ | 93,222 | $ | 78,169 | $ | 71,497 | ||||||
| Consolidation of FNC: | ||||||||||||
| Increase in real estate and other assets | $ | — | $ | 57,812 | $ | — | ||||||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
| 2006 | 2005 | 2004 | ||||||||||
| Increase in mortgage payable and other liabilities | $ | — | $ | 57,812 | $ | — | ||||||
| Consolidation of Kimsouth: | ||||||||||||
| Increase in real estate and other assets | $ | 28,377 | $ | — | $ | — | ||||||
| Increase in mortgage payable and other liabilities | $ | 28,377 | $ | — | $ | — | ||||||
Declaration of dividends paid in succeeding period | $ 112,052 | $ 93,222 | $ 78,169 |
|
|
|
|
Consolidation of FNC: |
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|
|
Increase in real estate and other assets | $ - | $ - | $ 57,812 |
Increase in mortgage payable and other liabilities | $ - | $ - | $ 57,812 |
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|
Consolidation of Kimsouth: |
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|
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Increase in real estate and other assets | $ - | $ 28,377 | $ - |
Increase in mortgage payable and other liabilities | $ - | $ 28,377 | $ - |
19.Transactions with Related Parties:
During 2006, the Company, along with its joint venture partner, provided Kimco Retail Opportunity Portfolio II (“("KROP II”II") short-term interim financing for all acquisitions by KROP II for which a mortgage was not in place at the time of closing. All such financing had maturities of less than one year and bore interest at a rate of LIBOR plus 2.0%. At December 31, 2007 and 2006, KROP II had a total of approximately $0.00 and $22.2 million, respectively, of outstanding short-term interim financing due to GECRE and the Company, of which the Company’s share is 50%. The Company earned approximately $178,000 and $248,000 during 2007 and 2006, respectively, related to such interim financing.
The Company provides management services for shopping centers owned principally by affiliated entities and various real estate joint ventures in which certain stockholders of the Company have economic interests. Such services are performed pursuant to management agreements which provide for fees based upon a percentage of gross revenues from the properties and other direct costs incurred in connection with management of the centers.
In December 2004, in conjunction with the Price Legacy transaction, the Company, which holds a 15% non-controlling interest, provided the acquiring joint venture approximately $30.6 million of secured mezzanine financing. This interest-only loan bore interest at a fixed rate of 7.5% per annum payable monthly in arrears and was scheduled to mature in Decemberrepaid during 2006. The Company also provided PL Retail a secured short-term promissory note for approximately $8.2 million. This interest only note bore interest at LIBOR plus 4.5% and was scheduled to mature in June 2005. During 2005, this note was amended to bear interest at LIBOR plus 6.0% and iswas payable on demand. During 2006, PL Retail fully repaid to the Company the mezzanine financingpromissory note.
Ripco Real Estate Corp., was formed in 1991 and employs approximately 40 professionals and serves numerous retailers, REITS and developers. Ripco’s business activities include serving as a leasing agent and representative for national and regional retailers including Target, Best Buy, Kohls and many others, providing real estate brokerage services and principal real estate investing. Mr. Todd Cooper, an officer and 50% shareholder of Ripco, is a son of Mr. Milton Cooper, Chief Executive Officer and Chairman of the Board of Directors of the Company. During 2007 and 2006, the Company paid brokerage commissions of $257,385 and $266,191, respectively, to Ripco for services rendered primarily as leasing agent for various national tenants in shopping center properties owned by the Company. The Company believes that the brokerage commissions paid were at or below the customary rates for such leasing services. Additionally, the Company has the following joint venture investments with Ripco.
During 2005, the Company acquired three operating properties and one land parcel, through joint ventures, in which the Company and Ripco each hold 50% non-controlling interests for an aggregate purchase price of approximately $27.1 million, including the assumption of approximately $9.3 million of non-recourse mortgage debt encumbering two of the properties. The Company accounts for its investment in these joint ventures under the equity method of accounting. Subsequent to these acquisitions, the joint ventures obtained four individual one-year loans aggregating $20.4 million with interest rates ranging from LIBOR plus 0.50% to LIBOR plus 0.55%. During 2007, one of these properties was sold for a sales price of approximately $10.5 million, including the pay down of $5.0 million of debt. During 2007, two of these
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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
term loans were extended until May 2008 and one was extended until October 2008. As of December 31, 2007, there was an aggregate of $15.4 million outstanding on these loans. These loans are jointly and severally guaranteed by the Company and the promissory note.
Reference is made to Note 7 for additional information regarding transactions with related parties.
20.Commitments and Contingencies:
The Company and its subsidiaries are primarily engaged in the operation of shopping centers which are either owned or held under long-term leases which expire at various dates through 2087.2095. The Company and its subsidiaries, in turn, lease premises in these centers to tenants pursuant to lease agreements which provide for terms ranging generally from 5 to 25 years and for annual minimum rentals plus incremental rents based on operating expense levels and tenants’tenants' sales volumes. Annual minimum rentals plus incremental rents based on operating expense levels comprised approximately 99% of total revenues from rental property for each of the three years ended December 31, 2007, 2006 2005 and 2004.
The future minimum revenues from rental property under the terms of all non-cancellable tenant leases, assuming no new or renegotiated leases are executed for such premises, for future years are approximately as follows (in millions): 2007, $436.5; 2008, $401.7;$503.3; 2009, $363.5;$466.0; 2010, $321.3;$420.0; 2011, $276.5$370.4; 2012, $319.7 and thereafter, $1,461.5.
Minimum rental payments under the terms of all non-cancelable operating leases pertaining to the Company’s shopping center portfolio for future years are
112
In June 2006, the FASB issued Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" ("FIN 48"), which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements in accordance with FASB Statement No. 109, "Accounting for Income Taxes". The interpretation prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
The Company adopted the provisions of FIN 48 on January 1, 2007. The Company does not have any material unrecognized tax benefits, therefore the adoption of FIN 48 did not have a material impact on the Company’s financial position or results of operations.
During June 2007, the Company entered into a joint venture, in which the Company has non-controlling interest, and acquired all of the common stock of InTown Suites Management, Inc. This investment was funded with approximately $186.0 million of new cross-collateralized non-recourse mortgage debt with an interest rate of 5.59%, encumbering 35 properties, a $153.0 million three-year unsecured credit facility, which bears interest at LIBOR plus 0.325% and is guaranteed by the Company and the assumption of $278.6 million cross-collateralized non-recourse mortgage debt with interest rates ranging from 5.19% to 5.89%, encumbering 86 properties. The joint venture partner has pledged its equity interest for any guaranty payment the Company is obligated to pay. The outstanding balance on the three-year unsecured credit facility was $149.0 million as of December 31, 2007. The joint venture obtained an interest rate swap at 5.37% on $128 million of this debt. The swap is designated as a cash flow hedge and as such adjustments are recorded in other comprehensive income.
During 2007, the Company entered into a joint venture, in which the Company has a non-controlling ownership interest, to acquire a property in Houston, Texas. This investment was funded with a $24.5 million one-year unsecured credit facility, with an additional one-year extension option, which bears interest at LIBOR plus 0.375% and is guaranteed by the Company. The outstanding balance on this credit facility as of December 31, 2007 was $24.5 million.
During April 2007, the Company entered into a joint venture, in which the Company has a 50% non-controlling ownership interest to acquire a property in Visalia, CA. Subsequent to this acquisition the joint venture obtained a $6.0 million three-year promissory note which bears interest at LIBOR plus 0.75% and
115
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
has an extension option of two-years. This loan is jointly and thereafter, $175.8.
In October 2007, the Company formed a wholly-owned captive insurance company, Kimco Insurance Company, Inc., (“KIC”), which hadprovides general liability insurance coverage for all losses below the deductible under our third-party policy. The Company entered into the Insurance Captive as part of its overall risk management program and to stabilize its insurance costs, manage exposure and recoup expenses through the functions of the captive program. The Company capitalized KIC in accordance with the applicable regulatory requirements. KIC established annual premiums based on projections derived from the past loss experience of the Company’s properties. KIC has engaged an independent third party to perform an actuarial estimate of future projected claims, related deductibles and projected expenses necessary to fund associated risk management programs. Premiums paid to KIC may be adjusted based on this estimate. Like premiums paid to third-party insurance companies, premiums paid to KIC may be reimbursed by tenants pursuant to specific lease terms. The Company believes that the addition of KIC will provide increased comprehensive insurance coverage at an overall lower cost than would otherwise be available in the market.
The KimPru joint ventures, entities in which the Company holds a total value of approximately $4.1 billion. Funding for this transaction was provided15% non-controlling interest, with PREI through three separate accounts managed by approximately $1.3 billion of new individual non-recourse mortgage debt encumbering 51 properties,PREI obtained a $1.2 billion two yeartwo-year credit facility provided by a consortium of banks and guaranteed by the joint venture partners described below and the Company, the issuance of 9,185,847 shares of Common Stock valued at approximately $407.7 million, which was based upon the average closing price of Common Stock over the ten trading days immediately preceding the closing date, the assumption of approximately $630.0 million of unsecured bonds and approximately $289.4 million of existing non-recourse mortgage debt encumbering 23 properties and approximately $300.0 million in cash. With respect to the $1.2 billion guarantee by the Company,Company. PREI as defined below, guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make. The Company evaluatedAs of December 31, 2007, there was $702.5 million outstanding under this guarantee in connection with the provisions of FASB Interpretation No. 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others and determined that the impact did not have a material effect on the Company’s financial position or results of operations.
During 2006, an entity in which the Company has a preferred equity investment, located in Montreal, Canada, obtained a non-recourse construction loan, which is collateralized by the respective land and project improvements. Additionally, the Company has provided a guaranty to the lender and the developer partner has provided an indemnity to the Company for 25% of all debt. As of December 31, 2006,2007, there was CAD $40.0$72.6 million (approximately USD $35.8$74.0 million) outstanding on this construction loan.
Additionally, during 2006, KROP obtained a one-year $15.0 million unsecured term loan, which bearsbore interest at LIBOR plus 0.5%. This loan iswas guaranteed by the Company and GECRE hashad guaranteed reimbursement to the Company of 80% of any guaranty payment the Company iswas obligated to make.
The Company has issued letters of credit in connection with completion and repayment guarantees for construction loans encumbering certain of the Company’s ground-up development projects and guaranty of payment related to the Company’s insurance program. These letters of credit aggregate approximately $34.9$30.7 million.
In connection with the construction of its development projects and related infrastructure, certain public agencies require performance and surety bonds be posted to guarantee that the Company’s obligations are satisfied. These bonds expire upon the completion of the improvements and infrastructure. As of December 31, 2006,2007, there were approximately $92.5$90.4 million bonds outstanding.
Additionally, the RioCan Venture, an entity in which the Company holds a 50% non-controlling interest, has a CAD $7.0 million (approximately USD $6.0$7.1 million) letter of credit facility. This facility is jointly guaranteed by RioCan and the Company and had approximately CAD $3.9$5.5 million (approximately USD $3.4$5.6 million) outstanding as of December 31, 2006,2007, relating to various development projects.
During 2005, a joint venture entity in which the Company has a non-controlling interest
113
116
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During 2005, PL Retail entered into a $39.5 million unsecured revolving credit facility, which bearsbore interest at LIBOR plus 0.675% and was scheduled to mature in February 2007. During 2007, the loan was extended to February 20082009 at a reduced rate of LIBOR plus 0.45%. This facility is guaranteed by the Company and the joint venture partner has guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make. As of December 31, 2006,2007, there was $39.5$24.6 million outstanding under this facility.
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance. Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company.
The Company evaluated these guarantees in connection with the provisions of FASB Interpretation No. 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others and determined that the impact did not have a material effect on the Company’s financial position or results of operations.
21.Incentive Plans:
The Company maintains a stock option plan (the “Plan”"Plan") pursuant to which a maximum of 42,000,000 shares of the Company’s common stock may be issued for qualified and non-qualified options. Options granted under the Plan generally vest ratably over a three oryear term for grants issued prior to August 1, 2005 and five-year term for grants issued after August 1, 2005, expire ten years from the date of grant and are exercisable at the market price on the date of grant, unless otherwise determined by the Board at its sole discretion. In addition, the Plan provides for the granting of certain options to each of the Company’s non-employee directors (the “Independent Directors”"Independent Directors") and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.
During December 2004, the FASB issued SFAS No. 123 (revised 2004), “Share-Based Payment” (“"Share-Based Payment" ("SFAS No. 123(R)”"), which is a revision of Statement 123. SFAS No. 123(R) supersedes Opinion 25. Generally, the approach in SFAS No. 123(R) is similar to the approach described in Statement 123. However, SFAS No. 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statement of operations based on their fair values. Pro-forma disclosure is no longer an alternative under SFAS No. 123(R). SFAS No. 123(R) is effective for fiscal years beginning after December 31, 2005. The Company began expensing stock based employee compensation with its adoption of the prospective method provisions of SFAS No. 148, effective January 1, 2003, as a result, the adoption of SFAS No. 123(R) did not have a material impact on the Company’s financial position or results of operations.
The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing formula. The assumption for expected volatility has a significant affect on the grant date fair value. Volatility is determined based on the historical equity of common stock for the most recent historical period equal to the expected term of the options. The more significant assumptions underlying the determination of such fair values for options granted during 2007, 2006, 2005 and 20042005 were as follows:
| Year Ended December 31, | ||
| 2007 | 2006 | 2005 |
Weighted average fair value of options granted | $7.41 | $5.55 | $3.21 |
|
|
|
|
Weighted average risk-free interest rates | 4.50% | 4.72% | 4.03% |
|
|
|
|
Weighted average expected option lives (in years) | 6.50 | 6.50 | 4.80 |
|
|
|
|
Weighted average expected volatility | 19.01% | 17.70% | 18.01% |
|
|
|
|
Weighted average expected dividend yield | 3.77% | 4.39% | 5.30% |
| Year Ended December 31, | ||||||||||||
| 2006 | 2005 | 2004 | ||||||||||
| Weighted average fair value of options granted | $ | 5.55 | $ | 3.21 | $ | 2.14 | ||||||
| Weighted average risk-free interest rates | 4.72 | % | 4.03 | % | 3.30 | % | ||||||
| Weighted average expected option lives (in years) | 6.50 | 4.80 | 3.72 | |||||||||
114
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
| Year Ended December 31, | ||||||||||||
| 2006 | 2005 | 2004 | ||||||||||
| Weighted average expected volatility | 17.70 | % | 18.01 | % | 16.69 | % | ||||||
| Weighted average expected dividend yield | 4.39 | % | 5.30 | % | 5.59 | % | ||||||
Information with respect to stock options under the Plan for the years ended December 31, 2007, 2006, 2005 and 2004,2005, is as follows:
| Weighted-Average | ||||||||
| Exercise Price | ||||||||
| Shares | Per Share | |||||||
| Options outstanding, January 1, 2004 | 15,111,610 | $ | 15.62 | |||||
| Exercised | (3,379,748 | ) | $ | 13.63 | ||||
| Granted | 3,887,500 | $ | 27.72 | |||||
| Forfeited | (379,790 | ) | $ | 19.25 | ||||
| Options outstanding, December 31, 2004 | 15,239,572 | $ | 19.06 | |||||
| Exercised | (2,963,910 | ) | $ | 14.23 | ||||
| Granted | 2,515,200 | $ | 31.15 | |||||
| Forfeited | (239,566 | ) | $ | 23.59 | ||||
| Options outstanding, December 31, 2005 | 14,551,296 | $ | 22.06 | |||||
| Exercised | (2,196,947 | ) | $ | 17.80 | ||||
| Granted | 2,805,650 | $ | 39.91 | |||||
| Forfeited | (366,406 | ) | $ | 28.13 | ||||
| Options outstanding, December 31, 2006 | 14,793,593 | $ | 25.93 | |||||
| Options exercisable - | ||||||||
| December 31, 2004 | 8,135,762 | $ | 14.95 | |||||
| December 31, 2005 | 8,167,681 | $ | 17.63 | |||||
| December 31, 2006 | 8,826,881 | $ | 20.37 | |||||
| Shares |
| Weighted-Average |
| Aggregate |
Options outstanding, January 1, 2005 | 15,239,572 |
| $19.06 |
|
|
Exercised | (2,963,910) |
| $14.23 |
|
|
Granted | 2,515,200 |
| $31.15 |
|
|
Forfeited | (239,566) |
| $23.59 |
|
|
Options outstanding, December 31, 2005 | 14,551,296 |
| $22.06 |
| $145.8 |
Exercised | (2,196,947) |
| $17.80 |
|
|
Granted | 2,805,650 |
| $39.91 |
|
|
Forfeited | (366,406) |
| $28.13 |
|
|
Options outstanding, December 31, 2006 | 14,793,593 |
| $25.93 |
| $281.4 |
Exercised | (1,884,421) |
| $20.22 |
|
|
Granted | 2,971,900 |
| $41.41 |
|
|
Forfeited | (257,618) |
| $35.87 |
|
|
Options outstanding, December 31, 2007 | 15,623,454 |
| $29.39 |
| $133.7 |
|
|
|
|
|
|
Options exercisable - |
|
|
|
|
|
December 31, 2005 | 8,167,681 |
| $17.63 |
| $118.0 |
December 31, 2006 | 8,826,881 |
| $20.37 |
| $217.0 |
December 31, 2007 | 9,307,184 |
| $23.10 |
| $123.8 |
The exercise prices for options outstanding as of December 31, 2006,2007, range from $9.46$10.67 to $46.88$53.14 per share. The Company estimates forfeitures based on historical data. The weighted-average remaining contractual life for options outstanding as of December 31, 2006,2007, was approximately 7.37.1 years. The weighted average remaining contractual term of options currently exercisable as of December 31, 2007 was approximately 5.8 years. Options to purchase 2,996,321, 5,969,396, 3,817,066, and 6,332,2663,817,066, shares of the Company’s common stock were available for issuance under the Plan at December 31, 2007, 2006, and 2005, and 2004, respectively.
Cash received from options exercised under the Plan was approximately $38.1 million, $39.1 million, $42.2 million and $46.1$42.2 million for the years ended December 31, 2007, 2006, 2005, and 2004,2005, respectively. The total intrinsic value of options exercised during 2007, 2006, 2005 and 20042005 was approximately $54.4 million, $42.2 million, and $46.2 million, and $36.2 million, respectively.
The Company recognized stock options expense of $12.2 million, $10.2 million, $4.6 million and $1.7$4.6 million for the years ended December 31, 2007, 2006, 2005, and 2004,2005, respectively. As of December 31, 2006,2007, the Company had $25.6$27.7 million of total unrecognized compensation cost related to unvested stock compensation granted under the Company’s Plan. That cost is expected to be recognized over a weighted average period of approximately 2.73.6 years.
The Company maintains a 401(k) retirement plan covering substantially all officers and employees, which permits participants to defer up to the maximum allowable amount determined by the Internal Revenue Service of their eligible compensation. This deferred compensation, together with Company matching contributions, which generally equal employee deferrals up to a maximum of 5% of their eligible compensation (capped at $170,000), is fully vested and funded as of December 31, 2006.2007. The Company contributions to the plan were approximately $1.5 million, $1.3 million, $1.1 million and $1.0$1.1 million for the years ended December 31, 2007, 2006, and 2005, and 2004, respectively.
118
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
22.Income Taxes:
The Company elected to qualify as a REIT in accordance with the Code commencing with its taxable year which began January 1, 1992. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted REIT taxable income to its stockholders. It is management’s intention to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be
115
Reconciliation between GAAP Net Income and Federal Taxable Income:
The following table reconciles GAAP net income to taxable income for the years ended December 31, 2007, 2006 2005 and 20042005 (in thousands):
| 2006 | 2005 | 2004 | ||||||||||
| (Estimates) | (Actual) | (Actual) | ||||||||||
| GAAP net income | $ | 427,000 | $ | 363,628 | $ | 297,137 | ||||||
| Less: GAAP net income of taxable REIT subsidiaries | (33,795 | ) | (21,666 | ) | (19,396 | ) | ||||||
| GAAP net income from REIT operations (a) | 393,205 | 341,962 | 277,741 | |||||||||
| Net book depreciation in excess of tax depreciation | 22,563 | 9,865 | 4,716 | |||||||||
| Deferred/prepaid/above and below market rents, net | (15,438 | ) | (7,398 | ) | (7,200 | ) | ||||||
| Exercise of non-qualified stock options | (21,994 | ) | (29,144 | ) | (28,022 | ) | ||||||
| Book/tax differences from investments in real estate joint ventures | (8,586 | ) | (19,048 | ) | (6,350 | ) | ||||||
| Book/tax difference on sale of property | (50,164 | ) | (14,181 | ) | (18,799 | ) | ||||||
| Valuation adjustment of foreign currency contracts | 142 | 2,537 | (21,697 | ) | ||||||||
| Book adjustment of property carrying values | 650 | — | 7,116 | |||||||||
| Other book/tax differences, net | (11,586 | ) | 6,773 | 8,419 | ||||||||
| Adjusted taxable income subject to 90% dividend requirements | $ | 308,792 | $ | 291,366 | $ | 215,924 | ||||||
| 2007 (Estimated) |
| 2006 |
| 2005 |
|
|
|
|
|
|
GAAP net income | $442,830 |
| $428,259 |
| $363,628 |
Less: GAAP net income of taxable REIT subsidiaries | (98,542) |
| (33,795) |
| (21,666) |
GAAP net income from REIT operations (a) | 344,288 |
| 394,464 |
| 341,962 |
Net book depreciation in excess of tax depreciation | 30,843 |
| 23,826 |
| 9,865 |
Deferred/prepaid/above and below market rents, net | (17,345) |
| (11,964) |
| (7,398) |
Exercise of non-qualified stock options | (21,019) |
| (26,822) |
| (29,144) |
Book/tax differences from investments in real estate joint ventures | 18,965 |
| (7,127) |
| (19,048) |
Book/tax difference on sale of property | (24,177) |
| (49,003) |
| (14,181) |
Valuation adjustment of foreign currency contracts | 51 |
| 142 |
| 2,537 |
Other book/tax differences, net | 5,892 |
| (5,219) |
| 6,773 |
Adjusted taxable income subject to 90% dividend requirements | $337,498 |
| $318,297 |
| $291,366 |
Certain amounts in the prior periods have been reclassified to conform to the current year presentation.
(a) —- All adjustments to “GAAP"GAAP net income from REIT operations”operations" are net of amounts attributable to minority interest and taxable REIT subsidiaries.
Reconciliation between Cash Dividends Paid and Dividends Paid Deductions (in thousands):
For the years ended December 31, 20062007 and 20042006 cash dividends paid exceeded the dividends paid deduction and amounted to $333,111$384,502 and $265,254,$332,552, respectively. For the year ended December 31, 2005, cash dividends paid were equal to the dividend paid deduction and amounted to $293,345.
119
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Characterization of Distributions:
The following characterizes distributions paid for the years ended December 31, 2007, 2006, 2005 and 2004,2005, (in thousands):
| 2006 | 2005 | 2004 | ||||||||||||||||||||||
| Preferred Dividends | ||||||||||||||||||||||||
| Ordinary income | $ | 8,200 | 70 | % | $ | 10,009 | 86 | % | $ | 11,638 | 100 | % | ||||||||||||
| Capital gain | 3,438 | 30 | % | 1,629 | 14 | % | — | — | ||||||||||||||||
| $ | 11,638 | 100 | % | $ | 11,638 | 100 | % | $ | 11,638 | 100 | % | |||||||||||||
116
| 2007 |
|
|
| 2006 |
|
|
| 2005 |
|
|
Preferred Dividends |
|
|
|
|
|
|
|
|
|
|
|
Ordinary income | $ 7,123 |
| 61% |
| $ 8,200 |
| 70% |
| $10,009 |
| 86% |
Capital gain | 4,515 |
| 39% |
| 3,438 |
| 30% |
| 1,629 |
| 14% |
| $11,638 |
| 100% |
| $11,638 |
| 100% |
| $11,638 |
| 100% |
|
|
|
|
|
|
|
|
|
|
|
|
Common Dividends |
|
|
|
|
|
|
|
|
|
|
|
Ordinary income | $207,587 |
| 56% |
| $211,803 |
| 66% |
| $242,268 |
| 86% |
Capital gain | 131,558 |
| 35% |
| 89,856 |
| 28% |
| 39,439 |
| 14% |
Return of capital | 33,719 |
| 9% |
| 19,255 |
| 6% |
| - |
| - |
| $372,864 |
| 100% |
| $320,914 |
| 100% |
| $281,707 |
| 100% |
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends distributed | $384,502 |
|
|
| $332,552 |
|
|
| $293,345 |
|
|
| 2006 | 2005 | 2004 | ||||||||||||||||||||||
| Common Dividends | ||||||||||||||||||||||||
| Ordinary income | $ | 211,803 | 66 | % | $ | 242,268 | 86 | % | $ | 210,501 | 83 | % | ||||||||||||
| Capital gain | 89,856 | 28 | % | 39,439 | 14 | % | — | — | ||||||||||||||||
| Return of capital | 19,255 | 6 | % | — | — | 43,115 | 17 | % | ||||||||||||||||
| $ | 320,914 | 100 | % | $ | 281,707 | 100 | % | $ | 253,616 | 100 | % | |||||||||||||
| Total dividends distributed | $ | 332,552 | $ | 293,345 | $ | 265,254 | ||||||||||||||||||
The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services (“KRS”("KRS"), a wholly owned subsidiary of the Company and the consolidated entities of FNC, Kimsouth and Blue Ridge Real Estate Company/Big Boulder Corporation.
Income taxes have been provided for on the asset and liability method as required by SFAS No. 109, Accounting for Income Taxes. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of the TRS assets and liabilities.
The Company’s taxable income for book purposes and provision for income taxes relating to the Company’s TRS and taxable entities which have been consolidated for accounting reporting purposes, for the years ended December 31, 2007, 2006, 2005 and 2004,2005, are summarized as follows (in thousands):
| 2006 | 2005 | 2004 | ||||||||||
| Income before income taxes | $ | 54,522 | $ | 32,920 | $ | 27,716 | ||||||
| Less provision for income taxes: | ||||||||||||
| Federal | 17,581 | 9,446 | 6,939 | |||||||||
| State and local | 3,146 | 1,808 | 1,381 | |||||||||
| Total tax provision | 20,727 | 11,254 | 8,320 | |||||||||
| GAAP net income from taxable REIT subsidiaries | $ | 33,795 | $ | 21,666 | $ | 19,396 | ||||||
| 2007 |
| 2006 |
| 2005 |
|
|
|
|
|
|
Income before income taxes | $109,057 |
| $54,522 |
| $32,920 |
Less provision for income taxes: |
|
|
|
|
|
Federal | 6,565 |
| 17,581 |
| 9,446 |
State and local | 3,950 |
| 3,146 |
| 1,808 |
Total tax provision | 10,515 |
| 20,727 |
| 11,254 |
|
|
|
|
|
|
GAAP net income from taxable REIT subsidiaries | $ 98,542 |
| $33,795 |
| $21,666 |
The Company’s deferred tax assets and liabilities at December 31, 20062007 and 2005,2006, were as follows (in millions)thousands):
| 2006 | 2005 | |||||||
| Deferred tax assets: | ||||||||
| Operating losses | $ | 97.3 | $ | 59.4 | ||||
| Other | 17.3 | 16.3 | ||||||
| Valuation allowance | (68.0 | ) | (33.8 | ) | ||||
| Total deferred tax assets | 46.6 | 41.9 | ||||||
| Deferred tax liabilities | (8.6 | ) | (12.8 | ) | ||||
| Net deferred tax assets | $ | 38.0 | $ | 29.1 | ||||
| 2007 |
| 2006 |
Deferred tax assets: |
|
|
|
Operating losses | $ 64,728 |
| $ 97,288 |
Other | 19,163 |
| 17,258 |
Valuation allowance | (36,826) |
| (68,018) |
Total deferred tax assets | 47,065 |
| 46,528 |
|
|
|
|
Deferred tax liabilities | (11,663) |
| (8,571) |
|
|
|
|
Net deferred tax assets | $ 35,402 |
| $ 37,957 |
Deferred tax assets and deferred tax liabilities are included in the caption Other assets and Other liabilities on the accompanying Consolidated Balance Sheets at December 31, 20062007 and 2005.2006. Operating losses and the valuation allowance are due to the Company’s consolidation of FNC and Kimsouth for accounting and reporting purposes. At December 31, 2006,2007, FNC had approximately $138.4$128.1 million of net operating loss carry forwards that expire from 2022 through 2025, with a tax value of approximately $54.0$50.0 million. A valuation allowance of $33.8 million has been established for a portion of these deferred tax assets. At December 31, 2006,2007, Kimsouth had approximately $111.1$37.9 million of net operating loss carrying forwards that expire from 2021 to 2023, with a tax value of approximately $43.3$14.8 million. A valuation allowance for $34.2$3.1 million has been established for a portion of these deferred tax assets. Other deferred tax assets and deferred tax liabilities relate primarily to differences in the timing of the recognition of income/(loss) between the GAAP and tax basis of accounting for (i) real estate joint ventures, (ii) other real estate investments, and (iii) other deductible temporary differences. The Company believes that, based on its operating strategy and consistent history of profitability, it is more likely than not that the net deferred tax assets of $38.0$35.4 million will be realized on future tax
117
KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The income tax provision differs from the amount computed by applying the statutory federal income tax rate to taxable income before income taxes as follows (in thousands):
| 2006 | 2005 | 2004 | ||||||||||
| Federal provision at statutory tax rate (35%) | $ | 19,083 | $ | 11,522 | $ | 9,700 | ||||||
| State and local taxes, net of federal benefit | 3,544 | 2,140 | 1,801 | |||||||||
| Other | (1,900 | ) | (2,408 | ) | (3,181 | ) | ||||||
| $ | 20,727 | $ | 11,254 | $ | 8,320 | |||||||
| 2007 |
| 2006 |
| 2005 |
|
|
|
|
|
|
Federal provision at statutory tax rate (35%) | $38,170 |
| $19,083 |
| $11,522 |
State and local taxes, net of federal Benefit | 7,089 |
| 3,544 |
| 2,140 |
Other | (3,552) |
| (1,900) |
| (2,408) |
Valuation allowance decrease | (31,192) |
| - |
| - |
| $10,515 |
| $20,727 |
| $11,254 |
23.Supplemental Financial Information:
The following represents the results of operations, expressed in thousands except per share amounts, for each quarter during the years 2007 and 2006:
| 2007 (Unaudited) | |||
| Mar. 31 | June 30 | Sept. 30 | Dec. 31 |
|
|
|
|
|
Revenues from rental property(1) | $158,020 | $170,094 | $173,712 | $179,727 |
|
|
|
|
|
Net income | $153,764 | $128,022 | $78,005 | $83,039 |
|
|
|
|
|
Net income per common share: |
|
|
|
|
Basic | $.60 | $.50 | $.30 | $.28 |
Diluted | $.59 | $.49 | $.29 | $.28 |
| 2006 (Unaudited) | |||
| Mar. 31 | June 30 | Sept. 30 | Dec. 31 |
|
|
|
|
|
Revenues from rental property(1) | $136,838 | $145,907 | $149,124 | $155,678 |
|
|
|
|
|
Net income | $96,195 | $108,738 | $91,427 | $131,899 |
|
|
|
|
|
Net income per common share: |
|
|
|
|
Basic | $.41 | $.44 | $.37 | $.52 |
Diluted | $.40 | $.43 | $.36 | $.51 |
(1) All periods have been adjusted to reflect the impact of operating properties sold during 2007 and 2006 and 2005:
| 2006 (Unaudited) | ||||||||||||||||
| Mar. 31 | June 30 | Sept. 30 | Dec. 31 | |||||||||||||
| Revenues from rental property (1) | $ | 138,107 | $ | 147,847 | $ | 150,673 | $ | 157,253 | ||||||||
| Net income | $ | 96,195 | $ | 108,738 | $ | 91,427 | $ | 131,899 | ||||||||
| Net income per common share: | ||||||||||||||||
| Basic | $ | .41 | $ | .44 | $ | .37 | $ | .52 | ||||||||
| Diluted | $ | .40 | $ | .43 | $ | .36 | $ | .51 | ||||||||
| 2005 (Unaudited) | ||||||||||||||||
| Mar. 31 | June 30 | Sept. 30 | Dec. 31 | |||||||||||||
| Revenues from rental property (1) | $ | 124,916 | $ | 122,443 | $ | 125,803 | $ | 132,396 | ||||||||
| Net income | $ | 86,780 | $ | 83,837 | $ | 85,343 | $ | 107,668 | ||||||||
| Net income per common share: | ||||||||||||||||
| Basic | $ | .37 | $ | .36 | $ | .36 | $ | .46 | ||||||||
| Diluted | $ | .37 | $ | .35 | $ | .36 | $ | .44 | ||||||||
Accounts and notes receivable in the accompanying Consolidated Balance Sheets net of estimated unrecoverable amounts, were approximately $9.0 million and $8.5 million at December 31, 2007 and 2006, and 2005.
24.Pro Forma Financial Information (Unaudited):
As discussed in Notes 3, 4 and 5, the Company and certain of its subsidiaries acquired and disposed of interests in certain operating properties during 2006.2007. The pro forma financial information set forth below is based upon the Company’sCompany's historical Consolidated Statements of Income for the years ended December 31, 20062007 and 2005,2006, adjusted to give effect to these transactions at the beginning of each year.
The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of operations for future periods. (Amounts presented in millions, except per share figures.)
118
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
| Year ended December 31, | ||
| 2007 |
| 2006 |
|
|
|
|
Revenues from rental property | $719.7 |
| $655.3 |
Income before extraordinary gain | $347.6 |
| $322.2 |
Net income | $397.8 |
| $322.2 |
|
|
|
|
Net income before extraordinary gain per common share: |
|
|
|
Basic | $1.30 |
| $1.30 |
Diluted | $1.28 |
| $1.27 |
|
|
|
|
Net income per common share: |
|
|
|
Basic | $1.50 |
| $1.30 |
Diluted | $1.47 |
| $1.27 |
| Year ended December 31, | ||||||||
| 2006 | 2005 | |||||||
| Revenues from rental property | $ | 630.5 | $ | 601.0 | ||||
| Net income | $ | 316.1 | $ | 247.6 | ||||
| Net income per common share: | ||||||||
| Basic | $ | 1.27 | $ | 1.04 | ||||
| Diluted | $ | 1.24 | $ | 1.02 | ||||
119
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
For Years Ended December 31, 2007, 2006 2005 and 2004
2005
(in thousands)
|
| Balance at | Charged | Adjustments | Deductions | Balance at |
Year Ended December 31, 2007 |
|
|
|
|
|
|
Allowance for uncollectable accounts |
| $8,500 | $ 614 | $ - | ($ 114) | $ 9,000 |
|
|
|
|
|
|
|
Allowance for deferred tax asset |
| $68,018 | $ - | ($31,192) | $ - | $36,826 |
|
|
|
|
|
|
|
Year Ended December 31, 2006 |
|
|
|
|
|
|
Allowance for uncollectable accounts |
| $8,500 | $ 715 | $ - | ($ 715) | $ 8,500 |
|
|
|
|
|
|
|
Allowance for deferred tax asset |
| $33,783 | $ - | $34,235 | $ - | $68,018 |
|
|
|
|
|
|
|
Year Ended December 31, 2005 |
|
|
|
|
|
|
Allowance for uncollectable accounts |
| $8,650 | $1,296 | $ - | ($1,446) | $ 8,500 |
|
|
|
|
|
|
|
Allowance for deferred tax asset |
| $ - | $ - | $33,783 | $ - | $33,783 |
| Adjustments | ||||||||||||||||||||
| Balance at | Charged | to | ||||||||||||||||||
| beginning of | to | valuation | Balance at end | |||||||||||||||||
| period | expenses | accounts | Deductions | of period | ||||||||||||||||
| Year Ended December 31, 2006 Allowance for uncollectable accounts | $ | 8,500 | $ | 715 | $ | — | ($715 | ) | $ | 8,500 | ||||||||||
| Allowance for deferred tax asset | $ | 33,783 | $ | — | $ | 34,235 | $ | — | $ | 68,018 | ||||||||||
| Year Ended December 31, 2005 Allowance for uncollectable accounts | $ | 8,650 | $ | 1,296 | $ | — | ($1,446 | ) | $ | 8,500 | ||||||||||
| Allowance for deferred tax asset | $ | — | $ | — | $ | 33,783 | $ | — | $ | 33,783 | ||||||||||
| Year Ended December 31, 2004 Allowance for uncollectable accounts | $ | 9,650 | $ | 1,335 | $ | — | ($2,335 | ) | $ | 8,650 | ||||||||||
120
KIMCO REALTY CORPORATION AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 20062007
| INITIAL COST |
|
|
|
|
|
|
|
| |
PROPERTIES | LAND | BUILDING | SUBSEQUENT | LAND | BUILDING | TOTAL | ACCUMULATED | TOTAL COST, | ENCUMBRANCES | DATE OF |
|
|
|
|
|
|
|
|
|
|
|
KDI-GLENN SQUARE | 3,306,779 | - | 30,179,625 | 3,306,779 | 30,179,625 | 33,486,404 | - | 33,486,404 |
| 2006(C) |
HOOVER | 279,106 | 7,735,873 | - | 279,106 | 7,735,873 | 8,014,979 | 1,586,999 | 6,427,980 |
| 1999(A) |
KDI-THE GROVE | 18,951,763 | 6,403,809 | - | 18,951,763 | 6,403,809 | 25,355,572 | - | 25,355,572 | 20,576,767 | 2007(C) |
KDI-CHANDLER AUTO MALLS | 9,318,595 | - | 4,167,140 | 10,349,707 | 3,136,028 | 13,485,735 | - | 13,485,735 |
| 2004(C) |
TALAVI TOWN CENTER | 8,046,677 | 17,016,784 | - | 8,046,677 | 17,016,784 | 25,063,461 | 4,925,374 | 20,138,087 |
| 2007(A) |
KIMCO MESA 679, INC. AZ | 2,915,000 | 11,686,291 | 1,678,931 | 2,915,000 | 13,365,222 | 16,280,222 | 3,294,369 | 12,985,853 |
| 1998(A) |
MESA RIVERVIEW | 15,000,000 | - | 114,236,601 | 750,000 | 128,486,601 | 129,236,601 | 1,100,000 | 128,136,601 |
| 2005(C) |
KDI-ANA MARIANA POWER CENTER | 30,043,645 | - | 1,425,411 | 30,043,645 | 1,425,411 | 31,469,056 | - | 31,469,056 | 23,505,135 | 2006(C) |
METRO SQUARE | 4,101,017 | 16,410,632 | 870,871 | 4,101,017 | 17,281,503 | 21,382,520 | 4,941,165 | 16,441,355 |
| 1998(A) |
HAYDEN PLAZA NORTH | 2,015,726 | 4,126,509 | 5,448,097 | 2,015,726 | 9,574,606 | 11,590,332 | 1,969,976 | 9,620,356 |
| 1998(A) |
PHOENIX, COSTCO | 5,324,501 | 21,269,943 | 6,348,938 | 5,324,501 | 27,618,882 | 32,943,382 | 5,212,518 | 27,730,864 |
| 1998(A) |
PHOENIX | 2,450,341 | 9,802,046 | 683,405 | 2,450,341 | 10,485,451 | 12,935,792 | 2,839,759 | 10,096,033 |
| 1997(A) |
KDI-ASANTE RETAIL CENTER | 8,702,635 | - | 10,576,838 | 15,178,232 | 4,101,241 | 19,279,473 | - | 19,279,473 | 11,112,252 | 2004(C) |
ALHAMBRA, COSTCO | 4,995,639 | 19,982,557 | 42,891 | 4,995,639 | 20,025,448 | 25,021,087 | 4,950,683 | 20,070,404 |
| 1998(A) |
MADISON PLAZA | 5,874,396 | 23,476,190 | 262,248 | 5,874,396 | 23,738,439 | 29,612,834 | 5,818,218 | 23,794,616 |
| 1998(A) |
CHULA VISTA, COSTCO | 6,460,743 | 25,863,153 | 11,674,917 | 6,460,743 | 37,538,070 | 43,998,813 | 7,129,071 | 36,869,742 |
| 1998(A) |
CORONA HILLS, COSTCO | 13,360,965 | 53,373,453 | 1,971,945 | 13,360,965 | 55,345,398 | 68,706,363 | 13,419,862 | 55,286,501 |
| 1998(A) |
EAST AVENUE MARKET PLACE | 1,360,457 | 3,055,127 | 221,550 | 1,360,457 | 3,276,677 | 4,637,134 | 1,694,571 | 2,942,563 | 2,162,350 | 2006(A) |
LABAND VILLAGE SC | 5,600,000 | 11,709,367 | 1,644,132 | 5,600,000 | 13,353,500 | 18,953,500 | 1,378,872 | 17,574,628 | 9,213,957 | 2005(A) |
CUPERTINO VILLAGE | 19,886,099 | 46,534,919 | 4,456,725 | 19,886,099 | 50,991,644 | 70,877,744 | 9,618,657 | 61,259,086 | 37,092,346 | 2006(A) |
CHICO CROSSROADS | 9,975,810 | 30,538,372 | - | 9,975,810 | 30,538,372 | 40,514,182 | 1,178,319 | 39,335,863 | 25,372,802 | 2007(A) |
CORONA HILLS MARKETPLACE | 9,727,446 | 24,778,390 | - | 9,727,446 | 24,778,390 | 34,505,836 | 503,094 | 34,002,743 |
| 2007(A) |
ELK GROVE VILLAGE | 1,770,000 | 7,470,136 | 624,282 | 1,770,000 | 8,094,418 | 9,864,417 | 3,685,604 | 6,178,813 | 2,279,310 | 2006(A) |
WATERMAN PLAZA | 784,851 | 1,762,508 | 122,050 | 784,851 | 1,884,557 | 2,669,409 | 977,601 | 1,691,807 | 1,556,503 | 2006(A) |
GOLD COUNTRY CENTER | 3,272,212 | 7,864,878 | 0 | 3,272,212 | 7,864,878 | 11,137,090 | 561,544 | 10,575,546 | 7,144,447 | 2007(A) |
LA MIRADA THEATRE CENTER | 8,816,741 | 35,259,965 | (7,736,043) | 6,888,680 | 29,451,983 | 36,340,663 | 6,935,842 | 29,404,821 |
| 1998(A) |
YOSEMITE NORTH SHOPPING CTR | 2,120,247 | 4,761,355 | 564,711 | 2,120,247 | 5,326,066 | 7,446,312 | 1,389,508 | 6,056,804 |
| 2006(A) |
RALEY'S UNION SQUARE | 1,185,909 | 2,663,149 | 215,617 | 1,185,909 | 2,878,766 | 4,064,675 | 1,004,180 | 3,060,495 |
| 2006(A) |
SOUTH NAPA MARKET PLACE | 1,100,000 | 22,159,086 | 6,812,402 | 1,100,000 | 28,971,488 | 30,071,488 | 2,993,589 | 27,077,898 |
| 2006(A) |
PLAZA DI NORTHRIDGE | 12,900,000 | 40,574,842 | 6,563,870 | 12,900,000 | 47,138,712 | 60,038,712 | 5,180,526 | 54,858,186 | 29,405,832 | 2005(A) |
POWAY CITY CENTRE | 5,854,585 | 13,792,470 | 7,597,380 | 7,247,814 | 19,996,622 | 27,244,435 | 2,090,677 | 25,153,758 |
| 2005(A) |
NORTH POINT PLAZA | 1,299,733 | 2,918,760 | 246,929 | 1,299,733 | 3,165,689 | 4,465,422 | 1,624,024 | 2,841,398 |
| 2006(A) |
RED BLUFF SHOPPING CTR | 1,410,936 | 3,168,485 | 258,380 | 1,410,936 | 3,426,866 | 4,837,802 | 1,198,409 | 3,639,393 |
| 2006(A) |
TYLER STREET | 3,020,883 | 7,746,659 | (0) | 3,020,883 | 7,746,659 | 10,767,542 | 730,903 | 10,036,639 | 6,877,365 | 2007(A) |
THE CENTRE | 3,403,724 | 13,625,899 | 244,311 | 3,403,724 | 13,870,210 | 17,273,934 | 2,892,184 | 14,381,750 | 6,976,527 | 1999(A) |
SANTA ANA, HOME DEPOT | 4,592,364 | 18,345,257 | 0 | 4,592,364 | 18,345,257 | 22,937,622 | 4,515,769 | 18,421,853 |
| 1998(A) |
FULTON MARKET PLACE | 2,966,018 | 6,920,710 | 690,689 | 2,966,018 | 7,611,398 | 10,577,417 | 937,097 | 9,640,319 |
| 2005(A) |
MARIGOLD SC | 15,300,000 | 25,563,978 | 3,654,408 | 15,300,000 | 29,218,386 | 44,518,386 | 4,059,291 | 40,459,095 | 18,018,337 | 2005(A) |
BLACK MOUNTAIN VILLAGE | 4,678,015 | 11,913,344 | - | 4,678,015 | 11,913,344 | 16,591,359 | 599,941 | 15,991,418 |
| 2007(A) |
TRUCKEE CROSSROADS | 2,140,000 | 8,255,753 | 462,340 | 2,140,000 | 8,718,093 | 10,858,093 | 2,912,814 | 7,945,279 | 4,154,420 | 2006(A) |
WESTLAKE SHOPPING CENTER | 16,174,307 | 64,818,562 | 81,619,961 | 16,174,307 | 146,438,523 | 162,612,830 | 9,508,250 | 153,104,579 |
| 2002(A) |
VILLAGE ON THE PARK | 2,194,463 | 8,885,987 | 5,276,698 | 2,194,463 | 14,162,685 | 16,357,148 | 2,440,382 | 13,916,765 |
| 1998(A) |
AURORA QUINCY | 1,148,317 | 4,608,249 | 243,297 | 1,148,317 | 4,851,546 | 5,999,863 | 1,207,706 | 4,792,157 |
| 1998(A) |
AURORA EAST BANK | 1,500,568 | 6,180,103 | 400,565 | 1,500,568 | 6,580,668 | 8,081,236 | 1,621,829 | 6,459,407 |
| 1998(A) |
SPRING CREEK COLORADO | 1,423,260 | 5,718,813 | 34,594 | 1,423,260 | 5,753,406 | 7,176,667 | 1,471,062 | 5,705,604 |
| 1998(A) |
DENVER WEST 38TH STREET | 161,167 | 646,983 | (0) | 161,167 | 646,983 | 808,150 | 164,490 | 643,661 |
| 1998(A) |
ENGLEWOOD PHAR MOR | 805,837 | 3,232,650 | 137,553 | 805,837 | 3,370,204 | 4,176,040 | 840,399 | 3,335,641 |
| 1998(A) |
FORT COLLINS | 1,253,497 | 7,625,278 | 1,599,608 | 1,253,497 | 9,224,886 | 10,478,382 | 1,533,186 | 8,945,196 | 2,596,503 | 2000(A) |
HERITAGE WEST | 1,526,576 | 6,124,074 | 141,245 | 1,526,576 | 6,265,319 | 7,791,895 | 1,582,450 | 6,209,444 |
| 1998(A) |
WEST FARM SHOPPING CENTER | 5,805,969 | 23,348,024 | 498,278 | 5,805,969 | 23,846,302 | 29,652,271 | 5,729,201 | 23,923,070 |
| 1998(A) |
FARMINGTON PLAZA | 433,713 | 1,211,800 | 1,635,657 | 433,713 | 2,847,457 | 3,281,170 | 116,216 | 3,164,954 | 453,851 | 2005(A) |
N.HAVEN, HOME DEPOT | 7,704,968 | 30,797,640 | 472,418 | 7,704,968 | 31,270,058 | 38,975,026 | 7,590,198 | 31,384,829 |
| 1998(A) |
SOUTHINGTON PLAZA | 376,256 | 1,055,168 | 292,292 | 376,256 | 1,347,460 | 1,723,716 | 49,735 | 1,673,980 | 453,851 | 2005(A) |
WATERBURY | 2,253,078 | 9,017,012 | 344,937 | 2,253,078 | 9,361,949 | 11,615,027 | 3,339,654 | 8,275,373 |
| 1993(A) |
DOVER | 122,741 | 66,738 | 4,808,264 | 3,024,375 | 1,973,368 | 4,997,743 | 1,579 | 4,996,164 |
| 2003(A) |
ELSMERE | - | 3,185,642 | (0) | - | 3,185,642 | 3,185,642 | 3,185,642 | 0 |
| 1979(C) |
ALTAMONTE SPRINGS | 770,893 | 3,083,574 | 167,155 | 770,893 | 3,250,729 | 4,021,622 | 968,353 | 3,053,269 |
| 1995(A) |
BOCA RATON | 573,875 | 2,295,501 | 1,721,711 | 733,875 | 3,857,212 | 4,591,087 | 1,485,875 | 3,105,212 |
| 1992(A) |
BAYSHORE GARDENS, BRADENTON FL | 2,901,000 | 11,738,955 | 520,415 | 2,901,000 | 12,259,370 | 15,160,370 | 3,061,583 | 12,098,787 |
| 1998(A) |
BRADENTON PLAZA | 527,026 | 765,252 | 87,969 | 527,026 | 853,221 | 1,380,247 | 37,635 | 1,342,612 |
| 2005(A) |
CORAL SPRINGS | 710,000 | 2,842,907 | 3,275,003 | 710,000 | 6,117,910 | 6,827,910 | 1,797,196 | 5,030,714 |
| 1994(A) |
CORAL SPRINGS | 1,649,000 | 6,626,301 | 251,424 | 1,649,000 | 6,877,725 | 8,526,725 | 1,749,906 | 6,776,819 |
| 1997(A) |
CURLEW CROSSING S.C. | 5,315,955 | 12,529,467 | 1,182,820 | 5,315,955 | 13,712,288 | 19,028,242 | 1,248,369 | 17,779,873 |
| 2005(A) |
CLEARWATER FL | 3,627,946 | 918,466 | - | 3,627,946 | 918,466 | 4,546,411 | 7,560 | 4,538,851 |
| 2007(A) |
EAST ORLANDO | 491,676 | 1,440,000 | 2,939,953 | 1,007,882 | 3,863,747 | 4,871,629 | 2,371,276 | 2,500,353 |
| 1971(C) |
FERN PARK | 225,000 | 902,000 | 4,067,704 | 225,000 | 4,969,704 | 5,194,704 | 2,111,514 | 3,083,190 |
| 1968(C) |
REGENCY PLAZA | 2,410,000 | 9,671,160 | 396,139 | 2,410,000 | 10,067,299 | 12,477,299 | 2,093,834 | 10,383,466 |
| 1999(A) |
SHOPPES AT AMELIA CONCOURSE | 7,600,000 | - | 8,578,937 | 1,138,216 | 15,040,721 | 16,178,937 | - | 16,178,937 |
| 2003(C) |
| INITIAL COST |
|
|
|
|
|
|
|
| |
PROPERTIES | LAND | BUILDING | SUBSEQUENT | LAND | BUILDING | TOTAL | ACCUMULATED | TOTAL COST, | ENCUMBRANCES | DATE OF |
|
|
|
|
|
|
|
|
|
|
|
AVENUES WALKS | 26,984,546 | - | 18,701,233 | 33,920,717 | 11,765,062 | 45,685,779 | - | 45,685,779 |
| 2005(C) |
KISSIMMEE | 1,328,536 | 5,296,652 | (2,019,131) | 1,328,536 | 3,277,521 | 4,606,057 | 2,140,225 | 2,465,832 |
| 1996(A) |
LAUDERDALE LAKES | 342,420 | 2,416,645 | 3,586,346 | 416,833 | 5,928,578 | 6,345,411 | 3,798,003 | 2,547,408 |
| 1968(C) |
MERCHANTS WALK | 2,580,816 | 10,366,090 | 690,218 | 2,580,816 | 11,056,308 | 13,637,125 | 1,850,983 | 11,786,141 |
| 2001(A) |
LARGO | 293,686 | 792,119 | 1,226,847 | 293,686 | 2,018,966 | 2,312,652 | 1,769,051 | 543,600 |
| 1968(C) |
LEESBURG | - | 171,636 | 193,651 |
| 365,287 | 365,287 | 286,910 | 78,378 |
| 1969(C) |
LARGO EAST BAY | 2,832,296 | 11,329,185 | 1,527,169 | 2,832,296 | 12,856,354 | 15,688,650 | 5,715,472 | 9,973,178 |
| 1992(A) |
LAUDERHILL | 1,002,733 | 2,602,415 | 12,095,862 | 1,774,443 | 13,926,567 | 15,701,010 | 7,353,530 | 8,347,480 |
| 1974(C) |
THE GROVES | 1,676,082 | 6,533,681 | 930,164 | 2,606,246 | 6,533,681 | 9,139,927 | 580,553 | 8,559,375 |
| 2006(A) |
MELBOURNE | - | 1,754,000 | 3,061,746 | - | 4,815,746 | 4,815,746 | 2,448,672 | 2,367,075 |
| 1968(C) |
GROVE GATE | 365,893 | 1,049,172 | 1,207,100 | 365,893 | 2,256,272 | 2,622,165 | 1,757,235 | 864,930 |
| 1968(C) |
NORTH MIAMI | 732,914 | 4,080,460 | 10,773,730 | 732,914 | 14,854,190 | 15,587,104 | 6,437,887 | 9,149,217 |
| 1985(A) |
MILLER ROAD | 1,138,082 | 4,552,327 | 1,855,566 | 1,138,082 | 6,407,893 | 7,545,975 | 5,100,541 | 2,445,434 |
| 1986(A) |
MARGATE | 2,948,530 | 11,754,120 | 3,726,484 | 2,948,530 | 15,480,604 | 18,429,134 | 5,123,113 | 13,306,021 |
| 1993(A) |
MT. DORA | 1,011,000 | 4,062,890 | 139,971 | 1,011,000 | 4,202,861 | 5,213,861 | 1,102,942 | 4,110,919 |
| 1997(A) |
PLANTATION CROSSING | 7,524,800 | - | 17,444,009 | 7,312,496 | 17,656,313 | 24,968,809 | - | 24,968,809 |
| 2005(C) |
MILTON, FL | 1,275,593 | - | - | 1,275,593 | - | 1,275,593 | - | 1,275,593 |
| 2007(A) |
FLAGLER PARK | 26,162,980 | 80,737,041 | - | 26,162,980 | 80,737,041 | 106,900,021 | 2,521,151 | 104,378,870 |
| 2007(A) |
ORLANDO | 923,956 | 3,646,904 | 1,952,475 | 1,172,119 | 5,351,216 | 6,523,335 | 1,777,718 | 4,745,617 |
| 1995(A) |
RENAISSANCE CENTER | 9,104,379 | 36,540,873 | 4,890,546 | 9,122,758 | 41,413,040 | 50,535,798 | 11,485,945 | 39,049,853 |
| 1998(A) |
SAND LAKE | 3,092,706 | 12,370,824 | 1,761,715 | 3,092,706 | 14,132,539 | 17,225,245 | 4,755,399 | 12,469,846 |
| 1994(A) |
ORLANDO | 560,800 | 2,268,112 | 3,133,942 | 580,030 | 5,382,824 | 5,962,854 | 1,353,918 | 4,608,936 |
| 1996(A) |
OCALA | 1,980,000 | 7,927,484 | 6,136,835 | 1,980,000 | 14,064,319 | 16,044,319 | 2,986,996 | 13,057,323 |
| 1997(A) |
POMPANO BEACH | 97,169 | 874,442 | 1,816,086 | 247,843 | 2,539,854 | 2,787,697 | 1,526,033 | 1,261,665 |
| 1968(C) |
GONZALEZ | 1,617,564 | - | - | 1,617,564 | - | 1,617,564 | - | 1,617,564 |
| 2007(A) |
ST. PETERSBURG | - | 917,360 | 984,890 |
| 1,902,250 | 1,902,250 | 827,591 | 1,074,659 |
| 1968(C) |
TUTTLE BEE SARASOTA | 254,961 | 828,465 | 1,747,305 | 254,961 | 2,575,770 | 2,830,731 | 1,874,788 | 955,943 |
| 1970(C) |
SOUTH EAST SARASOTA | 1,283,400 | 5,133,544 | 3,417,895 | 1,399,525 | 8,435,314 | 9,834,839 | 3,624,219 | 6,210,620 |
| 1989(A) |
SANFORD | 1,832,732 | 9,523,261 | 5,865,590 | 1,832,732 | 15,388,851 | 17,221,583 | 7,027,374 | 10,194,210 |
| 1989(A) |
STUART | 2,109,677 | 8,415,323 | 610,198 | 2,109,677 | 9,025,521 | 11,135,198 | 3,051,419 | 8,083,779 |
| 1994(A) |
SOUTH MIAMI | 1,280,440 | 5,133,825 | 2,853,984 | 1,280,440 | 7,987,809 | 9,268,249 | 2,301,384 | 6,966,865 |
| 1995(A) |
TAMPA | 5,220,445 | 16,884,228 | 2,096,967 | 5,220,445 | 18,981,195 | 24,201,640 | 4,126,159 | 20,075,481 |
| 1997(A) |
VILLAGE COMMONS S.C. | 2,192,331 | 8,774,158 | 626,582 | 2,192,331 | 9,400,740 | 11,593,071 | 2,143,128 | 9,449,943 |
| 1998(A) |
MISSION BELL SHOPPING CENTER | 5,056,426 | 11,843,119 | 5,972,809 | 5,067,033 | 17,805,321 | 22,872,354 | 3,033,672 | 19,838,682 |
| 2004(A) |
WEST PALM BEACH | 550,896 | 2,298,964 | 1,142,075 | 550,896 | 3,441,039 | 3,991,935 | 915,569 | 3,076,366 |
| 1995(A) |
THE SHOPS AT WEST MELBOURNE | 2,200,000 | 8,829,541 | 4,317,932 | 2,200,000 | 13,147,473 | 15,347,473 | 2,888,068 | 12,459,405 |
| 1998(A) |
AUGUSTA | 1,482,564 | 5,928,122 | 2,176,418 | 1,482,564 | 8,104,540 | 9,587,104 | 2,139,467 | 7,447,637 |
| 1995(A) |
MARKET AT HAYNES BRIDGE | 4,880,659 | 21,074,606 | - | 4,880,659 | 21,074,606 | 25,955,265 | 1,202,200 | 24,753,065 | 15,731,504 | 2007(A) |
EMBRY VILLAGE | 18,147,054 | 32,919,287 | - | 18,147,054 | 32,919,287 | 51,066,341 | 1,086,168 | 49,980,173 | 31,081,683 | 2007(A) |
SAVANNAH | 2,052,270 | 8,232,978 | 1,224,028 | 2,052,270 | 9,457,006 | 11,509,276 | 3,450,826 | 8,058,450 |
| 1993(A) |
SAVANNAH | 652,255 | 2,616,522 | 2,003,023 | 652,256 | 4,619,545 | 5,271,800 | 921,903 | 4,349,897 |
| 1995(A) |
CHATHAM PLAZA | 13,390,238 | 34,176,637 | - | 13,390,238 | 34,176,637 | 47,566,875 | 755,173 | 46,811,702 | 29,779,657 | 2007(A) |
KIHEI CENTER | 3,406,707 | 7,663,360 | 598,386 | 3,406,707 | 8,261,745 | 11,668,453 | 4,262,254 | 7,406,199 |
| 2006(A) |
CLIVE | 500,525 | 2,002,101 | (0) | 500,525 | 2,002,101 | 2,502,626 | 611,754 | 1,890,872 |
| 1996(A) |
KDI-METRO CROSSING | 3,013,647 | - | 11,935,150 | 2,294,414 | 12,654,383 | 14,948,797 | - | 14,948,797 | 5,314,614 | 2006(C) |
SOUTHDALE SHOPPING CENTER | 1,720,330 | 6,916,294 | 3,029,374 | 1,720,330 | 9,945,668 | 11,665,998 | 1,776,463 | 9,889,534 | 3,281,092 | 1999(A) |
DES MOINES | 500,525 | 2,559,019 | 37,079 | 500,525 | 2,596,098 | 3,096,623 | 772,126 | 2,324,497 |
| 1996(A) |
DUBUQUE | - | 2,152,476 | 10,848 |
| 2,163,324 | 2,163,324 | 561,860 | 1,601,464 |
| 1997(A) |
WATERLOO | 500,525 | 2,002,101 | 2,869,100 | 500,525 | 4,871,201 | 5,371,726 | 1,329,024 | 4,042,701 |
| 1996(A) |
NAMPA (HORSHAM) FUTURE DEV. | 6,501,240 | - | 9,818,321 | 10,874,179 | 5,445,382 | 16,319,561 | - | 16,319,561 | 10,057,969 | 2005(C) |
ALTON, BELTLINE HWY | 329,532 | 1,987,981 | 59,935 | 329,532 | 2,047,916 | 2,377,448 | 489,489 | 1,887,959 |
| 1998(A) |
AURORA, N. LAKE | 2,059,908 | 9,531,721 | 308,208 | 2,059,908 | 9,839,929 | 11,899,837 | 2,300,374 | 9,599,463 |
| 1998(A) |
BLOOMINGTON | 805,521 | 2,222,353 | 5,238,917 | 805,521 | 7,461,270 | 8,266,791 | 4,401,413 | 3,865,378 |
| 1972(C) |
BELLEVILLE, WESTFIELD PLAZA | - | 5,372,253 | (0) | - | 5,372,253 | 5,372,253 | 1,297,029 | 4,075,224 |
| 1998(A) |
BRADLEY | 500,422 | 2,001,687 | 424,877 | 500,422 | 2,426,564 | 2,926,986 | 713,745 | 2,213,241 |
| 1996(A) |
CALUMET CITY | 1,479,217 | 8,815,760 | 13,397,758 | 1,479,216 | 22,213,519 | 23,692,735 | 2,943,371 | 20,749,363 |
| 1997(A) |
COUNTRYSIDE | - | 4,770,671 | 1,137,295 | 1,101,670 | 4,806,296 | 5,907,966 | 1,218,402 | 4,689,564 |
| 1997(A) |
CHICAGO | - | 2,687,046 | 651,220 |
| 3,338,266 | 3,338,266 | 805,446 | 2,532,820 |
| 1997(A) |
CHAMPAIGN, NEIL ST. | 230,519 | 1,285,460 | 437,906 | 230,519 | 1,723,366 | 1,953,885 | 305,466 | 1,648,419 |
| 1998(A) |
ELSTON | 1,010,375 | 5,692,211 | 0 | 1,010,374 | 5,692,212 | 6,702,586 | 1,362,060 | 5,340,526 |
| 1997(A) |
S. CICERO | - | 1,541,560 | 149,202 |
| 1,690,762 | 1,690,762 | 442,879 | 1,247,883 |
| 1997(A) |
CRYSTAL LAKE, NW HWY | 179,964 | 1,025,811 | 120,440 | 180,269 | 1,145,946 | 1,326,215 | 268,358 | 1,057,857 |
| 1998(A) |
BUTTERFIELD SQUARE | 1,601,960 | 6,637,926 | (3,480,427) | 1,182,677 | 3,576,782 | 4,759,459 | 982,260 | 3,777,198 |
| 1998(A) |
DOWNERS PARK PLAZA | 2,510,455 | 10,164,494 | 638,196 | 2,510,455 | 10,802,690 | 13,313,145 | 2,538,307 | 10,774,839 |
| 1999(A) |
DOWNER GROVE | 811,778 | 4,322,956 | 1,716,869 | 811,778 | 6,039,824 | 6,851,603 | 1,466,958 | 5,384,645 |
| 1997(A) |
ELGIN | 842,555 | 2,108,674 | 2,154,406 | 842,555 | 4,263,080 | 5,105,635 | 2,962,357 | 2,143,278 |
| 1972(C) |
FOREST PARK | - | 2,335,884 | (0) |
| 2,335,884 | 2,335,884 | 614,178 | 1,721,706 |
| 1997(A) |
FAIRVIEW HTS, BELLVILLE RD. | - | 11,866,880 | 1,881,567 |
| 13,748,447 | 13,748,447 | 3,107,490 | 10,640,957 |
| 1998(A) |
GENEVA | 500,422 | 12,917,712 | 66,897 | 500,422 | 12,984,609 | 13,485,031 | 3,251,484 | 10,233,547 | 8,857,992 | 1996(A) |
LAKE ZURICH PLAZA | 233,698 | 1,265,023 | 169,197 | 233,698 | 1,434,219 | 1,667,918 | 22,646 | 1,645,272 |
| 2005(A) |
MATTERSON | 950,515 | 6,292,319 | 10,527,541 | 950,514 | 16,819,861 | 17,770,375 | 3,192,501 | 14,577,873 |
| 1997(A) |
MT. PROSPECT | 1,017,345 | 6,572,176 | 3,557,866 | 1,017,345 | 10,130,041 | 11,147,387 | 2,380,106 | 8,767,280 |
| 1997(A) |
MUNDELEIN, S. LAKE | 1,127,720 | 5,826,129 | 77,350 | 1,129,634 | 5,901,565 | 7,031,199 | 1,409,976 | 5,621,223 |
| 1998(A) |
| INITIAL COST |
|
|
|
|
|
|
|
| |
PROPERTIES | LAND | BUILDING | SUBSEQUENT | LAND | BUILDING | TOTAL | ACCUMULATED | TOTAL COST, | ENCUMBRANCES | DATE OF |
|
|
|
|
|
|
|
|
|
|
|
NORRIDGE | - | 2,918,315 | (0) |
| 2,918,315 | 2,918,315 | 761,666 | 2,156,649 |
| 1997(A) |
NAPERVILLE | 669,483 | 4,464,998 | 70,677 | 669,483 | 4,535,675 | 5,205,158 | 1,132,536 | 4,072,622 |
| 1997(A) |
OTTAWA | 137,775 | 784,269 | 700,540 | 137,775 | 1,484,809 | 1,622,584 | 978,175 | 644,409 |
| 1970(C) |
ORLAND PARK, S. HARLEM | 476,972 | 2,764,775 | 1,233,171 | 476,972 | 3,997,945 | 4,474,918 | 845,535 | 3,629,382 |
| 1998(A) |
OAK LAWN | 1,530,111 | 8,776,631 | 539,848 | 1,530,111 | 9,316,479 | 10,846,590 | 2,277,952 | 8,568,638 | 13,952,147 | 1997(A) |
OAKBROOK TERRACE | 1,527,188 | 8,679,108 | 2,972,827 | 1,527,188 | 11,651,935 | 13,179,123 | 2,551,672 | 10,627,451 |
| 1997(A) |
PEORIA | - | 5,081,290 | 2,381,722 |
| 7,463,012 | 7,463,012 | 1,642,339 | 5,820,673 |
| 1997(A) |
FREESTATE BOWL | 252,723 | 998,099 | (0) | 252,723 | 998,099 | 1,250,822 | 347,694 | 903,128 |
| 2003(A) |
ROCKFORD CROSSING | 4,556,176 | 11,603,061 | - | 4,556,176 | 11,603,061 | 16,159,236 | - | 16,159,236 | 11,512,228 | 2007(A) |
ROUND LAKE BEACH PLAZA | 790,129 | 1,634,148 | 529,045 | 790,129 | 2,163,193 | 2,953,322 | 65,642 | 2,887,680 |
| 2005(A) |
SKOKIE | - | 2,276,360 | 9,488,382 | 2,628,440 | 9,136,303 | 11,764,742 | 1,578,627 | 10,186,116 | 7,345,176 | 1997(A) |
KRC STREAMWOOD | 181,962 | 1,057,740 | 181,885 | 181,962 | 1,239,624 | 1,421,587 | 278,783 | 1,142,803 |
| 1998(A) |
WOODGROVE FESTIVAL | 5,049,149 | 20,822,993 | 2,100,007 | 5,049,149 | 22,923,000 | 27,972,149 | 5,500,088 | 22,472,061 |
| 1998(A) |
WAUKEGAN | 203,427 | 1,161,847 | 37,012 | 203,772 | 1,198,514 | 1,402,286 | 271,284 | 1,131,002 |
| 1998(A) |
WAUKEGAN PLAZA | 349,409 | 883,975 | 276,202 | 349,409 | 1,160,177 | 1,509,586 | 12,609 | 1,496,977 |
| 2005(A) |
PLAZA EAST | 1,236,149 | 4,944,597 | 2,820,843 | 1,140,849 | 7,860,740 | 9,001,589 | 2,153,485 | 6,848,105 |
| 1995(A) |
GREENWOOD | 423,371 | 1,883,421 | 1,935,968 | 584,445 | 3,658,315 | 4,242,760 | 2,556,337 | 1,686,423 |
| 1970(C) |
GRIFFITH | - | 2,495,820 | 981,912 | 1,001,100 | 2,476,632 | 3,477,732 | 657,512 | 2,820,219 |
| 1997(A) |
LAFAYETTE | 230,402 | 1,305,943 | 169,272 | 230,402 | 1,475,215 | 1,705,617 | 1,354,454 | 351,163 |
| 1971(C) |
LAFAYETTE | 812,810 | 3,252,269 | 4,093,726 | 2,379,198 | 5,779,607 | 8,158,805 | 1,256,263 | 6,902,541 |
| 1997(A) |
KIMCO LAFAYETTE MARKET PLACE | 4,184,000 | 16,752,165 | 243,806 | 4,184,000 | 16,995,971 | 21,179,971 | 4,268,307 | 16,911,664 |
| 1998(A) |
KRC MISHAWAKA 895 | 378,088 | 1,999,079 | 642 | 378,730 | 1,999,079 | 2,377,809 | 481,830 | 1,895,979 |
| 1998(A) |
MERRILLVILLE PLAZA | 197,415 | 765,630 | 219,832 | 197,415 | 985,462 | 1,182,877 | 13,444 | 1,169,433 |
| 2005(A) |
SOUTH BEND, S. HIGH ST. | 183,463 | 1,070,401 | 196,857 | 183,463 | 1,267,258 | 1,450,721 | 282,015 | 1,168,706 |
| 1998(A) |
OVERLAND PARK | 1,183,911 | 6,335,308 | 142,374 | 1,185,906 | 6,475,686 | 7,661,593 | 1,521,597 | 6,139,995 |
| 1998(A) |
BELLEVUE | 405,217 | 1,743,573 | 154,924 | 405,217 | 1,898,497 | 2,303,714 | 1,793,435 | 510,279 |
| 1976(A) |
LEXINGTON | 1,675,031 | 6,848,209 | 5,218,774 | 1,551,079 | 12,190,935 | 13,742,014 | 4,305,090 | 9,436,924 |
| 1993(A) |
PADUCAH MALL, KY | - | 924,085 | 0 |
| 924,085 | 924,085 | 311,638 | 612,447 |
| 1998(A) |
HAMMOND AIR PLAZA | 3,813,873 | 15,260,609 | 1,832,781 | 3,813,873 | 17,093,391 | 20,907,263 | 4,486,593 | 16,420,670 |
| 1997(A) |
KIMCO HOUMA 274, LLC | 1,980,000 | 7,945,784 | 204,887 | 1,980,000 | 8,150,671 | 10,130,671 | 1,691,290 | 8,439,380 |
| 1999(A) |
CENTRE AT WESTBANK | 9,417,685 | 23,983,705 | - | 9,417,685 | 23,983,705 | 33,401,390 | - | 33,401,390 | 21,707,772 | 2007(A) |
LAFAYETTE | 2,115,000 | 8,508,218 | 9,415,321 | 3,678,274 | 16,360,265 | 20,038,539 | 3,818,939 | 16,219,601 |
| 1997(A) |
111-115 NEWBURY | 3,551,989 | 10,819,763 | - | 3,551,989 | 10,819,763 | 14,371,752 | - | 14,371,752 |
| 2007(A) |
493-495 COMMONWEALTH AVENUE | 1,151,947 | 5,798,705 | - | 1,151,947 | 5,798,705 | 6,950,652 | - | 6,950,652 |
| 2007(A) |
127-129 NEWBURY LLC | 2,947,063 | 8,841,188 | - | 2,947,063 | 8,841,188 | 11,788,250 | - | 11,788,250 |
| 2007(A) |
GREAT BARRINGTON | 642,170 | 2,547,830 | 7,054,830 | 751,124 | 9,493,706 | 10,244,830 | 2,561,705 | 7,683,125 |
| 1994(A) |
SHREWSBURY SHOPPING CENTER | 1,284,168 | 5,284,853 | 4,532,528 | 1,284,168 | 9,817,381 | 11,101,549 | 1,682,397 | 9,419,152 |
| 2000(A) |
WILDE LAKE | 1,468,038 | 5,869,862 | 101,365 | 1,468,038 | 5,971,227 | 7,439,265 | 892,695 | 6,546,569 |
| 2002(A) |
LYNX LANE | 1,019,035 | 4,091,894 | 85,071 | 1,019,035 | 4,176,965 | 5,196,000 | 649,346 | 4,546,655 |
| 2002(A) |
CLINTON BANK BUILDING | 82,967 | 362,371 | (0) | 82,967 | 362,371 | 445,338 | 188,271 | 257,067 |
| 2003(A) |
CLINTON BOWL | 39,779 | 130,716 | 4,247 | 38,779 | 135,963 | 174,742 | 64,100 | 110,642 |
| 2003(A) |
VILLAGES AT URBANA | 3,190,074 | 6,067 | 10,424,583 | 4,828,774 | 8,791,951 | 13,620,725 | - | 13,620,725 |
| 2003(A) |
GAITHERSBURG | 244,890 | 6,787,534 | 230,545 | 244,890 | 7,018,079 | 7,262,969 | 1,445,484 | 5,817,485 |
| 1999(A) |
HAGERSTOWN | 541,389 | 2,165,555 | 2,906,588 | 541,389 | 5,072,144 | 5,613,532 | 2,492,923 | 3,120,609 |
| 1973(C) |
SHAWAN PLAZA | 4,466,000 | 20,222,367 | (0) | 4,466,000 | 20,222,367 | 24,688,367 | 3,833,638 | 20,854,729 | 12,180,611 | 2003(A) |
LAUREL | 349,562 | 1,398,250 | 1,023,918 | 349,562 | 2,422,168 | 2,771,730 | 963,007 | 1,808,723 |
| 1995(A) |
LAUREL | 274,580 | 1,100,968 | 283,421 | 274,580 | 1,384,389 | 1,658,969 | 1,283,408 | 375,561 |
| 1972(C) |
LANDOVER CENTER |
|
| 57,007 | 57,007 | - | 57,007 | - | 57,007 |
| 2003(A) |
SOUTHWEST MIXED USE PROPERTY | 403,034 | 1,325,126 | 306,510 | 361,035 | 1,673,635 | 2,034,670 | 678,351 | 1,356,318 |
| 2003(A) |
NORTH EAST STATION | 869,385 | - | - | 869,385 | - | 869,385 | - | 869,385 |
| 2007(A) |
OWINGS MILLS PLAZA | 303,911 | 1,370,221 | 86,521 | 303,911 | 1,456,742 | 1,760,653 | 41,029 | 1,719,624 |
| 2005(A) |
PERRY HALL | 3,339,309 | 12,377,339 | 0 | 3,339,309 | 12,377,339 | 15,716,647 | 2,535,853 | 13,180,794 | 4,998,603 | 2003(A) |
TIMONIUM SHOPPING CENTER | 6,000,000 | 24,282,998 | 9,882,940 | 7,331,195 | 32,834,743 | 40,165,938 | 9,095,445 | 31,070,493 | 8,554,407 | 2003(A) |
WALDORF BOWL | 225,099 | 739,362 | 84,327 | 235,099 | 813,688 | 1,048,787 | 198,681 | 850,106 |
| 2003(A) |
WALDORF FIRESTONE | 57,127 | 221,621 | (0) | 57,127 | 221,621 | 278,749 | 55,903 | 222,846 |
| 2003(A) |
BANGOR, ME | 403,833 | 1,622,331 | 93,752 | 403,833 | 1,716,083 | 2,119,916 | 263,140 | 1,856,776 |
| 2001(A) |
MALLSIDE PLAZA | 6,930,996 | 17,790,780 | (0) | 6,930,996 | 17,790,779 | 24,721,776 | 904,072 | 23,817,703 | 15,223,681 | 2007(A) |
CLAWSON | 1,624,771 | 6,578,142 | 4,928,616 | 1,624,771 | 11,506,758 | 13,131,529 | 3,104,655 | 10,026,874 |
| 1993(A) |
WHITE LAKE | 2,300,050 | 9,249,607 | 2,174,315 | 2,300,050 | 11,423,922 | 13,723,972 | 3,223,343 | 10,500,629 |
| 1996(A) |
CANTON TWP PLAZA | 163,740 | 926,150 | 5,168,945 | 163,740 | 6,095,094 | 6,258,835 | 28,407 | 6,230,428 |
| 2005(A) |
CLINTON TWP PLAZA | 175,515 | 714,279 | 1,192,626 | 175,515 | 1,906,904 | 2,082,419 | 78,432 | 2,003,987 |
| 2005(A) |
DEARBORN HEIGHTS PLAZA | 162,319 | 497,791 | (59,558) | 135,889 | 464,664 | 600,553 | 16,265 | 584,288 |
| 2005(A) |
FARMINGTON | 1,098,426 | 4,525,723 | 3,068,085 | 1,098,426 | 7,593,808 | 8,692,234 | 2,325,913 | 6,366,321 |
| 1993(A) |
LIVONIA | 178,785 | 925,818 | 833,249 | 178,785 | 1,759,067 | 1,937,852 | 830,515 | 1,107,337 |
| 1968(C) |
MUSKEGON | 391,500 | 958,500 | 825,035 | 391,500 | 1,783,535 | 2,175,035 | 1,513,808 | 661,227 |
| 1985(A) |
OKEMOS PLAZA | 166,706 | 591,193 | 451,362 | 166,706 | 1,042,555 | 1,209,261 | 11,075 | 1,198,186 | 911,702 | 2005(A) |
TAYLOR | 1,451,397 | 5,806,263 | 275,289 | 1,451,397 | 6,081,552 | 7,532,949 | 2,173,110 | 5,359,839 |
| 1993(A) |
WALKER | 3,682,478 | 14,730,060 | 2,025,130 | 3,682,478 | 16,755,190 | 20,437,668 | 5,733,755 | 14,703,913 |
| 1993(A) |
EDEN PRAIRIE PLAZA | 882,596 | 911,373 | 514,690 | 882,596 | 1,426,063 | 2,308,659 | 25,212 | 2,283,446 |
| 2005(A) |
FOUNTAINS AT ARBOR LAKES | 28,585,296 | 66,699,024 | 6,042,830 | 28,585,296 | 72,741,854 | 101,327,150 | 2,222,384 | 99,104,766 |
| 2006(A) |
ROSEVILLE PLAZA | 132,842 | 957,340 | 3,453,338 | 132,842 | 4,410,678 | 4,543,520 | 19,734 | 4,523,786 |
| 2005(A) |
ST. PAUL PLAZA | 699,916 | 623,966 | 170,050 | 699,916 | 794,016 | 1,493,932 | 15,789 | 1,478,143 |
| 2005(A) |
BRIDGETON | - | 2,196,834 | (0) |
| 2,196,834 | 2,196,834 | 577,403 | 1,619,430 |
| 1997(A) |
| INITIAL COST |
|
|
|
|
|
|
|
| |
PROPERTIES | LAND | BUILDING | SUBSEQUENT | LAND | BUILDING | TOTAL | ACCUMULATED | TOTAL COST, | ENCUMBRANCES | DATE OF |
|
|
|
|
|
|
|
|
|
|
|
CREVE COEUR, WOODCREST/OLIVE | 1,044,598 | 5,475,623 | 615,905 | 960,814 | 6,175,312 | 7,136,126 | 1,471,960 | 5,664,166 |
| 1998(A) |
CRYSTAL CITY, MI | - | 234,378 | 0 |
| 234,378 | 234,378 | 55,229 | 179,150 |
| 1997(A) |
INDEPENDENCE, NOLAND DR. | 1,728,367 | 8,951,101 | 130,980 | 1,731,300 | 9,079,148 | 10,810,448 | 2,182,305 | 8,628,143 |
| 1998(A) |
NORTH POINT SHOPPING CENTER | 1,935,380 | 7,800,746 | 243,325 | 1,935,380 | 8,044,071 | 9,979,451 | 1,852,459 | 8,126,992 | 6,779,531 | 1998(A) |
KIRKWOOD | - | 9,704,005 | 10,669,791 | �� | 20,373,796 | 20,373,796 | 5,618,555 | 14,755,241 |
| 1998(A) |
KANSAS CITY | 574,777 | 2,971,191 | 274,976 | 574,777 | 3,246,167 | 3,820,944 | 825,346 | 2,995,597 |
| 1997(A) |
LEMAY | 125,879 | 503,510 | 3,387,305 | 451,155 | 3,565,540 | 4,016,694 | 676,113 | 3,340,581 |
| 1974(C) |
GRAVOIS | 1,032,416 | 4,455,514 | 10,868,529 | 1,032,413 | 15,324,046 | 16,356,459 | 6,308,328 | 10,048,131 |
| 1972(C) |
ST. CHARLES-UNDERDEVELOPED LAND, MO | 431,960 | - | 758,854 | 431,960 | 758,855 | 1,190,814 | 132,273 | 1,058,542 |
| 1998(A) |
SPRINGFIELD | 2,745,595 | 10,985,778 | 5,386,434 | 2,904,022 | 16,213,785 | 19,117,807 | 4,689,256 | 14,428,552 |
| 1994(A) |
KMART PARCEL | 905,674 | 3,666,386 | 4,933,942 | 905,674 | 8,600,328 | 9,506,001 | 1,153,425 | 8,352,577 | 2,536,706 | 2002(A) |
KRC ST. CHARLES | - | 550,204 | - |
| 550,204 | 550,204 | 126,970 | 423,234 |
| 1998(A) |
ST. LOUIS, CHRISTY BLVD. | 809,087 | 4,430,514 | 1,599,193 | 809,087 | 6,029,706 | 6,838,794 | 1,267,216 | 5,571,578 |
| 1998(A) |
OVERLAND | - | 4,928,677 | 723,008 |
| 5,651,686 | 5,651,686 | 1,406,189 | 4,245,497 |
| 1997(A) |
ST. LOUIS | - | 5,756,736 | 824,684 |
| 6,581,420 | 6,581,420 | 1,622,105 | 4,959,315 |
| 1997(A) |
ST. LOUIS | - | 2,766,644 | 118,298 |
| 2,884,942 | 2,884,942 | 743,756 | 2,141,186 |
| 1997(A) |
ST. PETERS | 1,182,194 | 7,423,459 | 7,008,779 | 1,053,694 | 14,560,738 | 15,614,432 | 5,409,640 | 10,204,791 |
| 1997(A) |
SPRINGFIELD,GLENSTONE AVE. | - | 608,793 | 1,734,043 |
| 2,342,836 | 2,342,836 | 437,155 | 1,905,681 |
| 1998(A) |
KDI-TURTLE CREEK | 11,535,281 | - | 32,618,109 | 10,347,014 | 33,806,376 | 44,153,390 | - | 44,153,390 | 30,687,655 | 2004(C) |
BURLINGTON COMMERCE PARK | 924,385 | - | (0) | 924,385 | - | 924,385 | - | 924,385 |
| 2003(C) |
CHARLOTTE | 919,251 | 3,570,981 | 1,056,129 | 919,251 | 4,627,110 | 5,546,361 | 1,443,164 | 4,103,198 |
| 1995(A) |
CHARLOTTE | 1,783,400 | 7,139,131 | 967,863 | 1,783,400 | 8,106,994 | 9,890,394 | 2,800,617 | 7,089,777 |
| 1993(A) |
TYVOLA RD. | - | 4,736,345 | 5,560,696 |
| 10,297,041 | 10,297,041 | 5,936,536 | 4,360,505 |
| 1986(A) |
CROSSROADS PLAZA | 767,864 | 3,098,881 | 34,566 | 767,864 | 3,133,447 | 3,901,310 | 604,103 | 3,297,208 |
| 2000(A) |
KIMCO CARY 696, INC. | 2,180,000 | 8,756,865 | 438,422 | 2,256,799 | 9,118,489 | 11,375,287 | 2,242,421 | 9,132,867 |
| 1998(A) |
DURHAM | 1,882,800 | 7,551,576 | 1,602,386 | 1,882,800 | 9,153,962 | 11,036,762 | 2,588,199 | 8,448,563 |
| 1996(A) |
HILLSBOROUGH CROSSING | 519,395 | - | (0) | 519,395 | - | 519,395 | - | 519,395 |
| 2003(A) |
SHOPPES AT MIDWAY PLANTATION | 6,681,212 | - | 27,543,792 | 6,393,384 | 27,831,620 | 34,225,004 | - | 34,225,004 | 27,604,642 | 2005(C) |
PARK PLACE | 5,388,573 | 15,046,669 | - | 5,388,573 | 15,046,669 | 20,435,242 | 315,822 | 20,119,420 | 13,821,500 | 2007(A) |
MOORESVILLE CROSSING | 12,013,727 | 30,604,173 | - | 12,013,727 | 30,604,173 | 42,617,900 | 420,992 | 42,196,908 |
| 2007(A) |
RALEIGH | 5,208,885 | 20,885,792 | 10,312,844 | 5,208,885 | 31,198,636 | 36,407,521 | 8,471,464 | 27,936,057 |
| 1993(A) |
WAKEFIELD COMMONS II | 6,506,450 | - | (2,792,179) | 2,357,636 | 1,356,635 | 3,714,271 | - | 3,714,271 |
| 2001(C) |
WAKEFIELD CROSSINGS | 3,413,932 | - | (2,646,147) | 591,362 | 176,423 | 767,785 | - | 767,785 |
| 2001(C) |
EDGEWATER PLACE | 3,150,000 | - | 10,125,019 | 3,062,768 | 10,212,251 | 13,275,019 | - | 13,275,019 | 11,113,298 | 2003(C) |
WINSTON-SALEM | 540,667 | 719,655 | 5,064,519 | 540,667 | 5,784,174 | 6,324,841 | 2,447,548 | 3,877,293 |
| 1969(C) |
SORENSON PARK PLAZA | 5,104,294 | - | 33,027,392 | 4,322,887 | 33,808,799 | 38,131,686 | - | 38,131,686 |
| 2005(C) |
NEW LONDON CENTER | 4,323,827 | 10,088,930 | 1,209,241 | 4,323,827 | 11,298,171 | 15,621,998 | 875,178 | 14,746,820 |
| 2005(A) |
ROCKINGHAM | 2,660,915 | 10,643,660 | 10,601,976 | 2,660,915 | 21,245,636 | 23,906,551 | 6,118,269 | 17,788,281 |
| 1994(A) |
BRIDGEWATER NJ | 1,982,481 | (3,666,959) | 9,067,382 | 1,982,481 | 5,400,423 | 7,382,904 | 2,524,620 | 4,858,284 |
| 1998(C) |
BAYONNE BROADWAY | 1,434,737 | 3,347,719 | 2,801,384 | 1,434,737 | 6,149,103 | 7,583,840 | 558,617 | 7,025,223 |
| 2004(A) |
BRICKTOWN PLAZA | 344,884 | 1,008,941 | 0 | 344,884 | 1,008,941 | 1,353,826 | 29,050 | 1,324,775 |
| 2005(A) |
BRIDGEWATER PLAZA | 350,705 | 1,361,524 | 378,545 | 350,705 | 1,740,069 | 2,090,774 | 36,161 | 2,054,613 |
| 2005(A) |
CHERRY HILL | 2,417,583 | 6,364,094 | 1,568,097 | 2,417,583 | 7,932,192 | 10,349,774 | 4,878,635 | 5,471,139 |
| 1985(C) |
MARLTON PIKE | - | 4,318,534 | 26,942 |
| 4,345,476 | 4,345,476 | 1,254,959 | 3,090,517 |
| 1996(A) |
CINNAMINSON | 652,123 | 2,608,491 | 2,899,696 | 652,123 | 5,508,187 | 6,160,310 | 1,558,817 | 4,601,493 |
| 1996(A) |
DEBTFORD PLAZA | 930,785 | 4,384,110 | (0) | 930,785 | 4,384,110 | 5,314,895 | 20,590 | 5,294,305 |
| 2007(A) |
HILLSBOROUGH | 11,886,809 | - | (6,880,755) | 5,006,054 | - | 5,006,054 | - | 5,006,054 |
| 2001(C) |
HOLMDEL TOWNE CENTER | 10,824,624 | 43,301,494 | 2,647,505 | 10,824,624 | 45,948,999 | 56,773,622 | 5,699,386 | 51,074,237 |
| 2002(A) |
HOLMDEL COMMONS | 16,537,556 | 38,759,952 | 3,680,128 | 16,537,556 | 42,440,081 | 58,977,637 | 5,429,641 | 53,547,996 |
| 2004(A) |
HOWELL PLAZA | 311,384 | 1,143,159 | 3,278,109 | 311,384 | 4,421,268 | 4,732,652 | 32,321 | 4,700,331 |
| 2005(A) |
KENVILLE PLAZA | 385,907 | 1,209,864 | 94 | 385,907 | 1,209,958 | 1,595,865 | 59,821 | 1,536,044 |
| 2005(A) |
STRAUSS DISCOUNT AUTO | 1,225,294 | 91,203 | 1,528,656 | 1,228,794 | 1,616,358 | 2,845,153 | 182,653 | 2,662,500 |
| 2002(A) |
NORTH BRUNSWICK | 3,204,978 | 12,819,912 | 14,244,130 | 3,204,978 | 27,064,042 | 30,269,020 | 7,759,999 | 22,509,021 |
| 1994(A) |
PISCATAWAY TOWN CENTER | 3,851,839 | 15,410,851 | 419,006 | 3,851,839 | 15,829,857 | 19,681,696 | 3,849,224 | 15,832,472 |
| 1998(A) |
RIDGEWOOD | 450,000 | 2,106,566 | 991,591 | 450,000 | 3,098,157 | 3,548,157 | 902,324 | 2,645,833 |
| 1993(A) |
SEA GIRT PLAZA | 457,039 | 1,308,010 | 173,911 | 457,039 | 1,481,921 | 1,938,960 | 33,994 | 1,904,966 |
| 2005(A) |
UNION CRESCENT | 7,895,483 | 3,010,640 | - | 7,895,483 | 3,010,640 | 10,906,123 | - | 10,906,123 |
| 2007(A) |
WESTMONT | 601,655 | 2,404,604 | 9,803,117 | 601,655 | 12,207,721 | 12,809,376 | 3,192,240 | 9,617,135 |
| 1994(A) |
WEST LONG BRANCH PLAZA | 64,976 | 1,700,782 | 217,384 | 64,976 | 1,918,167 | 1,983,142 | 9,021 | 1,974,121 |
| 2005(A) |
SYCAMORE PLAZA | 1,404,443 | 5,613,270 | 258,750 | 1,404,443 | 5,872,020 | 7,276,463 | 1,541,780 | 5,734,683 |
| 1998(A) |
PLAZA PASEO DEL-NORTE | 4,653,197 | 18,633,584 | 512,766 | 4,653,197 | 19,146,349 | 23,799,547 | 4,714,789 | 19,084,758 |
| 1998(A) |
JUAN TABO, ALBUQUERQUE | 1,141,200 | 4,566,817 | 293,273 | 1,141,200 | 4,860,090 | 6,001,290 | 1,163,052 | 4,838,238 |
| 1998(A) |
COMP USA CENTER | 2,581,908 | 5,798,092 | 401,504 | 2,581,908 | 6,199,596 | 8,781,504 | 2,186,257 | 6,595,247 | 3,499,647 | 2006(A) |
DEL MONTE PLAZA | 2,489,429 | 5,590,415 | 414,612 | 2,489,429 | 6,005,027 | 8,494,457 | 502,830 | 7,991,627 | 4,615,018 | 2006(A) |
D'ANDREA MARKETPLACE | 11,556,067 | 29,435,364 | - | 11,556,067 | 29,435,364 | 40,991,432 | 507,119 | 40,484,312 | 16,783,162 | 2007(A) |
KEY BANK BUILDING | 1,500,000 | 40,486,755 | - | 1,500,000 | 40,486,755 | 41,986,755 | 2,672,693 | 39,314,062 | 31,930,212 | 2006(A) |
BRIDGEHAMPTON | 1,811,752 | 3,107,232 | 23,469,329 | 1,858,188 | 26,530,124 | 28,388,313 | 11,512,133 | 16,876,180 |
| 1972(C) |
TWO GUYS AUTO GLASS | 105,497 | 436,714 | - | 105,497 | 436,714 | 542,211 | 53,186 | 489,025 |
| 2003(A) |
GENOVESE DRUG STORE | 564,097 | 2,268,768 | - | 564,097 | 2,268,768 | 2,832,865 | 276,746 | 2,556,119 |
| 2003(A) |
KINGS HIGHWAY | 2,743,820 | 6,811,268 | 1,346,027 | 2,743,820 | 8,157,294 | 10,901,115 | 928,960 | 9,972,154 | 2,795,655 | 2004(A) |
HOMEPORT-RALPH AVENUE | 4,414,466 | 11,339,857 | 3,077,009 | 4,414,467 | 14,416,867 | 18,831,333 | 1,319,143 | 17,512,190 | 6,108,899 | 2004(A) |
BAYRIDGE | 2,569,768 | 6,251,197 | 6,172,414 | 2,569,768 | 12,423,611 | 14,993,378 | 1,077,115 | 13,916,264 | 3,950,314 | 2004(A) |
BELLMORE | 1,272,269 | 3,183,547 | 381,803 | 1,272,269 | 3,565,350 | 4,837,619 | 390,480 | 4,447,138 | 868,270 | 2004(A) |
| INITIAL COST |
|
|
|
|
|
|
|
| |
PROPERTIES | LAND | BUILDING | SUBSEQUENT | LAND | BUILDING | TOTAL | ACCUMULATED | TOTAL COST, | ENCUMBRANCES | DATE OF |
|
|
|
|
|
|
|
|
|
|
|
STRAUSS CASTLE HILL PLAZA | 310,864 | 725,350 | 241,828 | 310,864 | 967,178 | 1,278,042 | 72,156 | 1,205,886 |
| 2005(A) |
STRAUSS UTICA AVENUE | 347,633 | 811,144 | 270,431 | 347,633 | 1,081,575 | 1,429,208 | 80,691 | 1,348,517 |
| 2005(A) |
MARKET AT BAY SHORE | 12,359,621 | 30,707,802 | 579,806 | 12,359,621 | 31,287,609 | 43,647,229 | 2,866,108 | 40,781,121 | 15,170,254 | 2006(A) |
BARNES AVE & GUN HILL ROAD | 6,795,371 | - | - | 6,795,371 | - | 6,795,371 | - | 6,795,371 |
| 2007(A) |
231 STREET | 3,565,239 | - | - | 3,565,239 | - | 3,565,239 | - | 3,565,239 |
| 2007(A) |
KING KULLEN PLAZA | 5,968,082 | 23,243,404 | 992,102 | 5,980,130 | 24,223,458 | 30,203,588 | 6,426,504 | 23,777,084 |
| 1998(A) |
KDI-CENTRAL ISLIP TOWN CENTER | 13,733,950 | 1,266,050 | (171,770) | 5,088,852 | 9,739,378 | 14,828,230 | - | 14,828,230 | 9,380,000 | 2004(C) |
PATHMARK SC | 6,714,664 | 17,359,161 | 412,289 | 6,714,664 | 17,771,450 | 24,486,114 | 1,017,689 | 23,468,425 | 7,392,692 | 2006(A) |
BIRCHWOOD PLAZA COMMACK | 3,630,000 | 4,774,791 | - | 3,630,000 | 4,774,791 | 8,404,791 | 128,116 | 8,276,675 |
| 2007(A) |
ELMONT | 3,011,658 | 7,606,066 | 2,194,924 | 3,011,658 | 9,800,989 | 12,812,648 | 1,035,525 | 11,777,123 | 3,495,909 | 2004(A) |
FRANKLIN SQUARE | 1,078,541 | 2,516,581 | 2,631,720 | 1,078,541 | 5,148,301 | 6,226,842 | 461,341 | 5,765,500 |
| 2004(A) |
KISSENA BOULEVARD SC | 11,610,000 | 2,933,487 | - | 11,610,000 | 2,933,487 | 14,543,487 | 274,074 | 14,269,413 |
| 2007(A) |
HAMPTON BAYS | 1,495,105 | 5,979,320 | 490,491 | 1,495,105 | 6,469,811 | 7,964,916 | 3,492,805 | 4,472,111 |
| 1989(A) |
HICKSVILLE | 3,542,739 | 8,266,375 | 1,080,379 | 3,542,739 | 9,346,754 | 12,889,493 | 1,001,764 | 11,887,729 |
| 2004(A) |
100 WALT WHITMAN ROAD | 5,300,000 | 8,167,577 | - | 5,300,000 | 8,167,577 | 13,467,577 | 221,153 | 13,246,424 |
| 2007(A) |
BP AMOCO GAS STATION | 1,110,593 | - | - | 1,110,593 | - | 1,110,593 | - | 1,110,593 |
| 2007(A) |
STRAUSS LIBERTY AVENUE | 305,969 | 713,927 | 238,695 | 305,969 | 952,623 | 1,258,591 | 70,326 | 1,188,265 |
| 2005(A) |
BIRCHWOOD PLAZA (NORTH & SOUTH) | 12,368,330 | 33,071,495 | - | 12,368,330 | 33,071,495 | 45,439,825 | 570,761 | 44,869,064 |
| 2007(A) |
501 NORTH BROADWAY | - | 1,175,543 | - |
| 1,175,543 | 1,175,543 | 19,235 | 1,156,308 |
| 2007(A) |
MERRYLANE (P/L) | 1,485,531 | 1,749 | 0 | 1,485,531 | 1,749 | 1,487,280 | 15 | 1,487,265 |
| 2007(A) |
DOUGLASTON SHOPPING CENTER | 3,277,254 | 13,161,218 | 145,677 | 3,277,253 | 13,306,895 | 16,584,148 | 1,609,845 | 14,974,303 |
| 2003(A) |
STRAUSS MERRICK BLVD | 450,582 | 1,051,359 | 351,513 | 450,582 | 1,402,872 | 1,853,454 | 104,662 | 1,748,792 |
| 2005(A) |
MANHASSET VENTURE LLC | 4,567,003 | 19,165,808 | 25,755,087 | 4,421,939 | 45,065,959 | 49,487,898 | 8,776,077 | 40,711,821 |
| 1999(A) |
MASPETH QUEENS-DUANE READE | 1,872,013 | 4,827,940 | 931,187 | 1,872,013 | 5,759,126 | 7,631,139 | 575,149 | 7,055,990 | 2,777,571 | 2004(A) |
MASSAPEQUA | 1,880,816 | 4,388,549 | 959,261 | 1,880,816 | 5,347,810 | 7,228,626 | 627,389 | 6,601,237 |
| 2004(A) |
STRAUSS EAST 14TH STREET | 1,455,653 | 3,396,523 | 1,129,302 | 1,455,653 | 4,525,825 | 5,981,478 | 333,941 | 5,647,537 |
| 2005(A) |
BIRCHWOOD PARK DRIVE (LAND LOT) | 3,507,162 | 4,126 | 0 | 3,507,162 | 4,126 | 3,511,289 | 34 | 3,511,254 |
| 2007(A) |
367-369 BLEEKER STREET | 1,425,000 | 4,958,097 | (3,872,769) | 506,164 | 2,004,164 | 2,510,328 | 111,519 | 2,398,809 |
| 2004(A) |
92 PERRY STREET | 2,106,250 | 6,318,750 | (2,131,509) | 1,097,200 | 5,196,291 | 6,293,491 | 289,406 | 6,004,085 |
| 2005(A) |
82 CHRISTOPHER STREET | 972,813 | 2,974,676 | 259,166 | 925,000 | 3,281,654 | 4,206,654 | 178,934 | 4,027,720 | 3,049,816 | 2005(A) |
387 BLEEKER STREET | 925,000 | 3,056,933 | 0 | 925,000 | 3,056,933 | 3,981,933 | 146,484 | 3,835,450 | 2,960,000 | 2006(A) |
19 GREENWICH STREET | 1,262,500 | 3,930,801 | 121,754 | 1,262,500 | 4,052,555 | 5,315,055 | 135,172 | 5,179,883 | 4,038,855 | 2006(A) |
PREF. EQUITY 100 VANDAM | 5,125,000 | 16,143,321 | 145,288 | 6,384,561 | 15,029,049 | 21,413,610 | 497,260 | 20,916,349 | 16,400,000 | 2006(A) |
PREF. EQUITY-30 WEST 21ST STREET | 6,250,000 | 21,974,274 | - | 6,250,000 | 21,974,274 | 28,224,274 | - | 28,224,274 | 19,199,579 | 2007(A) |
MINEOLA SC | 4,150,000 | 7,520,692 | - | 4,150,000 | 7,520,692 | 11,670,692 | 205,259 | 11,465,433 |
| 2007(A) |
4452 BROADWAY | 12,412,724 | - | - | 12,412,724 | - | 12,412,724 | - | 12,412,724 |
| 2007(A) |
AMERICAN MUFFLER SHOP | 76,056 | 325,567 | - | 76,056 | 325,567 | 401,624 | 39,582 | 362,042 |
| 2003(A) |
PLAINVIEW | 263,693 | 584,031 | 9,737,514 | 263,693 | 10,321,545 | 10,585,238 | 4,089,037 | 6,496,200 |
| 1969(C) |
POUGHKEEPSIE | 876,548 | 4,695,659 | 12,637,100 | 876,548 | 17,332,759 | 18,209,307 | 6,929,012 | 11,280,296 |
| 1972(C) |
STRAUSS JAMAICA AVENUE | 1,109,714 | 2,589,333 | 596,178 | 1,109,714 | 3,185,511 | 4,295,225 | 235,096 | 4,060,129 |
| 2005(A) |
SYOSSET, NY | 106,655 | 76,197 | 1,503,476 | 106,655 | 1,579,673 | 1,686,328 | 786,464 | 899,864 |
| 1990(C) |
STATEN ISLAND | 2,280,000 | 9,027,951 | 5,166,389 | 2,280,000 | 14,194,340 | 16,474,340 | 7,058,656 | 9,415,683 |
| 1989(A) |
STATEN ISLAND | 2,940,000 | 11,811,964 | 1,044,562 | 3,148,424 | 12,648,101 | 15,796,526 | 3,212,197 | 12,584,329 | 214,251 | 1997(A) |
STATEN ISLAND PLAZA | 5,600,744 | 6,788,460 | 452,440 | 5,600,744 | 7,240,900 | 12,841,644 | 63,076 | 12,778,568 |
| 2005(A) |
HYLAN PLAZA | 28,723,536 | 38,232,267 | 33,443,707 | 28,723,536 | 71,675,975 | 100,399,510 | 8,726,195 | 91,673,316 |
| 2006(A) |
STOP N SHOP STATEN ISLAND | 4,558,592 | 10,441,408 | 155,848 | 4,558,592 | 10,597,256 | 15,155,848 | 1,499,317 | 13,656,531 |
| 2005(A) |
WEST GATES | 1,784,718 | 9,721,970 | (1,936,030) | 1,784,718 | 7,785,940 | 9,570,658 | 4,128,016 | 5,442,642 |
| 1993(A) |
WHITE PLAINS | 1,777,775 | 4,453,894 | 2,008,106 | 1,777,775 | 6,462,000 | 8,239,774 | 808,953 | 7,430,822 | 3,515,132 | 2004(A) |
YONKERS | 871,977 | 3,487,909 | - | 871,977 | 3,487,909 | 4,359,886 | 1,310,301 | 3,049,585 |
| 1998(A) |
STRAUSS ROMAINE AVENUE | 782,459 | 1,825,737 | 610,420 | 782,459 | 2,436,158 | 3,218,616 | 181,751 | 3,036,866 |
| 2005(A) |
AKRON WATERLOO | 437,277 | 1,912,222 | 4,131,997 | 437,277 | 6,044,219 | 6,481,496 | 2,543,877 | 3,937,618 |
| 1975(C) |
WEST MARKET ST. | 560,255 | 3,909,430 | 379,484 | 560,255 | 4,288,914 | 4,849,169 | 2,422,916 | 2,426,253 |
| 1999(A) |
BARBERTON | 505,590 | 1,948,135 | 3,326,621 | 505,590 | 5,274,756 | 5,780,346 | 2,582,667 | 3,197,679 |
| 1972(C) |
BRUNSWICK | 771,765 | 6,058,560 | 2,090,329 | 771,765 | 8,148,889 | 8,920,654 | 5,822,765 | 3,097,890 |
| 1975(C) |
BEAVERCREEK | 635,228 | 3,024,722 | 3,038,568 | 635,228 | 6,063,290 | 6,698,518 | 4,177,867 | 2,520,651 |
| 1986(A) |
CANTON | 792,985 | 1,459,031 | 4,695,392 | 792,985 | 6,154,423 | 6,947,408 | 4,078,203 | 2,869,205 |
| 1972(C) |
CAMBRIDGE | - | 1,848,195 | 983,853 | 473,060 | 2,358,988 | 2,832,048 | 2,012,367 | 819,681 |
| 1973(C) |
MORSE RD. | 835,386 | 2,097,600 | 2,755,844 | 835,386 | 4,853,445 | 5,688,830 | 2,692,701 | 2,996,129 |
| 1988(A) |
HAMILTON RD. | 856,178 | 2,195,520 | 3,844,830 | 856,178 | 6,040,351 | 6,896,528 | 3,191,597 | 3,704,932 |
| 1988(A) |
OLENTANGY RIVER RD. | 764,517 | 1,833,600 | 2,340,830 | 764,517 | 4,174,430 | 4,938,947 | 2,765,134 | 2,173,813 |
| 1988(A) |
W. BROAD ST. | 982,464 | 3,929,856 | 3,177,920 | 969,804 | 7,120,436 | 8,090,240 | 3,702,975 | 4,387,266 |
| 1988(A) |
RIDGE ROAD | 1,285,213 | 4,712,358 | 10,599,832 | 1,285,213 | 15,312,190 | 16,597,403 | 4,221,783 | 12,375,620 |
| 1992(A) |
GLENWAY AVE | 530,243 | 3,788,189 | 527,010 | 530,243 | 4,315,198 | 4,845,441 | 2,532,434 | 2,313,007 |
| 1999(A) |
SPRINGDALE | 3,205,653 | 14,619,732 | 4,814,341 | 3,205,653 | 19,434,073 | 22,639,726 | 8,965,719 | 13,674,007 |
| 1992(A) |
GLENWAY CROSSING | 699,359 | 3,112,047 | 1,232,339 | 699,359 | 4,344,386 | 5,043,745 | 718,376 | 4,325,369 |
| 2000(A) |
HIGHLAND RIDGE PLAZA | 1,540,000 | 6,178,398 | 141,991 | 1,540,000 | 6,320,389 | 7,860,389 | 1,306,833 | 6,553,556 |
| 1999(A) |
HIGHLAND PLAZA | 702,074 | 667,463 | 76,380 | 702,074 | 743,843 | 1,445,917 | 21,136 | 1,424,781 |
| 2005(A) |
MONTGOMERY PLAZA | 530,893 | 1,302,656 | 1,156,315 | 530,893 | 2,458,971 | 2,989,864 | 37,625 | 2,952,240 |
| 2005(A) |
SHILOH SPRING RD. | - | 1,735,836 | 3,283,247 | 1,105,183 | 3,913,901 | 5,019,083 | 2,573,513 | 2,445,570 |
| 1969(C) |
OAKCREEK | 1,245,870 | 4,339,637 | 3,965,637 | 1,245,871 | 8,305,273 | 9,551,144 | 5,148,030 | 4,403,113 |
| 1984(A) |
SALEM AVE. | 665,314 | 347,818 | 5,443,143 | 665,314 | 5,790,961 | 6,456,275 | 2,899,152 | 3,557,123 |
| 1988(A) |
KETTERING | 1,190,496 | 4,761,984 | 681,243 | 1,190,496 | 5,443,227 | 6,633,723 | 3,135,113 | 3,498,610 |
| 1988(A) |
KENT, OH | 6,254 | 3,028,914 | - | 6,254 | 3,028,914 | 3,035,168 | 1,479,908 | 1,555,260 |
| 1999(A) |
| INITIAL COST |
|
|
|
|
|
|
|
| |
PROPERTIES | LAND | BUILDING | SUBSEQUENT | LAND | BUILDING | TOTAL | ACCUMULATED | TOTAL COST, | ENCUMBRANCES | DATE OF |
|
|
|
|
|
|
|
|
|
|
|
KENT | 2,261,530 | - | 0 | 2,261,530 | - | 2,261,530 | - | 2,261,530 |
| 1995(A) |
MENTOR | 503,981 | 2,455,926 | 2,258,691 | 371,295 | 4,847,303 | 5,218,598 | 2,324,413 | 2,894,185 |
| 1987(A) |
MIDDLEBURG HEIGHTS | 639,542 | 3,783,096 | 29,683 | 639,542 | 3,812,779 | 4,452,321 | 2,139,842 | 2,312,479 |
| 1999(A) |
MENTOR ERIE COMMONS. | 2,234,474 | 9,648,000 | 5,305,316 | 2,234,474 | 14,953,316 | 17,187,790 | 6,624,657 | 10,563,133 |
| 1988(A) |
MALLWOODS CENTER | 294,232 | - | 1,184,543 | 294,232 | 1,184,543 | 1,478,775 | 157,195 | 1,321,580 |
| 1999(C) |
NORTH OLMSTED | 626,818 | 3,712,045 | 35,000 | 626,818 | 3,747,045 | 4,373,862 | 2,057,245 | 2,316,617 |
| 1999(A) |
ORANGE OHIO | 3,783,875 | - | (2,449,086) | 921,704 | 413,085 | 1,334,789 | - | 1,334,789 |
| 2001(C) |
UPPER ARLINGTON | 504,256 | 2,198,476 | 8,944,129 | 1,255,544 | 10,391,317 | 11,646,861 | 6,438,878 | 5,207,983 |
| 1969(C) |
WICKLIFFE | 610,991 | 2,471,965 | 1,405,293 | 610,991 | 3,877,258 | 4,488,249 | 1,171,702 | 3,316,547 |
| 1995(A) |
CHARDON ROAD | 481,167 | 5,947,751 | 2,154,396 | 481,167 | 8,102,146 | 8,583,314 | 3,348,540 | 5,234,774 |
| 1999(A) |
WESTERVILLE | 1,050,431 | 4,201,616 | 8,085,028 | 1,050,431 | 12,286,644 | 13,337,075 | 5,194,819 | 8,142,256 |
| 1988(A) |
EDMOND | 477,036 | 3,591,493 | 8,900 | 477,036 | 3,600,393 | 4,077,429 | 911,628 | 3,165,802 |
| 1997(A) |
CENTENNIAL PLAZA | 4,650,634 | 18,604,307 | 1,230,555 | 4,650,634 | 19,834,862 | 24,485,496 | 5,078,854 | 19,406,643 |
| 1998(A) |
KDI-MCMINNVILLE | 4,062,327 | - | 106,699 | 4,062,327 | 106,699 | 4,169,026 | - | 4,169,026 |
| 2006(C) |
ALLEGHENY | - | 30,061,177 | 59,094 |
| 30,120,271 | 30,120,271 | 2,662,524 | 27,457,747 |
| 2004(A) |
SUBURBAN SQUARE | 70,679,871 | 166,351,381 | - | 70,679,871 | 166,351,381 | 237,031,252 | 4,595,734 | 232,435,518 | 117,000,000 | 2007(A) |
CHIPPEWA | 2,881,525 | 11,526,101 | 153,289 | 2,881,525 | 11,679,391 | 14,560,916 | 2,382,074 | 12,178,842 | 9,542,228 | 2000(A) |
BROOKHAVEN PLAZA | 254,694 | 973,318 | 128,835 | 254,694 | 1,102,152 | 1,356,847 | 21,217 | 1,335,630 |
| 2005(A) |
CARNEGIE | - | 3,298,908 | 17,747 |
| 3,316,655 | 3,316,655 | 680,340 | 2,636,316 |
| 1999(A) |
CENTER SQUARE | 731,888 | 2,927,551 | 1,236,799 | 731,888 | 4,164,351 | 4,896,238 | 1,292,196 | 3,604,043 |
| 1996(A) |
WAYNE PLAZA | 6,036,818 | 15,373,763 | - | 6,036,818 | 15,373,763 | 21,410,581 | 30,911 | 21,379,670 | 14,288,894 | 2007(A) |
CHAMBERSBURG CROSSING | 9,090,288 | - | 25,035,574 | 9,090,288 | 25,035,574 | 34,125,863 | - | 34,125,863 |
| 2006(C) |
EAST STROUDSBURG | 1,050,000 | 2,372,628 | 1,243,804 | 1,050,000 | 3,616,432 | 4,666,432 | 2,810,817 | 1,855,615 |
| 1973(C) |
EXTON | 176,666 | 4,895,360 | - | 176,666 | 4,895,360 | 5,072,026 | 1,004,177 | 4,067,850 |
| 1999(A) |
EXTON | 731,888 | 2,927,551 | 0 | 731,888 | 2,927,551 | 3,659,439 | 850,742 | 2,808,697 |
| 1996(A) |
EASTWICK | 889,001 | 2,762,888 | 3,074,728 | 889,001 | 5,837,616 | 6,726,617 | 1,522,603 | 5,204,015 | 4,319,275 | 1997(A) |
EXTON PLAZA | 294,378 | 1,404,778 | 1,098,708 | 294,378 | 2,503,485 | 2,797,864 | 24,081 | 2,773,782 |
| 2005(A) |
FEASTERVILLE | 520,521 | 2,082,083 | 180,786 | 520,521 | 2,262,869 | 2,783,390 | 603,487 | 2,179,903 |
| 1996(A) |
GETTYSBURG | 74,626 | 671,630 | 101,519 | 74,626 | 773,149 | 847,775 | 746,036 | 101,738 |
| 1986(A) |
HARRISBURG, PA | 452,888 | 6,665,238 | 3,955,034 | 452,888 | 10,620,272 | 11,073,160 | 5,376,209 | 5,696,951 |
| 2002(A) |
HAMBURG | 439,232 | - | 2,023,428 | 494,982 | 1,967,677 | 2,462,660 | 290,559 | 2,172,101 | 2,410,388 | 2000(C) |
HAVERTOWN | 731,888 | 2,927,551 | 0 | 731,888 | 2,927,551 | 3,659,439 | 850,742 | 2,808,697 |
| 1996(A) |
NORRISTOWN | 686,134 | 2,664,535 | 3,355,299 | 774,084 | 5,931,884 | 6,705,968 | 3,717,759 | 2,988,209 |
| 1984(A) |
NEW KENSINGTON | 521,945 | 2,548,322 | 676,040 | 521,945 | 3,224,362 | 3,746,307 | 2,823,486 | 922,821 |
| 1986(A) |
PHILADELPHIA | 731,888 | 2,927,551 | 0 | 731,888 | 2,927,551 | 3,659,439 | 850,742 | 2,808,697 |
| 1996(A) |
GALLERY, PHILADELPHIA PA | - | - | 2,464,780 |
| 2,464,780 | 2,464,780 | 10,231 | 2,454,549 |
| 1996(A) |
PHILADELPHIA PLAZA | 209,197 | 1,373,843 | 219,383 | 209,197 | 1,593,226 | 1,802,423 | 49,680 | 1,752,742 |
| 2005(A) |
STRAUSS WASHINGTON AVENUE | 424,659 | 990,872 | 468,821 | 424,659 | 1,459,693 | 1,884,352 | 108,960 | 1,775,392 |
| 2005(A) |
35 NORTH 3RD LLC | 451,789 | 3,089,294 | - | 451,789 | 3,089,294 | 3,541,083 | 73 | 3,541,010 |
| 2007(A) |
1628 WALNUT STREET | 912,686 | 2,747,260 | - | 912,686 | 2,747,260 | 3,659,946 | - | 3,659,946 |
| 2007(A) |
1701 WALNUT STREET | 3,066,099 | 9,558,521 | - | 3,066,099 | 9,558,521 | 12,624,620 | - | 12,624,620 |
| 2007(A) |
120-122 MARKET STREET | 752,309 | 2,707,474 | - | 752,309 | 2,707,474 | 3,459,783 | - | 3,459,783 |
| 2007(A) |
242-244 MARKET STREET | 704,263 | 2,117,182 | - | 704,263 | 2,117,182 | 2,821,445 | - | 2,821,445 |
| 2007(A) |
1401 WALNUT ST LOWER ESTATE | 2,709,288 | 50,921,269 | - | 2,709,288 | 50,921,269 | 53,630,557 | 413,377 | 53,217,179 |
| 2007(A) |
1831-33 CHESTNUT STREET | 1,982,143 | 5,982,231 | - | 1,982,143 | 5,982,231 | 7,964,374 | - | 7,964,374 |
| 2007(A) |
RICHBORO | 788,761 | 3,155,044 | 11,831,096 | 976,439 | 14,798,461 | 15,774,901 | 6,976,831 | 8,798,070 |
| 1986(A) |
SPRINGFIELD | 919,998 | 4,981,589 | 1,687,914 | 920,000 | 6,669,501 | 7,589,501 | 4,895,752 | 2,693,749 |
| 1983(A) |
UPPER DARBY | 231,821 | 927,286 | 5,070,766 | 231,821 | 5,998,052 | 6,229,873 | 1,505,956 | 4,723,917 | 3,393,715 | 1996(A) |
WEST MIFFLIN | 1,468,341 | - | 1 | 1,468,342 | - | 1,468,342 | - | 1,468,342 |
| 1986(A) |
WHITEHALL | - | 5,195,577 | 0 |
| 5,195,577 | 5,195,577 | 1,509,827 | 3,685,751 |
| 1996(A) |
E. PROSPECT ST. | 604,826 | 2,755,314 | 427,188 | 604,826 | 3,182,502 | 3,787,328 | 2,887,495 | 899,833 |
| 1986(A) |
W. MARKET ST. | 188,562 | 1,158,307 | 0 | 188,562 | 1,158,307 | 1,346,869 | 1,158,307 | 188,562 |
| 1986(A) |
REXVILLE TOWN CENTER | 24,872,982 | 48,688,161 | 6,018,321 | 25,678,064 | 53,901,400 | 79,579,464 | 3,688,668 | 75,890,796 | 41,981,198 | 2006(A) |
PLAZA CENTRO - COSTCO | 3,627,973 | 10,752,213 | 1,562,235 | 3,866,206 | 12,076,214 | 15,942,420 | 1,831,247 | 14,111,173 |
| 2006(A) |
PLAZA CENTRO - MALL | 19,873,263 | 58,719,179 | 6,196,564 | 19,655,368 | 65,133,637 | 84,789,005 | 9,882,875 | 74,906,130 |
| 2006(A) |
PLAZA CENTRO - RETAIL | 5,935,566 | 16,509,748 | 2,096,753 | 6,026,070 | 18,515,997 | 24,542,067 | 2,809,261 | 21,732,806 |
| 2006(A) |
PLAZA CENTRO - SAM'S CLUB | 6,643,224 | 20,224,758 | 2,372,321 | 6,520,090 | 22,720,213 | 29,240,303 | 5,114,493 | 24,125,810 |
| 2006(A) |
LOS COLOBOS - BUILDERS SQUARE | 4,404,593 | 9,627,903 | 1,443,721 | 4,461,145 | 11,015,073 | 15,476,218 | 1,561,916 | 13,914,301 |
| 2006(A) |
LOS COLOBOS - KMART | 4,594,944 | 10,120,147 | 767,917 | 4,402,338 | 11,080,670 | 15,483,008 | 1,630,195 | 13,852,812 |
| 2006(A) |
LOS COLOBOS I | 12,890,882 | 26,046,669 | 3,262,438 | 13,613,375 | 28,586,614 | 42,199,990 | 4,042,323 | 38,157,666 |
| 2006(A) |
LOS COLOBOS II | 14,893,698 | 30,680,556 | 3,290,802 | 15,142,301 | 33,722,756 | 48,865,057 | 4,786,348 | 44,078,709 |
| 2006(A) |
WESTERN PLAZA - MAYAQUEZ ONE | 10,857,773 | 12,252,522 | 1,190,961 | 11,241,993 | 13,059,264 | 24,301,257 | 1,520,496 | 22,780,760 |
| 2006(A) |
WESTERN PLAZA - MAYAGUEZ TWO | 16,874,345 | 19,911,045 | 1,268,584 | 16,872,647 | 21,181,327 | 38,053,975 | 2,853,010 | 35,200,964 | 18,282,334 | 2006(A) |
MANATI VILLA MARIA SC | 2,781,447 | 5,673,119 | 445,477 | 2,626,895 | 6,273,147 | 8,900,042 | 1,942,634 | 6,957,409 | 5,036,244 | 2006(A) |
PONCE TOWN CENTER | 14,432,778 | 28,448,754 | 3,771,196 | 15,151,981 | 31,500,747 | 46,652,729 | 1,762,174 | 44,890,555 | 24,481,039 | 2006(A) |
TRUJILLO ALTO PLAZA | 12,053,673 | 24,445,858 | 3,016,008 | 12,507,048 | 27,008,492 | 39,515,540 | 3,738,353 | 35,777,187 | 14,518,562 | 2006(A) |
MARSHALL PLAZA, CRANSTON RI | 1,886,600 | 7,575,302 | 1,150,982 | 1,886,600 | 8,726,284 | 10,612,884 | 2,223,515 | 8,389,369 |
| 1998(A) |
CHARLESTON | 730,164 | 3,132,092 | 5,484,188 | 730,164 | 8,616,280 | 9,346,444 | 3,526,251 | 5,820,193 |
| 1978(C) |
CHARLESTON | 1,744,430 | 6,986,094 | 4,058,531 | 1,744,430 | 11,044,625 | 12,789,055 | 3,097,449 | 9,691,606 |
| 1995(A) |
FLORENCE | 1,465,661 | 6,011,013 | 124,756 | 1,465,661 | 6,135,769 | 7,601,430 | 1,618,832 | 5,982,598 |
| 1997(A) |
GREENVILLE | 2,209,812 | 8,850,864 | 2,829,140 | 2,209,811 | 11,680,005 | 13,889,816 | 2,566,632 | 11,323,184 |
| 1997(A) |
NORTH CHARLESTON | 744,093 | 2,974,990 | 146,365 | 744,093 | 3,121,355 | 3,865,447 | 590,903 | 3,274,544 | 1,709,996 | 2000(A) |
N. CHARLESTON | 2,965,748 | 11,895,294 | 1,229,638 | 2,965,748 | 13,124,931 | 16,090,680 | 3,136,940 | 12,953,740 |
| 1997(A) |
| INITIAL COST |
|
|
|
|
|
|
|
| |
PROPERTIES | LAND | BUILDING | SUBSEQUENT | LAND | BUILDING | TOTAL | ACCUMULATED | TOTAL COST, | ENCUMBRANCES | DATE OF |
|
|
|
|
|
|
|
|
|
|
|
KDI-HARPETH VILLAGE SC | 4,119,997 | - | 8,926,435 | 2,920,692 | 10,125,739 | 13,046,432 | - | 13,046,432 | 11,974,591 | 2006(C) |
MADISON | - | 4,133,904 | 2,758,407 |
| 6,892,311 | 6,892,311 | 4,790,383 | 2,101,928 |
| 1978(C) |
HICKORY RIDGE COMMONS | 596,347 | 2,545,033 | 21,750 | 596,347 | 2,566,783 | 3,163,130 | 490,506 | 2,672,624 |
| 2000(A) |
TROLLEY STATION | 3,303,682 | 13,218,740 | 61,300 | 3,303,682 | 13,280,040 | 16,583,722 | 3,140,519 | 13,443,203 | 9,767,454 | 1998(A) |
RIVERGATE STATION | 7,135,070 | 19,091,078 | 1,995,066 | 7,135,070 | 21,086,144 | 28,221,214 | 4,124,616 | 24,096,598 | 15,242,004 | 2004(A) |
MARKET PLACE AT RIVERGATE | 2,574,635 | 10,339,449 | 1,103,917 | 2,574,635 | 11,443,366 | 14,018,001 | 2,721,153 | 11,296,848 |
| 1998(A) |
RIVERGATE, TN | 3,038,561 | 12,157,408 | 3,045,869 | 3,038,561 | 15,203,277 | 18,241,838 | 3,350,266 | 14,891,572 |
| 1998(A) |
CENTER OF THE HILLS, TX | 2,923,585 | 11,706,145 | 643,559 | 2,923,585 | 12,349,704 | 15,273,289 | 2,997,039 | 12,276,250 |
| 1998(A) |
ARLINGTON | 3,160,203 | 2,285,377 | 1 | 3,160,203 | 2,285,378 | 5,445,582 | 594,954 | 4,850,628 |
| 1997(A) |
DOWLEN CENTER | 2,244,581 | - | (1,041,611) | 484,828 | 718,142 | 1,202,970 | - | 1,202,970 |
| 2002(C) |
BURLESON | 9,974,390 | 810,314 | (9,426,038) | 1,373,692 | (15,026) | 1,358,666 | - | 1,358,666 |
| 2000(C) |
BAYTOWN | 500,422 | 2,431,651 | 437,341 | 500,422 | 2,868,992 | 3,369,414 | 762,582 | 2,606,833 |
| 1996(A) |
LAS TIENDAS PLAZA | 8,678,107 | - | 23,626,353 | 7,943,925 | 24,360,535 | 32,304,460 | - | 32,304,460 |
| 2005(C) |
CORPUS CHRISTI, TX | - | 944,562 | 3,208,000 |
| 4,152,562 | 4,152,562 | 680,874 | 3,471,688 |
| 1997(A) |
DALLAS | 1,299,632 | 5,168,727 | 7,434,369 | 1,299,632 | 12,603,096 | 13,902,728 | 9,283,360 | 4,619,368 |
| 1969(C) |
MONTGOMERY PLAZA | 6,203,205 | - | 44,466,582 | 6,203,205 | 44,466,582 | 50,669,787 | - | 50,669,787 | 37,097,058 | 2003(C) |
PRESTON LEBANON CROSSING | 13,552,180 | - | 12,954,122 | 13,552,180 | 12,954,122 | 26,506,302 | - | 26,506,302 |
| 2006(C) |
KDI-LAKE PRAIRIE TOWN CROSSING | 7,897,491 | - | 22,366,915 | 7,722,108 | 22,542,298 | 30,264,406 | - | 30,264,406 | 26,077,888 | 2006(C) |
CENTER AT BAYBROOK | 6,941,017 | 27,727,491 | 3,965,605 | 7,063,186 | 31,570,926 | 38,634,113 | 6,969,656 | 31,664,456 |
| 1998(A) |
HARRIS COUNTY | 1,843,000 | 7,372,420 | 1,031,027 | 2,003,260 | 8,243,187 | 10,246,447 | 2,136,824 | 8,109,623 |
| 1997(A) |
SHARPSTOWN COURT | 1,560,010 | 6,245,807 | 356,379 | 1,560,010 | 6,602,186 | 8,162,196 | 1,460,083 | 6,702,113 | 5,467,177 | 1999(A) |
CYPRESS TOWNE CENTER | 6,033,932 | - | (3,495,388) | 1,405,968 | 1,132,576 | 2,538,544 | - | 2,538,544 |
| 2003(C) |
SHOPS AT VISTA RIDGE | 3,257,199 | 13,029,416 | 163,901 | 3,257,199 | 13,193,316 | 16,450,516 | 3,272,135 | 13,178,381 | 16,724,665 | 1998(A) |
VISTA RIDGE PLAZA | 2,926,495 | 11,716,483 | 1,959,391 | 2,926,495 | 13,675,874 | 16,602,369 | 3,240,990 | 13,361,379 |
| 1998(A) |
VISTA RIDGE PHASE II | 2,276,575 | 9,106,300 | 92,406 | 2,276,575 | 9,198,706 | 11,475,281 | 2,153,891 | 9,321,390 |
| 1998(A) |
SOUTH PLAINES PLAZA, TX | 1,890,000 | 7,555,099 | 0 | 1,890,000 | 7,555,099 | 9,445,099 | 1,934,863 | 7,510,237 |
| 1998(A) |
MESQUITE | 520,340 | 2,081,356 | 752,043 | 520,340 | 2,833,400 | 3,353,739 | 902,110 | 2,451,629 |
| 1995(A) |
MESQUITE TOWN CENTER | 3,757,324 | 15,061,644 | 1,675,675 | 3,757,324 | 16,737,319 | 20,494,643 | 4,080,375 | 16,414,267 |
| 1998(A) |
NEW BRAUNSFELS | 840,000 | 3,360,000 | - | 840,000 | 3,360,000 | 4,200,000 | 388,440 | 3,811,560 |
| 2003(A) |
KDI-HARMON TOWNE CROSSING | 7,815,750 | 187,300 | 0 | 7,815,750 | 187,300 | 8,003,050 | - | 8,003,050 | 4,944,702 | 2007(C) |
FORUM AT OLYMPIA PARKWAY-DEV | 668,781 | - | (638,592) |
| 30,189 | 30,189 | - | 30,189 |
| 1999(C) |
PARKER PLAZA | 7,846,946 | - | 0 | 7,846,946 | - | 7,846,946 | - | 7,846,946 |
| 2005(C) |
PLANO | 500,414 | 2,830,835 | 0 | 500,414 | 2,830,835 | 3,331,249 | 811,048 | 2,520,201 |
| 1996(A) |
SOUTHLAKE OAKS | 3,011,260 | 7,669,686 | - | 3,011,260 | 7,669,686 | 10,680,946 | 618,411 | 10,062,535 | 6,409,971 | 2007(A) |
WEST OAKS | 500,422 | 2,001,687 | 26,291 | 500,422 | 2,027,978 | 2,528,400 | 614,436 | 1,913,964 |
| 1996(A) |
MARKET STREET AT WOODLANDS | 10,920,168 | - | (10,847,110) | - | 73,058 | 73,058 | - | 73,058 |
| 2002(C) |
OGDEN | 213,818 | 855,275 | 4,279,007 | 850,699 | 4,497,401 | 5,348,100 | 1,528,395 | 3,819,705 |
| 1967(C) |
COLONIAL HEIGHTS | 125,376 | 3,476,073 | 32,420 | 125,376 | 3,508,493 | 3,633,869 | 722,336 | 2,911,533 |
| 1999(A) |
OLD TOWN VILLAGE | 4,500,000 | 41,569,735 | - | 4,500,000 | 41,569,735 | 46,069,735 | - | 46,069,735 | 16,467,827 | 2007(A) |
MANASSAS | 1,788,750 | 7,162,661 | 314,489 | 1,788,750 | 7,477,150 | 9,265,900 | 1,976,274 | 7,289,625 |
| 1997(A) |
RICHMOND | 82,544 | 2,289,288 | 280,600 | 82,544 | 2,569,889 | 2,652,432 | 372,197 | 2,280,235 |
| 1999(A) |
RICHMOND | 670,500 | 2,751,375 | (0) | 670,500 | 2,751,375 | 3,421,875 | 888,553 | 2,533,322 |
| 1995(A) |
VALLEY VIEW SHOPPING CENTER | 3,440,018 | 8,054,004 | 733,871 | 3,440,018 | 8,787,875 | 12,227,893 | 904,775 | 11,323,118 |
| 2004(A) |
MANCHESTER SHOPPING CENTER | 2,722,461 | 6,403,866 | 577,098 | 2,722,461 | 6,980,964 | 9,703,425 | 1,306,101 | 8,397,324 |
| 2004(A) |
AUBURN NORTH | 7,785,841 | 18,157,625 | - | 7,785,841 | 18,157,625 | 25,943,467 | 728,729 | 25,214,737 |
| 2007(A) |
CHARLES TOWN | 602,000 | 3,725,871 | 10,943,677 | 602,000 | 14,669,548 | 15,271,548 | 6,900,083 | 8,371,465 |
| 1985(A) |
RIVERWALK PLAZA | 2,708,290 | 10,841,674 | 148,349 | 2,708,290 | 10,990,023 | 13,698,313 | 2,506,794 | 11,191,519 |
| 1999(A) |
BLUE RIDGE | 12,346,900 | 71,529,796 | 2,345,014 | 16,906,894 | 69,314,816 | 86,221,710 | 10,902,671 | 75,319,039 | 17,380,793 | 2005(A) |
MEXICO-APODACA LAND FUND | 5,280,441 | - | - | 5,280,441 | - | 5,280,441 | - | 5,280,441 |
| 2007(A) |
MEXICO-GIGANTE ACQ | 7,568,417 | 19,878,026 | - | 7,568,417 | 19,878,026 | 27,446,443 | 623,979 | 26,822,464 |
| 2007(A) |
MEXICO-LINDAVISTA | 19,352,453 | - | 19,586,988 | 19,554,673 | 19,384,768 | 38,939,441 | - | 38,939,441 |
| 2006(C) |
MEXICO-MAZATLAN MEXICO LAND | 12,564,535 | - | - | 12,564,535 | - | 12,564,535 | - | 12,564,535 |
| 2007(A) |
MEXICO-MOTOROLA | 47,272,528 | - | 23,961,758 | 47,877,602 | 23,356,684 | 71,234,286 | - | 71,234,286 |
| 2006(C) |
MEXICO-NON ADM GRAND PLZ CANCUN | 13,976,402 | 35,593,236 | - | 13,976,402 | 35,593,236 | 49,569,638 | - | 49,569,638 |
| 2007(A) |
MEXICO-NON ADM LAGO REAL | 11,336,743 | - | - | 11,336,743 | - | 11,336,743 | - | 11,336,743 |
| 2007(A) |
MEXICO-NON ADM LOS CABOS | 10,873,070 | 1,257,517 | - | 10,873,070 | 1,257,517 | 12,130,587 | - | 12,130,587 |
| 2007(A) |
MEXICO-NUEVO LAREDO | 10,627,540 | - | 9,302,852 | 10,867,858 | 9,062,534 | 19,930,392 | - | 19,930,392 |
| 2006(C) |
MEXICO-PACHUCA WAL-MART | 3,621,985 | - | 6,637,065 | 3,843,454 | 6,415,596 | 10,259,050 | 567,052 | 9,691,998 |
| 2005(C) |
MEXICO-PLAZA CENTENARIO | 3,388,861 | - | - | 3,388,861 | - | 3,388,861 | - | 3,388,861 |
| 2007(A) |
MEXICO-PLAZA SAN JUAN | 9,631,035 | - | 1,244,358 | 9,664,208 | 1,211,185 | 10,875,393 | - | 10,875,393 |
| 2006(C) |
MEXICO-PLAZA SORIANA | 2,639,975 | 346,945 | - | 2,639,975 | 346,945 | 2,986,920 | - | 2,986,920 |
| 2007(A) |
MEXICO-SALTILLO II | 11,150,023 | - | 18,438,702 | 11,299,388 | 18,289,337 | 29,588,725 | 1,038,962 | 28,549,763 |
| 2005(C) |
MEXICO-SAN PEDRO | 3,309,654 | 13,238,616 | (923,452) | 4,179,622 | 11,445,196 | 15,624,818 | 349,355 | 15,275,463 |
| 2006(A) |
MEXICO-TAPACHULA | 13,716,428 | - | - | 13,716,428 | - | 13,716,428 | - | 13,716,428 |
| 2007(A) |
MEXICO-WALDO ACQ | 8,929,278 | 16,888,627 | - | 8,929,278 | 16,888,627 | 25,817,905 | 525,015 | 25,292,890 |
| 2007(A) |
BALANCE OF PORTFOLIO | 133,248,688 | 4,492,127 | 60,828,807 | 136,179,328 | 62,390,294 | 198,569,623 | 20,403,814 | 178,165,809 | - |
|
|
|
|
| $ 1,838,959,724 | $ 5,486,075,096 | $ 7,325,034,820 | $ 977,443,829 | $ 6,347,590,991 | $ 1,084,649,964 |
|
130
| INITIAL COST | TOTAL COST, | DATE OF | ||||||||||||||||||||||||||||||||||||||
| BUILDING AND | SUBSEQUENT | BUILDINGS AND | ACCUMULATED | NET OF ACCUMULATED | CONSTRUCTION(C) | |||||||||||||||||||||||||||||||||||
| PROPERTIES | LAND | IMPROVEMENT | TO ACQUISITION | LAND | IMPROVEMENTS | TOTAL | DEPRECIATION | DEPRECIATION | ENCUMBRANCES | ACQUISITION(A) | ||||||||||||||||||||||||||||||
| KDI-GLENN SQUARE | 3,306,779 | — | 14,117,647 | 3,306,779 | 14,117,647 | 17,424,426 | — | 17,424,426 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| HOOVER | 279,106 | 7,735,873 | — | 279,106 | 7,735,873 | 8,014,979 | 1,388,649 | 6,626,330 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| KDI-MAIN STREET AT ANTHEM | 7,305,430 | — | (7,342,975 | ) | — | (37,545 | ) | (37,545 | ) | — | (37,545 | ) | — | 2004 | (C) | |||||||||||||||||||||||||
| KDI-CHANDLER AUTO MALLS | 9,318,595 | — | (1,353,674 | ) | 7,313,506 | 651,415 | 7,964,921 | — | 7,964,921 | — | 2004 | (C) | ||||||||||||||||||||||||||||
| KDI-GILBERT, AZ | 13,484,719 | — | 931,862 | 13,484,719 | 931,862 | 14,416,581 | — | 14,416,581 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| KIMCO MESA 679, INC. AZ | 2,915,000 | 11,686,291 | 1,648,831 | 2,915,000 | 13,335,122 | 16,250,122 | 2,916,226 | 13,333,897 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| MESA RIVERVIEW | 750,000 | — | 71,361,393 | 750,000 | 70,611,393 | 71,361,393 | — | 71,361,393 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| MESA RIVERVIEW (AUTO OFFICE) | 14,250,000 | — | 10,147,324 | 6,896,360 | 3,250,964 | 10,147,324 | — | 10,147,324 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| KDI-ANA MARIANA POWER CENTER | 30,043,645 | — | 457,016 | 30,043,645 | 457,016 | 30,500,661 | — | 30,500,661 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| METRO SQUARE | 4,101,017 | 16,410,632 | 731,478 | 4,101,017 | 17,142,110 | 21,243,127 | 4,490,123 | 16,753,004 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| PEORIA CROSSING | 7,212,588 | — | (598,039 | ) | 161,583 | 1,320,131 | 1,481,714 | — | 1,481,714 | — | 2000 | (C) | ||||||||||||||||||||||||||||
| HAYDEN PLAZA NORTH | 2,015,726 | 4,126,509 | 5,442,501 | 2,015,726 | 9,569,010 | 11,584,736 | 1,680,898 | 9,903,838 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| PHOENIX, COSTCO | 5,324,501 | 21,269,943 | 411,556 | 5,324,501 | 21,681,499 | 27,006,000 | 4,664,949 | 22,341,051 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| PHOENIX | 2,450,341 | 9,802,046 | 626,141 | 2,450,341 | 10,428,187 | 12,878,528 | 2,504,979 | 10,373,549 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| KDI-ASANTE RETAIL CENTER | 8,702,635 | — | 7,379,113 | 15,178,232 | 903,516 | 16,081,748 | — | 16,081,748 | 11,112,252 | 2004 | (C) | |||||||||||||||||||||||||||||
| ALHAMBRA, COSTCO | 4,995,639 | 19,982,557 | 23,838 | 4,995,639 | 20,006,395 | 25,002,034 | 4,417,658 | 20,584,376 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| MADISON PLAZA | 5,874,396 | 23,476,190 | 121,916 | 5,874,396 | 23,598,106 | 29,472,502 | 5,194,196 | 24,278,306 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| CHULA VISTA, COSTCO | 6,460,743 | 25,863,153 | 11,674,917 | 6,460,743 | 37,538,070 | 43,998,813 | 6,153,451 | 37,845,362 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| CORONA HILLS, COSTCO | 13,360,965 | 53,373,453 | 938,162 | 13,360,965 | 54,311,615 | 67,672,580 | 11,973,725 | 55,698,855 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| EAST AVENUE MARKET PLACE | 1,360,457 | 3,055,127 | — | 1,360,457 | 3,266,687 | 4,627,144 | 847,286 | 3,779,859 | 2,239,861 | 2006 | (A) | |||||||||||||||||||||||||||||
| LABAND VILLAGE SC | 5,600,000 | 11,709,367 | 52,368 | 5,600,000 | 13,554,533 | 19,154,533 | 791,416 | 18,363,117 | 9,421,689 | 2005 | (A) | |||||||||||||||||||||||||||||
| CUPERTINO VILLAGE | 19,886,099 | 46,534,919 | — | 19,886,099 | 50,777,287 | 70,663,386 | 4,307,483 | 66,355,903 | 37,673,530 | 2006 | (A) | |||||||||||||||||||||||||||||
| ELK GROVE VILLAGE | 1,770,000 | 7,470,136 | — | 1,770,000 | 8,037,998 | 9,807,997 | 1,843,427 | 7,964,570 | 2,360,180 | 2006 | (A) | |||||||||||||||||||||||||||||
| WATERMAN PLAZA | 784,851 | 1,762,508 | — | 784,851 | 1,884,558 | 2,669,409 | 958,332 | 1,711,076 | 1,610,823 | 2006 | (A) | |||||||||||||||||||||||||||||
| GOLD COUNTRY CENTER | 3,272,211 | 7,348,280 | — | 3,272,211 | 7,857,130 | 11,129,341 | 310,640 | 10,818,702 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| LA MIRADA THEATRE CENTER | 8,816,741 | 35,259,965 | (7,645,005 | ) | 6,888,679 | 29,543,022 | 36,431,701 | 6,121,139 | 30,310,562 | — | 1998 | (A) | ||||||||||||||||||||||||||||
| YOSEMITE NORTH SHOPPING CTR | 2,120,247 | 4,761,355 | — | 2,120,247 | 5,099,371 | 7,219,617 | 688,342 | 6,531,275 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| RALEY’S UNION SQUARE | 1,185,909 | 2,663,149 | — | 1,185,909 | 2,847,566 | 4,033,476 | 502,090 | 3,531,386 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| SOUTH NAPA MARKET PLACE | 1,100,000 | 22,159,086 | — | 1,100,000 | 28,912,086 | 30,012,086 | 1,496,202 | 28,515,883 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| PLAZA DI NORTHRIDGE | 12,900,000 | 40,574,842 | 58,946 | 12,900,000 | 47,138,712 | 60,038,712 | 2,913,446 | 57,125,266 | 30,312,269 | 2005 | (A) | |||||||||||||||||||||||||||||
| POWAY CITY CENTRE | 5,854,585 | 13,792,470 | 5,848,839 | 7,247,814 | 19,794,075 | 27,041,889 | 1,248,919 | 25,792,969 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| NORTH POINT PLAZA | 1,299,733 | 2,918,760 | — | 1,299,733 | 3,125,967 | 4,425,700 | 812,012 | 3,613,689 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| RED BLUFF SHOPPING CTR | 1,410,936 | 3,168,485 | — | 1,410,936 | 3,393,421 | 4,804,358 | 599,204 | 4,205,153 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| TYLER STREET | 3,039,565 | 7,098,219 | — | 3,039,565 | 7,746,660 | 10,786,226 | 353,766 | 10,432,460 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| THE CENTRE | 3,403,724 | 13,625,899 | 229,311 | 3,403,724 | 14,487,961 | 17,891,685 | 2,518,036 | 15,373,649 | 7,188,887 | 1999 | (A) | |||||||||||||||||||||||||||||
| SANTA ANA, HOME DEPOT | 4,592,364 | 18,345,257 | — | 4,592,364 | 18,345,257 | 22,937,621 | 4,031,904 | 18,905,717 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| FULTON MARKET PLACE | 2,966,018 | 6,920,710 | 13,991 | 2,966,018 | 6,934,701 | 9,900,719 | 471,956 | 9,428,763 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| MARIGOLD SC | 15,300,000 | 25,563,978 | 69,179 | 15,300,000 | 29,374,319 | 44,674,319 | 2,315,579 | 42,358,740 | 18,863,389 | 2005 | (A) | |||||||||||||||||||||||||||||
| TRUCKEE CROSSROADS | 2,140,000 | 8,255,753 | — | 2,140,000 | 8,614,953 | 10,754,953 | 1,454,887 | 9,300,067 | 4,303,662 | 2006 | (A) | |||||||||||||||||||||||||||||
| WESTLAKE SHOPPING CENTER | 16,174,307 | 64,818,562 | 53,540,787 | 16,174,307 | 118,359,350 | 134,533,656 | 7,042,158 | 127,491,498 | — | 2002 | (A) | |||||||||||||||||||||||||||||
| VILLAGE ON THE PARK | 2,194,463 | 8,885,987 | 4,831,125 | 2,194,463 | 13,717,112 | 15,911,575 | 2,149,714 | 13,761,861 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| AURORA QUINCY | 1,148,317 | 4,608,249 | 212,313 | 1,148,317 | 4,820,562 | 5,968,879 | 1,081,782 | 4,887,097 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| AURORA EAST BANK | 1,500,568 | 6,180,103 | 160,719 | 1,500,568 | 6,340,822 | 7,841,390 | 1,440,236 | 6,401,154 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| SPRING CREEK COLORADO | 1,423,260 | 5,718,813 | 26,244 | 1,423,260 | 5,745,057 | 7,168,317 | 1,323,412 | 5,844,906 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| DENVER WEST 38TH STREET | 161,167 | 646,983 | — | 161,167 | 646,983 | 808,150 | 147,900 | 660,250 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| ENGLEWOOD PHAR MOR | 805,837 | 3,232,650 | 137,553 | 805,837 | 3,370,203 | 4,176,040 | 749,509 | 3,426,532 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| FORT COLLINS | 1,253,497 | 7,625,278 | 92,777 | 1,253,497 | 7,718,055 | 8,971,552 | 1,336,053 | 7,635,498 | 2,686,974 | 2000 | (A) | |||||||||||||||||||||||||||||
| HERITAGE WEST | 1,526,576 | 6,124,074 | 141,245 | 1,526,576 | 6,265,319 | 7,791,895 | 1,418,552 | 6,373,343 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| WEST FARM SHOPPING CENTER | 5,805,969 | 23,348,024 | 415,114 | 5,805,969 | 23,763,138 | 29,569,107 | 5,097,758 | 24,471,349 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| FARMINGTON PLAZA | 433,713 | 1,211,800 | 1,585,527 | 433,713 | 2,797,327 | 3,231,040 | 37,522 | 3,193,518 | 524,641 | 2005 | (A) | |||||||||||||||||||||||||||||
| N.HAVEN, HOME DEPOT | 7,704,968 | 30,797,640 | 319,211 | 7,704,968 | 31,116,851 | 38,821,819 | 6,784,715 | 32,037,104 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| SOUTHINGTON PLAZA | 376,256 | 1,055,168 | 298,889 | 376,256 | 1,354,057 | 1,730,312 | 35,637 | 1,694,675 | 524,641 | 2005 | (A) | |||||||||||||||||||||||||||||
| WATERBURY | 2,253,078 | 9,017,012 | 288,016 | 2,253,078 | 9,305,028 | 11,558,106 | 3,097,639 | 8,460,466 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| DOVER | 122,741 | 66,738 | 4,800,180 | 3,024,375 | 1,965,285 | 4,989,659 | 1,258 | 4,988,402 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| ELSMERE | — | 3,185,642 | — | — | 3,185,642 | 3,185,642 | 3,185,641 | 0 | — | 1979 | (C) | |||||||||||||||||||||||||||||
| ALTAMONTE SPRINGS | 770,893 | 3,083,574 | 167,155 | 770,893 | 3,250,729 | 4,021,622 | 884,992 | 3,136,630 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| BOCA RATON | 573,875 | 2,295,501 | 1,366,142 | 573,875 | 3,661,643 | 4,235,518 | 1,379,695 | 2,855,823 | — | 1992 | (A) | |||||||||||||||||||||||||||||
| BRADENTON | 125,000 | 299,253 | 333,571 | 125,000 | 632,824 | 757,824 | 417,506 | 340,317 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| BAYSHORE GARDENS, BRADENTON FL | 2,901,000 | 11,738,955 | 460,115 | 2,901,000 | 12,199,070 | 15,100,070 | 2,722,353 | 12,377,717 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| BRADENTON PLAZA | 527,026 | 765,252 | 13,879 | 527,026 | 779,132 | 1,306,157 | 29,116 | 1,277,041 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| CORAL SPRINGS | 710,000 | 2,842,907 | 3,245,002 | 710,000 | 6,087,909 | 6,797,909 | 1,642,801 | 5,155,108 | — | 1994 | (A) | |||||||||||||||||||||||||||||
121
| INITIAL COST | TOTAL COST, | DATE OF | ||||||||||||||||||||||||||||||||||||||
| BUILDING AND | SUBSEQUENT | BUILDINGS AND | ACCUMULATED | NET OF ACCUMULATED | CONSTRUCTION(C) | |||||||||||||||||||||||||||||||||||
| PROPERTIES | LAND | IMPROVEMENT | TO ACQUISITION | LAND | IMPROVEMENTS | TOTAL | DEPRECIATION | DEPRECIATION | ENCUMBRANCES | ACQUISITION(A) | ||||||||||||||||||||||||||||||
| CORAL SPRINGS | 1,649,000 | 6,626,301 | 219,424 | 1,649,000 | 6,845,725 | 8,494,725 | 1,572,377 | 6,922,348 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| CURLEW CROSSING S.C. | 5,315,955 | 12,529,467 | 30,000 | 5,315,955 | 13,693,537 | 19,009,492 | 829,780 | 18,179,712 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| EAST ORLANDO | 491,676 | 1,440,000 | 2,930,067 | 1,007,882 | 3,853,861 | 4,861,743 | 2,209,085 | 2,652,658 | — | 1971 | (C) | |||||||||||||||||||||||||||||
| FERN PARK | 225,000 | 902,000 | 3,025,821 | 225,000 | 3,927,821 | 4,152,821 | 2,102,649 | 2,050,172 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| REGENCY PLAZA | 2,410,000 | 9,671,160 | 388,193 | 2,410,000 | 10,059,353 | 12,469,353 | 1,811,085 | 10,658,267 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| FLINT PLAZA | 11,585,549 | 1,355,467 | 5,981,890 | 11,130,783 | 7,792,122 | 18,922,906 | — | 18,922,906 | 14,710,134 | 2005 | (C) | |||||||||||||||||||||||||||||
| SHOPPES AT AMELIA CONCOURSE | 7,600,000 | — | 7,053,650 | 1,566,552 | 13,087,098 | 14,653,650 | — | 14,653,650 | — | 2003 | (C) | |||||||||||||||||||||||||||||
| AVENUES WALKS | 26,984,546 | — | 5,625,805 | 33,895,717 | 507,842 | 34,403,559 | — | 34,403,559 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| KISSIMMEE | 1,328,536 | 5,296,652 | 1,155,116 | 1,328,536 | 6,451,768 | 7,780,304 | 1,935,919 | 5,844,385 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| LAUDERDALE LAKES | 342,420 | 2,416,645 | 3,331,150 | 342,420 | 5,747,795 | 6,090,215 | 3,732,030 | 2,358,184 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| MERCHANTS WALK | 2,580,816 | 10,366,090 | 650,218 | 2,580,816 | 11,016,308 | 13,597,125 | 1,520,184 | 12,076,941 | — | 2001 | (A) | |||||||||||||||||||||||||||||
| LARGO | 293,686 | 792,119 | 1,226,846 | 293,686 | 2,018,965 | 2,312,651 | 1,760,590 | 552,062 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| LEESBURG | — | 171,636 | 193,651 | — | 365,287 | 365,287 | 282,773 | 82,514 | — | 1969 | (C) | |||||||||||||||||||||||||||||
| LARGO EAST BAY | 2,832,296 | 11,329,185 | 1,312,083 | 2,832,296 | 12,641,268 | 15,473,564 | 5,305,674 | 10,167,891 | — | 1992 | (A) | |||||||||||||||||||||||||||||
| LAUDERHILL | 1,002,733 | 2,602,415 | 11,005,853 | 1,774,443 | 12,836,558 | 14,611,001 | 6,988,296 | 7,622,706 | — | 1974 | (C) | |||||||||||||||||||||||||||||
| THE GROVES | 2,606,246 | 5,989,072 | — | 2,606,246 | 6,533,981 | 9,140,227 | 262,838 | 8,877,390 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| MELBOURNE | — | 1,754,000 | 3,071,347 | — | 4,825,347 | 4,825,347 | 2,338,349 | 2,486,999 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| GROVE GATE | 365,893 | 1,049,172 | 1,207,100 | 365,893 | 2,256,272 | 2,622,165 | 1,735,989 | 886,176 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| NORTH MIAMI | 732,914 | 4,080,460 | 10,758,731 | 732,914 | 14,839,191 | 15,572,105 | 6,157,482 | 9,414,622 | — | 1985 | (A) | |||||||||||||||||||||||||||||
| MILLER ROAD | 1,138,082 | 4,552,327 | 1,795,567 | 1,138,082 | 6,347,894 | 7,485,976 | 5,048,237 | 2,437,739 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| MARGATE | 2,948,530 | 11,754,120 | 3,282,235 | 2,948,530 | 15,036,355 | 17,984,885 | 4,666,947 | 13,317,938 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| MT. DORA | 1,011,000 | 4,062,890 | 139,971 | 1,011,000 | 4,202,861 | 5,213,861 | 991,026 | 4,222,835 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| PLANTATION CROSSING | 7,524,800 | — | 6,723,720 | 7,312,496 | 8,312,082 | 15,624,578 | — | 15,624,578 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| ORLANDO | 923,956 | 3,646,904 | 1,903,145 | 1,172,119 | 5,301,886 | 6,474,005 | 1,664,269 | 4,809,736 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| RENAISSANCE CENTER | 9,104,379 | 36,540,873 | 4,646,372 | 9,104,379 | 41,187,245 | 50,291,624 | 10,346,020 | 39,945,603 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| SAND LAKE | 3,092,706 | 12,370,824 | 1,652,055 | 3,092,706 | 14,022,879 | 17,115,585 | 4,375,027 | 12,740,559 | — | 1994 | (A) | |||||||||||||||||||||||||||||
| ORLANDO | 560,800 | 2,268,112 | 3,105,465 | 580,030 | 5,354,347 | 5,934,377 | 1,194,408 | 4,739,969 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| OCALA | 1,980,000 | 7,927,484 | 3,646,930 | 1,980,000 | 11,574,414 | 13,554,414 | 2,597,629 | 10,956,785 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| POMPANO BEACH | 97,169 | 874,442 | 1,447,922 | 97,169 | 2,322,364 | 2,419,533 | 1,431,352 | 988,181 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| ST. PETERSBURG | — | 917,360 | 984,890 | — | 1,902,250 | 1,902,250 | 791,756 | 1,110,494 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| TUTTLE BEE SARASOTA | 254,961 | 828,465 | 1,747,305 | 254,961 | 2,575,770 | 2,830,731 | 1,847,936 | 982,795 | — | 1970 | (C) | |||||||||||||||||||||||||||||
| SOUTH EAST SARASOTA | 1,283,400 | 5,133,544 | 3,448,652 | 1,440,264 | 8,425,332 | 9,865,596 | 3,372,812 | 6,492,785 | — | 1989 | (A) | |||||||||||||||||||||||||||||
| SANFORD | 1,832,732 | 9,523,261 | 5,792,853 | 1,832,732 | 15,316,114 | 17,148,846 | 6,512,738 | 10,636,107 | — | 1989 | (A) | |||||||||||||||||||||||||||||
| STUART | 2,109,677 | 8,415,323 | 512,225 | 2,109,677 | 8,927,548 | 11,037,225 | 2,818,396 | 8,218,829 | — | 1994 | (A) | |||||||||||||||||||||||||||||
| SOUTH MIAMI | 1,280,440 | 5,133,825 | 2,779,817 | 1,280,440 | 7,913,642 | 9,194,082 | 2,093,093 | 7,100,989 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| TAMPA | 5,220,445 | 16,884,228 | 2,056,968 | 5,220,445 | 18,941,196 | 24,161,641 | 3,538,408 | 20,623,232 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| VILLAGE COMMONS S.C. | 2,192,331 | 8,774,158 | 570,782 | 2,192,331 | 9,344,940 | 11,537,271 | 1,885,063 | 9,652,207 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| MISSION BELL SHOPPING CENTER | 5,056,426 | 11,843,119 | 1,496,650 | 5,067,033 | 14,407,866 | 19,474,899 | 2,812,464 | 16,662,435 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| WEST PALM BEACH | 550,896 | 2,298,964 | 875,172 | 550,896 | 3,174,136 | 3,725,032 | 818,773 | 2,906,258 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| THE SHOPS AT WEST MELBOURNE | 2,200,000 | 8,829,541 | 3,712,903 | 2,200,000 | 12,542,444 | 14,742,444 | 2,451,766 | 12,290,677 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| AUGUSTA | 1,482,564 | 5,928,122 | 2,135,086 | 1,482,564 | 8,063,208 | 9,545,772 | 1,894,670 | 7,651,101 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| SAVANNAH | 2,052,270 | 8,232,978 | 1,224,027 | 2,052,270 | 9,457,005 | 11,509,275 | 3,149,729 | 8,359,546 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| SAVANNAH | 652,255 | 2,616,522 | 481,673 | 652,255 | 3,098,195 | 3,750,450 | 839,018 | 2,911,431 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| KIHEI CENTER | 3,406,707 | 7,663,360 | — | 3,406,707 | 8,206,468 | 11,613,175 | 2,128,350 | 9,484,825 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| CLIVE | 500,525 | 2,002,101 | — | 500,525 | 2,002,101 | 2,502,626 | 560,418 | 1,942,208 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| KDI-METRO CROSSING | 3,013,647 | — | 1,923,942 | 3,013,647 | 1,923,942 | 4,937,589 | — | 4,937,589 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| SOUTHDALE SHOPPING CENTER | 1,720,330 | 6,916,294 | 2,709,610 | 1,720,330 | 9,625,904 | 11,346,234 | 1,536,471 | 9,809,764 | 3,675,843 | 1999 | (A) | |||||||||||||||||||||||||||||
| DES MOINES | 500,525 | 2,559,019 | 37,079 | 500,525 | 2,596,098 | 3,096,623 | 706,213 | 2,390,410 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| DUBUQUE | — | 2,152,476 | 10,848 | — | 2,163,324 | 2,163,324 | 506,110 | 1,657,214 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| WATERLOO | 500,525 | 2,002,101 | 2,869,100 | 500,525 | 4,871,201 | 5,371,726 | 1,008,709 | 4,363,017 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| TREASURE VALLEY MARKETPLACE | — | — | 16,539,451 | 2,223,568 | 17,033,923 | 19,257,490 | — | 19,257,490 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| NAMPA (HORSHAM) FUTURE DEV. | 6,501,240 | — | 5,092,116 | 11,553,014 | 187,852 | 11,740,866 | — | 11,740,866 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| ALTON, BELTLINE HWY | 329,532 | 1,987,981 | 59,934 | 329,532 | 2,047,915 | 2,377,447 | 809,720 | 1,567,727 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| AURORA, N. LAKE | 2,059,908 | 9,531,721 | 232,059 | 2,059,908 | 9,763,780 | 11,823,688 | 2,055,934 | 9,767,754 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| KRC ARLINGTON HEIGHT | 1,983,517 | 9,178,272 | (5,168,281 | ) | 1,983,517 | 4,009,991 | 5,993,508 | 1,665,573 | 4,327,935 | — | 1998 | (A) | ||||||||||||||||||||||||||||
| BLOOMINGTON | 805,521 | 2,222,353 | 5,163,864 | 805,521 | 7,386,217 | 8,191,738 | 4,254,545 | 3,937,193 | — | 1972 | (C) | |||||||||||||||||||||||||||||
| BELLEVILLE, WESTFIELD PLAZA | — | 5,372,253 | — | — | 5,372,253 | 5,372,253 | 1,159,275 | 4,212,978 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| BRADLEY | 500,422 | 2,001,687 | — | 500,422 | 2,001,687 | 2,502,109 | 651,510 | 1,850,599 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| CALUMET CITY | 1,479,217 | 8,815,760 | 13,376,133 | 1,479,217 | 22,191,893 | 23,671,110 | 2,322,081 | 21,349,030 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| COUNTRYSIDE | — | 4,770,671 | 1,137,295 | 1,101,670 | 4,806,296 | 5,907,966 | 1,094,981 | 4,812,985 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| CARBONDALE | — | 500,000 | — | — | 500,000 | 500,000 | 102,564 | 397,436 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| CHICAGO | — | 2,687,046 | 633,471 | — | 3,320,517 | 3,320,517 | 701,916 | 2,618,602 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| CHAMPAIGN, NEIL ST. | 230,519 | 1,285,460 | 82,606 | 230,519 | 1,368,066 | 1,598,585 | 269,928 | 1,328,657 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| ELSTON | 1,010,375 | 5,692,211 | — | 1,010,375 | 5,692,211 | 6,702,586 | 1,216,069 | 5,486,517 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| S. CICERO | — | 1,541,560 | 149,203 | — | 1,690,763 | 1,690,763 | 399,526 | 1,291,237 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| CRYSTAL LAKE, NW HWY | 179,964 | 1,025,811 | 317,841 | 180,269 | 1,343,347 | 1,523,616 | 263,230 | 1,260,385 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| CRYSTAL LAKE PLAZA | 353,768 | — | 156,133 | 353,768 | 1,340,821 | 1,694,589 | 21,572 | 1,673,016 | — | 2005 | (A) | |||||||||||||||||||||||||||||
122
| INITIAL COST | TOTAL COST, | DATE OF | ||||||||||||||||||||||||||||||||||||||
| BUILDING AND | SUBSEQUENT | BUILDINGS AND | ACCUMULATED | NET OF ACCUMULATED | CONSTRUCTION(C) | |||||||||||||||||||||||||||||||||||
| PROPERTIES | LAND | IMPROVEMENT | TO ACQUISITION | LAND | IMPROVEMENTS | TOTAL | DEPRECIATION | DEPRECIATION | ENCUMBRANCES | ACQUISITION(A) | ||||||||||||||||||||||||||||||
| BUTTERFIELD SQUARE | 1,601,960 | 6,637,926 | 299,681 | 1,603,277 | 6,936,290 | 8,539,567 | 1,895,323 | 6,644,245 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| DOWNERS PARK PLAZA | 2,510,455 | 10,164,494 | 613,196 | 2,510,455 | 10,777,690 | 13,288,145 | 2,218,478 | 11,069,667 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| DOWNER GROVE | 811,778 | 4,322,956 | 1,716,868 | 811,778 | 6,039,824 | 6,851,602 | 1,134,099 | 5,717,503 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| ELGIN | 842,555 | 2,108,674 | 2,153,483 | 842,555 | 4,262,157 | 5,104,712 | 2,900,791 | 2,203,921 | — | 1972 | (C) | |||||||||||||||||||||||||||||
| FOREST PARK | — | 2,335,884 | — | — | 2,335,884 | 2,335,884 | 554,164 | 1,781,720 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| FAIRVIEW HTS, BELLVILLE RD. | — | 11,866,880 | 1,856,567 | — | 13,723,447 | 13,723,447 | 2,748,135 | 10,975,312 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| GENEVA | 500,422 | 12,917,712 | 64,567 | 500,422 | 12,982,279 | 13,482,701 | 2,919,208 | 10,563,493 | 9,127,530 | 1996 | (A) | |||||||||||||||||||||||||||||
| LAKE ZURICH PLAZA | 233,698 | 1,265,023 | 85,631 | 233,698 | 1,350,654 | 1,584,352 | 22,646 | 1,561,706 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| MATTERSON | 950,515 | 6,292,319 | 10,513,842 | 950,515 | 16,806,161 | 17,756,676 | 2,603,909 | 15,152,766 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| MT. PROSPECT | 1,017,345 | 6,572,176 | 3,557,866 | 1,017,345 | 10,130,042 | 11,147,387 | 2,016,348 | 9,131,039 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| MUNDELEIN, S. LAKE | 1,127,720 | 5,826,129 | 42,333 | 1,129,634 | 5,866,548 | 6,996,182 | 1,259,516 | 5,736,666 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| NORRIDGE | — | 2,918,315 | — | — | 2,918,315 | 2,918,315 | 686,670 | 2,231,645 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| NAPERVILLE | 669,483 | 4,464,998 | 70,678 | 669,483 | 4,535,676 | 5,205,159 | 1,011,199 | 4,193,960 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| NAPERVILLE PLAZA | 239,486 | — | 102,631 | 239,486 | 1,255,084 | 1,494,570 | 19,362 | 1,475,208 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| OTTAWA | 137,775 | 784,269 | 506,179 | 137,775 | 1,290,448 | 1,428,223 | 967,991 | 460,231 | — | 1970 | (C) | |||||||||||||||||||||||||||||
| ORLAND PARK, S. HARLEM | 476,972 | 2,764,775 | 1,178,170 | 476,972 | 3,942,945 | 4,419,917 | 731,273 | 3,688,644 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| OAK LAWN | 1,530,111 | 8,776,631 | 246,192 | 1,530,111 | 9,022,823 | 10,552,934 | 2,044,022 | 8,508,912 | 14,142,584 | 1997 | (A) | |||||||||||||||||||||||||||||
| OAKBROOK TERRACE | 1,527,188 | 8,679,108 | 2,972,827 | 1,527,188 | 11,651,935 | 13,179,123 | 2,251,462 | 10,927,661 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| PEORIA | — | 5,081,290 | 2,372,084 | — | 7,453,374 | 7,453,374 | 1,425,092 | 6,028,282 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| FREESTATE BOWL | 343,723 | 1,129,198 | (311,854 | ) | 252,723 | 998,099 | 1,250,822 | 267,229 | 983,593 | — | 2003 | (A) | ||||||||||||||||||||||||||||
| ROUND LAKE BEACH PLAZA | 790,129 | 1,634,148 | 230,085 | 790,129 | 1,864,232 | 2,654,361 | 64,060 | 2,590,302 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| SKOKIE | — | 2,276,360 | 9,488,383 | 2,628,440 | 9,136,303 | 11,764,743 | 1,344,855 | 10,419,888 | 7,653,438 | 1997 | (A) | |||||||||||||||||||||||||||||
| KRC STREAMWOOD | 181,962 | 1,057,740 | 181,885 | 181,962 | 1,239,625 | 1,421,587 | 246,599 | 1,174,988 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| WOODGROVE FESTIVAL | 5,049,149 | 20,822,993 | 1,839,352 | 5,049,149 | 22,662,345 | 27,711,494 | 4,876,207 | 22,835,288 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| WAUKEGAN | 203,427 | 1,161,847 | 37,012 | 203,772 | 1,198,514 | 1,402,286 | 240,147 | 1,162,139 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| WAUKEGAN PLAZA | 349,409 | 883,975 | 137,657 | 349,409 | 1,021,632 | 1,371,041 | 12,609 | 1,358,431 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| PLAZA EAST | 1,236,149 | 4,944,597 | 2,820,843 | 1,140,849 | 7,860,740 | 9,001,589 | 1,947,136 | 7,054,453 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| GREENWOOD | 423,371 | 1,883,421 | 1,810,529 | 423,371 | 3,693,950 | 4,117,321 | 2,385,117 | 1,732,204 | — | 1970 | (C) | |||||||||||||||||||||||||||||
| GRIFFITH | — | 2,495,820 | 981,912 | 1,001,100 | 2,476,632 | 3,477,732 | 593,845 | 2,883,887 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| LAFAYETTE | 230,402 | 1,305,943 | 158,525 | 230,402 | 1,464,468 | 1,694,870 | 1,493,542 | 201,328 | — | 1971 | (C) | |||||||||||||||||||||||||||||
| LAFAYETTE | 812,810 | 3,252,269 | 3,915,570 | 2,379,198 | 5,601,451 | 7,980,649 | 937,481 | 7,043,168 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| KIMCO LAFAYETTE MARKET PLACE | 4,184,000 | 16,752,165 | 243,806 | 4,184,000 | 16,995,971 | 21,179,971 | 3,827,418 | 17,352,553 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| KRC MISHAWAKA 895 | 378,088 | 1,999,079 | 642 | 378,730 | 1,999,079 | 2,377,809 | 430,561 | 1,947,248 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| MERRILLVILLE PLAZA | 197,415 | 765,630 | 105,180 | 197,415 | 870,810 | 1,068,225 | 13,444 | 1,054,781 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| SOUTH BEND, S. HIGH ST. | 183,463 | 1,070,401 | 196,858 | 183,463 | 1,267,259 | 1,450,722 | 249,032 | 1,201,690 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| OVERLAND PARK | 1,183,911 | 6,335,308 | 142,374 | 1,185,906 | 6,475,687 | 7,661,593 | 1,352,678 | 6,308,915 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| BELLEVUE | 405,217 | 1,743,573 | 138,965 | 405,217 | 1,882,538 | 2,287,755 | 1,788,306 | 499,449 | — | 1976 | (A) | |||||||||||||||||||||||||||||
| FLORENCE PLAZA | 176,796 | 678,383 | 61,761 | 176,796 | 740,144 | 916,941 | 15,260 | 901,680 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| LEXINGTON | 1,675,031 | 6,848,209 | 5,179,737 | 1,551,079 | 12,151,898 | 13,702,977 | 3,972,287 | 9,730,690 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| PADUCAH MALL, KY | — | 1,047,281 | (123,196 | ) | — | 924,085 | 924,085 | 287,189 | 636,896 | — | 1998 | (A) | ||||||||||||||||||||||||||||
| HAMMOND AIR PLAZA | 3,813,873 | 15,260,609 | 1,700,209 | 3,813,873 | 16,960,818 | 20,774,691 | 4,008,532 | 16,766,159 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| KIMCO HOUMA 274, LLC | 1,980,000 | 7,945,784 | 146,784 | 1,980,000 | 8,092,568 | 10,072,568 | 1,483,146 | 8,589,422 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| LAFAYETTE | 2,115,000 | 8,508,218 | 9,209,638 | 3,678,274 | 16,154,581 | 19,832,856 | 3,396,792 | 16,436,064 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| GREAT BARRINGTON | 642,170 | 2,547,830 | 7,042,117 | 751,124 | 9,480,993 | 10,232,117 | 2,306,238 | 7,925,879 | — | 1994 | (A) | |||||||||||||||||||||||||||||
| SHREWSBURY SHOPPING CENTER | 1,284,168 | 5,284,853 | 4,506,918 | 1,284,168 | 9,791,771 | 11,075,939 | 1,426,249 | 9,649,690 | — | 2000 | (A) | |||||||||||||||||||||||||||||
| CLUB CENTRE AT PIKESVILLE | 1,630,003 | 5,354,041 | (67,088 | ) | 1,626,003 | 5,716,588 | 7,342,591 | 963,013 | 6,379,578 | 4,925,190 | 2003 | (A) | ||||||||||||||||||||||||||||
| WILDE LAKE | 1,468,038 | 5,869,862 | 93,315 | 1,468,038 | 5,963,177 | 7,431,214 | 730,641 | 6,700,574 | — | 2002 | (A) | |||||||||||||||||||||||||||||
| LYNX LANE | 1,019,035 | 4,091,894 | 85,071 | 1,019,035 | 4,176,965 | 5,196,000 | 530,563 | 4,665,437 | — | 2002 | (A) | |||||||||||||||||||||||||||||
| CLINTON BANK BUILDING | 141,964 | 466,369 | (200,070 | ) | 82,964 | 362,370 | 445,335 | 145,003 | 300,331 | — | 2003 | (A) | ||||||||||||||||||||||||||||
| CLINTON BOWL | 39,779 | 130,716 | (6,141 | ) | 38,779 | 135,963 | 174,742 | 62,263 | 112,479 | — | 2003 | (A) | ||||||||||||||||||||||||||||
| VILLAGES AT URBANA | 3,190,074 | 6,067 | 8,562,954 | 4,828,774 | 6,930,322 | 11,759,096 | — | 11,759,096 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| GAITHERSBURG | 244,890 | 6,787,534 | 264,386 | 244,890 | 7,051,920 | 7,296,810 | 1,263,721 | 6,033,089 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| HAGERSTOWN | 541,389 | 2,165,555 | 2,064,346 | 541,389 | 4,229,901 | 4,771,290 | 2,310,698 | 2,460,592 | — | 1973 | (C) | |||||||||||||||||||||||||||||
| SHAWAN PLAZA | 4,500,000 | 21,859,285 | (2,815,081 | ) | 4,466,000 | 20,764,459 | 25,230,459 | 3,111,073 | 22,119,386 | 12,783,946 | 2003 | (A) | ||||||||||||||||||||||||||||
| LAUREL | 349,562 | 1,398,250 | 1,017,085 | 349,562 | 2,415,335 | 2,764,897 | 829,917 | 1,934,980 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| LAUREL | 274,580 | 1,100,968 | 283,421 | 274,580 | 1,384,389 | 1,658,969 | 1,238,294 | 420,675 | — | 1972 | (C) | |||||||||||||||||||||||||||||
| SOUTHWEST MIXED USE PROPERTY | 403,034 | 1,325,126 | 173,667 | 361,034 | 1,646,035 | 2,007,069 | 648,604 | 1,358,465 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| NORTH EAST STATION | — | — | 869,385 | 869,385 | — | 869,385 | — | 869,385 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| OWINGS MILLS PLAZA | 303,911 | 1,370,221 | 42,483 | 303,911 | 1,412,704 | 1,716,615 | 33,707 | 1,682,908 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| PERRY HALL | 3,733,309 | 12,245,774 | (843,035 | ) | 3,339,309 | 11,839,740 | 15,179,048 | 2,002,237 | 13,176,811 | 5,274,165 | 2003 | (A) | ||||||||||||||||||||||||||||
| TIMONIUM SHOPPING CENTER | 6,000,000 | 24,282,998 | 6,897,299 | 7,331,195 | 32,185,642 | 39,516,837 | 7,410,134 | 32,106,703 | 9,165,899 | 2003 | (A) | |||||||||||||||||||||||||||||
| WALDORF BOWL | 225,099 | 739,362 | 25,548 | 235,099 | 813,688 | 1,048,787 | 151,905 | 896,882 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| WALDORF FIRESTONE | 73,127 | 240,625 | (54,099 | ) | 57,127 | 221,621 | 278,748 | 42,958 | 235,791 | — | 2003 | (A) | ||||||||||||||||||||||||||||
| BANGOR, ME | 403,833 | 1,622,331 | 93,752 | 403,833 | 1,716,083 | 2,119,916 | 219,039 | 1,900,878 | — | 2001 | (A) | |||||||||||||||||||||||||||||
| MALLSIDE PLAZA | 6,930,996 | 16,172,325 | — | 6,930,996 | 17,650,938 | 24,581,935 | 476,784 | 24,105,150 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| CLAWSON | 1,624,771 | 6,578,142 | 2,788,198 | 1,624,771 | 9,366,340 | 10,991,111 | 2,846,947 | 8,144,164 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| WHITE LAKE | 2,300,050 | 9,249,607 | 1,684,082 | 2,300,050 | 10,933,689 | 13,233,739 | 2,915,470 | 10,318,269 | — | 1996 | (A) | |||||||||||||||||||||||||||||
123
| INITIAL COST | TOTAL COST, | DATE OF | ||||||||||||||||||||||||||||||||||||||
| BUILDING AND | SUBSEQUENT | BUILDINGS AND | ACCUMULATED | NET OF ACCUMULATED | CONSTRUCTION(C) | |||||||||||||||||||||||||||||||||||
| PROPERTIES | LAND | IMPROVEMENT | TO ACQUISITION | LAND | IMPROVEMENTS | TOTAL | DEPRECIATION | DEPRECIATION | ENCUMBRANCES | ACQUISITION(A) | ||||||||||||||||||||||||||||||
| CANTON TWP PLAZA | 163,740 | 926,150 | 334,254 | 163,740 | 1,260,403 | 1,424,144 | 19,293 | 1,404,851 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| CLINTON TWP PLAZA | 175,515 | 714,279 | 56,952 | 175,515 | 771,231 | 946,746 | 22,230 | 924,516 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| DEARBORN HEIGHTS PLAZA | 162,319 | 497,791 | (59,383 | ) | 135,889 | 464,839 | 600,728 | 12,450 | 588,278 | — | 2005 | (A) | ||||||||||||||||||||||||||||
| FARMINGTON | 1,098,426 | 4,525,723 | 2,889,118 | 1,098,426 | 7,414,841 | 8,513,267 | 2,090,319 | 6,422,948 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| GRAND RAPIDS PLAZA | 74,898 | 429,076 | 34,050 | 74,898 | 463,126 | 538,025 | 30,959 | 507,065 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| LIVONIA | 178,785 | 925,818 | 812,303 | 178,785 | 1,738,121 | 1,916,906 | 763,546 | 1,153,360 | — | 1968 | (C) | |||||||||||||||||||||||||||||
| LANSING PLAZA | 245,014 | 406,349 | 102,534 | 245,014 | 508,883 | 753,897 | 11,032 | 742,865 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| MUSKEGON | 391,500 | 958,500 | 825,035 | 391,500 | 1,783,535 | 2,175,035 | 1,488,281 | 686,754 | — | 1985 | (A) | |||||||||||||||||||||||||||||
| OKEMOS PLAZA | 166,706 | 591,193 | 134,569 | 166,706 | 725,762 | 892,468 | 10,032 | 882,436 | 1,094,978 | 2005 | (A) | |||||||||||||||||||||||||||||
| TAYLOR | 1,451,397 | 5,806,263 | 275,289 | 1,451,397 | 6,081,552 | 7,532,949 | 2,012,126 | 5,520,824 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| WALKER | 3,682,478 | 14,730,060 | 1,919,480 | 3,682,478 | 16,649,540 | 20,332,018 | 5,297,052 | 15,034,966 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| EDEN PRAIRIE PLAZA | 882,596 | 911,373 | 132,722 | 882,596 | 1,044,094 | 1,926,690 | 23,756 | 1,902,934 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| FOUNTAINS AT ARBOR LAKES | 28,585,296 | 66,699,024 | — | 28,585,296 | 72,797,220 | 101,382,516 | — | 101,382,516 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| ROSEVILLE PLAZA | 132,842 | 957,340 | 257,487 | 132,842 | 1,214,827 | 1,347,669 | 19,734 | 1,327,936 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| ST. PAUL PLAZA | 699,916 | 623,966 | 149,427 | 699,916 | 773,393 | 1,473,310 | 12,469 | 1,460,841 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| BRIDGETON | — | 2,196,834 | — | — | 2,196,834 | 2,196,834 | 521,075 | 1,675,759 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| CREVE COEUR, WOODCREST/OLIVE | 1,044,598 | 5,475,623 | 615,905 | 960,813 | 6,175,312 | 7,136,126 | 1,306,574 | 5,829,551 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| CRYSTAL CITY, MI | — | 234,378 | — | — | 234,378 | 234,378 | 49,199 | 185,179 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| INDEPENDENCE, NOLAND DR. | 1,728,367 | 8,951,101 | 106,779 | 1,731,300 | 9,054,947 | 10,786,247 | 1,946,308 | 8,839,939 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| NORTH POINT SHOPPING CENTER | 1,935,380 | 7,800,746 | 243,325 | 1,935,380 | 8,044,071 | 9,979,451 | 1,642,062 | 8,337,389 | 6,876,989 | 1998 | (A) | |||||||||||||||||||||||||||||
| KIRKWOOD | — | 9,704,005 | 10,644,466 | — | 20,348,471 | 20,348,471 | 4,499,026 | 15,849,445 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| KANSAS CITY | 574,777 | 2,971,191 | 246,276 | 574,777 | 3,217,467 | 3,792,244 | 741,642 | 3,050,603 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| LEMAY | 125,879 | 503,510 | 3,271,994 | 451,155 | 3,450,228 | 3,901,383 | 642,690 | 3,258,693 | — | 1974 | (C) | |||||||||||||||||||||||||||||
| GRAVOIS | 1,032,416 | 4,455,514 | 10,766,773 | 1,032,416 | 15,222,287 | 16,254,703 | 6,011,879 | 10,242,825 | — | 1972 | (C) | |||||||||||||||||||||||||||||
| ST. CHARLES-UNDERDEVELOPED LAND, MO | 431,960 | — | 1,190,814 | 863,920 | 758,855 | 1,622,774 | 112,813 | 1,509,961 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| SPRINGFIELD | 2,745,595 | 10,985,778 | 5,020,854 | 2,904,022 | 15,848,205 | 18,752,227 | 4,258,397 | 14,493,830 | — | 1994 | (A) | |||||||||||||||||||||||||||||
| KMART PARCEL | 905,674 | 3,666,386 | 4,933,942 | 905,674 | 8,600,328 | 9,506,002 | 929,021 | 8,576,981 | 2,711,372 | 2002 | (A) | |||||||||||||||||||||||||||||
| KRC ST. CHARLES | — | 550,204 | — | — | 550,204 | 550,204 | 112,862 | 437,341 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| ST. LOUIS, CHRISTY BLVD. | 809,087 | 4,430,514 | 1,574,193 | 809,087 | 6,004,707 | 6,813,794 | 1,067,753 | 5,746,041 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| OVERLAND | — | 4,928,677 | 723,008 | — | 5,651,685 | 5,651,685 | 1,228,803 | 4,422,882 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| ST. LOUIS | — | 5,756,736 | 509,242 | — | 6,265,978 | 6,265,978 | 1,431,399 | 4,834,579 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| ST. LOUIS | — | 2,766,644 | 93,298 | — | 2,859,942 | 2,859,942 | 665,321 | 2,194,621 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| ST. PETERS | 1,182,194 | 7,423,459 | 6,973,151 | 1,053,694 | 14,525,110 | 15,578,804 | 4,272,381 | 11,306,423 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| SPRINGFIELD,GLENSTONE AVE. | — | 608,793 | 1,706,851 | — | 2,315,644 | 2,315,644 | 364,074 | 1,951,570 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| KDI-TURTLE CREEK | 11,535,281 | — | 30,998,666 | 9,429,577 | 31,281,970 | 40,711,547 | — | 40,711,547 | 30,866,914 | 2004 | (C) | |||||||||||||||||||||||||||||
| BURLINGTON COMMERCE PARK | 1,330,894 | — | (237,042 | ) | 1,093,852 | — | 1,093,852 | — | 1,093,852 | — | 2003 | (C) | ||||||||||||||||||||||||||||
| CHARLOTTE | 919,251 | 3,570,981 | 1,056,129 | 919,251 | 4,627,110 | 5,546,361 | 1,318,718 | 4,227,642 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| CHARLOTTE | 1,783,400 | 7,139,131 | 738,843 | 1,783,400 | 7,877,974 | 9,661,374 | 2,562,894 | 7,098,480 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| TYVOLA RD. | — | 4,736,345 | 5,357,991 | — | 10,094,336 | 10,094,336 | 5,526,506 | 4,567,831 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| CROSSROADS PLAZA | 767,864 | 3,098,881 | — | 767,864 | 3,098,881 | 3,866,744 | 437,130 | 3,429,615 | — | 2000 | (A) | |||||||||||||||||||||||||||||
| KIMCO CARY 696, INC. | 2,180,000 | 8,756,865 | 405,993 | 2,256,799 | 9,086,059 | 11,342,858 | 2,005,422 | 9,337,436 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| DURHAM | 1,882,800 | 7,551,576 | 1,318,543 | 1,882,800 | 8,870,119 | 10,752,919 | 2,338,380 | 8,414,539 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| LANDMARK STATION S.C. | 1,200,000 | 4,808,785 | 264,027 | 1,200,000 | 5,072,812 | 6,272,812 | 928,968 | 5,343,844 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| HILLSBOROUGH CROSSING | 2,750,820 | — | (2,231,425 | ) | 519,395 | — | 519,395 | — | 519,395 | — | 2003 | (A) | ||||||||||||||||||||||||||||
| SHOPPES AT MIDWAY PLANTATION | 6,681,212 | — | 17,215,720 | 6,393,384 | 24,451,025 | 30,844,409 | — | 30,844,409 | 25,526,045 | 2005 | (C) | |||||||||||||||||||||||||||||
| RALEIGH | 5,208,885 | 20,885,792 | 9,177,798 | 5,208,885 | 30,063,590 | 35,272,475 | 7,509,272 | 27,763,203 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| WAKEFIELD COMMONS II | 6,506,450 | — | (3,237,167 | ) | 2,357,636 | 911,647 | 3,269,283 | — | 3,269,283 | — | 2001 | (C) | ||||||||||||||||||||||||||||
| WAKEFIELD CROSSINGS | 3,413,932 | — | (2,655,215 | ) | 591,362 | 167,355 | 758,717 | — | 758,717 | — | 2001 | (C) | ||||||||||||||||||||||||||||
| EDGEWATER PLACE | 3,150,000 | — | 8,508,755 | 3,062,768 | 8,595,987 | 11,658,755 | — | 11,658,755 | 9,313,298 | 2003 | (C) | |||||||||||||||||||||||||||||
| WINSTON-SALEM | 540,667 | 719,655 | 5,064,520 | 540,667 | 5,784,175 | 6,324,842 | 2,330,546 | 3,994,295 | — | 1969 | (C) | |||||||||||||||||||||||||||||
| SORENSON PARK PLAZA | 5,104,294 | — | 21,186,765 | 4,484,739 | 32,665,176 | 37,149,915 | — | 37,149,915 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| NEW LONDON CENTER | 4,323,827 | 10,088,930 | 85,815 | 4,323,827 | 11,097,161 | 15,420,988 | 443,828 | 14,977,160 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| ROCKINGHAM | 2,660,915 | 10,643,660 | 10,368,382 | 2,660,915 | 21,012,042 | 23,672,957 | 5,569,404 | 18,103,553 | — | 1994 | (A) | |||||||||||||||||||||||||||||
| BRIDGEWATER NJ | 1,982,481 | (3,666,959 | ) | 3,443,995 | 1,982,481 | 5,200,423 | 7,182,904 | 2,168,623 | 5,014,282 | — | 1998 | (C) | ||||||||||||||||||||||||||||
| BAYONNE BROADWAY | 1,434,737 | 3,347,719 | — | 1,434,737 | 6,149,103 | 7,583,839 | 383,994 | 7,199,846 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| BRICKTOWN PLAZA | 344,884 | 1,008,941 | — | 344,884 | 1,008,941 | 1,353,826 | 29,050 | 1,324,775 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| BRIDGEWATER PLAZA | 350,705 | 1,361,524 | 101,306 | 350,705 | 1,462,830 | 1,813,535 | 36,161 | 1,777,374 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| CHERRY HILL | 2,417,583 | 6,364,094 | 1,315,749 | 2,417,583 | 7,679,843 | 10,097,426 | 4,628,717 | 5,468,709 | — | 1985 | (C) | |||||||||||||||||||||||||||||
| MARLTON PIKE | — | 4,318,534 | — | — | 4,318,534 | 4,318,534 | 1,144,227 | 3,174,307 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| CINNAMINSON | 652,123 | 2,608,491 | 2,617,003 | 652,123 | 5,225,494 | 5,877,617 | 1,215,918 | 4,661,699 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| DEBTFORD PLAZA | 221,316 | 962,891 | 3,809,954 | 930,785 | 4,063,377 | 4,994,162 | 20,590 | 4,973,572 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| HILLSBOROUGH | 11,886,809 | — | (6,880,755 | ) | 5,006,054 | — | 5,006,054 | — | 5,006,054 | — | 2001 | (C) | ||||||||||||||||||||||||||||
| HOLMDEL TOWNE CENTER | 10,824,624 | 43,301,494 | 920,225 | 10,824,624 | 44,221,719 | 55,046,343 | 4,509,215 | 50,537,128 | — | 2002 | (A) | |||||||||||||||||||||||||||||
| HOLMDEL COMMONS | 16,537,556 | 38,759,952 | 173,617 | 16,537,556 | 42,355,514 | 58,893,070 | 4,029,333 | 54,863,737 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| HOWELL PLAZA | 311,384 | 1,143,159 | 372,545 | 311,384 | 1,515,704 | 1,827,088 | 32,321 | 1,794,767 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| KENVILLE PLAZA | 385,907 | 1,209,864 | 913 | 385,907 | 1,210,777 | 1,596,684 | 47,324 | 1,549,360 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| STRAUSS DISCOUNT AUTO | 1,225,294 | 91,203 | 1,528,655 | 1,228,794 | 1,616,358 | 2,845,153 | 138,195 | 2,706,957 | — | 2002 | (A) | |||||||||||||||||||||||||||||
124
| INITIAL COST | TOTAL COST, | DATE OF | ||||||||||||||||||||||||||||||||||||||
| BUILDING AND | SUBSEQUENT | BUILDINGS AND | ACCUMULATED | NET OF ACCUMULATED | CONSTRUCTION(C) | |||||||||||||||||||||||||||||||||||
| PROPERTIES | LAND | IMPROVEMENT | TO ACQUISITION | LAND | IMPROVEMENTS | TOTAL | DEPRECIATION | DEPRECIATION | ENCUMBRANCES | ACQUISITION(A) | ||||||||||||||||||||||||||||||
| NORTH BRUNSWICK | 3,204,978 | 12,819,912 | 13,855,228 | 3,204,978 | 26,675,140 | 29,880,118 | 7,060,995 | 22,819,123 | — | 1994 | (A) | |||||||||||||||||||||||||||||
| PISCATAWAY TOWN CENTER | 3,851,839 | 15,410,851 | 304,718 | 3,851,839 | 15,715,569 | 19,567,408 | 3,426,430 | 16,140,978 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| RIDGEWOOD | 450,000 | 2,106,566 | 991,591 | 450,000 | 3,098,157 | 3,548,157 | 821,885 | 2,726,272 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| SEA GIRT PLAZA | 457,039 | 1,308,010 | 126,595 | 457,039 | 1,434,605 | 1,891,644 | 26,019 | 1,865,624 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| WESTMONT | 601,655 | 2,404,604 | 9,714,226 | 601,655 | 12,118,830 | 12,720,485 | 2,895,750 | 9,824,735 | — | 1994 | (A) | |||||||||||||||||||||||||||||
| WEST LONG BRANCH PLAZA | 64,976 | 1,700,782 | 134,157 | 64,976 | 1,834,939 | 1,899,915 | 9,021 | 1,890,894 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| SYCAMORE PLAZA | 1,404,443 | 5,613,270 | 258,749 | 1,404,443 | 5,872,019 | 7,276,462 | 1,391,821 | 5,884,641 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| PLAZA PASEO DEL-NORTE | 4,653,197 | 18,633,584 | 408,760 | 4,653,197 | 19,042,344 | 23,695,541 | 4,193,272 | 19,502,268 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| JUAN TABO, ALBUQUERQUE | 1,141,200 | 4,566,817 | 293,273 | 1,141,200 | 4,860,090 | 6,001,290 | 1,033,782 | 4,967,508 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| COMP USA CENTER | 2,581,908 | 5,798,092 | — | 2,581,908 | 6,199,596 | 8,781,504 | 1,093,128 | 7,688,376 | 3,625,367 | 2006 | (A) | |||||||||||||||||||||||||||||
| DEL MONTE PLAZA | 2,489,429 | 5,590,415 | — | 2,489,429 | 5,609,915 | 8,099,344 | 250,528 | 7,848,817 | 4,780,807 | 2006 | (A) | |||||||||||||||||||||||||||||
| KEY BANK BUILDING | 1,500,000 | 40,834,553 | — | 1,500,000 | 40,834,553 | 42,334,553 | 890,898 | 41,443,656 | 34,728,563 | 2006 | (A) | |||||||||||||||||||||||||||||
| BRIDGEHAMPTON | 1,811,752 | 3,107,232 | 23,212,279 | 1,811,752 | 26,319,511 | 28,131,263 | 10,736,369 | 17,394,893 | — | 1972 | (C) | |||||||||||||||||||||||||||||
| TWO GUYS AUTO GLASS | 105,497 | 436,714 | — | 105,497 | 436,714 | 542,211 | 41,964 | 500,247 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| GENOVESE DRUG STORE | 564,097 | 2,268,768 | — | 564,097 | 2,268,768 | 2,832,865 | 218,446 | 2,614,419 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| KINGS HIGHWAY | 2,743,820 | 6,811,268 | 91,934 | 2,743,820 | 7,681,681 | 10,425,501 | 639,118 | 9,786,383 | 2,995,114 | 2004 | (A) | |||||||||||||||||||||||||||||
| HOMEPORT-RALPH AVENUE | 4,414,466 | 11,339,857 | 29,407 | 4,414,466 | 14,416,868 | 18,831,334 | 910,281 | 17,921,053 | 6,423,450 | 2004 | (A) | |||||||||||||||||||||||||||||
| BAYRIDGE | 2,569,768 | 6,251,197 | 7,910 | 2,569,768 | 12,419,230 | 14,988,997 | 740,373 | 14,248,625 | 4,063,657 | 2004 | (A) | |||||||||||||||||||||||||||||
| BELLMORE | 1,272,269 | 3,183,547 | — | 1,272,269 | 3,565,350 | 4,837,619 | 268,517 | 4,569,102 | 994,679 | 2004 | (A) | |||||||||||||||||||||||||||||
| STRAUSS CASTLE HILL PLAZA | 310,864 | 725,350 | 0 | 310,864 | 967,178 | 1,278,042 | 38,435 | 1,239,607 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| STRAUSS UTICA AVENUE | 347,633 | 811,144 | — | 347,633 | 1,081,575 | 1,429,208 | 42,982 | 1,386,226 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| MARKET AT BAY SHORE | 12,359,621 | 30,707,802 | — | 12,359,621 | 33,344,521 | 45,704,142 | 1,228,332 | 44,475,810 | 15,743,692 | 2006 | (A) | |||||||||||||||||||||||||||||
| KING KULLEN PLAZA | 5,968,082 | 23,243,404 | 872,739 | 5,968,082 | 24,116,143 | 30,084,225 | 5,792,380 | 24,291,846 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| KDI-CENTRAL ISLIP TOWN CENTER | 13,733,950 | 1,266,050 | (4,055,273 | ) | 5,088,852 | 5,855,875 | 10,944,727 | — | 10,944,727 | 9,380,000 | 2004 | (C) | ||||||||||||||||||||||||||||
| PATHMARK SC | 6,714,664 | 17,359,161 | — | 6,714,664 | 18,791,623 | 25,506,287 | 426,342 | 25,079,945 | 7,556,933 | 2006 | (A) | |||||||||||||||||||||||||||||
| ELMONT | 3,011,658 | 7,606,066 | 12,500 | 3,011,658 | 9,791,389 | 12,803,047 | 711,448 | 12,091,599 | 3,674,675 | 2004 | (A) | |||||||||||||||||||||||||||||
| ELMONT PLAZA | — | 230,118 | 2,097,597 | — | 2,327,715 | 2,327,715 | — | 2,327,715 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| FRANKLIN SQUARE | 1,078,541 | 2,516,581 | — | 1,078,541 | 5,148,300 | 6,226,841 | 317,098 | 5,909,742 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| HAMPTON BAYS | 1,495,105 | 5,979,320 | 200,028 | 1,495,105 | 6,179,348 | 7,674,453 | 3,295,931 | 4,378,522 | — | 1989 | (A) | |||||||||||||||||||||||||||||
| HICKSVILLE | 3,542,739 | 8,266,375 | — | 3,542,739 | 9,346,754 | 12,889,493 | 689,168 | 12,200,325 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| STRAUSS LIBERTY AVENUE | 305,969 | 713,927 | — | 305,969 | 952,623 | 1,258,592 | 37,112 | 1,221,479 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| DOUGLASTON SHOPPING CENTER | 3,277,254 | 13,161,218 | 54,282 | 3,277,254 | 13,215,500 | 16,492,754 | 1,268,659 | 15,224,095 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| STRAUSS MERRICK BLVD | 450,582 | 1,051,359 | — | 450,582 | 1,402,872 | 1,853,454 | 55,750 | 1,797,704 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| MANHASSET VENTURE LLC | 4,567,003 | 19,165,808 | 25,643,839 | 4,421,939 | 44,954,711 | 49,376,650 | 6,967,831 | 42,408,819 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| MASPETH QUEENS-DUANE READE | 1,872,013 | 4,827,940 | — | 1,872,013 | 5,759,126 | 7,631,139 | 395,421 | 7,235,718 | 2,919,604 | 2004 | (A) | |||||||||||||||||||||||||||||
| MASSAPEQUA | 1,880,816 | 4,388,549 | 10,400 | 1,880,816 | 5,340,410 | 7,221,226 | 430,160 | 6,791,066 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| STRAUSS EAST 14TH STREET | 1,455,653 | 3,396,523 | — | 1,455,653 | 4,523,534 | 5,979,187 | 176,226 | 5,802,961 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| 367-369 BLEEKER STREET | 1,425,000 | 4,958,097 | (1,015,820 | ) | 1,051,787 | 4,315,490 | 5,367,277 | 114,105 | 5,253,172 | 1,208,509 | 2004 | (A) | ||||||||||||||||||||||||||||
| 92 PERRY STREET | 2,106,250 | 6,318,750 | 1,079,222 | 2,106,250 | 7,397,972 | 9,504,222 | 313,184 | 9,191,038 | 6,850,000 | 2005 | (A) | |||||||||||||||||||||||||||||
| 37 GREENWICH STREET | 800,000 | 2,400,000 | 820,652 | 800,000 | 3,220,652 | 4,020,652 | 164,164 | 3,856,488 | 2,208,125 | 2005 | (A) | |||||||||||||||||||||||||||||
| 82 CHRISTOPHER STREET | 972,813 | 2,974,676 | 262,894 | 972,813 | 3,237,570 | 4,210,382 | 88,521 | 4,121,861 | 3,080,995 | 2005 | (A) | |||||||||||||||||||||||||||||
| 625 BROADWAY | 11,171,756 | 26,107,291 | — | 11,171,756 | 26,107,291 | 37,279,047 | 642,577 | 36,636,470 | 27,750,000 | 2006 | (A) | |||||||||||||||||||||||||||||
| 387 BLEEKER STREET | 925,875 | 3,072,608 | — | 925,875 | 3,072,608 | 3,998,483 | 67,252 | 3,931,232 | 2,960,000 | 2006 | (A) | |||||||||||||||||||||||||||||
| 19 GREENWICH STREET | 1,262,500 | 3,930,801 | — | 1,262,500 | 3,930,801 | 5,193,301 | 32,287 | 5,161,014 | 4,040,000 | 2006 | (A) | |||||||||||||||||||||||||||||
| PREF. EQUITY 100 VANDAM | 5,125,000 | 16,143,321 | — | 5,125,000 | 16,143,321 | 21,268,321 | 70,086 | 21,198,235 | 16,400,000 | 2006 | (A) | |||||||||||||||||||||||||||||
| AMERICAN MUFFLER SHOP | 76,056 | 325,567 | — | 76,056 | 325,567 | 401,624 | 31,216 | 370,408 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| PLAINVIEW | 263,693 | 584,031 | 9,737,515 | 263,693 | 10,321,546 | 10,585,239 | 3,865,239 | 6,720,000 | — | 1969 | (C) | |||||||||||||||||||||||||||||
| POUGHKEEPSIE | 876,548 | 4,695,659 | 12,592,263 | 876,548 | 17,287,922 | 18,164,470 | 6,602,635 | 11,561,835 | — | 1972 | (C) | |||||||||||||||||||||||||||||
| STRAUSS JAMAICA AVENUE | 1,109,714 | 2,589,333 | — | 1,109,714 | 3,185,511 | 4,295,225 | 124,032 | 4,171,193 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| SYOSSET, NY | 106,655 | 76,197 | 1,572,763 | 106,655 | 1,542,305 | 1,648,960 | 743,561 | 905,398 | — | 1990 | (C) | |||||||||||||||||||||||||||||
| STATEN ISLAND | 2,280,000 | 9,027,951 | 5,111,389 | 2,280,000 | 14,139,340 | 16,419,340 | 6,584,158 | 9,835,182 | — | 1989 | (A) | |||||||||||||||||||||||||||||
| STATEN ISLAND | 2,940,000 | 11,811,964 | 979,416 | 3,148,424 | 12,582,956 | 15,731,380 | 2,871,010 | 12,860,370 | 1,026,036 | 1997 | (A) | |||||||||||||||||||||||||||||
| STATEN ISLAND PLAZA | 5,600,744 | 6,788,460 | 206,870 | 5,600,744 | 6,995,330 | 12,596,073 | 63,076 | 12,532,997 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| HYLAN PLAZA | 28,723,536 | 38,232,267 | — | 28,723,536 | 71,565,974 | 100,289,510 | 3,737,195 | 96,552,315 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| STOP N SHOP STATEN ISLAND | 4,558,592 | 10,441,408 | — | 4,558,592 | 10,597,256 | 15,155,848 | 761,060 | 14,394,788 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| WEST GATES | 1,784,718 | 9,721,970 | (2,043,308 | ) | 1,784,718 | 7,678,662 | 9,463,380 | 3,151,151 | 6,312,228 | — | 1993 | (A) | ||||||||||||||||||||||||||||
| WHITE PLAINS | 1,777,775 | 4,453,894 | 92,200 | 1,777,775 | 6,461,999 | 8,239,774 | 556,070 | 7,683,704 | 3,660,577 | 2004 | (A) | |||||||||||||||||||||||||||||
| YONKERS | 871,977 | 3,487,909 | — | 871,977 | 3,487,909 | 4,359,886 | 1,028,858 | 3,331,028 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| STRAUSS ROMAINE AVENUE | 782,459 | 1,825,737 | — | 782,459 | 2,436,158 | 3,218,617 | 96,813 | 3,121,804 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| AKRON WATERLOO | 437,277 | 1,912,222 | 4,113,885 | 437,277 | 6,026,107 | 6,463,384 | 2,432,440 | 4,030,944 | — | 1975 | (C) | |||||||||||||||||||||||||||||
| WEST MARKET ST. | 560,255 | 3,909,430 | 230,155 | 560,255 | 4,139,585 | 4,699,840 | 2,289,775 | 2,410,065 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| BARBERTON | 505,590 | 1,948,135 | 3,326,621 | 505,590 | 5,274,756 | 5,780,346 | 2,226,968 | 3,553,378 | — | 1972 | (C) | |||||||||||||||||||||||||||||
| BRUNSWICK | 771,765 | 6,058,560 | 852,717 | 771,765 | 6,911,277 | 7,683,042 | 5,734,804 | 1,948,238 | — | 1975 | (C) | |||||||||||||||||||||||||||||
| BEAVERCREEK | 635,228 | 3,024,722 | 3,082,832 | 635,228 | 6,107,554 | 6,742,782 | 4,121,534 | 2,621,249 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| CANTON | 792,985 | 1,459,031 | 4,695,392 | 792,985 | 6,154,423 | 6,947,408 | 3,816,062 | 3,131,346 | — | 1972 | (C) | |||||||||||||||||||||||||||||
| CAMBRIDGE | — | 1,848,195 | 944,192 | 473,060 | 2,319,327 | 2,792,387 | 1,970,902 | 821,485 | — | 1973 | (C) | |||||||||||||||||||||||||||||
| MORSE RD. | 835,386 | 2,097,600 | 2,755,845 | 835,386 | 4,853,445 | 5,688,831 | 2,533,696 | 3,155,135 | — | 1988 | (A) | |||||||||||||||||||||||||||||
125
| INITIAL COST | TOTAL COST, | DATE OF | ||||||||||||||||||||||||||||||||||||||
| BUILDING AND | SUBSEQUENT | BUILDINGS AND | ACCUMULATED | NET OF ACCUMULATED | CONSTRUCTION(C) | |||||||||||||||||||||||||||||||||||
| PROPERTIES | LAND | IMPROVEMENT | TO ACQUISITION | LAND | IMPROVEMENTS | TOTAL | DEPRECIATION | DEPRECIATION | ENCUMBRANCES | ACQUISITION(A) | ||||||||||||||||||||||||||||||
| HAMILTON RD. | 856,178 | 2,195,520 | 3,844,831 | 856,178 | 6,040,351 | 6,896,529 | 2,988,260 | 3,908,269 | — | 1988 | (A) | |||||||||||||||||||||||||||||
| OLENTANGY RIVER RD. | 764,517 | 1,833,600 | 2,340,830 | 764,517 | 4,174,430 | 4,938,947 | 2,607,867 | 2,331,080 | — | 1988 | (A) | |||||||||||||||||||||||||||||
| W. BROAD ST. | 982,464 | 3,929,856 | 3,177,920 | 969,804 | 7,120,436 | 8,090,240 | 3,472,437 | 4,617,803 | — | 1988 | (A) | |||||||||||||||||||||||||||||
| RIDGE ROAD | 1,285,213 | 4,712,358 | 10,596,361 | 1,285,213 | 15,308,719 | 16,593,932 | 3,704,743 | 12,889,189 | — | 1992 | (A) | |||||||||||||||||||||||||||||
| GLENWAY AVE | 530,243 | 3,788,189 | 527,010 | 530,243 | 4,315,198 | 4,845,441 | 2,400,385 | 2,445,056 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| SPRINGDALE | 3,205,653 | 14,619,732 | 5,281,146 | 3,205,653 | 19,900,878 | 23,106,531 | 8,429,273 | 14,677,258 | — | 1992 | (A) | |||||||||||||||||||||||||||||
| GLENWAY CROSSING | 699,359 | 3,112,047 | 1,232,339 | 699,359 | 4,344,386 | 5,043,745 | 606,756 | 4,436,989 | — | 2000 | (A) | |||||||||||||||||||||||||||||
| HIGHLAND RIDGE PLAZA | 1,540,000 | 6,178,398 | 141,991 | 1,540,000 | 6,320,389 | 7,860,389 | 1,144,372 | 6,716,017 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| HIGHLAND PLAZA | 702,074 | 667,463 | 62,771 | 702,074 | 730,234 | 1,432,308 | 16,045 | 1,416,263 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| MONTGOMERY PLAZA | 530,893 | 1,302,656 | 101,300 | 530,893 | 1,403,956 | 1,934,849 | 37,625 | 1,897,224 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| SHILOH SPRING RD. | — | 1,735,836 | 2,115,145 | — | 3,850,981 | 3,850,981 | 2,471,209 | 1,379,772 | — | 1969 | (C) | |||||||||||||||||||||||||||||
| OAKCREEK | 1,245,870 | 4,339,637 | 4,247,233 | 1,245,870 | 8,586,870 | 9,832,740 | 4,835,711 | 4,997,029 | — | 1984 | (A) | |||||||||||||||||||||||||||||
| SALEM AVE. | 665,314 | 347,818 | 5,427,664 | 665,314 | 5,775,482 | 6,440,796 | 2,775,623 | 3,665,173 | — | 1988 | (A) | |||||||||||||||||||||||||||||
| KETTERING | 1,190,496 | 4,761,984 | 681,244 | 1,190,496 | 5,443,228 | 6,633,724 | 2,961,406 | 3,672,318 | — | 1988 | (A) | |||||||||||||||||||||||||||||
| KENT, OH | 6,254 | 3,028,914 | — | 6,254 | 3,028,914 | 3,035,168 | 1,382,403 | 1,652,766 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| KENT | 2,261,530 | — | — | 2,261,530 | — | 2,261,530 | — | 2,261,530 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| MENTOR | 503,981 | 2,455,926 | 2,141,841 | 480,945 | 4,620,804 | 5,101,748 | 2,115,976 | 2,985,773 | — | 1987 | (A) | |||||||||||||||||||||||||||||
| MIDDLEBURG HEIGHTS | 639,542 | 3,783,096 | 1,794,990 | 639,542 | 5,578,085 | 6,217,627 | 2,339,453 | 3,878,174 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| MENTOR ERIE COMMONS. | 2,234,474 | 9,648,000 | 5,226,308 | 2,234,474 | 14,874,308 | 17,108,782 | 6,185,190 | 10,923,593 | — | 1988 | (A) | |||||||||||||||||||||||||||||
| MALLWOODS CENTER | 294,232 | — | (496,786 | ) | 294,232 | 1,184,543 | 1,478,775 | 126,755 | 1,352,020 | — | 1999 | (C) | ||||||||||||||||||||||||||||
| NORTH OLMSTED | 626,818 | 3,712,045 | 35,000 | 626,818 | 3,747,045 | 4,373,862 | 1,941,540 | 2,432,323 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| ORANGE OHIO | 3,783,875 | — | (2,494,268 | ) | 921,704 | 367,904 | 1,289,608 | — | 1,289,608 | — | 2001 | (C) | ||||||||||||||||||||||||||||
| UPPER ARLINGTON | 504,256 | 2,198,476 | 8,858,290 | 1,255,544 | 10,305,478 | 11,561,022 | 6,069,265 | 5,491,757 | — | 1969 | (C) | |||||||||||||||||||||||||||||
| WICKLIFFE | 610,991 | 2,471,965 | 1,412,913 | 610,991 | 3,884,878 | 4,495,869 | 1,069,035 | 3,426,834 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| CHARDON ROAD | 481,167 | 5,947,751 | 2,116,096 | 481,167 | 8,063,846 | 8,545,014 | 2,891,592 | 5,653,422 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| WESTERVILLE | 1,050,431 | 4,201,616 | 7,674,134 | 1,050,431 | 11,875,750 | 12,926,181 | 4,357,398 | 8,568,783 | — | 1988 | (A) | |||||||||||||||||||||||||||||
| EDMOND | 477,036 | 3,591,493 | 8,900 | 477,036 | 3,600,393 | 4,077,429 | 819,267 | 3,258,162 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| CENTENNIAL PLAZA | 4,650,634 | 18,604,307 | 1,195,555 | 4,650,634 | 19,799,862 | 24,450,496 | 4,473,623 | 19,976,873 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| TULSA | 20,038 | 80,101 | 11,500 | 20,038 | 91,601 | 111,639 | 31,540 | 80,099 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| KDI-MCMINNVILLE | 4,062,327 | — | 15,575 | 4,062,327 | 15,575 | 4,077,902 | — | 4,077,902 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| ALLEGHENY | — | 30,061,177 | 59,094 | — | 30,120,271 | 30,120,271 | 1,787,030 | 28,333,241 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| CHIPPEWA | 2,881,525 | 11,526,101 | 153,289 | 2,881,525 | 11,679,390 | 14,560,916 | 2,076,287 | 12,484,629 | 10,133,416 | 2000 | (A) | |||||||||||||||||||||||||||||
| BROOKHAVEN PLAZA | 254,694 | 973,318 | 95,158 | 254,694 | 1,068,476 | 1,323,170 | 20,978 | 1,302,192 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| CARNEGIE | — | 3,298,908 | 17,747 | — | 3,316,655 | 3,316,655 | 595,297 | 2,721,358 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| CENTER SQUARE | 731,888 | 2,927,551 | 1,105,299 | 731,888 | 4,032,850 | 4,764,738 | 1,103,925 | 3,660,813 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| CHAMBERSBURG CROSSING | 9,090,288 | — | 12,228,092 | 9,090,288 | 12,228,092 | 21,318,381 | — | 21,318,381 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| WEST MIFFLIN | 475,815 | 1,903,231 | 724,416 | 475,815 | 2,627,647 | 3,103,462 | 822,617 | 2,280,845 | — | 1993 | (A) | |||||||||||||||||||||||||||||
| EAST STROUDSBURG | 1,050,000 | 2,372,628 | 1,130,354 | 1,050,000 | 3,502,982 | 4,552,982 | 2,778,903 | 1,774,079 | — | 1973 | (C) | |||||||||||||||||||||||||||||
| EXTON | 176,666 | 4,895,360 | — | 176,666 | 4,895,360 | 5,072,026 | 878,655 | 4,193,372 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| EXTON | 731,888 | 2,927,551 | — | 731,888 | 2,927,551 | 3,659,439 | 775,677 | 2,883,762 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| EASTWICK | 889,001 | 2,762,888 | 3,074,728 | 889,001 | 6,228,275 | 7,117,276 | 1,485,463 | 5,631,813 | 4,424,640 | 1997 | (A) | |||||||||||||||||||||||||||||
| EXTON PLAZA | 294,378 | 1,404,778 | 543,604 | 294,378 | 1,948,382 | 2,242,761 | 22,247 | 2,220,513 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| FEASTERVILLE | 520,521 | 2,082,083 | 38,692 | 520,521 | 2,120,775 | 2,641,296 | 549,352 | 2,091,944 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| GETTYSBURG | 74,626 | 671,630 | 101,519 | 74,626 | 773,149 | 847,775 | 745,069 | 102,706 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| HARRISBURG, PA | 452,888 | 6,665,238 | 3,929,363 | 452,888 | 10,594,600 | 11,047,488 | 4,940,524 | 6,106,964 | — | 2002 | (A) | |||||||||||||||||||||||||||||
| HAMBURG | 439,232 | — | 2,023,428 | 494,982 | 1,967,677 | 2,462,660 | 239,992 | 2,222,667 | 2,468,267 | 2000 | (C) | |||||||||||||||||||||||||||||
| HAVERTOWN | 731,888 | 2,927,551 | 73,609 | 731,888 | 3,001,160 | 3,733,048 | 775,677 | 2,957,371 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| NORRISTOWN | 686,134 | 2,664,535 | 3,417,876 | 774,084 | 5,994,461 | 6,768,545 | 3,625,355 | 3,143,190 | — | 1984 | (A) | |||||||||||||||||||||||||||||
| NEW KENSINGTON | 521,945 | 2,548,322 | 676,040 | 521,945 | 3,224,362 | 3,746,307 | 2,800,815 | 945,492 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| PHILADELPHIA | 731,888 | 2,927,551 | — | 731,888 | 2,927,551 | 3,659,439 | 775,677 | 2,883,762 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| GALLERY, PHILADELPHIA PA | — | — | 258,931 | — | 258,931 | 258,931 | 9,154 | 249,777 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| PHILADELPHIA PLAZA | 209,197 | 1,373,843 | 66,856 | 209,197 | 1,440,699 | 1,649,896 | 40,827 | 1,609,068 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| STRAUSS WASHINGTON AVENUE | 424,659 | 990,872 | — | 424,659 | 1,459,693 | 1,884,352 | 58,068 | 1,826,285 | — | 2005 | (A) | |||||||||||||||||||||||||||||
| RICHBORO | 788,761 | 3,155,044 | 11,865,661 | 976,439 | 14,833,027 | 15,809,466 | 6,775,418 | 9,034,047 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| SPRINGFIELD | 919,998 | 4,981,589 | 1,736,014 | 919,998 | 6,717,603 | 7,637,601 | 4,684,638 | 2,952,964 | — | 1983 | (A) | |||||||||||||||||||||||||||||
| UPPER DARBY | 231,821 | 927,286 | 4,859,638 | 231,821 | 5,715,674 | 5,947,495 | 1,344,901 | 4,602,594 | 3,476,502 | 1996 | (A) | |||||||||||||||||||||||||||||
| WEST MIFFLIN | 1,468,341 | — | — | 1,468,341 | — | 1,468,341 | — | 1,468,341 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| WHITEHALL | — | 5,195,577 | 9,231 | — | 5,204,808 | 5,204,808 | 1,376,607 | 3,828,201 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| E. PROSPECT ST. | 604,826 | 2,755,314 | 317,917 | 604,826 | 3,073,231 | 3,678,057 | 2,880,268 | 797,789 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| W. MARKET ST. | 188,562 | 1,158,307 | — | 188,562 | 1,158,307 | 1,346,869 | 1,158,307 | 188,562 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| REXVILLE TOWN CENTER | 24,872,982.01 | 48,688,161 | — | 24,872,982 | 53,998,328 | 78,871,310 | 377,877 | 78,493,433 | 42,451,136 | 2006 | (A) | |||||||||||||||||||||||||||||
| PLAZA CENTRO — COSTCO | 3,627,973.00 | 10,752,213 | — | 3,627,973 | 11,974,834 | 15,602,807 | 795,800 | 14,807,006 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| PLAZA CENTRO — MALL | 19,873,263.00 | 58,719,179 | — | 19,873,263 | 65,414,868 | 85,288,131 | 4,358,182 | 80,929,949 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| PLAZA CENTRO — RETAIL | 5,935,566.00 | 16,509,748 | — | 5,935,566 | 18,384,355 | 24,319,921 | 1,220,763 | 23,099,158 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| PLAZA CENTRO — SAM’S CLUB | 6,643,224.27 | 20,224,758 | — | 6,643,224 | 20,224,758 | 26,867,982 | 1,262,925 | 25,605,057 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| LOS COLOBOS — BUILDERS SQUARE | 4,404,593.26 | 9,627,903 | — | 4,404,593 | 9,627,903 | 14,032,497 | 363,367 | 13,669,130 | 7,304,699 | 2006 | (A) | |||||||||||||||||||||||||||||
| LOS COLOBOS — KMART | 4,594,943.60 | 10,120,147 | — | 4,594,944 | 12,644,125 | 17,239,069 | 379,270 | 16,859,799 | 7,315,466 | 2006 | (A) | |||||||||||||||||||||||||||||
126
| INITIAL COST | TOTAL COST, | DATE OF | ||||||||||||||||||||||||||||||||||||||
| BUILDING AND | SUBSEQUENT | BUILDINGS AND | ACCUMULATED | NET OF ACCUMULATED | CONSTRUCTION(C) | |||||||||||||||||||||||||||||||||||
| PROPERTIES | LAND | IMPROVEMENT | TO ACQUISITION | LAND | IMPROVEMENTS | TOTAL | DEPRECIATION | DEPRECIATION | ENCUMBRANCES | ACQUISITION(A) | ||||||||||||||||||||||||||||||
| LOS COLOBOS I | 12,890,882.27 | 26,046,669 | — | 12,890,882 | 26,046,669 | 38,937,551 | 1,640,275 | 37,297,276 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| LOS COLOBOS II | 14,893,698.00 | 30,680,556 | — | 14,893,698 | 33,704,508 | 48,598,206 | 2,204,131 | 46,394,075 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| WESTERN PLAZA — MAYAQUEZ ONE | 10,857,773.27 | 12,252,522 | — | 10,857,773 | 12,252,522 | 23,110,295 | 338,166 | 22,772,129 | 9,678,724 | 2006 | (A) | |||||||||||||||||||||||||||||
| WESTERN PLAZA — MAYAGUEZ TWO | 16,874,344.73 | 19,911,045 | — | 16,874,345 | 19,911,045 | 36,785,390 | 945,733 | 35,839,657 | 18,953,139 | 2006 | (A) | |||||||||||||||||||||||||||||
| MANATI VILLA MARIA SC | 2,781,446.91 | 5,673,119 | — | 2,781,447 | 6,276,755 | 9,058,202 | 315,766 | 8,742,436 | 5,213,411 | 2006 | (A) | |||||||||||||||||||||||||||||
| PONCE TOWN CENTER | 14,432,778.36 | 28,448,754 | — | 14,432,778 | 31,550,757 | 45,983,535 | 257,627 | 45,725,908 | 24,760,654 | 2006 | (A) | |||||||||||||||||||||||||||||
| TRUJILLO ALTO PLAZA | 12,053,673.25 | 24,445,858 | — | 12,053,673 | 24,445,858 | 36,499,532 | 786,770 | 35,712,762 | 15,058,522 | 2006 | (A) | |||||||||||||||||||||||||||||
| MARSHALL PLAZA, CRANSTON RI | 1,886,600 | 7,575,302 | 1,159,684 | 1,886,600 | 8,734,986 | 10,621,586 | 1,952,235 | 8,669,351 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| CHARLESTON | 730,164 | 3,132,092 | 5,200,440 | 730,164 | 8,332,532 | 9,062,696 | 3,238,723 | 5,823,973 | — | 1978 | (C) | |||||||||||||||||||||||||||||
| CHARLESTON | 1,744,430 | 6,986,094 | 4,200,489 | 1,744,430 | 11,186,583 | 12,931,013 | 2,832,039 | 10,098,974 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| FLORENCE | 1,465,661 | 6,011,013 | 124,757 | 1,465,661 | 6,135,770 | 7,601,431 | 1,456,806 | 6,144,625 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| GREENVILLE | 2,209,812 | 8,850,864 | 2,728,910 | 2,209,812 | 11,579,774 | 13,789,586 | 2,095,501 | 11,694,084 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| NORTH CHARLESTON | 744,093 | 2,974,990 | 96,365 | 744,093 | 3,071,355 | 3,815,448 | 508,558 | 3,306,890 | 1,805,315 | 2000 | (A) | |||||||||||||||||||||||||||||
| N. CHARLESTON | 2,965,748 | 11,895,294 | 1,106,031 | 2,965,748 | 13,001,325 | 15,967,073 | 2,771,980 | 13,195,093 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| KDI-HARPETH VILLAGE SC | 4,119,997 | — | 7,854,978 | 4,119,997 | 7,854,978 | 11,974,975 | — | 11,974,975 | 10,822,492 | 2006 | (C) | |||||||||||||||||||||||||||||
| MADISON | — | 4,133,904 | 2,740,302 | — | 6,874,206 | 6,874,206 | 4,649,731 | 2,224,475 | — | 1978 | (C) | |||||||||||||||||||||||||||||
| HICKORY RIDGE COMMONS | 596,347 | 2,545,033 | 7,624 | 596,347 | 2,552,656 | 3,149,004 | 423,641 | 2,725,362 | — | 2000 | (A) | |||||||||||||||||||||||||||||
| TROLLEY STATION | 3,303,682 | 13,218,740 | 56,327 | 3,303,682 | 13,275,067 | 16,578,749 | 2,800,969 | 13,777,780 | 10,058,782 | 1998 | (A) | |||||||||||||||||||||||||||||
| RIVERGATE STATION | 7,135,070 | 19,091,078 | 479,413 | 7,135,070 | 21,086,144 | 28,221,214 | 2,952,468 | 25,268,746 | 15,763,373 | 2004 | (A) | |||||||||||||||||||||||||||||
| MARKET PLACE AT RIVERGATE | 2,574,635 | 10,339,449 | 723,016 | 2,574,635 | 11,062,465 | 13,637,100 | 2,404,392 | 11,232,708 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| RIVERGATE, TN | 3,038,561 | 12,157,408 | 2,990,848 | 3,038,561 | 15,148,256 | 18,186,817 | 2,942,825 | 15,243,992 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| CENTER OF THE HILLS, TX | 2,923,585 | 11,706,145 | 643,559 | 2,923,585 | 12,349,704 | 15,273,289 | 2,643,970 | 12,629,319 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| ARLINGTON | 3,160,203 | 2,285,377 | — | 3,160,203 | 2,285,377 | 5,445,580 | 536,234 | 4,909,346 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| DOWLEN CENTER | 2,244,581 | — | (1,147,870 | ) | 484,828 | 611,883 | 1,096,711 | — | 1,096,711 | 1,000 | 2002 | (C) | ||||||||||||||||||||||||||||
| BURLESON | 9,974,390 | 810,314 | 1,202,906 | 4,035,540 | 7,952,071 | 11,987,611 | — | 11,987,611 | — | 2000 | (C) | |||||||||||||||||||||||||||||
| BAYTOWN | 500,422 | 2,431,651 | 437,342 | 500,422 | 2,868,993 | 3,369,415 | 689,091 | 2,680,323 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| LAS TIENDAS PLAZA | 8,678,107 | — | 12,845,144 | 8,678,107 | 16,055,029 | 24,733,136 | — | 24,733,136 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| CORPUS CHRISTI, TX | — | 944,562 | 3,207,999 | — | 4,152,561 | 4,152,561 | 574,225 | 3,578,336 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| DALLAS | 1,299,632 | 5,168,727 | 6,458,500 | 1,299,632 | 11,627,227 | 12,926,859 | 9,177,177 | 3,749,682 | — | 1969 | (C) | |||||||||||||||||||||||||||||
| MONTGOMERY PLAZA | 6,203,205 | — | 55,352,474 | 6,203,205 | 55,352,474 | 61,555,679 | — | 61,555,679 | 46,617,703 | 2003 | (C) | |||||||||||||||||||||||||||||
| PRESTON LEBANON CROSSING | 13,552,180 | — | 1,248,546 | 13,552,180 | 1,248,546 | 14,800,726 | — | 14,800,726 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| KDI-LAKE PRAIRIE TOWN CROSSING | 7,897,491 | — | 8,700,164 | 7,897,491 | 8,700,164 | 16,597,655 | — | 16,597,655 | 10,547,333 | 2006 | (C) | |||||||||||||||||||||||||||||
| CENTER AT BAYBROOK | 6,941,017 | 27,727,491 | 3,733,191 | 7,063,186 | 31,338,513 | 38,401,699 | 6,126,072 | 32,275,627 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| HARRIS COUNTY | 1,843,000 | 7,372,420 | 986,803 | 2,003,260 | 8,198,963 | 10,202,223 | 1,914,254 | 8,287,969 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| SHARPSTOWN COURT | 1,560,010 | 6,245,807 | 238,807 | 1,560,010 | 6,484,613 | 8,044,623 | 1,292,762 | 6,751,861 | 5,550,073 | 1999 | (A) | |||||||||||||||||||||||||||||
| CYPRESS TOWNE CENTER | 6,033,932 | — | 1,018,165 | 2,609,606 | 4,442,490 | 7,052,097 | — | 7,052,097 | — | 2003 | (C) | |||||||||||||||||||||||||||||
| SHOPS AT VISTA RIDGE | 3,257,199 | 13,029,416 | 145,900 | 3,257,199 | 13,175,316 | 16,432,515 | 2,904,274 | 13,528,241 | 17,050,406 | 1998 | (A) | |||||||||||||||||||||||||||||
| VISTA RIDGE PLAZA | 2,926,495 | 11,716,483 | 1,959,391 | 2,926,495 | 13,675,874 | 16,602,369 | 2,850,781 | 13,751,588 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| VISTA RIDGE PHASE II | 2,276,575 | 9,106,300 | 55,435 | 2,276,575 | 9,161,735 | 11,438,310 | 1,911,471 | 9,526,839 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| SOUTH PLAINES PLAZA, TX | 1,890,000 | 7,577,145 | (34,040 | ) | 1,890,000 | 7,543,105 | 9,433,105 | 1,725,914 | 7,707,191 | — | 1998 | (A) | ||||||||||||||||||||||||||||
| LAKE WORTH TOWNE CROSSING | 8,000,000 | — | (8,065,668 | ) | 200,000 | (265,668 | ) | (65,668 | ) | — | (65,668 | ) | — | 2003 | (C) | |||||||||||||||||||||||||
| MESQUITE | 520,340 | 2,081,356 | 752,043 | 520,340 | 2,833,399 | 3,353,739 | 815,589 | 2,538,151 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| MESQUITE TOWN CENTER | 3,757,324 | 15,061,644 | 1,510,446 | 3,757,324 | 16,572,090 | 20,329,414 | 3,580,098 | 16,749,315 | — | 1998 | (A) | |||||||||||||||||||||||||||||
| NEW BRAUNSFELS | 840,000 | 3,360,000 | — | 840,000 | 3,360,000 | 4,200,000 | 302,099 | 3,897,901 | — | 2003 | (A) | |||||||||||||||||||||||||||||
| FORUM AT OLYMPIA PARKWAY-DEV | 668,781 | — | (8,488,052 | ) | — | (195,000 | ) | (195,000 | ) | — | (195,000 | ) | — | 1999 | (C) | |||||||||||||||||||||||||
| PARKER PLAZA | 7,846,946 | — | — | 7,846,946 | — | 7,846,946 | — | 7,846,946 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| PLANO | 500,414 | 2,830,835 | — | 500,414 | 2,830,835 | 3,331,249 | 738,437 | 2,592,812 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| WEST OAKS | 500,422 | 2,001,687 | 26,291 | 500,422 | 2,027,978 | 2,528,400 | 562,435 | 1,965,966 | — | 1996 | (A) | |||||||||||||||||||||||||||||
| MARKET STREET AT WOODLANDS | 10,920,168 | — | 95,312,000 | 10,920,168 | 95,312,000 | 106,232,168 | — | 106,232,168 | 72,750,000 | 2002 | (C) | |||||||||||||||||||||||||||||
| OGDEN | 213,818 | 855,275 | 3,642,126 | 874,898 | 4,497,401 | 5,372,299 | 1,442,037 | 3,930,263 | — | 1967 | (C) | |||||||||||||||||||||||||||||
| COLONIAL HEIGHTS | 125,376 | 3,476,073 | 32,420 | 125,376 | 3,508,493 | 3,633,869 | 631,045 | 3,002,824 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| MANASSAS | 1,788,750 | 7,162,661 | 328,193 | 1,788,750 | 7,490,854 | 9,279,604 | 1,770,537 | 7,509,067 | — | 1997 | (A) | |||||||||||||||||||||||||||||
| RICHMOND | 82,544 | 2,289,288 | 280,600 | 82,544 | 2,569,889 | 2,652,432 | 301,113 | 2,351,319 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| RICHMOND | 670,500 | 2,751,375 | — | 670,500 | 2,751,375 | 3,421,875 | 634,132 | 2,787,743 | — | 1995 | (A) | |||||||||||||||||||||||||||||
| VALLEY VIEW SHOPPING CENTER | 3,440,018 | 8,054,004 | — | 3,440,018 | 8,787,875 | 12,227,893 | 652,215 | 11,575,678 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| MANCHESTER SHOPPING CENTER | 2,722,461 | 6,403,866 | (3,694 | ) | 2,722,461 | 6,980,964 | 9,703,425 | 948,172 | 8,755,253 | — | 2004 | (A) | ||||||||||||||||||||||||||||
| HAZEL DELL TOWNE CENTER | 9,340,819 | — | 31,982,471 | 9,248,310 | 32,074,981 | 41,323,290 | — | 41,323,290 | 28,851,573 | 2003 | (C) | |||||||||||||||||||||||||||||
| CHARLES TOWN | 602,000 | 3,725,871 | 10,528,897 | 602,000 | 14,254,768 | 14,856,768 | 6,591,442 | 8,265,325 | — | 1985 | (A) | |||||||||||||||||||||||||||||
| MARTINSBURG | 242,634 | 1,273,828 | 628,937 | 242,634 | 1,902,765 | 2,145,399 | 1,684,421 | 460,978 | — | 1986 | (A) | |||||||||||||||||||||||||||||
| RIVERWALK PLAZA | 2,708,290 | 10,841,674 | 132,299 | 2,708,290 | 10,973,973 | 13,682,263 | 2,217,703 | 11,464,560 | — | 1999 | (A) | |||||||||||||||||||||||||||||
| BLUE RIDGE | 12,346,900 | 71,529,796 | (2,182,806 | ) | 8,722,990 | 72,970,900 | 81,693,890 | 10,022,052 | 71,671,838 | 15,099,760 | 2005 | (A) | ||||||||||||||||||||||||||||
| MEXICO-MEXICALI-BAJA WALMART | 12,332,348 | — | 295,722 | 12,332,348 | 295,722 | 12,628,069 | — | 12,628,069 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| MEXICO- MOTOROLA | 47,272,528 | — | 948,703 | 47,272,528 | 948,703 | 48,221,231 | — | 48,221,231 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| MEXICO-WAL-MART JUAREZ II | 8,895,242 | — | — | 8,895,242 | — | 8,895,242 | — | 8,895,242 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| MEXICO-LINDAVISTA | 19,352,453 | — | 3,816,316 | 19,352,453 | 3,816,316 | 23,168,769 | — | 23,168,769 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| MEXICO- SAN PEDRO | 3,309,654 | 13,238,616 | — | 3,309,654 | 13,238,616 | 16,548,270 | — | 16,548,270 | — | 2006 | (A) | |||||||||||||||||||||||||||||
| MEXICO-CUAUTLA | 7,570,049 | — | — | 7,570,049 | — | 7,570,049 | — | 7,570,049 | — | 2006 | (C) | |||||||||||||||||||||||||||||
127
| INITIAL COST | TOTAL COST, | DATE OF | ||||||||||||||||||||||||||||||||||||||
| BUILDING AND | SUBSEQUENT | BUILDINGS AND | ACCUMULATED | NET OF ACCUMULATED | CONSTRUCTION(C) | |||||||||||||||||||||||||||||||||||
| PROPERTIES | LAND | IMPROVEMENT | TO ACQUISITION | LAND | IMPROVEMENTS | TOTAL | DEPRECIATION | DEPRECIATION | ENCUMBRANCES | ACQUISITION(A) | ||||||||||||||||||||||||||||||
| MEXICO-NUEVO LAREDO | 10,627,540 | — | — | 10,627,540 | — | 10,627,540 | — | 10,627,540 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| MEXICO — PACHUCA WAL-MART | 3,621,985 | — | 6,727,594 | 3,870,291 | 6,479,288 | 10,349,579 | 256,057 | 10,093,522 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| MEXICO-SAN LUIS POTOSI | 5,787,073 | 6,860,642 | 378,729 | 6,152,067 | 6,874,377 | 13,026,444 | 627,546 | 12,398,898 | — | 2004 | (A) | |||||||||||||||||||||||||||||
| MEXICO- SALTILLO II | 11,150,023 | — | 20,328,926 | 11,365,226 | 20,113,723 | 31,478,949 | 158,906 | 31,320,043 | — | 2005 | (C) | |||||||||||||||||||||||||||||
| MEXICO-PLAZA SAN JUAN | 9,631,035 | — | 859,123 | 9,631,035 | 859,123 | 10,490,158 | — | 10,490,158 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| MEXICO- TECAMAC II | 9,472,195 | — | 743,765 | 9,472,195 | 743,765 | 10,215,960 | — | 10,215,960 | — | 2006 | (C) | |||||||||||||||||||||||||||||
| BALANCE OF PORTFOLIO | 99,452,005 | 4,492,127 | 84,271,579 | 101,652,305 | 58,819,925 | 160,472,230 | 18,994,560 | 141,477,670 | — | VARIOUS | ||||||||||||||||||||||||||||||
| $ | 1,460,714,635 | $ | 4,540,604,390 | $ | 6,001,319,025 | $ | 806,670,237 | $ | 5,194,648,788 | $ | 838,898,291 | |||||||||||||||||||||||||||||
Buildings and building improvements
15 to 50 years
Fixtures, buildingleasehold and leaseholdtenant improvements
Terms of leases or useful lives, whichever is shorter
(including certain identified intangible assets)
The aggregate cost for Federal income tax purposes was approximately $ 5.36.6 billion at December 31, 2006.2007.
The changes in total real estate assets for the years ended December 31, 2007, 2006 and 2005, are as follows: |
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| 2007 | 2006 | 2005 |
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| Balance, beginning of period | $ 6,001,319,025 | $ 4,560,405,547 | $ 4,092,222,479 |
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| Acquisitions | 1,113,409,534 | 2,719,840,791 | 490,125,913 |
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| Improvements | 497,102,382 | 505,353,494 | 410,280,045 |
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| Transfers from (to) unconsolidated joint ventures | 67,572,307 | (1,358,078,215) | (103,573,817) |
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| Sales | (312,051,273) | (421,493,264) | (299,944,373) |
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| Assets held for sale | (33,817,156) | (4,709,328) | (28,704,700) |
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| Adjustment of property carrying values | (8,500,000) | - | - |
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| Balance, end of period | $ 7,325,034,819 | $ 6,001,319,025 | $ 4,560,405,547 |
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The changes in accumulated depreciation for the years ended December 31, 2007, 2006, 2005, and 2004 are as follows: |
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| 2007 | 2006 | 2005 |
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| Balance, beginning of period | $ 806,670,237 | $ 740,127,307 | $ 634,641,781 |
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| Depreciation for year | 171,109,963 | 138,279,032 | 98,591,658 |
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| Transfers from (to) unconsolidated joint ventures | 8,358,844 | (331,447) | 27,812,350 |
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| Sales | (7,474,603) | (69,627,527) | (19,903,904) |
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| Assets held for sale | (1,220,612) | (1,777,128) | (1,014,578) |
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| Balance, end of period | $ 977,443,829 | $ 806,670,237 | $ 740,127,307 |
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131
KIMCO REALTY CORPORATION AND SUBSIDIARIES
Schedule IV - Mortgage Loans on Real Estate
As of December 31, 2006,2007
(in thousands)
Type of Loan/Borrower | Description | Location (3) | Interest Accrual Rates | Interest Payment Rates | Final Maturity Date | Periodic | Prior | Face Amount | Carrying Amount |
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Mortgage Loans: |
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Borrower A | Retail | Palm Beach, FL | 8.00% | 8.00% | 4/28/2013 | I | - | $ 14,500 | $ 16,162 |
Borrower B | Retail | Miami, FL | 7.57% | 7.57% | 6/1/2019 | I | - | 6,509 | 4,687 |
Borrower C | Retail | Acapulco, Mexico | 11.75% | 11.75% | 11/1/2015 | I | - | 5,723 | 4,855 |
Borrower D | Retail | Guadalajara, Mexico | 12.00% | 12.00% | 9/1/2016 | I | - | 5,307 | 5,254 |
Borrower E | Retail | Acapulco, Mexico | 10.00% | 10.00% | 12/1/2016 | I | - | 9,900 | 7,654 |
Borrower F | Retail | Arboledas, Mexico | 8.10% | 8.10% | 12/31/2012 | I | - | 13,000 | 13,022 |
Borrower G | Retail/Office | Guadalajara, Mexico | 11.00% | 11.00% | 2/6/2008 & 2/9/17 (2) | I | - | 8,026 | 7,954 |
Borrower H | Retail | Toronto, Canada | 8.50% | 8.5% | 10/1/2008 | I | - | 7,590 | 5,938 |
Borrower I | Retail Development | Ontario, Canada | 8.50% | 8.50% | 4/13/2008 | I | - | 16,906 | 16,906 |
Individually < 3% |
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| 35,944 | 29,437 |
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| 141,405 | 120,869 |
Lines of Credit: |
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Borrower J | Hospital | New York, NY | Libor + 3.25% or Prime +1.75% | Libor + 3.25% or Prime +1.75% | 10/19/2012 | I | - | 18,000 | 9,000 |
Borrower K | Medical Center | Bayonne, NJ | Libor + 4% | Libor + 4% | 4/17/2009 | I | - | 30,000 | 14,737 |
Borrower L | Retail | Syracuse, NY | Prime +5.5% | Prime +5.5% | 4/12/2008 | I | - | 27,650 | 12,575 |
Individually < 3% |
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| - | 3,400 | 2,400 |
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| 61,050 | 29,712 |
Other: |
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Individually < 3% |
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| - | 5,000 | 2,417 |
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Capitalized loan costs |
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| - | - | 849 |
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Total |
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| $ 207,455 | $ 153,847 |
(1) I = interest only
(2) This loan has two traunches maturing in February 2008 and February 2017, respectively
(3) The instruments actual cash flows are denominated in U.S. dollars, Canadian dollars and Mexican pesos as indicated by the geographic location above
(4) The aggregate cost for Federal income tax purposes is $153,847.
For a reconciliation of mortgage and other financing receivables from January 1, 2005 and 2004 are as follows:
| 2006 | 2005 | 2004 | ||||||||||
| Balance, beginning of period | $ | 4,560,405,547 | $ | 4,092,222,479 | $ | 4,174,664,893 | ||||||
| Acquisitions | 2,719,840,791 | 490,125,913 | 672,421,546 | |||||||||
| Improvements | 505,353,494 | 410,280,045 | 195,580,447 | |||||||||
| Transfers from (to) unconsolidated joint ventures | (1,358,078,215 | ) | (103,573,817 | ) | (748,974,957 | ) | ||||||
| Sales | (421,493,264 | ) | (299,944,373 | ) | (193,948,762 | ) | ||||||
| Assets held for sale | (4,709,328 | ) | (28,704,700 | ) | (4,555,688 | ) | ||||||
| Adjustment of property carrying values | — | — | (2,965,000 | ) | ||||||||
| Balance, end of period | $ | 6,001,319,025 | $ | 4,560,405,547 | $ | 4,092,222,479 | ||||||
| 2006 | 2005 | 2004 | ||||||||||
| Balance, beginning of period | $ | 740,127,307 | $ | 634,641,781 | $ | 568,988,445 | ||||||
| Depreciation for year | 138,279,032 | 98,591,658 | 96,584,738 | |||||||||
| Transfers from (to) unconsolidated joint ventures | (331,447 | ) | 27,812,350 | (14,133,515 | ) | |||||||
| Sales | (69,627,527 | ) | (19,903,904 | ) | (15,909,487 | ) | ||||||
| Assets held for sale | (1,777,128 | ) | (1,014,578 | ) | (888,400 | ) | ||||||
| Balance, end of period | $ | 806,670,237 | $ | 740,127,307 | $ | 634,641,781 | ||||||
128
132