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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
x
þANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year endedDecember 31, 20052006
OR
OR
o
oTRANSITION 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
Kimco Realty Corporation
(Exact name of registrant as specified in its charter)
Kimco Realty Corporation

(Exact name of registrant as specified in its charter)
Maryland
 
13-2744380

Maryland
 
(State of incorporation)
(I.R.S. Employer Identification No.)
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
Registrant’s telephone number, including area code  (516) 869-9000
Registrant’s telephone number, including area code(516) 869-9000

Securities registered pursuant to Section 12(b) of the Act:
   
Title of each class
 
Name of each exchange on which registered

Title of each class
 
which registered
Common Stock, par value $.01 per share. New York Stock Exchange
   
Depositary Shares, each representing one-tenthone-
tenth of a share of 6.65% Class F
Cumulative Redeemable Preferred Stock,
par value $1.00 per share.
 New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None

Securities registered 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. Yes  þ     No  o
     Indicate by check mark whether the Registrant (i) 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) has been subject to such filing requirements for the past 90 days. Yes  þ     No  o
     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 Registrant’s knowledge, in 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 (as definedor a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in rule 12b-2Rule 12-b of the Exchange Act.) Yes       No  
Large Accelerated Filerþ      Accelerated filero     Non-accelerated filero
     Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12-b-212b-2 of the Exchange Act). Yes  o     No  þ
     The aggregate market value of the voting stock held by non-affiliates of the Registrant was approximately $6.9$9.8 billion based upon the closing price on the New York Stock Exchange for such stock on January 31, 2006.
2007.
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
     Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.
228,216,802251,162,635 shares as of January 31, 2006.2007.
 
Page 1 of 232


DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference to the Registrant’s definitive proxy statement to be filed with respect to the Annual Meeting of Stockholders expected to be held on May 18, 2006.
17, 2007.
Index to Exhibits begins on page 57.63.

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TABLE OF CONTENTS
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EX-4.12: FIRST SUPPLEMENTAL INDENTURE
EX-4.13: SECOND SUPPLEMENTAL INDENTURE
EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
EX-12.2: COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
EX-21.1: SUBSIDIARIES
EX-23.1: CONSENT OF PRICEWATERHOUSECOOPERS LLP
EX-31.1: CERTIFICATION
EX-31.2: CERTIFICATION
EX-32.1 : CERTIFICATION
Item No.
 
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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” or “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” 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 debtother 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”) 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’s largest owners and operators of neighborhood and community shopping centers. The Company is a self-administered real estate investment trust (“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 February 6, 2006,January 31, 2007, the Company had interests in 1,0461,348 properties, totaling approximately 135.5175.4 million square feet of gross leasable area (“GLA”) located in 4445 states, Canada, Mexico and Mexico.  In addition, the Company manages 11 properties totaling 1.7 million square feet of GLA on behalf of third party owners.Puerto Rico. 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: Kimco Income REIT (“KIR”),as properties in the RioCan Venture (“RioCan Venture”), Kimco Retail Opportunity Portfolio (“KROP”) and other properties or portfoliosCompany’s investment management program, 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-traded REIT.
The Company’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” as used herein is intended to include all subsidiaries of the Company.
The Company’s web site is located athttp://www.Kimcorealty.comwww.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 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”).

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History 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”) 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”). In 1994, the Company reorganized as a Maryland corporation.
The Company’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, substantially alla 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”). 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 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 KIR,Kimco Income REIT (“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, 2005,2006, the Company holds a 43.3%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 management business through the establishment of other various institutional joint venture programs in which the Company has non-controlling interests ranging generally from generally 5% to 30%45%. The Company’s largest joint venture, Kimco Prudential Joint Venture (“KimPru”), was formed in 2006, in connection with the Pan Pacific Retail Properties Inc. (“Pan Pacific”) merger transaction, with Prudential Real Estate Investors (“PREI”), which holds approximately $4.1 billion in assets. The Company earns management fees, acquisition fees, disposition fees and promoted interests based on value creation. As of December 31, 2006, the Company’s assets under management were valued at approximately $14.0 billion, comprising 458 of 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”) which became effective January 1, 2001, the Company is now permitted to participate in activities which it 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, 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 wholly-owned taxable REIT subsidiary, Kimco Developers, Inc. (“KDI”), which is primarily engaged in the ground-up development of neighborhood and community shopping centers and subsequent sale thereof upon completion (see Recent Developments Ground-Up Developments)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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(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.
The Company has continued its geographic expansion with investments in Canada, Mexico and Mexico.Puerto Rico. During October 2001, the Company formed the RioCan Venture with (“RioCan Venture”) RioCan Real Estate Investment Trust (“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 (seeMexico. 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. (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).10-K.)
The Company generated equity in income from its unconsolidated Canadian investments in real estate joint ventures of approximately $21.1 million and $21.6 million during 2006 and 2005, respectively. In addition, income from other unconsolidated Canadian real estate investments approximately $13.9 million and $6.6 million during 2006 and 2005, respectively.
The Company recognized equity in income from its unconsolidated Mexican investments in real estate joint ventures of approximately $11.8 million and $2.2 million during 2006 and 2005, respectively.
The Company’s revenues from its consolidated Mexican subsidiaries aggregated approximately $2.4 million and $1.2 million during 2006 and 2005, respectively.
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’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’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 will 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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The Company seeks to reduce its operating and leasing risks through diversification achieved by the geographic distribution of its properties and a large tenant base. At December 31, 2005,2006, the Company’s single largest neighborhood and community shopping center accounted for only 1.2%1.6% of the Company’s annualized base rental revenues and only 0.8% of the Company’s total shopping center GLA. At December 31, 2005,2006, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Kohl’s, and Royal Ahold,Wal-Mart, which represent approximately 3.6%3.5%, 3.2%, 2.7%2.9%, 2.5%, 2.2% and 2.0%2.1%, 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 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 makes selective acquisitions of land parcels for the ground-up development 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- hold 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 estate 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” 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.
The Company’s policies with respect to the aforementioned activities may be reviewed and modified from time to time by the Company’s Board of Directors without the vote of the Company’s stockholders.
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, 2005,2006, the Company’s level of debt to total market capitalization was 26%23%. 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’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, seek to obtain funds through additional 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’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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the IPO, the Company has completed additional offerings of its public unsecured debt and equity, raising in the aggregate over $4.2 billion$4.9 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.
During July 2005, In March 2006, the Company established a newwas added to the S & P 500 Index, an index containing the stock of 500 Large Cap corporations, most of which are U.S. corporations.
The Company has an $850.0 million unsecured credit facility, (the “Credit Facility”) which is scheduled to expire in July 2008. This Credit Facility replaces the Company’s $500.0 million unsecured credit facility, which was scheduled to expire in June 2006. Under the Credit Facility, funds may be borrowed for general corporate purposes, including the funding of (i) property acquisitions, (ii) development and redevelopment costs and (iii) any short-term working capital requirements.  Interest on borrowings under the Credit Facility accrue at a spread (currently 0.45%) to LIBOR and fluctuates in accordance with changes in the Company’s senior debt ratings.  As part of this Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $425.0 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%.  A facility fee of 0.125% per annum is payable quarterly in arrears. In addition, 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 Credit Facility, the Company, among other things, is (i) subject to maintaining certain maximum leverage ratios on both

unsecured senior corporate debt and minimum unencumbered asset and equity levels, and (ii) restricted from paying dividends in amounts that exceed 95% of funds from operations, as defined.  As of December 31, 2005, there was $200.0 million outstanding under this credit facility.
During September 2004, the Company entered into a three-year Canadian denominated (“CAD”) $150.0 million unsecured revolving credit facility with a group of banks.  This facility bears interest at the CDOR Rate, as defined, plus 0.50% and was scheduled to expire in September 2007.  During March 2005, this facility was increased to CAD $250.0 million and the scheduled maturity date was extended to March 2008.  During January 2006, 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.  Proceeds from this facility will be used for general corporate purposes including the funding of Canadian denominated investments.  As of December 31, 2005, there was CAD $110.0 million (approximately USD $94.7 million) outstanding under this facility.
During May 2005, the Company entered into a three-year Mexican Peso denominated (“MXP”) 500.0 million unsecured revolving credit facility.  This facility bears interest at the TIIE Rate, as defined, plus 1.00% and is scheduled to expire in May 2008.  Proceeds from this facility will be used to fund peso denominated investments.  As of December 31, 2005, there was MXP 500.0 million (approximately USD $46.5 million) outstanding under this facility.
The Company also has a medium-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.  As of December 31, 2005, the Company had $250.0 million available for issuance under the MTN program.  (See Note 11 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
In addition to the public debt and equity 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.  As of December 31, 2005, the Company’s consolidated property portfolio had over 380 unencumbered property interests representing over 87% of the Company’s net operating income.
During July 2005, the Company filed a shelf registration on Form S-3 for up to $1.0 billion of debt securities, preferred stock, depositary shares, common stock and common stock warrants.  As of December 31, 2005, the Company had approximately $750.0 million available for issuance under this shelf registration statement.
The Company anticipates that cash flows from operating activities will continue to provide adequate capital to fund its operating and administrative expenses, regular debt service obligations and the payment of dividends in accordance with REIT requirements in both the short term and long term.  In addition, the Company anticipates that cash on hand, free cash flow generated by the operating business, availability 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.  Cash flow from operating activities (see Consolidated Statements of Cash Flows) was $410.8 million for the year ended December 31, 2005, as compared to $365.2 million for the year ended December 31, 2004.
Competition  As one of the original participants in the growth of the shopping center industry and one of the nation’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 in the Company’s properties.
Inflation and Other Business Issues  Many of the Company’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’ gross sales above predetermined thresholds (“Percentage Rents”), which generally increase as prices rise, and/or escalation clauses, which generally increase rental rates during the terms of the leases.  Such escalation clauses include increases in the consumer price index or similar inflation indices.  In addition, many of the Company’s leases are

for terms of less than 10 years, which permits the Company to seek to increase rents upon renewal to market rates.  Most of the Company’s leases require tenants to reimburse the Company for their allocable share of operating expenses, including common area maintenance costs, real estate taxes and insurance, thereby reducing the Company’s exposure to increases in costs and operating expenses resulting from inflation.  The Company periodically evaluates its exposure to short-term interest rates and fluctuations in foreign currency exchange rates and will, from time-to-time, enter into interest rate protection agreements and foreign currency hedge agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt and changes in foreign currency exchange rates.
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.  A total of 488 persons are employed at the Company’s executive and regional offices.
The Company’s regional offices are generally staffed by a manager and the support personnel necessary to both function as local representatives for leasing and promotional purposes and 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’s tenants.  Leasing and maintenance personnel from the corporate office also conduct regular inspections of each shopping center.
The Company also employs a total of 15 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 now permitted to participate in activities 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, subject to certain limitations.  The primary activities conducted by the Company in its taxable REIT subsidiaries during 2005 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 Developments), (ii) real estate advisory and disposition services, and (iii) acting as an agent or principal in connection with tax deferred exchange transactions.  As such, the Company was subject to federal and state income taxes on the income from these activities.
Risk Factors  Set forth below 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, including the following:
i) Loss of the Company’s tax status as a real estate investment trust would have significant adverse consequences to the Company and the value of its securities.
The Company elected to be taxed as a REIT for federal income tax purposes under the Code commencing with our taxable year beginning January 1, 1992. The Company currently intend to operate so as to qualify as a REIT and believe that the Company’s current organization and method of operation comply with the rules and regulations promulgated under the Code to enable us to qualify as a REIT.
Qualification as a REIT involves the application of highly technical and complex 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’s control may affect the Company’s 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, we must make distributions to stockholders aggregating annually at least 90% of the Company’s net taxable income, excluding capital gains. In addition, new 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 Company can give no assurance that it has qualified or will continue to qualify as a REIT for tax purposes.
If the Company loses its REIT status, it will face serious tax consequences that will substantially reduce the funds available to make payment of principal and interest on the debt securities the Company issues and to pay dividends to Company stockholders. If the Company fails to qualify as a REIT:
the Company would not be allowed a deduction for distributions to stockholders in computing its  taxable income and would be subject to federal income tax at regular corporate rates;
the Company also could be subject to the federal alternative minimum tax and possibly increased state and local taxes; and
unless the Company was entitled to relief under statutory provisions, it could not elect to be subject to tax as a REIT for four taxable years following the year during which the Company were disqualified.
In addition, if the Company fails to qualify as a REIT, it would not be required to make distributions to stockholders.
As a result of all these factors, the Company’s failure to qualify as a REIT also could impair its ability to expand its business and raise capital, and would adversely affect the value of the Company’s securities.
ii) Adverse market conditions and competition may impede the Company’s ability to generate sufficient income to pay expenses and maintain properties.
The economic performance and value of the Company’s properties are 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 space in properties like those that the Company owns, or a reduction in demand for properties like those that the Company owns;
the attractiveness of the Company’s 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.
iii) Downturns in the retailing industry likely will have a direct impact on the Company’s performance.
The Company’s properties consist primarily of community and neighborhood shopping centers and other retail properties. The Company’s performance therefore is linked to economic conditions in the market for retail space generally. The market for retail space has been or could be adversely affected by weakness in the national, regional and local economies, the adverse financial condition of some large retailing companies, the ongoing consolidation in the retail sector, the excess amount of retail space in a number of 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.

iv) Failure by any anchor tenant with leases in multiple locations to make rental payments to the Compnay, because of a deterioration of its financial condition or otherwise, could impact the Company’s performance.
The Company’s performance depends on its ability to collect rent from tenants. At any time, the Company’s tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, the Company’s 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 tenant’s 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 Company 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’s performance.
v) The Company may be unable to collect balances due from any tenants in bankruptcy.
The Company cannot give assurance that any tenant that files for bankruptcy protection will continue to pay rent. A bankruptcy filing by or relating to one of the Company’s tenants or a lease guarantor would bar all efforts by the Company to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their property, unless the Company receives an order permitting it to do so from the bankruptcy court. A tenant or lease guarantor bankruptcy could delay the Company’s efforts to collect past due balances under the relevant leases, and could ultimately preclude collection of these sums. If a lease is assumed by the tenant in bankruptcy, all pre-bankruptcy balances due under the lease must be paid to the Company in full. However, if a lease is rejected by a tenant in bankruptcy, the Company would have only a general unsecured claim for damages. Any unsecured claim the Company holds may be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims, and there are restrictions under bankruptcy laws which limit the amount of the claim the Company can make if a lease is rejected. As a result, it is likely that the Company will recover substantially less than the full value of any unsecured claims it holds.
vi) Real estate property investments are illiquid, and therefore the Company may not be able to dispose of properties when appropriate or on favorable terms.
Real estate property investments generally cannot be disposed of quickly. In addition, the federal tax code imposes restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. Therefore, the Company may not be able to vary its portfolio in response to economic or other conditions promptly or on favorable terms.
vii) The Company does not have exclusive control over its joint venture investments, so the Company is unable to ensure that its objectives will be pursued.
The Company has 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 does 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, take action contrary to the Company’s interests or otherwise impede the Company’s objectives. The co-venturer or partner also might become insolvent or bankrupt.
viii) The Company’s financial covenants may restrict its operating and acquisition activities.
The Company’s revolving credit facilities and the indenture under which the Company’s 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’s ability to incur secured and unsecured debt, make dividend payments, sell all or substantially all of the Company’s assets and engage in mergers and consolidations and certain acquisitions. These covenants may restrict the Company’s ability to pursue certain business initiatives or certain acquisition transactions. 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’s indebtedness, which would have a material adverse effect on the Company.

ix) The Company may be subject to environmental regulations.
Under various federal, state, and local laws, ordinances and regulations, the Company 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’s 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 Company knew about, or were responsible for, the presence of hazardous or toxic substances.
x) The Company’s ability to lease or develop properties is subject to competitive pressures.
The Company faces 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 entities engaged in real estate investment. Some of these competitors have greater financial resources than we do. This results in competition for the acquisition of properties, for tenants who lease or consider leasing space in the Company’s existing and subsequently acquired properties and for other real estate investment opportunities.
xi) Changes in market conditions could adversely affect the market price of the Company’s publicly traded securities.
As with other publicly traded securities, the market price of the Company’s 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’s publicly traded securities are the following:
the extent of institutional investor interest in the Company;
the reputation of REITs generally and the reputation of REITs with portfolios similar to the Company’s;
the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);
the Company’s financial condition and performance;
the market’s perception of the Company’s 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 the Company’s shares; and
general economic and financial market conditions.
Recent Developments
Operating Properties -
Acquisitions -
During January 2005, the Company acquired a shopping center property located in Clearwater, FL, comprising approximately 0.2 million square feet of gross leasable area (“GLA”), for a purchase price of approximately $17.7 million.
During March 2005, the Company acquired the remaining 40% interest in a shopping center property located in Temple, TX, in which the Company had previously owned a 60% interest, for a purchase price of approximately $0.9 million. During June 2005, the Company transferred this property to a newly formed joint venture in which the Company now has a 20% non-controlling interest.
Additionally, during March 2005, the Company acquired two operating properties, located in New York, NY, through newly formed joint ventures in which the Company holds 95% economic interests, for an aggregate purchase price of approximately $11.6 million.  Simultaneous with the closing, each property was encumbered with an individual non-recourse floating-rate mortgage aggregating approximately $9.1 million.  These loans mature in April 2007 and bear interest at LIBOR plus 2% and LIBOR plus 2.25% (6.39% and 6.64%, respectively, at December 31, 2005).  Based upon the provisions of FIN 46(R), the Company has determined

that these entities are variable interest entities (“VIE”). The Company has further determined that the Company is the primary beneficiary of these VIEs and has therefore consolidated these entities for financial reporting purposes.  The Company’s maximum exposure to loss associated with these entities is primarily limited to the Company’s aggregate capital investment, which was approximately $3.4 million at December 31, 2005.
During April 2005, the Company acquired an operating property located in Poway, CA, comprising approximately 0.1 million square feet of GLA, for a purchase price of approximately $19.5 million.
During June 2005, the Company acquired a portfolio of 45 operating properties, comprising approximately 0.3 million square feet of GLA, located in Virginia and Maryland, for a purchase price of approximately $85.3 million.  During August 2005, the Company obtained approximately $65.0 million of crossed-collateralized non-recourse mortgage debt encumbering all 45 operating properties.  This mortgage debt matures in September 2015 and bears interest at a fixed-rate of 4.94% per annum.  During September 2005, the entire portfolio of 45 properties and the associated debt was transferred to a newly formed unconsolidated joint venture in which the Company has a 15% non-controlling interest.
During 2005, the Company acquired ten self-storage facilities through an existing joint venture in which the Company held an approximate 93.5% economic interest, for a purchase price of approximately $39.9 million including the assumption of approximately $7.5 million of non-recourse fixed-rate mortgage debt encumbering three of the properties.  Upon completing these acquisitions, the venture owned 17 self-storage facilities located in various states.  The Company had cross-collateralized 14 of these properties with approximately $44.0 million of non-recourse floating-rate mortgage debt which was scheduled to mature in November 2007 and had an interest rate of LIBOR plus 2.75%. Based upon the provisions of FIN 46(R), the Company had determined that this entity was a VIE.  The Company had further determined that the Company was the primary beneficiary of this VIE and had therefore consolidated this entity for financial reporting purposes.  During November and December 2005, this entity disposed of, in separate transactions, four self-storage properties for an aggregate sales price of approximately $18.6 million which resulted in an aggregate gain of approximately $5.8 million.  Proceeds from these sales were used to pay down approximately $9.8 million of mortgage debt and provide distributions to the partners.  As a result of these transactions the Company’s economic interest significantly decreased and the entity became subject to the reconsideration provisions of FIN 46(R).  Based upon this reconsideration event and the provision of FIN 46(R), the Company has determined that this entity is no longer a VIE and has therefore deconsolidated this entity and will now account for this investment under the equity method of accounting.  As of December 31, 2005, this entity owned 13 self-storage properties.  Three of the properties are encumbered by approximately $7.4 million of fixed-rate individual non-recourse mortgage debt which bears interest at 5.5% per annum and is scheduled to mature in June 2013.  The remaining ten properties are cross-collateralized with approximately $33.3 million of variable-rate debt which bears interest at LIBOR plus 2.75% (7.09% at December 31, 2005) and is scheduled to mature in November 2007.  The Company’s maximum exposure to loss associated with this entity is primarily limited to the Company’s carrying value of this investment, which was approximately $14.2 million at December 31, 2005.
During October 2005, the Company acquired a portfolio of three operating properties located in southern California, comprising approximately 0.4 million aggregate square feet of GLA, for an aggregate purchase price of approximately $104.5 million including the assumption of approximately $54.6 million of non-recourse mortgage debt.
During December 2005, the Company acquired, in separate transactions, two operating properties, located in New York, NY, for an aggregate purchase price of approximately $7.2 million.  The purchase of one of the properties was partially funded by a new $3.1 million non-recourse mortgage, which bears interest at a fixed rate of 5.87% per annum and matures in December 2015.
During December 2005, the Company acquired a portfolio of eight net-leased operating properties, comprising approximately 0.1 million square feet of GLA, for an aggregate purchase price of approximately $17.1 million.  Seven of these properties are located in the New York Metropolitan area, and one is located in Philadelphia, PA.
During December 2005, the Company acquired from KROP the remaining 80% interest in an operating property comprising approximately 0.1 million square feet of GLA located in Columbia, MD, for a purchase price of approximately $23.6 million.
Additionally, during December 2005, the Company acquired, in separate transactions, four operating properties, located in Plano, TX, New London, NH, Staten Island, NY, and Santa Rosa,

CA, comprising of approximately 0.3 million aggregate square feet of GLA, for an aggregate purchase price of approximately $46.9 million.
FNC Realty Corporation -
From 2000 through 2002 the Company acquired approximately $28.9 million face amount of Frank’s Nursery and Crafts, Inc. (“Frank’s”), 10.25% bonds for an aggregate purchase price of approximately $11.3 million. During February 2001, Frank’s filed for protection under Chapter 11 of the United States Bankruptcy Code. During May 2002, Frank’s plan of reorganization was confirmed by the Bankruptcy court and Frank’s emerged from bankruptcy. Pursuant to Frank’s reorganization plan, the Company received approximately 4.3 million shares of Frank’s common stock valued at $2.34 per share in settlement of its Frank’s bond investment. As a result of this conversion, the Company held an approximate 27% interest in Frank’s and began accounting for its investment on the equity method. In addition, the Company began providing loans to Frank’s under a revolving credit facility, which was collateralized by certain real estate interests of Frank’s. As an inducement to make these loans, Frank’s issued the Company approximately 4.4 million warrants with an exercise price of $1.15 per share.
During September 2004, Frank’s again filed for protection under Chapter 11 of the United States Bankruptcy Code. The Company committed to provide Frank’s, in addition to its revolving credit facility, with $27.0 million of debtor-in-possession financing for a term of one year at an interest rate of Prime plus 1.00%. From the petition date until July 26, 2005, Frank’s operated its business as a debtor-in-possession and during this period had completely liquidated its inventory and ceased operating as a retailer.
Frank’s plan of reorganization included a Company-sponsored re-capitalization plan in which the Company, along with several other significant shareholders, agreed to re-capitalize Frank’s with approximately $104.0 million in cash in exchange for debt and equity securities and convert Frank’s from a publicly held retail company to a privately held real estate company.
On July 27, 2005, Frank’s emerged from Chapter 11 bankruptcy pursuant to a bankruptcy court approved plan of reorganization as FNC Realty Corporation (“FNC”). Pursuant to the reorganization plan, shareholders of Frank’s were offered cash of $0.75 per share or the right to exchange Frank’s common stock for FNC common stock on a 1:1 basis. FNC’s capitalization included the issuance of approximately $27.0 million of common stock and $77.0 million of fixed-rate 7% convertible senior notes. The notes mature in July 2008 and may be converted at anytime by the holder for common shares of FNC at $0.75 per share. Proceeds from the issuance of common stock and convertible senior notes were used to repay all claims pursuant to the plan of reorganization, including amounts owed to the Company under its revolving credit facility and debtor-in-possession financing agreement.
Pursuant to the plan of reorganization, the Company received common shares of FNC representing an approximate 27% ownership interest in exchange for its interests in Frank’s.  In addition, the Company acquired an additional 24.5% interest in the common shares of FNC for cash of approximately $17 million, thereby increasing the Company’s ownership interest to approximately 51%. This acquisition of additional shares includes the exercise of warrants previously issued by Frank’s to the Company. The Company also acquired approximately $42 million of fixed-rate 7% convertible senior notes issued by FNC.  As a result of the increase in ownership interest from 27% to 51%, the Company became the controlling shareholder and therefore, commenced consolidation of FNC effective July 27, 2005.
As of July 27, 2005, FNC held interests in 55 properties with approximately $16.1 million of non-recourse mortgage debt encumbering 16 of the properties. These loans bear interest at fixed rates ranging from 4.00% - 7.75% and maturity dates ranging from June 2012 through June 2022.  During December 2005, FNC prepaid, without penalty, an aggregate $4.8 million of mortgage debt encumbering five of its properties.  As of December 31, 2005, FNC had approximately $11.4 million of non-recourse mortgage debt encumbering 11 properties.  These remaining loans bear interest at fixed rates ranging from 4.00% to 7.75% and maturity dates ranging from June 2012 through June 2022.
The Company’s investment strategy with respect to FNC includes re-tenanting, re-developing and disposition of the properties. From July 27, 2005, through December 31, 2005, FNC disposed of nine properties, in separate transactions, for an aggregate sales price of approximately $9.4 million.
Dispositions -
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 for an aggregate price of approximately $49.0 million, (iii) transferred 52 operating properties to various joint ventures in which the Company manages and 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 approximately $5.2 million.
During June 2005, the Company disposed of a vacant land parcel located in New Ridge, MD, for approximately $5.6 million, resulting in a $4.6 million gain on sale.  This gain is included in Other income, net on the Company’s Consolidated Statements of Income.
          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 2005, the Company substantially completed the redevelopment and re-tenanting of various operating properties.  The Company expended approximately $55.5 million in connection with these major redevelopments and re-tenanting projects during 2005. The Company is currently involved in redeveloping several other shopping centers in the existing portfolio.  The Company anticipates its capital commitment toward these and other redevelopment projects will be approximately $90.0 million to $110.0 million during 2006.
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, which develops neighborhood and community shopping centers and the subsequent sale thereof upon completion, (ii) 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 substantial pre-leasing prior to the commencement of construction. As of December 31, 2005, the Company had in progress a total of 38 ground-up development projects including 26 merchant building projects, five domestic ground-up development projects, six ground-up development projects located throughout Mexico and one ground-up development project located in Canada.  These projects are currently proceeding on schedule and substantially in line with the Company’s budgeted costs of approximately $1.3 billion.
As of December 31, 2005, KDI had in progress 26 ground-up development projects located in nine states.  In addition, KDI manages the construction of four domestic projects for the Company, which will be held as long-term investments.  During 2005, KDI expended approximately $449.1 million in connection with the purchase of land and construction costs related to these projects and those sold during 2005.  These projects are currently proceeding on schedule and substantially in line with the Company’s budgeted costs.  The Company anticipates its capital commitment toward these development projects will be approximately $200.0 million to $250.0 million during 2006.  The proceeds from the sale of completed ground-up development projects during 2006, 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 2005, KDI acquired various land parcels, in separate transactions, for an aggregate purchase price of approximately $185.7 million.  The estimated project costs for these newly acquired parcels are approximately $609.6 million with completion dates ranging from March 2006 to June 2009.
Date Acquired
  
City
  
State
 
Purchase Price
 

  
  
 
 
        
(in millions)
 
February 2005  Various  AZ, NC $3.4 
March 2005  Various  AZ, NE, TX  22.2 
May 2005  Jacksonville  FL  18.5 
June 2005  Various  CA, NC  30.9 
July 2005  Various  AZ, FL, ID, TX  26.5 
August 2005  Cypress  TX  2.5 
September 2005  Mesa  AZ  32.5 
October 2005  Various  ID, NY  10.4 
December 2005  Various  FL, ID  38.8 
        
 
        $185.7 
        
 

During 2005, the Company obtained a term loan and individual construction loans on two ground-up development projects and paid off construction loans on five ground-up development projects.  At December 31, 2005, total loan commitments on the remaining 15 construction loans aggregated approximately $343.5 million of which approximately $228.5 million has been funded.  These loans have maturities ranging from 4 months to 31 months and bear interest at rates ranging from 6.04% to 6.64% at December 31, 2005.
Dispositions -
During 2005, KDI 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.  Details are as follows:
Date Sold
Project
City
State
Sales Price





(in millions)
January 2005Maricopa, AZ, project and 3 out-parcels at various projectsVariousAZ, NY$   26.4
February 2005Fountain Hills, AZ, project and out-parcels at Chandler, AZVariousAZ    51.4
March 2005Various (2 out-parcels)VariousAZ, TX     4.6
April 2005Various (1 multi-tenant parcel and 2 out-parcels)VariousAZ, OH, TX     9.4
May 2005Various (5 out-parcels)VariousAZ, MI, TX     7.3
June 2005Completed projects in Durham, NC, and Houston, TX and 4 out-parcels in various projectsVariousNE, NC, TX    46.9
July 2005Various (2 out-parcels) and earn-out proceedsVariousFL, TX    5.7
August 2005Various (3 out-parcels)VariousTX    2.5
September 2005Burlington, NC, project and 2 out-parcels at Jacksonville, FLVariousFL, NC   51.5
October 2005Various (4 out-parcels) and earn-out proceedsVariousFL, MI, NC, OH    4.6
November 2005Various (6 out-parcels)VariousFL, NY, TX   14.7
December 2005Longview, WA, project, 2 out-parcels at various projects and earn-out proceedsVariousFL, ID, TX, WA   39.1

$ 264.1

Operating Real Estate Joint Venture Investments -
Kimco Income REIT (“KIR”) -
The Company has a 43.3% non-controlling limited partnership interest in KIR, manages the portfolio and accounts for its investment under the equity method of accounting.
During March 2005, KIR disposed of an operating property and an out-parcel, in separate transactions, for an aggregate sales price of approximately $43.1 million.  These sales resulted in an aggregate gain of approximately $17.8 million of which the pro-rata gain to the Company was approximately $7.7 million.  In connection with the sale of the operating property, KIR incurred a $2.0 million loan defeasance charge, of which the Company’s pro-rata share was approximately $0.9 million.
During October 2005, KIR sold an operating property for a sales price of approximately $8.1 million.  This sale resulted in a gain of approximately $2.4 million of which the pro-rata gain to the Company was approximately $1.0 million.
Additionally, during March 2005, KIR acquired an operating property located in Delran, NJ, for a purchase price of approximately $4.6 million.
In April 2005, KIR entered into a three-year $30.0 million unsecured revolving credit facility which bears interest at LIBOR plus 1.40%.  As of December 31, 2005, there were no amounts outstanding under this facility.

As of December 31, 2005, the KIR portfolio was comprised of 68 shopping center properties aggregating approximately 14.2 million square feet of GLA located in 20 states.
KROP Venture-
During 2001, the Company formed a joint venture (the “Kimco Retail Opportunity Portfolio” or “KROP”) with GE Capital Real Estate (“GECRE”), in which the Company has a 20% non-controlling interest and manages the portfolio. The purpose of this joint venture is to acquire established, high-growth potential retail properties in the United States.  Total capital commitments to KROP from GECRE and the Company are for $200.0 million and $50.0 million, respectively, and such commitments are funded proportionately as suitable opportunities arise and are agreed to by GECRE and the Company.  During 2005, GECRE and the Company contributed approximately $21.2 million and $5.3 million, respectively, towards their capital commitments.  The Company accounts for its investment in KROP under the equity method of accounting.
During 2005, KROP acquired four operating properties and one out-parcel, in separate transactions, for an aggregate purchase price of approximately $74.6 million, including the assumption of approximately $26.2 million of individual non-recourse mortgage debt encumbering two of the properties and preferred units of approximately $4.2 million associated with another property.
During 2005, KROP disposed of three unencumbered operating properties and two out-parcels, in separate transactions, for an aggregate sales price of approximately $60.3 million.  These sales resulted in an aggregate gain of approximately $18.3 million of which the Company’s pro-rata share was approximately $3.7 million.
During 2005, KROP obtained ten-year individual non-recourse, non-cross collateralized fixed-rate mortgages aggregating approximately $21.9 million on two of its previously unencumbered properties with rates ranging from 5.2% to 5.3%.
During 2005, KROP obtained two non-recourse, non-cross collateralized variable-rate mortgages aggregating approximately $25.7 million on two properties with rates of LIBOR plus 1.30% and LIBOR plus 1.65% with terms of two and three years, respectively.
As of December 31, 2005, the KROP portfolio was comprised of 38 shopping center properties aggregating approximately 5.6 million square feet of GLA located in 14 states.
          Other Real Estate Joint Ventures –
During December 2004, the Company acquired the Price Legacy Corporation through a newly formed joint venture, PL Retail LLC (“PL Retail”), in which the Company has a 15% non-controlling interest and manages the portfolio.  The Company accounts for its investment under the equity method of accounting.  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.  The Company also, provided PL Retail a secured short-term promissory note of approximately $8.2 million. This interest-only note bore interest at LIBOR plus 4.50% and was scheduled to mature in June 2005. During 2005, this note was amended to bear interest at LIBOR plus 6.0% and is now payable on demand. This interest only loan bears interest at a fixed rate of 7.5% and matures in December 2006.  During the year ended December 31, 2005, PL Retail disposed of nine operating properties, in separate transactions, for an aggregate sales price of approximately $81.4 million, which represented the approximate carrying values of the properties.  Proceeds of approximately $22.0 million were used to partially repay the mezzanine financing that was provided by the Company.  As of December 31, 2005, PL Retail had approximately $8.9 million outstanding on the mezzanine financing and approximately $8.2 million outstanding on the promissory note.
During March 2005, a joint venture in which the Company has a 50% non-controlling interest, disposed of two vacant land parcels located in Glendale, AZ, in separate transactions, for an aggregate sales price of approximately $9.9 million.  These sales resulted in an aggregate gain of approximately $4.8 million, of which the Company’s share was approximately $2.4 million.
During April 2005, the Company acquired an operating property located in Hillsborough, NJ, comprising approximately 0.1 million square feet of GLA, through a newly formed joint venture in which the Company has a 50% non-controlling interest.  The property was acquired for approximately $4.0 million including the assumption of approximately $1.9 million of non-recourse mortgage debt encumbering the property.  Subsequent to the

purchase, the joint venture obtained a $3.2 million one-year term loan which bears interest at LIBOR plus 0.55%.  This loan is jointly and severally guaranteed by the joint venture partners, including the Company.  Proceeds from this loan were used to repay the $1.9 million mortgage encumbering the property.
During June 2005, the Company acquired land in Tustin, CA, through a newly formed joint venture in which the Company has a 50% non-controlling interest, for a purchase price of approximately $23.0 million.  The property will be developed into a 1.0 million square foot retail center with a total estimated project cost of approximately $149.3 million.  The purchase of the land was funded through a new construction loan which bears interest at LIBOR plus 1.70% and is scheduled to mature in October 2007.  As of December 31, 2005, this construction loan had an outstanding balance of approximately $40.4 million.
Additionally, during June 2005, the Company acquired an additional 25% interest in a joint venture in which the Company had previously held a 7.77% interest for approximately $26.0 million.  This joint venture owns an operating property, comprised of approximately 0.5 million square feet of GLA, located in Fremont, CA.  During December 2005, the Company sold a portion of its interest in this joint venture to a new partner who purchased 70% of this partnership.  The Company now has a 30% non-controlling interest in this joint venture manages and accounts for its investment under the equity method of accounting.
During July 2005, the Company acquired an interest in an office property located in Houston, TX, comprising approximately 0.6 million square feet of GLA through a newly formed joint venture in which the Company has an 85% non-controlling interest.  The Company’s investment in the joint venture was approximately $12.2 million.  The joint venture purchased the property for approximately $91.1 million subject to $76.5 million of non-recourse mortgage debt which bears interest at a fixed-rate of 5.15% per annum and matures during August 2015.  The Company accounts for this investment under the equity method of accounting.
During May 2005, the Company acquired a $10.2 million mortgage receivable through a newly formed joint venture in which the Company has a 50% non-controlling interest.  The mortgage encumbered a property located in Derby, CT, comprising approximately 0.1 million square feet of GLA.  During October 2005, the joint venture foreclosed on the property and obtained fee title.
Additionally, during 2005, the Company acquired, in separate transactions, 12 operating properties comprising approximately 1.7 million square feet of GLA, through newly formed joint ventures in which the company has non-controlling interests ranging from 5% to 50%. The aggregate purchase price for these properties was approximately $265.6 million, including the assumption of approximately $29.1 million of non-recourse mortgage debt encumbering three of the properties.  The Company accounts for its investment in these joint ventures under the equity method of accounting.
During September 2005, the Company transferred 45 operating properties, comprising approximately 0.3 million square feet of GLA, located in Virginia and Maryland to a newly formed unconsolidated joint venture in which the Company has a 15% non-controlling interest.  The transfer price was approximately $85.3 million including the assignment of approximately $65.0 million of cross-collateralized non-recourse mortgage debt encumbering all of the properties.
Additionally, during 2005, the Company transferred, in separate transactions, five operating properties comprising approximately 0.7 million square feet of GLA, to newly formed joint ventures in which the Company has 20% non-controlling interests, for an aggregate price of approximately $85.6 million, including the assignment of approximately $40.2 million of mortgage debt encumbering three of the properties.  The Company accounts for its investments in these joint ventures under the equity method of accounting.
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, 2005, the Company’s carrying value in these investments approximated $735.6 million.
          International Real Estate Investments -
Canadian Investments -
During October 2001, the Company formed the RioCan Venture 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.
As of December 31, 2005, the RioCan Venture was comprised of 34 operating properties and one development property, consisting of approximately 8.1 million square feet of GLA.
During May 2005, a newly formed joint venture, in which the Company has a 50% non-controlling interest, acquired in separate transactions, two auto dealerships located in Toronto, Canada, for an aggregate purchase price of approximately CAD $6.4 million (approximately USD $5.1 million).
During 2005, the Company, in separate transactions, made four Canadian preferred equity investments aggregating approximately CAD $24.2 million (approximately USD $20.7 million) to developers and owners of various real estate interests.
The Company has used the equity method of accounting for the Canadian investments described above.
Mexican Investments -
During March 2005, the Company transferred 50% of the Company’s 95% interest in a developed property located in Huehuetoca, Mexico, to a joint venture partner for approximately $5.3 million, which approximated its carrying value.  As a result of this transaction, the Company now holds a 47.5% non-controlling interest and has deconsolidated the investment.  The Company now accounts for its investment under the equity method of accounting.
During May 2005, the Company acquired a hotel property located in Cancun, Mexico, through a newly formed joint venture in which the Company has an 80% non-controlling interest.  The property was purchased for approximately $19.7 million.  Simultaneous with the closing, the property was encumbered with $12.4 million of non-recourse mortgage debt which bears interest at a fixed rate of 7.63% per annum and matures during May 2010.  During 2005, the property incurred significant hurricane damage which has temporarily suspended operations.  The Company believes that its property insurance and business interruption insurance will adequately cover losses associated with this event.
During July 2005, the Company transferred a developed property located in Reynosa, Mexico, to a newly formed joint venture in which the Company has a 50% non-controlling interest, for a price of approximately $6.9 million.  The Company now accounts for this investment under the equity method of accounting.
During October 2005, the Company acquired interests in 57 industrial properties located in Mexico, through a newly formed joint venture in which the Company has a 50% non-controlling interest, for a purchase price of approximately $277.5 million, including the assumption of approximately $167.0 million of non-recourse mortgage debt encumbering 52 properties.  The properties comprise approximately 5.6 million square feet of GLA.
During 2005, the Company acquired, in separate transactions, two parcels of land located in Saltillo and Pachuca, Mexico, for an aggregate purchase price of approximately $14.6 million.  The properties will be developed into retail centers with an aggregate total projected cost of approximately $34.1 million.
Additionally, during 2005, the Company acquired, in separate transactions, six parcels of land located in various cities throughout Mexico, through newly formed joint ventures in which the Company has non-controlling interests ranging from 50% to 80%, for an aggregate purchase price of approximately $42.1 million.  The properties were at various stages of construction at acquisition and will be developed into retail centers with a projected total aggregate cost of approximately $183.1 million.
Other Real Estate Investments -
          Kimsouth -
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”).  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 assumed mortgage debt.  The Company’s investment strategy with respect to Kimsouth includes re-tenanting, repositioning and disposition of the properties.

During 2005, Kimsouth disposed of seven shopping center properties, in separate transactions, for an aggregate sales price of approximately $78.8 million, including the assignment of approximately $23.7 million of mortgage debt encumbering two of the properties.  During 2005, the Company recognized pre-tax profits from the Kimsouth investment of approximately $4.9 million, which is included in the caption Income from other real estate investments on the Company’s Consolidated Statements of Income.
As of December 31, 2005, the Kimsouth portfolio was comprised of five properties including the office component of an operating property sold in 2004, aggregating approximately 1.2 million square feet of GLA located in four states.
          Preferred Equity Capital -
The Company maintains a Preferred Equity program, which provides capital to developers and owners of 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, 2005, the Company’s net investment under the Preferred Equity program was approximately $225.9 million relating to 131 properties.  For the year ended December 31, 2005, the Company earned approximately $32.8 million, including $12.6 million from promoted interests earned from six capital transactions from these investments. 
Mortgages and Other Financing Receivables -
During May 2002, the Company provided a secured $15.0 million three-year term loan and a secured $7.5 million revolving credit facility to Frank’s, at an interest rate of 10.25% per annum collateralized by 40 real estate interests. Interest was payable quarterly in arrears. During 2003, the revolving credit facility was amended to increase the total borrowing capacity to $17.5 million. During January 2004, the revolving loan was further amended to provide up to $33.75 million of borrowings from the Company. During September 2004, Frank’s filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The Company committed to provide an additional $27.0 million of Debtor-in-Possession financing with a term of one year at an interest rate of Prime plus 1.00% per annum.  During July 2005, Frank’s emerged from bankruptcy as FNC and repaid all outstanding amounts owed to the Company under the revolving credit facility and Debtor-in-Possession agreement (See Recent Developments – FNC Realty Corporation and Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).
During April 2005, the Company provided a construction loan commitment of up to MXP 53.5 million (approximately USD $5.0 million) to a developer for the construction of a new retail center in Acapulco, Mexico.  The loan bears interest at a fixed rate of 11.75% and provides for an additional 20% participation of property cash flow, as defined.  This loan is initially interest only and then converts to an amortizing loan at the earlier of 120 days after construction completion or upon opening of the anchor tenant.  This loan is collateralized by the related property and matures in May 2015.  As of December 31, 2005, there was approximately MXP 53.5 million (USD $5.0 million) outstanding on this loan.
Additionally, during April 2005, a newly formed joint venture, in which the Company has a 50% non-controlling interest, provided a retailer with a three-year $28.0 million revolving line of credit at a floating interest rate of Prime plus 5.5% per annum.  The facility also provides for a 3.0% unused line fee and a 2.50% origination fee.  The facility is collateralized by certain real estate interests of the borrower.  As of December 31, 2005, the outstanding balance on this facility was $10.2 million of which the Company’s share was $5.2 million.
During May 2005, a newly formed joint venture, in which the Company has a 44.38% non-controlling interest, provided Debtor-in-Possession financing to a healthcare facility that recently filed for bankruptcy and is closing its operations.  The term of this loan is two years and bears interest at prime plus 2.5%.  The loan is collateralized by a hospital building, a six-story commercial building, a 12-story 133-unit apartment complex and various other building structures.  The Company’s share of the outstanding balance of this loan at December 31, 2005, is $2.9 million.
Additionally, during May 2005, the Company acquired four mortgage loans collateralized by individual properties with an aggregate face value of approximately $16.6 million for approximately $14.3 million.  These performing loans, which provide for monthly payments of principal and interest, bear interest at a fixed-rate of 7.57% and mature on June 1, 2019.  As of December 31, 2005, there was an aggregate of approximately $14.1 million outstanding on these loans.
During September 2005, a newly formed joint venture, in which the Company has an 80%

interest, acquired a $43.6 million mortgage receivable for a purchase price of approximately $34.2 million.  This performing loan bears interest at a rate of three-month LIBOR plus 2.75% per annum and matures on January 12, 2010.  The loan is collateralized by a 626-room hotel located in Lake Buena Vista, FL.  The Company has determined that this entity is a VIE and has further determined that the Company is the primary beneficiary of this VIE and has therefore consolidated it for financial reporting purposes.  As of December 31, 2005, the outstanding loan balance, net of discount, was approximately $35.0 million.
During October 2005, the Company provided a construction loan commitment of up to $38.1 million to a developer for acquisition and re-development of a retail center located in Richland Township, PA.  The loan is interest only at a rate of LIBOR plus 220 basis points and matures in October 2007.  As of December 31, 2005, the outstanding balance on this loan was approximately $3.2 million.
During March 2002, the Company provided a $50.0 million ten-year loan to Shopko Stores, Inc., at an interest rate of 11.0% per annum collateralized by 15 properties.  The Company received principal and interest payments on a monthly basis.  During January 2003, the Company sold a $37.0 million participation interest in this loan to an unaffiliated third party.  The interest rate on the $37.0 million participation interest was a variable rate based on LIBOR plus 3.50%.  The Company continued to act as the servicer for the full amount of the loan.  During December 2005, Shopko, as part of its privatization transaction, prepaid the outstanding loan balance of approximately $46.7 million in full satisfaction of this loan.  As part of this loan satisfaction, Shopko paid the Company a prepayment fee of approximately $14.0 million.
During July 2004, the Company provided an $11.0 million five-year term loan to a retailer at a floating interest rate of Prime plus 3.0% per annum or, at the borrower’s election, LIBOR plus 5.5% per annum.  The facility was interest only, payable monthly in arrears and was collateralized by certain real estate interests of the borrower.  During December 2005, the borrower elected to prepay the outstanding loan balance of $11.0 million in full satisfaction of this loan.
During December 2005, the Company provided a construction loan commitment of up to MXP 39.9 million (approximately USD $3.7 million) to a developer for the construction of a new retail center in Magno Deco, Mexico.  The loan bears interest at a fixed rate of 11.75% and provides for an additional 20% participation of property cash flow, as defined.  This loan is collateralized by the related property and matures in May 2015.  As of December 31, 2005, there was approximately MXP 38.7 million (USD $3.6 million) outstanding on this loan.
Financing Transactions -
Non-Recourse Mortgage Debt -
During 2005, the Company (i) obtained an aggregate of approximately $95.6 million of individual non-recourse mortgage debt on 53 operating properties, (ii) assumed approximately $79.7 million of individual non-recourse mortgage debt relating to the acquisition of 11 operating properties, including approximately $6.3 million of fair value debt adjustments, (iii) consolidated approximately $33.2 million of non-recourse mortgage debt relating to the purchase of additional ownership interests in various entities, (iv) assigned approximately $119.8 million of individual non-recourse mortgage debt relating to the transfer of 49 operating properties to various co-investment ventures in which the Company has non-controlling interests ranging from 10% to 30%, (v) paid off approximately $66.9 million of individual non-recourse mortgage debt that encumbered 11 operating properties,(vi) deconsolidated approximately $41.1 million of non-recourse mortgage debt relating to the reduction of the Company’s economic interest in a joint venture and (vii) assigned approximately $7.8 million of non-recourse mortgage debt relating to the sale of one operating property.
Unsecured Debt -
During February 2005, the Company issued $100.0 million of fixed rate unsecured senior notes under its medium-term notes (“MTN”) program.  This fixed rate MTN matures in February 2015 and bears interest at 4.904% per annum.  The proceeds from this MTN issuance were primarily used for the repayment of all $20.0 million of the Company’s fixed rate notes that matured in April 2005, which bore interest at 7.91%, all $10.25 million of the Company’s fixed rate notes that matured in May 2005, which bore interest at 7.30%, and partial repayment of the Company’s $100.0 million fixed rate notes, which matured in June 2005, and bore interest at 6.73%.

During June 2005, the Company issued $200.0 million of fixed rate unsecured senior notes under its MTN program.  This fixed rate MTN matures in June 2014 and bears interest at 4.82% per annum.  The proceeds from this 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 November 2005, the Company issued an aggregate $250.0 million of fixed rate unsecured senior notes under its MTN program.  The Company issued a $150.0 million MTN which matures in November 2015 and bears interest at a fixed rate of 5.584% per annum and a $100.0 million MTN which matures in February 2011 and bears interest at fixed rate of 5.304% per annum.  Proceeds from these MTN issuances were used for general corporate purposes and to repay a portion of the outstanding balance under the Company’s U.S. revolving credit facility.  A portion of the outstanding balance related to the repayment of the Company’s $50.0 million 7.68% fixed rate notes, which matured on November 1, 2005, and repayment of the Company’s $20.0 million 6.83% fixed rate notes, which matured on November 14, 2005.
During April 2005, Kimco North Trust III, a wholly-owned entity of the Company, completed the issuance of $150.0 million Canadian denominated senior unsecured notes.  The notes bear interest at a fixed rate of 4.45% and mature on April 21, 2010.  The Company has provided a full and unconditional guarantee of the notes.  The proceeds were used by Kimco North Trust III to pay down outstanding indebtedness under existing credit facilities, to fund long-term investments in Canadian real estate and for general corporate purposes.  The senior unsecured notes are governed by an indenture by and among Kimco North Trust III, the Company, as guarantor, and BNY Trust Company of Canada, as trustee, dated April 21, 2005.
Construction Loans -
During 2005, the Company obtained a term loan and construction financing on two ground-up development projects for an aggregate loan amount of up to $50.5 million, of which approximately $22.4 million was funded as of December 31, 2005.  As of December 31, 2005, the Company had a total of 15 construction loans with commitments of up to $343.5 million, of which $228.5 million had been funded to the Company.  These loans had maturities ranging from 4 months to 31 months and variable interest rates ranging from 6.04% to 6.64% at December 31, 2005.
Credit Facilities -
During July 2005, the Company established a new $850.0 million unsecured revolving credit facility (the “Credit Facility”), which is scheduled to expire in July 2008. This Credit Facility replaces the Company’s $500.0 million unsecured credit facility, which was scheduled to expire in June 2006. Under the Credit Facility, funds may be borrowed for general corporate purposes, including the funding of (i) property acquisitions, (ii) development and redevelopment costs and (iii) any short-term working capital requirements. Interest on borrowings under the Credit Facility accrue at a spread (currently 0.45%) to LIBOR and fluctuates in accordance with changes in the Company’s senior debt ratings. As part of this Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $425.0 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%. A facility fee of 0.125% per annum is payable quarterly in arrears. In addition, 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 Credit Facility, the Company, among other things, is (i) subject to maintaining certain maximum leverage ratios on both unsecured senior corporate debt and minimum unencumbered asset and equity levels, and (ii) restricted from paying dividends in amounts that exceed 95% of funds from operations, as defined. As of December 31, 2005,2006, there was $200.0 millionno outstanding balance under this credit facility.
During September 2004,Additionally, the Company entered intohas a three-year CAD $150.0Canadian denominated (“CAD”) $250.0 million unsecured revolving credit facility with a group of banks. This facility bearsoriginally bore interest at the CDOR Rate, as defined therein, plus 0.50% and is scheduled to expire in September 2007.  During March 2005, this facility was increased to CAD $250.0 million and the scheduled maturity date was extended to March 2008. During January 2006, 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. Proceeds from this facility will beare used for general corporate purposes including the funding of Canadian denominated investments. As of December 31, 2005,2006, there was CAD $110.0 million (approximately USD $94.7 million)no outstanding balance under this facility.

During May 2005, theThe Company entered intoalso has a three-year MXPMexican Peso denominated (“MXP”) 500.0 million unsecured revolving credit facility. This facility bears interest at the TIIE Rate, as defined therein, plus 1.00% and is scheduled to expire in May 2008. Proceeds from this facility will beare used to fund peso-denominatedpeso denominated investments. As of December 31, 2005,2006, there was MXP 500.0 million (approximately USD $46.7 million)no outstanding balance under this facility.
Equity -
The Company also has a medium-term notes (“MTN”) program pursuant to which it may, from time to time, offer for sale its senior unsecured debt for any general corporate purpose, 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.)
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 amortized 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. As a result of the amended covenants, the Company has increased its borrowing capacity by approximately $2.0 billion.
During August 2006, Kimco North Trust III, a wholly-owned subsidiary 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 credit

8


facility, to fund long-term investments in Canadian real estate and for general corporate purposes.
In connection with the October 31, 2006, Pan Pacific merger transaction, the Company assumed $630.0 million of unsecured notes payable. These notes bear interest at fixed rates ranging from 4.70% to 7.95% per annum and have maturity dates ranging from June 29, 2007 to September 1, 2015 (see Recent Developments — Operating Real Estate Joint Venture Investments — Pan Pacific Retail Properties Inc., and Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).
During 2006, the Company repaid its $30.0 million 6.93% fixed rate notes, which matured on July 2005,20, 2006, $100.0 million floating rate notes, which matured on August 1, 2006, and $55.0 million 7.50% fixed rate notes, which matured on November 5, 2006.
In addition to the public debt and equity 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 ground-up development projects. As of December 31, 2006, the Company’s consolidated property portfolio had over 390 unencumbered property interests representing over 81% of the Company’s 2006 net operating income.
During March 2006, the Company completed a primary public stock offering of 10,000,000 shares of the Company’s common stock (“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”) approved a 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. (See Note 17 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
During May 2006, the Company filed a shelf registration statement on Form S-3S-3ASR, which is effective for upa three year term, for the unlimited future offerings, from time to $1.0 billiontime, of debt securities, preferred stock, depositary shares, common stock and common stock warrants.
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 agreement, the Company agreed to acquire all of the outstanding shares of Pan Pacific for a 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. As such, the Company issued 9,185,847 shares of Common Stock valued at $407.7 million, which was based upon the average closing price of the Common Stock over the ten trading days immediately preceding the closing date. (See Recent Developments — Operating Real Estate Joint Venture Investment — Pan Pacific Retail Properties Inc. and Note 7 of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.)
The Company anticipates that cash flows from operating activities will continue to provide adequate capital to fund its operating and administrative expenses, regular debt service obligations and the payment of dividends in accordance with REIT requirements in both the short term and long term. In addition, the Company anticipates that cash on hand, free cash flow generated by the operating business, availability under its revolving credit facilities, and issuance of equity and public debt, as well as other debt and equity alternatives, will provide the necessary capital required by the Company. Cash flow from operating activities (see Consolidated Statements of Cash Flows) was $455.6 million for the year ended December 31, 2006, as compared to $410.8 million for the year ended December 31, 2005.
Competition As one of the original participants in the growth of the shopping center industry and one of the nation’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

9


in the Company’s properties.
Inflation and Other Business Issues Many of the Company’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’ gross sales above predetermined thresholds (“Percentage Rents”), which generally increase as prices rise, and/or escalation clauses, which generally increase rental rates during the terms of the leases. Such escalation clauses include increases in the consumer price index or similar inflation indices. In addition, many of the Company’s leases are for terms of less than 10 years, which permits the Company to seek to increase rents upon renewal to market rates. Most of the Company’s leases require tenants to reimburse the Company for their allocable share of operating expenses, including common area maintenance costs, real estate taxes and insurance, thereby reducing the Company’s exposure to increases in costs and operating expenses resulting from inflation. The Company periodically evaluates its exposure to short-term interest rates and fluctuations in foreign currency exchange rates and will, from time-to-time, enter into interest rate protection agreements and foreign currency hedge agreements which mitigate, but do not eliminate, the effect of changes in interest rates on its floating-rate debt and changes in foreign currency exchange rates.
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. A total of 618 persons are employed at the Company’s executive and regional offices.
The Company’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’s tenants. Leasing and maintenance personnel from the corporate office also conduct regular inspections of each shopping center.
The Company also employs a total of 14 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 to participate in activities 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, subject to certain limitations. The primary activities conducted by the Company in its taxable REIT subsidiaries during 2006 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, and (iii) acting as an agent or principal in connection with tax deferred exchange transactions. As such, the Company was subject to federal and state income taxes on the income from these activities.
Recent Developments
Operating Properties -
Acquisitions -
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):

10


                     
      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 
                 
(a)Acquired additional square footage of existing property.
(b)Represents the value of units issued and/or debt assumed, see additional disclosure below.
(c)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).
During the year ended December 31, 2006, the Company acquired interests in seven shopping center properties, included in the table above, 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. The aggregate value of the units is included in Minority interests on the Company’s Consolidated Balance Sheets.
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. The aggregate 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.
Dispositions -
During 2006, the Company (i) disposed of, in separate transactions, 28 operating properties and one ground lease for an aggregate sales price of approximately $270.5 million, which resulted in a net gain of $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, net on the Company’s Consolidated Statements of Income.
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, the Company substantially completed the redevelopment and re-tenanting of various operating properties. The Company expended approximately $62.2 million in connection with these major redevelopments and re-tenanting projects during 2006. The Company is currently involved in redeveloping several other shopping centers in the existing portfolio. The

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Company anticipates its capital commitment toward these and other redevelopment projects will be approximately $125.0 million to $150.0 million during 2007.
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, which develops 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 substantial pre-leasing prior to the commencement of construction. As of December 31, 2005,2006, the Company had $750.0in progress a total of 45 ground-up development projects including 23 merchant building projects, six domestic ground-up development projects, and 16 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.
KDI -
As of December 31, 2006, KDI had in progress 23 ground-up development projects located in ten states. In addition, KDI manages the construction of five domestic projects for the Company. During 2006, KDI expended approximately $468.7 million availablein 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 with the Company’s budgeted costs. The Company anticipates its capital commitment toward these development projects will be approximately $400 million to $450 million during 2007. The proceeds from the sale of completed ground-up development projects during 2007, 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, KDI acquired various land parcels, in separate transactions, for an aggregate purchase price of approximately $101.0 million. The estimated project costs for these newly acquired parcels are approximately $194.3 million with completion dates ranging from June 2007 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, the Company obtained individual construction loans on three ground-up development projects and repaid construction loans on five ground-up development 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, total loan commitments on the Company’s 13 outstanding construction loans aggregated approximately $330.9 million of which approximately $271.0 million has been funded. These loans have maturities ranging from two months to 31 months and bear interest at rates ranging from 6.87% to 7.32% at December 31, 2006.
Dispositions -
During 2006, KDI sold, in separate transactions, six of its recently completed projects, its partnership interest in one project and 30 out-parcels for approximately $260.0 million. These sales resulted in pre-tax gains of approximately $37.3 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 
         
Long-Term Investment Project -
During 2006, the Company acquired land in Chambersburg, PA, for a purchase price of approximately $8.9 million. The land will be developed into a 0.4 million square foot retail center with a total estimated project cost of approximately $31.6 million.
Operating Real Estate Joint Venture Investments -
Kimco Prudential Joint Venture (“KimPru”) -
On July 9, 2006, the Company entered into a definitive merger agreement with Pan Pacific. Under the terms of the agreement, the Company 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 loans 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 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.
Immediately following 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, 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

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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, and will account for these investments under the equity method of accounting. In addition, the Company will manage the portfolios and earn acquisition fees, leasing commissions, property management fees and construction management fees.
During November 2006, KimPru sold an operating property for a sales price of approximately $5.3 million. There was no gain or loss recognized in connection with this sale.
Kimco Income REIT (“KIR”) -
The Company has a non-controlling limited partnership interest in KIR, manages the portfolio and accounts for its investment under the equity method of accounting. 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 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 of the gain was approximately $1.9 million.
In April 2005, KIR entered into a three-year $30.0 million unsecured revolving credit facility, which bears interest at LIBOR plus 1.40%. As of December 31, 2006, there was $14.0 million outstanding under this shelf registration statement.facility.
As of December 31, 2006, the KIR portfolio was comprised of 66 operating properties aggregating approximately 14.0 million square feet of GLA located in 19 states.
     KROP Venture (“KROP”) -
During 2001, the Company formed the KROP joint venture with GE Capital Real Estate (“GECRE”), 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.
During 2006, the Company recognized equity in income of KROP of approximately $34.0 million, including profit participation of approximately $22.2 million.
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 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 a sales price of $96.0 million. This sale resulted in a gain of approximately $42.3 million, of which the Company deferred 19% of its share of the gain as a result of its continued ownership interest in the property.
Also 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 bears 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.
As of December 31, 2006, the KROP portfolio was comprised of 25 operating properties aggregating approximately 3.6 million square feet of GLA located in 10 states.

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During August 2006, the Company and GECRE agreed to market for sale the remaining properties within the KROP venture.
PL Retail LLC (“PL Retail”) -
The Company has a 15% non-controlling limited partnership interest in PL Retail, manages the portfolio and accounts for its investment under the equity method of accounting.
During May 2006, PL Retail sold one operating property for a sales price of approximately $42.1 million, which resulted in a gain of approximately $3.9 million of which the Company’s share was approximately $0.6 million.
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. No gain was recognized by the Company from this transaction as a result of its continued ownership interest.
Proceeds of approximately $17.0 million from these sales were used by PL Retail to fully repay the remaining balance of mezzanine financing and a promissory note that were previously provided by the Company.
During 2005, PL Retail entered into a $39.5 million unsecured revolving credit facility, which bears interest at LIBOR plus 0.675% and was scheduled to mature in February 2007. During 2007, the loan was extended to February 2008 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, there was $39.5 million outstanding under this facility.
As of December 31, 2006, the PL Retail portfolio was comprised of 23 operating properties aggregating approximately 5.8 million square feet of GLA located in seven states.
Kimco/UBS Joint Ventures (“KUBS”) -
The Company has joint venture investments with UBS Wealth Management North American Property Fund Limited (“UBS”) in which the Company has non-controlling interests ranging from 15% to 20%. These joint ventures, (collectively “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 and accounts for its investments under the equity method of accounting.
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 with interest 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%.
As of December 31, 2006, the KUBS portfolio was comprised of 31 operating center properties aggregating approximately 5.0 million square feet of GLA located in 11 states.
Other Real Estate Joint Ventures —
During 2006, the Company acquired, in separate transactions, 18 operating properties and one ground lease, through joint ventures in which the Company has non-controlling interests. These properties were acquired for an aggregate purchase price of approximately $606.0 million, including approximately $349.9 million of non-recourse mortgage debt encumbering 12 of the properties. The Company’s aggregate investment in these joint ventures was approximately $48.9 million. The Company accounts for its investment in these joint ventures under the equity method of accounting. Details of these transactions are as follows (in thousands):

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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 
                   
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.
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, 2006, the Company’s carrying value of its investments and advances in real estate joint ventures was approximately $1.1 billion.
International Real Estate Investments -
Canadian Investments -
During March 2006, the Company acquired an interest in a portfolio of eight properties located in various cities throughout Canada through a newly formed joint venture in which the Company has a non-controlling interest. The Company’s investment in the joint venture was approximately CAD $28.0 million (approximately USD $24.0 million), which includes funding for various renovation costs. The joint venture purchased the properties for approximately CAD $100.0 million (approximately USD $86.0 million), subject to approximately CAD $81.2 million (USD $69.6 million) of cross-collateralized mortgage debt.
During 2006, the Company provided through 12 separate Canadian preferred equity investments, an aggregate of approximately CAD $121.3 million (approximately USD $104.0 million) to developers and owners of 32 real estate properties.
The Company applies the equity method of accounting for the Canadian investments described above.

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Mexican Investments -
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 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 (approximately USD $5.7 million). Total estimated project costs are approximately USD $7.3 million. The Company accounts for this investment under the equity method of accounting.
Additionally, 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 July 2006, the Company acquired the completed improvements on a recently acquired development property located in Saltillo, Mexico, for approximately MXP 43.6 million (approximately USD $4.0 million).
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 million, which approximated its carrying value. The Company accounts for its remaining 50% non-controlling interest under the equity method of accounting.
During November 2006, the Company acquired an operating property for a purchase price of MXP 180.0 million (approximately USD $16.5 million) in Mexicali, Baja California, Mexico, comprising approximately 0.1 million square feet of GLA.
During 2006, the Company acquired, in separate transactions, ten operating properties, through a joint venture in which the Company has a 50% non-controlling interest. These properties were acquired for an aggregate purchase price of approximately $35.1 million. The Company accounts for its investment in this joint venture under the equity method of accounting.
During 2006, the Company acquired, in separate transactions, nine parcels of land 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 million.
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 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, including the Canadian investments described above. As of December 31, 2006, the Company’s net investment under the Preferred Equity program was approximately $400.4 million relating to 215 properties. For the year ended December 31, 2006, the Company earned approximately $40.1 million, including $12.2 million of profit participation earned from 16 capital transactions from these investments.
Other Investments - 
Kimsouth -
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 was renamed Kimsouth Realty, Inc., (“Kimsouth”). As of January 1, 2006, Kimsouth consisted of five properties.

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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 had, therefore, commenced consolidation of Kimsouth upon the closing date.
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. This investment is included in Other assets in the Consolidated Balance Sheets. During February 2007, this joint venture completed the disposition of certain operating stores and a refinancing of the remaining assets held in the joint venture. As a result of these transactions, Kimsouth received a cash distribution of approximately $121.3 million.
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 and is accounted for under the equity method of accounting.
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.
Mortgages and Other Financing Receivables -
During January 2006, the Company provided approximately $16.0 million as its share of 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 interests of the retailer. During June 2006, the borrower elected to pre-pay the outstanding loan balance of approximately $16.0 million in full satisfaction of this loan.
Additionally, during January 2006, the Company provided approximately $5.2 million as its share of an $11.5 million term loan to a real estate developer for the acquisition of a 59-acre land parcel located in San Antonio, TX. This loan is interest only at a fixed rate of 11.0% for a term of two years payable monthly and collateralized by a first mortgage on the subject property. As of December 31, 2006, the outstanding balance on this loan was approximately $5.2 million.
During February 2006, the Company committed to provide a one-year $17.2 million credit facility at a fixed rate of 8.0% for a term of nine months and 9.0% for the remaining term to a real estate investor for the recapitalization of a discount and entertainment mall that it currently owns. During 2006, this facility was fully paid and terminated.
During April 2006, the Company provided two separate mortgages aggregating $14.5 million on a property owned by a real estate investor. Proceeds were used to pay off the existing first mortgage, buyout the existing partner and for redevelopment of the property. The mortgages bear interest at 8.0% per annum and mature in 2008 and 2013. These mortgages are collateralized by the subject property. As of December 31, 2006, the aggregate outstanding balance on these mortgages was approximately $15.0 million, including $0.5 million of accrued interest.
During May 2006, the Company provided a CAD $23.5 million collateralized credit facility at a fixed rate of 8.5% per annum for a term of two years to a real estate company for the execution of its property acquisitions program. The credit facility is guaranteed by the real estate company. The Company was issued 9,811 units, valued at approximately USD $0.1 million, and warrants to purchase up to 0.1 million shares of the real estate company as a loan origination fee. During August 2006, the Company increased the credit facility to CAD $45.0 million and received an additional 9,811 units, valued at approximately USD $0.1 million, and warrants to purchase up to 0.1 million shares of the real estate company. As of December 31, 2006, the outstanding balance on this credit facility was approximately CAD $3.6 million (approximately USD $3.1 million).

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During September 2005, a newly formed joint venture, in which the Company had an 80% interest, acquired a 90% interest in a $48.4 million mortgage receivable for a purchase price of approximately $34.2 million. This loan bore interest at a rate of three-month LIBOR plus 2.75% per annum and was scheduled to mature on January 12, 2010. A 626-room hotel located in Lake Buena Vista, FL, collateralized the loan. The Company had determined that this joint venture entity was a Variable Interest Entity (“VIE”) and had further determined that the Company was the primary beneficiary of this VIE and had, therefore, consolidated it for financial reporting purposes. During March 2006, the joint venture acquired the remaining 10% of this mortgage receivable for a purchase price of approximately $3.8 million. During June 2006, the joint venture accepted a pre-payment of approximately $45.2 million from the borrower as full satisfaction of this loan.
During August 2006, the Company provided $8.8 million as its share of a $13.2 million 12-month term loan to a retailer for general corporate purposes. This loan bears interest at a fixed rate of 12.50% with interest payable monthly and a balloon payment for the principal balance at maturity. The loan is collateralized by the underlying real estate of the retailer. Additionally, the Company funded $13.3 million as its share of a $20.0 million revolving Debtor-in-Possession facility to this retailer. The facility bears interest at LIBOR plus 3.00% and has an unused line fee of 0.375%. This credit facility is collateralized by a first priority lien on all the retailer’s assets. As of December 31, 2006, the Company’s share of the outstanding balance on this loan and credit facility was approximately $7.6 million and $4.9 million, respectively.
During September 2006, the Company provided a MXP 57.3 million (approximately USD $5.3 million) loan to an owner of an operating property in Mexico. The loan, which is collateralized by the property, bears interest at 12.0% per annum and matures in 2016. The Company is entitled to a participation feature of 25% of annual cash flows after debt service and 20% of the gain on sale of the property. As of December 31, 2006, the outstanding balance on this loan was approximately MXP 57.8 million (approximately USD $5.3 million).
During November 2006, the Company committed to provide a MXP 124.8 million (approximately USD $11.5 million) loan to an owner of a land parcel in Acapulco, Mexico. The loan, which is collateralized with an operating property owned by the borrower, bears interest at 10% per annum and matures in 2016. The Company is entitled to a participation feature of 20% of excess cash flows and 20% of the gain on sale of the property. As of December 31, 2006, the outstanding balance on this loan was approximately MXP 12.8 million (approximately USD $1.2 million).
During December 2006, the Company provided $5.0 million as its share of a one-year $27.5 million mortgage loan to a real estate developer. The proceeds were used to pay off the existing debt. The loan is collateralized by a parcel of land and bears interest at a fixed rate of 13%, which is payable monthly with any unpaid accrued interest and principal payable at maturity. As of December 31, 2006, the outstanding balance on this loan was approximately $5.0 million.
Financing Transactions - 
Non-Recourse Mortgage Debt -
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 one operating property.
Unsecured Debt -
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. This amended the (i) total debt test and secured debt test by changing the asset value definition from undepreciated

20


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) 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 $30.0 million 6.93% fixed rate notes, which matured on July 20, 2006, $100.0 million floating rate notes, which matured August 1, 2006, and $55.0 million 7.50% fixed rate notes, which matured on November 5, 2006.
During August 2006, Kimco North Trust III, a wholly-owned subsidiary 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. These notes bear interest at fixed rates ranging from 4.70% to 7.95% per annum and have maturity dates ranging from June 29, 2007, to September 1, 2015.
Construction Loans -
During 2006, the Company obtained construction financing on three ground-up development projects for an original loan commitment of up to $83.8 million, of which approximately $36.0 million was funded as of December 31, 2006. As of December 31, 2006, the Company had a total of 13 construction loans with commitments of up to $330.9 million, of which $271.0 million had been funded to the Company. These loans had maturities ranging from two months to 31 months and variable interest rates ranging from 6.87% to 7.32% at December 31, 2006.
Credit Facility -
The Company has a 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% and is scheduled to expire in March 2008. During January 2006, 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. Proceeds from this facility are used for general corporate purposes including the funding of Canadian denominated investments. As of December 31, 2006, there was no outstanding balance under this facility.
Equity -
During March 2006, the Company completed a primary public stock offering of 10,000,000 shares of 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 approved a 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. (See Note 17 of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.)
During May 2006, the Company filed a shelf registration statement on Form S-3ASR, which is effective for a three-year term, for the unlimited future offerings, from time to time, of debt securities, preferred stock, depositary shares, common stock and common stock warrants.
On September 25, 2006, Pan Pacific stockholders approved the proposed merger with the

21


Company and the closing occurred on October 31, 2006. Under the terms of the merger agreement, the Company 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. As such, the Company issued 9,185,847 shares of Common Stock valued at $407.7 million, which was based upon the average closing price of the Common Stock over the ten trading days immediately preceding the closing date. (See Recent Developments — Operating Real Estate Joint Venture Investments — Pan Pacific Retail Properties Inc. and Note 7 of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.)
During 2006, the Company received approximately $49.0$43.8 million through employee stock option exercises and the dividend reinvestment program.
Exchange Listings
The Company’s common stock and Class F Depositary Shares are traded on the NYSE under the trading symbols “KIM” and “KIMprF”, respectively.
Item 1A. Risk Factors
Set forth below 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:
i) Loss of the Company’s tax status as a real estate investment trust could have significant adverse consequences to the Company and the value of its securities.
The Company 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 Company currently intends to operate so as to qualify as a REIT and believes that the Company’s current organization and method of operation comply with the rules and regulations promulgated under the Code to enable us to qualify as a REIT.
Qualification as a REIT involves the application of highly technical and complex 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’s control may affect the Company’s 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, new 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 Company can give no assurance that it has qualified or will continue to qualify as a REIT for tax purposes.
If the Company loses its REIT status, it will face serious tax consequences that will substantially reduce the funds available to pay dividends to Company stockholders. If the Company fails to qualify as a REIT:
the Company would not be allowed a deduction for distributions to stockholders in computing its taxable income and would be subject to federal income tax at regular corporate rates;
the Company also could be subject to the federal alternative minimum tax and possibly increased state and local taxes; and
unless the Company was entitled to relief under statutory provisions, it could not elect to be subject to tax as a REIT for four taxable years following the year during which the Company was disqualified.
In addition, if the Company fails to qualify as a REIT, it would not be required to make distributions to stockholders.
As a result of all these factors, the Company’s failure to qualify as a REIT could impair its ability to expand its business and raise capital, and could adversely affect the value

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of the Company’s securities.
ii) Adverse market conditions and competition may impede the Company’s ability to generate sufficient income to pay expenses and maintain properties.
The economic performance and value of the Company’s properties are 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 space in properties like those that the Company owns, or a reduction in demand for properties like those that the Company owns;
the attractiveness of the Company’s 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.
iii) Downturns in the retailing industry likely will have a direct impact on the Company’s performance.
The Company’s properties consist primarily of community and neighborhood shopping centers and other retail properties. The Company’s performance therefore is linked to economic conditions in the market for retail space generally. The market for retail space has been or could be adversely affected by weakness in the national, regional and local economies, the adverse financial condition of some large retailing companies, the ongoing consolidation in the retail sector, the excess amount of retail space in a number of 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.
iv) Failure by any anchor tenant with leases in multiple locations to make rental payments to the Company because of a deterioration of its financial condition or otherwise, could impact the Company’s performance.
The Company’s performance depends on its ability to collect rent from tenants. At any time, the Company’s tenants may experience a downturn in their business that may significantly weaken their financial condition. As a result, the Company’s 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 Company 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’s performance.
v) The Company may be unable to collect balances due from tenants in bankruptcy.
The Company cannot give assurance that any tenant that files for bankruptcy protection will continue to pay rent. A bankruptcy filing by or relating to one of the Company’s tenants or a lease guarantor would bar all efforts by the Company to collect pre- 

23


bankruptcy debts from the tenant or the lease guarantor, or their property, unless the Company receives an order permitting it to do so from the bankruptcy court. A tenant or lease guarantor bankruptcy could delay the Company’s efforts to collect past due balances under the relevant leases and could ultimately preclude collection of these sums. If a lease is assumed by the tenant in bankruptcy, all pre-bankruptcy balances due under the lease must be paid to the Company in full. However, if a lease is rejected by a tenant in bankruptcy, the Company would have only a general unsecured claim for damages. Any unsecured claim the Company holds may be paid only to the extent that funds are available and only in the same percentage as is paid to all other holders of unsecured claims, and there are restrictions under bankruptcy laws which limit the amount of the claim the Company can make if a lease is rejected. As a result, it is likely that the Company will recover substantially less than the full value of any unsecured claims it holds.
vi) Real estate property investments are illiquid, and therefore the Company may not be able to dispose of properties when appropriate or on favorable terms.
Real estate property investments generally cannot be disposed of quickly. In addition, the federal tax code imposes restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. Therefore, the Company may not be able to vary its portfolio in response to economic or other conditions promptly or on favorable terms.
vii) 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 may face competition in pursuing 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 their 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 have 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.
viii) 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.
ix) The Company does not have exclusive control over its joint venture investments, so the Company is unable to ensure that its objectives will be pursued.
The Company has 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 does 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, take action contrary to the Company’s interests or otherwise impede the Company’s objectives. The co-venturer or partner also might become insolvent or bankrupt.
x) We have significant international operations that carry additional risks.

24


We invest in, and conduct, operations outside the United States. The inherent risks that we face in international business operations include, but are not limited to:
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.
xi) The Company’s financial covenants may restrict its operating and acquisition activities.
The Company’s revolving credit facilities and the indentures under which the Company’s 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’s ability to incur secured and unsecured debt, make dividend payments, sell all or substantially all of the Company’s assets and engage in mergers and consolidations and certain acquisitions. These covenants may restrict the Company’s ability to pursue certain business initiatives or certain acquisition transactions. 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’s indebtedness, which would have a material adverse effect on the Company.
xii) The Company may be subject to environmental regulations.
Under various federal, state, and local laws, ordinances and regulations, the Company 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’s 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 Company knew about, or was responsible for, the presence of hazardous or toxic substances.
xiii) The Company’s ability to lease or develop properties is subject to competitive pressures.
The Company faces 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 entities engaged in real estate investment. Some of these competitors have greater financial resources than the Company does. This results in competition for the acquisition of properties, for tenants who lease or consider leasing space in the Company’s existing and subsequently acquired properties and for other real estate investment opportunities.
xiv) Changes in market conditions could adversely affect the market price of the Company’s publicly traded securities.
As with other publicly traded securities, the market price of the Company’s 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’s publicly traded securities are the following:
the extent of institutional investor interest in the Company;

25


the reputation of REITs generally and the reputation of REITs with portfolios similar to the Company’s;
the attractiveness of the securities of REITs in comparison to securities issued by other entities (including securities issued by other real estate companies);
the Company’s financial condition and performance;
the market’s perception of the Company’s 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 the Company’s shares; and
general economic and financial market conditions.
Item 1B. Unresolved Staff Comments

None
Item 2. Properties
Real Estate Portfolio As of January 1, 2006,2007, the Company’s real estate portfolio was comprised of interests in approximately 106.6138.0 million square feet of GLA (not including 131 property interests36 properties under development comprising 10.83.5 million square feet of GLA related to the Preferred Equity program, 4638 property interests comprising 0.80.7 million square feet of GLA related to FNC Realty, 61 property interests comprising 6.4 million square feet of GLA related to the American Industries portfolio, 51 property interests comprising 2.5 million square feet of GLA related to the NewKirk Portfolio and 15.022.4 million square feet of planned GLA for the 4577 ground-up development projects)projects and undeveloped land parcels) in 7861,061 operating properties primarily consisting of neighborhood and community shopping centers, 22and 20 retail store leases and six parcels of undeveloped land located in 4445 states, Canada, Mexico and Mexico.Puerto Rico. The Company’s portfolio includes a 43.3% interestinterests ranging from 5% to 50% in 68397 shopping center properties comprising approximately 14.2 million square feet of GLA relating to KIR, a 50% interest in 34 shopping center properties comprising approximately 8.063.7 million square feet of GLA relating to the RioCan Venture, a 20% interest in 38 shopping center properties comprising approximately 5.6 million square feet of GLA relating to KROP and various interests in 112 properties comprising approximately 14.5 million square feet of GLA relating to other institutional co-investment programs.Company’s investment management program. Neighborhood and community shopping centers comprise the primary focus of the Company’s current portfolio. As of January 1, 2006,2007, approximately 94.6%95.5% of 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 $9.44.
$10.19.
The Company’s neighborhood and community shopping center properties, generally owned and operated through subsidiaries or joint ventures, had an average size of approximately 142,000131,000 square feet as of January 1, 2006.2007. The Company generally retains its shopping centers for long-term investment and consequently pursues a program of regular physical maintenance together with major renovations and refurbishing to preserve and increase the value of its properties. These projects usually include renovating existing facades, installing uniform signage, resurfacing parking lots and enhancing parking lot lighting. During 2005,2006, the Company capitalized approximately $6.8$8.4 million in connection with these property improvements and expensed to operations approximately $18.9$14.6 million.
The Company’s neighborhood and community shopping centers are usually “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’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’s shopping center properties include The Home Depot, TJX Companies, Sears Holdings, Kohl’s, Royal Ahold, Wal-Mart, Best Buy,Value City, Linens N Things, CostcoBurlington Coat, Royal Ahold and Bed Bath & Beyond.
Costco.
A substantial portion of the Company’s income consists of rent received under long-term leases. Most of the leases provide for the payment of fixed 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’s standard small store lease provides for roof repairs to be reimbursed by the tenant as part of common area maintenance. The Company’s management places a strong emphasis on sound construction and safety at its properties.

26


Approximately 1,7501,960 of the Company’s 7,6008,260 leases also contain provisions requiring the payment of additional rent calculated as a percentage of tenants’ gross sales above predetermined thresholds. Percentage rents accounted for approximately 1% of the Company’s revenues from rental property for the year ended December 31, 2005.
2006.
Minimum base rental revenues and operating expense reimbursements accounted for approximately 99% of the Company’s total revenues from rental property for the year ended December 31, 2005.2006. The Company’s management believes that the base rent per leased square foot for many of the Company’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.
For the period January 1, 2005,2006, to December 31, 2005,2006, the Company increased the average base rent per leased square foot in its portfolio of neighborhood and community shopping centers from $9.02$9.44 to $9.44,$10.19, an increase of $0.42.$0.75. This increase primarily consists of (i) an $0.18a $0.40 increase relating to acquisitions, (ii) a $0.01$0.05 increase relating to dispositions or the transfer of properties to various joint venture entities, (iii) a $0.04$0.02 increase related to the fluctuation in exchange rates related to Canadian and Mexican-denominated leases and (iv) a $0.19$0.28 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’s total shopping center GLA or more than 1.2%1.6% of total annualized base rental revenues as of December 31, 2005.2006. The Company’s five largest tenants at December 31, 2005,2006, were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Royal Ahold,Wal-Mart, which represent approximately 3.6%3.5%, 3.2%, 2.7%2.9%, 2.5%, 2.2% and 2.0%2.1%, 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’s opinion, the Company’s properties attractive to tenants.
The Company’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, 2006,2007, the Company had interests in retail store leases totaling approximately 2.01.8 million square feet of anchor stores in 2220 neighborhood and community shopping centers located in 1514 states. As of January 1, 2006,2007, approximately 99.9%99.8% 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 $3.93$4.02 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 $2.58$2.41 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 4.1three years, excluding options to renew the leases for terms which generally range from five5 years to 3020 years. The Company’s investment in retail store leases is included in the caption Other Real Estate Investmentsreal estate investments on the Company’s Consolidated Balance Sheets.
Ground-Leased Properties The Company has interests in 6083 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, which develops 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 substantial pre-leasing prior to the commencement of the construction. As of December 31, 2005,2006, the Company had in progress a

27


total of 3845 ground-up development projects including 2623 merchant building projects, fivesix domestic ground-up development projects, sixand 16 ground-up development projects located throughout Mexico and one ground-up project located in Canada.
Mexico.
As of January 1, 2006,2007, KDI has currently in progress 2623 ground-up development projects located in nineten states, which are expected to be sold upon completion. These projects had substantial pre-leasing prior to the commencement of construction. As of January 1, 2006,2007, the average annual base rent per leased square foot for the KDI portfolio was $15.34$15.91 and the average annual base rent per leased square foot for new leases executed in 20052006 was $15.19.$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.
The table on pages 2629 to 3541 sets forth more specific information with respect to each of the Company’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’s opinion, would result in any material adverse effect on the Company’s ownership, management or operation of its properties, or which is not covered by the Company’s liability insurance.
Item 4. Submission of Matters to a Vote of Security Holders
None.

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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
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           

29


                                                 
  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                     

30


                                                 
  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 & P2007   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 & P2023   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, 2006 OR DATE OF ACQUISITION IF ACQUIRED SUBSEQUENT TO DECEMBER 31, 2006.
(2)THE TERM “JOINT VENTURE” INDICATES THAT THE COMPANY OWNS THE PROPERTY IN CONJUNCTION WITH ONE OR MORE JOINT VENTURE PARTNERS. 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 UNDEVELOPED LAND.
(6)SOLD, TERMINATED, OR TRANSFERRED SUBSEQUENT TO DECEMBER 31, 2006.
(7)DENOTES PROPERTY INTEREST IN KIMPRU.
(8)DENOTES PROPERTY INTEREST IN KIMCO INCOME REIT (“KIR”).
(9)DENOTES PROPERTY INTEREST IN KIMCO RETAIL OPPORTUNITY PORTFOLIO (“KROP”).
(10)DENOTES PROPERTY INTEREST IN KIMSOUTH REALTY, INC.
(11)DENOTES PROPERTY INTEREST IN KIMCO INCOME FUND I.
(12)DENOTES PROPERTY INTEREST IN PL REALTY LLC.
(13)DENOTES PROPERTY INTEREST IN OTHER INSTITUTIONAL PROGRAMS.
(14)DENOTES PROPERTY INTEREST IN UBS.
(15)THE COMPANY HOLDS INTERESTS IN 20 RETAIL STORE LEASES RELATED TO THE ANCHOR STORE PREMISES IN NEIGHBORHOOD AND COMMUNITY SHOPPING CENTERS.
(16)DOES NOT INCLUDE 37 FNC REALTY PROPERTIES COMPRISING OF 713K SQUARE FEET, 51 NEWKIRK PROPERTIES CONSISTING OF 2.5 MILLION SQUARE FEET, AND 11.0 MILLION SQUARE FEET OF PROJECTED LEASEABLE AREA RELATED TO THE GROUND-UP DEVELOPMENT PROJECTS.

41



Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES 
       PERCENT 
 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION 
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION 
 




























 
ALABAMA                             
 FAIRFIELD 2000 FEE 10.0 86,566 100.0 TELETECH CUSTOM 2009 2029             
 HOOVER 2000 FEE 11.5 115,347 100.0 WAL-MART 2025 2095             
 MOBILE (9) 2002 JOINT VENTURE 52.8 527,625 62.4 ACADEMY SPORTS 2021 2031 CIRCUIT CITY 2041 2041 ROSS DRESS FOR LESS 2015 2035 
ALASKA                             
 KENAI 2003 JOINT VENTURE 14.7 146,759 100.0 HOME DEPOT 2018 2048             
ARIZONA                             
 ANTHEM (4) 2004 JOINT VENTURE 6.6 15,000 100.0                   
 CHANDLER (4) 2004 JOINT VENTURE 29.3                     
 GLENDALE (7) 1998 JOINT VENTURE 40.5 333,388 97.8 COSTCO 2011 2046 FLOOR & DECOR 2015 2025 LEVITZ 2012 2032 
 GLENDALE (3) 1998 JOINT VENTURE 26.5 92,228 100.0 SEARS 2006 2016 MICHAELS 2008 2018 ANNA'S LINENS 2015 2025 
 MESA 1998 FEE 19.8 144,617 81.2 ROSS DRESS FOR LESS 2010 2015 BLACK ANGUS 2010 2015       
 MARANA 2003 FEE 18.2 191,008 100.0 LOWE'S HOME CENTER 2019 2069             
 MESA (11) 2004 FEE 29.4 307,375 100.0 SPORTS AUTHORITY 2016 2046 SIMPLY ARTRAGEOUS 2014 2019 CIRCUIT CITY 2016 2036 
 MESA (4) 2005 JOINT VENTURE 12.8 448,000 100.0 WAL-MART 2026 2076 BASS PRO OUTDOOR WORLD 2027 2057 CINEMARK USA 2022 2037 
 MESA (4) 2005 JOINT VENTURE 71.0                     
 NORTH PHOENIX 1998 FEE 17.0 230,164 87.0 BURLINGTON COAT FACTORY 2013 2023 MICHAELS 2007 2022 STAPLES 2010 2025 
 PHOENIX 1998 JOINT VENTURE 1.7 16,410 100.0 CHAPMAN BMW 2016 2031             
 PHOENIX 1998 FEE 13.4 153,180 100.0 HOME DEPOT 2020 2050 JO-ANN FABRICS 2010 2025       
 PHOENIX 1998 FEE 26.6 333,382 90.4 COSTCO 2006 2041 PHOENIX RANCH MARKET 2021 2041 RODEO 2006   
 PHOENIX 1997 FEE 17.5 131,621 91.0 SAFEWAY 2009 2039 TRADER JOE'S 2014 2029       
 GLENDALE (11) 2004 FEE 6.4 70,428 100.0 SAFEWAY 2016 2046             
 SURPRISE (4) 2004 JOINT VENTURE 112.9                     
 TEMPE 2004 FEE 21.1 237,018 99.4 COSTCO 2009 2039 PETSMART 2011 2031 STAPLES 2008 2025 
 TUCSON 2003 JOINT VENTURE 17.8 190,174 100.0 LOWE'S HOME CENTER 2019 2069             
 TEMPE (11) 2004 FEE 24.0 228,000 98.0 TERRI'S CONSIGN & DESIGN 2011 2021 CIRCUIT CITY 2016 2036 JCPENNEY 2008 2028 
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                   
 CARMICHAEL 1998 FEE 18.5 210,306 100.0 HOME DEPOT 2008 2022 SPORTS AUTHORITY 2009 2024 LONGS DRUG 2013 2033 
 CHINO HILLS 2005 FEE 7.3 73,352 98.3 STATER BROTHERS 2022 2052             
 CHULA VISTA 1998 FEE 34.3 356,335 100.0 COSTCO 2029 2079 WAL-MART 2025 2086 NAVCARE 2009   
 COLMA (8) 2003 JOINT VENTURE 6.4 213,532 100.0 MARSHALLS 2007 2012 NORDSTROM'S RACK 2007 2017 BED BATH & BEYOND 2011 2026 
 CORONA 1998 FEE 47.6 486,958 100.0 COSTCO 2007 2042 HOME DEPOT 2010 2029 LEVITZ 2009 2029 
 COVINA (7) 2000 GROUND LEASE (2054)/ JOINT VENTURE 26.0 269,433 97.3 HOME DEPOT 2009 2034 STAPLES 2006 2011 PETSMART 2008 2028 
 DALY CITY (3) 2002 FEE 25.6 529,841 100.0 HOME DEPOT 2026 2056 BURLINGTON COAT FACTORY 2012 2022 SAFEWAY 2009 2024 
 EL CAJON 2003 JOINT VENTURE 12.3 123,343 100.0 KOHL'S 2024 2053 MICHAELS 2015 2035       
 FOLSOM 2003 JOINT VENTURE 9.5 108,255 100.0 KOHL'S 2018 2048             
 FREMONT (12) (3) 2005 JOINT VENTURE 44.4 495,979 96.1 SAFEWAY 2025 2050 BED BATH & BEYOND 2010 2025 MARSHALLS 2015 2030 
 FRESNO (11) 2004 FEE 10.8 121,107 100.0 BED BATH & BEYOND 2010 2025 SPORTMART 2013 2023 ROSS DRESS FOR LESS 2011 2031 
 LA MIRADA (3) 1998 FEE 31.2 260,092 99.3 TOYS "R" US 2012 2032 US POST OFFICE 2010 2020 MOVIES 7 DOLLAR THEATRE 2008 2018 
 MONTEBELLO (7) 2000 JOINT VENTURE 25.4 251,489 100.0 SEARS 2012 2062 TOYS "R" US 2018 2043 AMC THEATRES 2012 2032 
 MORGAN HILL 2003 JOINT VENTURE 8.1 103,362 100.0 HOME DEPOT 2024 2054             
 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 (12) 2003 FEE 11.3 133,862 94.7 SAFEWAY 2025 2060 RITE AID 2008 2023 BIG LOTS 2010 2020 
 OXNARD (7) 1998 JOINT VENTURE 14.4 171,580 100.0 TARGET 2008 2013 FOOD 4 LESS 2008   24 HOUR FITNESS CENTER 2010 2020 
 PACIFICA (10) 2004 JOINT VENTURE 13.6 168,878 97.4 SAFEWAY 2018 2038 ROSS DRESS FOR LESS 2010 2020 RITE AID 2007   
 REDWOOD CITY (11) 2004 FEE 6.4 49,429 100.0 ORCHARD SUPPLY HARDWARE 2009 2029             
 ROSEVILLE (11) 2004 FEE 20.3 188,493 100.0 SPORTS AUTHORITY 2016 2031 LINENS N THINGS 2012 2027 ROSS DRESS FOR LESS 2008 2028 
 SAN DIEGO 2005 FEE 8.3 122,005 95.4 STEIN MART 2013 2028 HOMEGOODS 2014 2033 OFFICE DEPOT 2013 2028 
 SAN DIEGO (11) 2004 FEE 10.4 98,474 100.0 RITE AID 2018 2043 ROSS DRESS FOR LESS 2009 2024 PETCO 2009 2014 
 SAN DIEGO (7) 2000 JOINT VENTURE 11.2 117,410 100.0 ALBERTSONS 2012   SPORTMART 2013         
 SAN DIEGO (11) 2004 FEE 42.1 411,375 100.0 COSTCO 2014 2044 PRICE SELF STORAGE 2011   CHARLOTTE RUSSE 2009 2019 
 SAN DIEGO (11) 2004 FEE 5.9 35,000 100.0 CLAIM JUMPER 2013 2023             
 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 (7) (3) 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 ROSA 2005 FEE 4.2 41,565 100.0 ACE HARDWARE 2009               
 SANTEE 2003 JOINT VENTURE 44.5 311,437 96.6 24 HOUR FITNESS 2017   BED BATH & BEYOND 2012 2017 TJ MAXX 2012 2027 
 SANTEE 1998 FEE 10.4 103,903 98.6 OFFICE DEPOT 2011 2021 ROSS DRESS FOR LESS 2009 2024 MICHAELS 2008 2018 
 SIGNAL HILL (11) 2004 FEE 15.0 153,291 100.0 HOME DEPOT 2014 2034 PETSMART 2009 2024       
 STOCKTON 1999 FEE 14.6 152,919 100.0 SUPER UNITED FURNITURE 2009 2019 OFFICE DEPOT 2006 2016 COSTCO 2008 2033 
 TEMECULA (7) 1999 JOINT VENTURE 40.0 342,336 99.5 KMART 2017 2032 FOOD 4 LESS 2010 2030 TRISTONE THEATRES 2008 2018 
 TEMECULA (11) 2004 FEE 47.4 345,113 100.0 WAL-MART 2028 2058 KOHL'S 2023 2043 ROSS DRESS FOR LESS 2014 2034 
 TORRANCE (7) 2000 JOINT VENTURE 26.7 266,847 99.8 HL TORRANCE 2011 2021 LINENS N THINGS 2010 2020 MARSHALLS 2009 2019 
 TUSTIN 2003 JOINT VENTURE 9.1 108,413 100.0 KMART 2018 2048             
 TUSTIN (4) 2005 JOINT VENTURE 111.8 524,000 100.0 TARGET 2015 2040 WHOLE FOODS 2010 2030 TJ MAXX 2010 2020 
COLORADO                             
 AURORA (3) 1998 FEE 13.8 154,485 91.7 TJ MAXX 2007 2012 SPACE AGE FEDERAL 2008         
 AURORA 1998 FEE 9.9 44,174 87.9                   
 AURORA 1998 FEE 13.9 152,981 82.4 ALBERTSONS 2007 2052 CROWN LIQUORS 2015   KEY BANK 2007 2032 
 COLORADO SPRINGS 1998 FEE 10.7 107,310 18.6                   
 DENVER 1998 FEE 1.5 18,405 100.0 SAVE-A-LOT 2012 2027             
 ENGLEWOOD 1998 FEE 6.5 80,330 92.6 HOBBY LOBBY 2013 2023 OLD COUNTRY BUFFET 2009 2019       
 FORT COLLINS 2000 FEE 10.6 105,862 100.0 KOHL'S 2020 2070             
 GREENWOOD VILLAGE 2003 JOINT VENTURE 21.0 196,726 100.0 HOME DEPOT 2019 2069             
 GREELEY (12) 2005 JOINT VENTURE 14.4 138,818 92.5 BED BATH & BEYOND 2016 2036 MICHAELS 2015 2035 CIRCUIT CITY 2016 2031 
 LAKEWOOD 1998 FEE 7.6 82,581 95.2 SAFEWAY 2007 2032             
CONNECTICUT                             
 BRANFORD (7) 2000 JOINT VENTURE 19.1 191,352 98.4 KOHL'S 2007 2022 SUPER FOODMART 2016 2038       
 DERBY 2001 JOINT VENTURE 20.7 53,346 100.0 MARSHALLS 2006 FASHION BUG 2006           
 ENFIELD (7) (3) 2000 JOINT VENTURE 15.0 136,470 100.0 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 (3) 1967 JOINT VENTURE 31.7 341,502 100.0 WAL-MART 2019 2039 BON-TON 2012   BOB'S STORES 2016 2036 
 NORTH HAVEN 1998 FEE 31.7 331,919 96.0 HOME DEPOT 2009 2029 BJ'S 2006 2041 XPECT DISCOUNT 2008 2013 
 WATERBURY 1993 FEE 13.1 137,943 100.0 RAYMOUR & FLANIGAN FURNITURE 2017 2037 STOP & SHOP 2013 2043       
DELAWARE                             
 ELSMERE 1979 GROUND LEASE (2076) 17.1 114,530 100.0 VALUE CITY 2008 2038             
 DOVER (5) 1999 JOINT VENTURE 89.0                    
 DOVER (3) 2003 FEE 6.7 6,000 100.0                   
 MILFORD (8) 2004 JOINT VENTURE 7.8 61,100 86.4 FOOD LION 2014 2034             
 WILMINGTON (10) 2004 GROUND LEASE (2052)/ JOINT VENTURE 25.9 165,805 100.0 SHOPRITE 2014 2044 SPORTS AUTHORITY 2008 2023 RAYMOUR FURNITURE 2019 2044 

Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
       PERCENT 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 




























FLORIDA                            
 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 JOINT VENTURE 19.4 271,101 95.6 BAER'S FURNITURE 2024 2034 TOUCHSTAR CINEMAS 2010   LEATHER GALLERIES 2009 2014
 BOCA RATON 1967 FEE 9.9 73,549 100.0 WINN DIXIE 2008 2033            
 BOYNTON BEACH (7) 1999 FEE 18.0 197,362 99.0 BEALLS 2006 2056 ALBERTSONS 2015 2040      
 BRADENTON 1968 JOINT VENTURE 6.2 30,938 100.0 GRAND CHINA BUFFET 2009 2014            
 BRADENTON 1998 FEE 19.6 162,997 99.5 PUBLIX 2012 2032 TJ MAXX 2009 2019 JO-ANN FABRICS 2009 2024
 BRANDON (7) 2001 FEE 29.7 143,785 100.0 BED BATH & BEYOND 2010 2020 ROSS DRESS FOR LESS 2010 2025 THOMASVILLE HOME 2010 2020
 CLEARWATER 1997 JOINT VENTURE 20.6 75,552 100.0 FREEDOM FORD 2007 2017            
 CLEARWATER 2005 FEE 20.7 207,071 100.0 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            
 CORAL SPRINGS 1997 FEE 9.8 86,342 100.0 TJ MAXX 2007 2017 RAG SHOP 2006 2026 BLOCKBUSTER 2006 2016
 CORAL WAY 1992 JOINT VENTURE 8.7 87,305 100.0 WINN DIXIE 2011 2036            
 CUTLER RIDGE 1998 JOINT VENTURE 6.6 37,640 100.0 POTAMKIN CHEVROLET 2015 2050            
 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 (11) 2004 FEE 22.9 229,034 93.2 REGAL CINEMAS 2017 2057 OFFICE DEPOT 2011 2026      
 HIALEAH 1998 JOINT VENTURE 4.6 23,625 100.0 POTAMKIN CHEVROLET 2015 2050            
 HOLLYWOOD 2002 JOINT VENTURE 5.0 50,000 100.0 HOME GOODS 2010   MICHAELS 2010 2030      
 HOLLYWOOD (11) 2004 FEE 98.9 871,723 100.0 HOME DEPOT 2019 2069 KMART 2019 2069 BJ'S 2019 2069
 HOLLYWOOD (11) 2004 FEE 10.5 137,196 90.4 MANTECH ADVANCED SYSTEMS 2008 2013 TRADER PUBLISHING COMPANY 2007   KOS PHARMACEUTICALS 2007  
 HOMESTEAD 1972 GROUND LEASE (2018)/JOINT VENTURE 21.0 207,714 100.0 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      
 JACKSONVILLE 1999 FEE 18.6 205,696 97.7 BURLINGTON COAT FACTORY 2008 2018 OFFICEMAX 2012 2032 TJ MAXX 2007 2017
 JACKSONVILLE (4) 2005 JOINT VENTURE 29.1 68,000 100.0 MICHAELS 2015 2035 OFFICEMAX 2018 2033      
 JACKSONVILLE (4) 2003 JOINT VENTURE 86.0 4,000 100.0                  
 JACKSONVILLE (4) 2005 JOINT VENTURE 95.5 45,000 100.0 HAVERTY'S 2013 2023            
 JENSEN BEACH (9) 2002 JOINT VENTURE 19.8 197,731 99.3 HOME DEPOT 2025 2030 PETSMART 2009 2029 RAG SHOP 2006 2020
 JENSEN BEACH 1994 FEE 20.7 173,356 94.6 SERVICE MERCHANDISE 2010 2070 MARSHALLS 2010 2020 BEALLS 2008 2013
 KEY LARGO (7) 2000 JOINT VENTURE 21.5 207,332 97.1 KMART 2014 2064 PUBLIX 2009 2029 BEALLS OUTLET 2008 2011
 KISSIMMEE 1996 FEE 18.4 130,983 69.4 OFFICEMAX 2012 2027 JO-ANN FABRICS 2006   DOCKSIDE IMPORT 2006  
 LAKELAND 1990 JOINT VENTURE 10.5 104,862 83.3 SPORTS AUTHORITY 2011   LAKELAND THEATRE 2010   CHUCK E. CHEESE 2013  
 LAKELAND 2001 FEE 22.9 229,383 96.5 STEIN MART 2006 2026 AMC THEATRES 2007 2017 ROSS DRESS FOR LESS 2007 2012
 LARGO 1968 FEE 12.0 149,472 100.0 WAL-MART 2007 2027 SUNSHINE THRIFT STORE 2010 2020      
 LARGO 1992 FEE 29.4 215,916 98.8 PUBLIX 2009 2029 AMC THEATRES 2011 2036 OFFICE DEPOT 2009 2019
 LARGO 1993 FEE 6.6 56,668 66.5                  
 LAUDERDALE LAKES 1968 JOINT VENTURE 10.0 115,341 100.0 SAVE-A-LOT 2007 2017 THINK THRIFT 2007 2017      
 LAUDERHILL 1978 FEE 17.8 181,416 94.7 BABIES R US 2009 2014 SMART & FINAL 2017   WORLD JEWELRY CENTER II 2014 2024
 LEESBURG 1969 GROUND LEASE (2017) 1.3 13,468 100.0                  
 MARGATE 1993 FEE 34.1 260,729 93.9 PUBLIX 2008 2028 OFFICE DEPOT 2010 2020 SAM ASH MUSIC 2011  
 MELBOURNE 1968 GROUND LEASE (2071) 11.5 168,737 91.1 SUBMITTORDER 2010 2022 WALGREENS 2045   GOODWILL INDUSTRIES 2007 2012
 MELBOURNE 1998 FEE 13.2 148,660 73.3 JO-ANN FABRICS 2016 2031 BED BATH & BEYOND 2013 2028 MARSHALLS 2010  
 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 79,273 100.0 BABIES R US 2011 2021 FIRESTONE TIRE 2008        
 MIAMI 1986 FEE 7.8 83,380 100.0 PUBLIX 2009 2029 WALGREENS 2018        
 MIAMI 1998 JOINT VENTURE 6.3 29,166 100.0 LEHMAN TOYOTA 2015 2050            
 MIAMI 1998 JOINT VENTURE 3.2 17,117 100.0 LEHMAN TOYOTA 2015 2050            
 MIAMI 1998 JOINT VENTURE 11.0 86,900 100.0 POTAMKIN CHEVROLET 2015 2050            
 MIAMI (11) 2004 FEE 31.2 402,801 100.0 KMART 2012 2042 EL DORADO FURNITURE 2017 2032 SYMS CORPORATION 2011 2041
 MIAMI 1995 FEE 5.4 63,604 100.0 PETCO 2016 2021 PARTY CITY 2007 2017      
 MIDDLEBURG (4) 2005 JOINT VENTURE 38.1 2,000 100.0                  
 MIRAMAR (4) 2005 JOINT VENTURE 36.7                    
 MOUNT DORA 1997 FEE 12.4 120,430 100.0 KMART 2013 2063            
 NORTH MIAMI BEACH 1985 FEE 15.9 108,795 100.0 PUBLIX 2019 2039 WALGREENS 2058        
 OCALA (3) 1997 FEE 27.2 248,497 91.5 KMART 2006 2021 BEST BUY 2019 2034 SERVICE MERCHANDISE 2007 2032
 ORANGE PARK 2003 JOINT VENTURE 5.0 50,299 100.0 BED BATH & BEYOND 2015   MICHAELS 2010        
 ORLANDO 1968 FEE 12.0 131,646 99.1 BED BATH & BEYOND 2007 2022 BOOKS-A-MILLION 2006 2016 OFFICEMAX 2008 2023
 ORLANDO (7) 2000 JOINT VENTURE 18.0 179,065 100.0 KMART 2014 2064 PUBLIX 2012 2037      
 ORLANDO 1968 JOINT VENTURE 10.0 114,434 95.2 BALLY TOTAL FITNESS 2008 2018 HSN 2009   BEDDING & FURNITURE 2009  
 ORLANDO 1968 GROUND LEASE (2047)/JOINT VENTURE 7.8 110,788 98.7 OFFICE FURNITURE 2008   CROSSTOWN SPORTS 2006        
 ORLANDO (3) 1994 FEE 28.0 236,486 97.3 OLD TIME POTTERY��2010 2020 SPORTS AUTHORITY 2011 2031 TOUCHSTAR CINEMAS 2010  
 ORLANDO 1996 FEE 11.7 132,856 100.0 ROSS DRESS FOR LESS 2008 2028 BIG LOTS 2009 2014 WORLD GYM 2010 2020
 ORLANDO (11) 2004 FEE 14.0 154,447 81.8 MARSHALLS 2013 2028 OFF BROADWAY SHOES 2013 2023 GOLFSMITH GOLF CENTER 2014 2024
 PALATKA 1970 FEE 8.9 82,730 61.3 BIG LOTS 2007 2017            
 PLANTATION 1974 JOINT VENTURE 4.6 60,414 100.0 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 (12) 2004 JOINT VENTURE 18.6 140,312 92.0 WINN DIXIE 2018 2043 CVS 2020 2040      
 PORT RICHEY (7) (3) 1998 FEE 14.3 103,294 86.4 CIRCUIT CITY 2011 2031 STAPLES 2006 2011 MICHAELS 2006  
 RIVIERA BEACH 1968 JOINT VENTURE 5.1 46,390 97.7 FURNITURE KINGDOM 2009 2014 GOODWILL INDUSTRIES 2008        
 SANFORD 1989 FEE 40.9 160,994 92.3 ROSS DRESS FOR LESS 2012 2032 OFFICE DEPOT 2009 2019 DOLLAR TREE 2006 2021
 SARASOTA 1970 FEE 10.0 102,455 100.0 TJ MAXX 2007 2017 OFFICEMAX 2009 2024 DOLLAR TREE 2012 2032
 SARASOTA 1989 FEE 12.0 129,700 100.0 SWEETBAY 2020 2040 DG ACE HARDWARE 2008 2023 ANTHONY'S LADIES WEAR 2007 2017
 ST. AUGUSTINE 2005 JOINT VENTURE 1.5 62,942 100.0 ROWE'S SUPERMARKET 2025 2045            
 ST. PETERSBURG 1968 GROUND LEASE (2084)/JOINT VENTURE 9.0 118,979 86.6 KASH N' KARRY 2017 2037 TJ MAXX 2007 2012 DOLLAR TREE 2007 2022
 TALLAHASSEE 1998 FEE 12.8 105,655 80.7 STEIN MART 2008   SHOE STATION 2007 2012      
 TAMPA (7) 2001 JOINT VENTURE 73.0 340,506 100.0 BEST BUY 2016 2031 JO-ANN FABRICS 2016 2031 BED BATH & BEYOND 2015 2030
 TAMPA 1997 FEE 16.3 127,837 100.0 STAPLES 2008 2018 ROSS DRESS FOR LESS 2007 2022 US POST OFFICE 2011 2021
 TAMPA 2004 FEE 7.5 75,297 100.0 AMERICAN SIGNATURE HOME 2019 2044 DSW SHOE WAREHOUSE 2018 2033      
 TAMPA (3) 2004 FEE 22.4 168,210 100.0                  
 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 91.3 BABIES R US 2011 2021            
 WEST PALM BEACH (11) 2004 FEE 33.0 357,537 96.3 KMART 2018 2068 WINN DIXIE 2019 2049 LINENS N THINGS 2010 2025
 WINTER HAVEN 1973 JOINT VENTURE 13.9 95,188 100.0 BIG LOTS 2010 2020 JO-ANN FABRICS 2011 2016 BUDDY'S HOME FURNISHINGS 2015 2025
GEORGIA                            
 AUGUSTA 1995 FEE 11.3 112,537 89.2 TJ MAXX 2010 2015 ROSS DRESS FOR LESS 2013 2033 RUGGED WEARHOUSE 2008 2018
 AUGUSTA (7) 2001 JOINT VENTURE 52.6 530,915 91.7 SPORTS AUTHORITY 2012 2027 ASHLEY HOME STORE 2009 2019 BED BATH & BEYOND 2013 2028
 MACON 1969 FEE 12.3 127,252 51.8 FREDS STORES 2009 2014 DOLLAR TREE 2011 2026 SMALL SMILES 2009 2019
 SAVANNAH 1993 FEE 22.2 187,076 99.5 BED BATH & BEYOND 2013 2028 TJ MAXX 2010 2015 MARSHALLS 2007 2022
 SAVANNAH 1995 GROUND LEASE (2045) 9.5 88,325 100.0 MEDIA PLAY 2011 2021 STAPLES 2015 2030 WEST MARINE 2006 2009
 SNELLVILLE (7) 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            
IDAHO                            
 NAMPA (4) 2005 JOINT VENTURE 35.0                    
 NAMPA (4) 2005 FEE 54.5                    

Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
       PERCENT 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 




























ILLINOIS                            
 ALTON 1986 FEE 21.2 159,824 82.1 VALUE CITY 2008 2023            
 ARLINGTON HEIGHTS 1998 FEE 7.0 80,040 100.0 DIRECTUS FURNITURE 2010 2015            
 AURORA (13) 2005 JOINT VENTURE 34.7 361,984 74.7 BEST BUY 2011 2026 VALUE CITY 2009 2019 SPORTMART 2006 2016
 AURORA 1998 FEE 17.9 91,182 100.0 AURORA FRESH MARKET 2021 2041            
 BATAVIA (7) 2002 FEE 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
 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 (3) 1997 FEE 17.0 159,634 96.8 MARSHALLS 2014 2029 BEST BUY 2012 2032 BED BATH & BEYOND 2014 2024
 CARBONDALE 1997 GROUND LEASE (2052) 8.1 80,535 100.0 K'S MERCHANDISE 2012 2052            
 CHAMPAIGN (7) 2001 JOINT VENTURE 9.3 111,720 100.0 BEST BUY 2016 2031 DICK'S SPORTING GOODS 2016 2031 MICHAELS 2010 2025
 CHAMPAIGN 1999 FEE 9.0 102,615 100.0 K'S MERCHANDISE 2014 2034            
 CHICAGO 1997 GROUND LEASE (2040) 17.5 102,011 100.0 BURLINGTON COAT FACTORY 2020 2035 RAINBOW 2011 2021 BEAUTY ONE 2010 2015
 CHICAGO (6) 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 97.2 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 18.7 186,432 100.0 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 (3) 1996 FEE 8.2 110,188 100.0 GANDER MOUNTAIN 2013 2028            
 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 15.4 165,337 96.5 KMART 2024 2054 CHUCK E CHEESE 2007        
 OAKBROOK TERRACE 1983 FEE 1.1 11,360 100.0 Pompei Bakery 2011 2021            
 OAKBROOK TERRACE 1997 FEE 15.6 164,903 100.0 HOME DEPOT 2024 2044 LINENS N THINGS 2017 2032 LOYOLA MEDICAL CENTER 2011 2016
 ORLAND PARK 1980 FEE 18.8 131,546 100.0 VALUE CITY 2015 2030            
 OTTAWA 1970 FEE 9.0 60,000 100.0 VALUE CITY 2006 2011            
 PEORIA 1997 GROUND LEASE (2031) 20.5 156,067 100.0 KMART 2006   MARSHALLS 2009 2024      
 ROCKFORD (8) 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 62.9 629,374 93.2 GALYAN'S TRADING COMPANY 2013 2038 CARSON PIRIE SCOTT 2021 2071 LOEWS THEATRES 2019 2039
 SCHAUMBURG 1998 JOINT VENTURE 7.3 167,690                   
 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 98.6 HOLLYWOOD STARDUST THEATRES 2012 2022 KOHL'S 2010 2030 MCSPORTS 2006  
INDIANA                            
 EVANSVILLE 1986 FEE 14.2 192,933 69.0 BURLINGTON COAT FACTORY 2007 2027 OFFICEMAX 2012 2027 FAMOUS FOOTWEAR 2010 2025
 EVANSVILLE 1986 FEE 11.5 149,182 4.4                  
 FELBRAM 1970 FEE 4.1 27,400 91.2 SAVE-A-LOT 2011 2016            
 GREENWOOD 1970 FEE 25.7 168,577 100.0 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 99.3 KROGER 2026 2066 AJ WRIGHT 2012 2027 CVS 2021 2031
 INDIANAPOLIS 1986 FEE 20.6 185,589 97.2 TARGET 2009 2029 DOLLAR TREE 2009 2014 RAINBOW 2009 2019
 LAFAYETTE 1971 FEE 12.4 90,500 98.2 MENARD 2006              
 LAFAYETTE 1997 FEE 24.3 235,998 85.6 JO-ANN FABRICS 2010 2020 SMITH OFFICE EQUIPMENT 2008        
 LAFAYETTE 1998 FEE 43.2 214,876 89.5 PETSMART 2012 2032 STAPLES 2011 2026 MICHAELS 2006 2026
 MISHAWAKA 1998 FEE 7.5 82,100 100.0 K'S MERCHANDISE 2013 2023            
 SOUTH BEND (3) 1997 JOINT VENTURE 12.1 121,122 100.0 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            
IOWA                            
 CLIVE 1996 FEE 8.8 90,000 100.0 KMART 2021 2051            
 DAVENPORT 1997 GROUND LEASE (2028) 9.1 91,035 100.0 KMART 2024 2028            
 DES MOINES 1999 FEE 23.0 156,506 66.0 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                            
 OVERLAND PARK 1980 FEE 14.5 120,164 100.0 HOME DEPOT 2010 2050            
 WICHITA (7) 1998 FEE 13.5 133,771 100.0 BEST BUY 2010 2025 TJ MAXX 2010 2020 MICHAELS 2010 2025
 EAST WICHITA (7) 1996 FEE 6.5 96,011 100.0 DICK'S SPORTING GOODS 2018 2033 GORDMANS 2012 2032      
 WEST WICHITA (7) 1996 FEE 8.1 96,319 100.0 SHOPKO 2018 2038            
KENTUCKY                            
 BELLEVUE 1976 FEE 6.0 53,695 100.0 KROGER 2010 2035            
 FLORENCE (10) 2004 FEE 8.2 99,578 97.8 DICK'S SPORTING GOODS 2018 2033 LINENS N THINGS 2018 2033 MCSWAIN CARPETS 2012 2017
 LEXINGTON 1993 FEE 35.8 258,713 99.4 BEST BUY 2009 2024 BED BATH & BEYOND 2013 2038 TOYS "R" US 2013 2038
 HINKLEVILLE 1998 GROUND LEASE (2039) 2.0 85,229 100.0 K'S MERCHANDISE 2014 2039            
LOUISIANA                            
 NEW ORLEANS 1983 JOINT VENTURE 7.0 190,000 100.0 DILLARDS 2011 2031            
 BATON ROUGE 1997 FEE 18.6 349,907 96.7 BURLINGTON COAT FACTORY 2009 2024 STEIN MART 2011 2016 MARSHALLS 2011 2016
 BATON ROUGE 2005 JOINT VENTURE 9.4 67,755 91.7 WAL-MART 2024 2034            
 HOUMA 1999 FEE 10.1 98,586 94.9 OLD NAVY 2009 2014 OFFICEMAX 2013 2028 MICHAELS 2009 2019
 HARVEY (8) 2003 JOINT VENTURE 17.4 181,660 97.8 BEST BUY 2017 2032 LINENS N THINGS 2012 2032 BARNES & NOBLE 2012 2022
 LAFAYETTE 1997 FEE 21.9 244,733 89.0 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            
MARYLAND                            
 BALTIMORE 2003 FEE 4.2 44,170 75.1                  
 BALTIMORE (8) 2004 JOINT VENTURE 18.4 152,834 97.4 KMART 2010 2055 SALVO AUTO PARTS 2009 2019      
 BALTIMORE (8) 2005 JOINT VENTURE 10.6 112,722 100.0 SAFEWAY 2016 2046 RITE AID 2011 2026 FOOT LOCKER 2007  
 BALTIMORE (13) 2005 JOINT VENTURE 5.8 49,629 100.0 CORT FURNITURE RENTAL 2012 2022            
 BALTIMORE (8) 2004 FEE 7.3 77,287 100.0 SUPER FRESH 2021 2061            
 BALTIMORE (10) (3) 2004 JOINT VENTURE 7.4 77,365 98.9 GIANT FOOD 2016 2031            
 BALTIMORE (12) 2004 JOINT VENTURE 7.5 90,903 98.7 GIANT FOOD 2026 2051            
 BALTIMORE (8) 2005 JOINT VENTURE 8.8 90,830 100.0 GIANT FOOD 2011 2041            

Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
       PERCENT 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 




























 BALTIMORE (5) 2003 FEE 3.0                    
 BEL AIR (12) (3) 2004 FEE 19.7 115,927 100.0 SAFEWAY 2030 2060 CVS 2021 2041      
 BEL AIR 2003 FEE 2.7 26,900 94.1                  
 CLINTON 2003 FEE 0.3 2,544 100.0                  
 CLINTON 2003 GROUND LEASE (2069) 2.6 26,412 100.0 FAIR LANES CLINTON 2006              
 COLUMBIA 2002 JOINT VENTURE 5.0 50,000 100.0 MICHAELS 2013   HOME GOODS 2011        
 COLUMBIA (8) 2002 JOINT VENTURE 7.6 73,299 100.0 OLD NAVY 2008 2013            
 COLUMBIA (8) 2002 JOINT VENTURE 15.5 86,456 100.0 GIANT FOOD 2009 2019            
 COLUMBIA 2005 FEE 16.3 100,521 100.0 GIANT FOOD 2012 2022            
 COLUMBIA (8) (3) 2002 JOINT VENTURE 12.2 86,032 95.6 SAFEWAY 2006              
 COLUMBIA (8) 2002 JOINT VENTURE 12.3 91,165 100.0 SAFEWAY 2018 2043            
 COLUMBIA 2002 FEE 7.3 55,791 100.0 GIANT FOOD 2007              
 COLUMBIA 2002 FEE 2.5 23,835 100.0 DAVID'S NATURAL MARKET 2014 2019            
 COLUMBIA (8) 2002 JOINT VENTURE 15.2 105,907 100.0 GIANT FOOD 2017 2027            
 COLUMBIA (12) 2005 JOINT VENTURE 0.7 6,780 100.0                  
 EASTON (10) 2004 JOINT VENTURE 11.1 113,330 100.0 GIANT FOOD 2024 2054 FASHION BUG 2007 2012      
 ELLICOTT CITY (10) 2004 JOINT VENTURE 31.8 139,898 100.0 SAFEWAY 2012 2042 PETCO 2011 2021      
 FREDRICK COUNTY (3) 2003 FEE 6.4 64,105 100.0 GIANT FOOD 2025 2055            
 GAITHERSBURG 1989 FEE 8.7 88,277 100.0 GREAT BEGINNINGS FURNITURE 2011 2021 FURNITURE 4 LESS 2010        
 GLEN BURNIE (12) 2004 JOINT VENTURE 21.9 249,746 100.0 LOWE'S HOME CENTER 2019 2059 GIANT FOOD 2015 2025      
 GLEN BURNIE (8) 2004 JOINT VENTURE 4.5 75,257 92.5 SEVERN GRAPHICS 2015 2020            
 HAGERSTOWN (3) 1973 FEE 10.5 117,718 61.8 SUPER SHOE 2011 2016 ADVANCE AUTO PARTS 2006 2011      
 HUNT VALLEY (3) 2003 FEE 9.1 94,653 95.4 GIANT FOOD 2013 2033            
 LANDOVER 1993 FEE 23.3 232,903 100.0 RAYTHEON 2007 2010            
 LAUREL 1964 FEE 8.1 75,924 100.0 VILLAGE THRIFT STORE 2007   DOLLAR TREE 2010 2015 OLD COUNTRY BUFFET 2009 2019
 LAUREL 1972 FEE 10.0 81,550 100.0 ROOMSTORE 2009 2014            
 LINTHICUM 2003 FEE 0.6 7,872 100.0                  
 LUTHERVILLE (8) 2004 GROUND LEASE (2066) 12.9 163,709 100.0 METRO FOOD 2018 2038 CIRCUIT CITY 2010 2030 LOEHMANN'S 2006 2015
 LUTHERVILLE (8) 2004 JOINT VENTURE 1.2 12,333 86.7                  
 NORTH EAST (8) 2004 JOINT VENTURE 17.5 83,690 95.8 FOOD LION 2018 2038            
 OWINGS MILLS (12) 2004 JOINT VENTURE 11.0 116,303 97.2 GIANT FOOD 2020 2045 MERRITT ATHLETIC CLUB 2010 2015      
 PASADENA 2003 GROUND LEASE (2030) 3.0 38,727 100.0                  
 PERRY HALL (3) 2003 FEE 15.7 177,307 71.1 BRUNSWICK (LEISERV) BOWLING 2010   RITE AID 2010 2035 DOLLAR EXPRESS 2010 2020
 PERRY HALL (10) 2004 JOINT VENTURE 8.2 65,059 100.0 SUPER FRESH 2022 2062            
 TIMONIUM (8) 2004 JOINT VENTURE 6.0 59,799 97.0 AMERICAN RADIOLOGY 2012 2027            
 TIMONIUM (3) 2003 FEE 17.2 127,097 98.0 STAPLES 2020 2045            
 TOWSON (10) 2004 JOINT VENTURE 8.7 84,280 100.0 LINENS N THINGS 2015 2025 COMPUSA 2014 2029 TWEETER ENTERTAINMENT 2014 2024
 TOWSON (12) 2004 JOINT VENTURE 43.1 669,926 100.0 WAL-MART 2020 2105 TARGET 2009 2049 SUPER FRESH 2019 2049
 WALDORF 2003 FEE 2.6 26,128 100.0 FAIR LANES WALDORF 2007 2017            
 WALDORF 2003 FEE 0.5 4,500 100.0                  
 WOODSTOCK (8) 2004 JOINT VENTURE 13.9 103,547 100.0 WEIS MARKETS 2021 2041            
MASSACHUSETTS                            
 FOXBOROUGH (7) 2000 JOINT VENTURE 11.9 118,844 90.3 STOP & SHOP 2012 2022 OCEAN STATE JOB LOT 2007 2022      
 GREAT BARRINGTON 1994 FEE 14.1 131,235 100.0 KMART 2006 2016 PRICE CHOPPER 2016 2036      
 HYANNIS (10) 2004 JOINT VENTURE 22.6 225,634 100.0 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 (10) 2004 JOINT VENTURE 13.0 72,014 96.5 STOP & SHOP 2014 2044            
 QUINCY (12) 2005 JOINT VENTURE 8.0 80,510 100.0 SHAW'S SUPERMARKET 2009 2033 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
MICHIGAN                            
 CLARKSTON 1996 FEE 20.0 144,943 79.5 FARMER JACK 2015 2045 CVS 2010 2020      
 CLAWSON (3) 1993 FEE 13.5 165,801 100.0 FARMER JACK 2006 2016 STAPLES 2011 2026 LITTLE CAESARS 2007  
 FARMINGTON 1993 FEE 2.8 96,983 100.0 DAMMAN HARDWARE 2015 2030 FARMINGTON DOLLAR 2006 2010 FITNESS 19 2015 2025
 KALAMAZOO (3) 2002 JOINT VENTURE 60.0 242,485 100.0 HOBBY LOBBY 2013 2023 VALUE CITY FURNITURE 2020 2040 MARSHALLS 2010 2020
 LIVONIA 1968 FEE 4.5 44,185 100.0 DAMMAN HARDWARE 2018 2033 CENTURY 21 2010        
 MUSKEGON 1985 FEE 12.2 79,215 100.0 PLUMB'S FOOD 2007 2022 JO-ANN FABRICS 2007 2012      
 NOVI 2003 JOINT VENTURE 6.0 60,000 100.0 MICHAELS 2016   HOME GOODS 2011        
 TAYLOR 1993 FEE 13.0 141,549 100.0 KOHL'S 2022 2042 BABIES R US 2017 2043 PARTY CONCEPTS 2007 2012
 TROY 2005 JOINT VENTURE 22.4 223,697 94.5 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 (7) 2001 JOINT VENTURE 63.0 466,437 99.5 BYERLY'S 2020 2035 BEST BUY 2015 2030 JO-ANN FABRICS 2010 2030
 MAPLEWOOD (8) (3) 2002 JOINT VENTURE 8.2 110,625 100.0 BEST BUY 2014 2029            
 MINNETONKA (7) 1998 JOINT VENTURE 12.1 120,220 100.0 TOYS "R" US 2016 2031 GOLFSMITH GOLF CENTER 2008 2018 OFFICEMAX 2011  
MISSISSIPPI                            
 JACKSON 2002 JOINT VENTURE 5.0 50,000 100.0 MICHAELS 2014   HOME GOODS 2014        
 HATTIESBURG (4) 2004 JOINT VENTURE 54.6 168,000 100.0 ROSS DRESS FOR LESS 2016 2041 BED BATH & BEYOND 2016 2041 PETSMART 2016 2046
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 91.5 SHOP N SAVE 2010 2015            
 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            
 KANSAS CITY 1997 FEE 17.8 150,381 82.3 HOME DEPOT 2010 2050            
 KIRKWOOD (3) 1980 GROUND LEASE (2069) 19.8 253,662 100.0 HEMISPHERES 2014 2024 HOBBY LOBBY 2014 2024 GART SPORTS 2014 2029
 LEMAY (3) 1974 FEE 9.8 66,698 100.0 SHOP N SAVE 2020 2065 DOLLAR GENERAL 2008        
 MANCHESTER (7) 1998 JOINT VENTURE 9.6 89,305 100.0 KOHL'S 2018 2038            
 SPRINGFIELD 1994 FEE 41.5 277,590 100.0 BEST BUY 2011 2026 JC PENNEY 2010 2015 TJ MAXX 2006 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) 18.5 202,926 100.0 KMART 2024 2054 OFFICE DEPOT 2010   BARNES & NOBLE 2017 2047
 ST. CHARLES 1998 FEE 36.9 8,000 100.0                  
 ST. CHARLES 1999 GROUND LEASE (2039) 8.4 84,460 100.0 KOHL'S 2019 2039            
 ST. LOUIS 1998 FEE 11.4 113,781 100.0 KOHL'S 2018 2038 CLUB FITNESS 2014 2024      
 ST. LOUIS 1972 FEE 13.1 129,093 92.7 SHOP N SAVE 2017 2082            
 ST. LOUIS 1986 FEE 17.5 176,273 95.6 BURLINGTON COAT FACTORY 2009 2024 BIG LOTS 2015 2030 OFFICE DEPOT 2007 2015
 ST. LOUIS 1997 GROUND LEASE (2025) 19.7 170,779 89.2 HOME DEPOT 2026 2056 OFFICE DEPOT 2015 2026      
 ST. LOUIS 1997 GROUND LEASE (2035) 37.7 174,967 83.0 KMART 2024 2035            
 ST. LOUIS 1997 GROUND LEASE (2040) 16.3 128,765 100.0 KMART 2024 2040            
 ST. PETERS 1997 GROUND LEASE (2073) 14.8 175,121 95.9 HOBBY LOBBY 2014 2024 GART SPORTS 2014 2029 OFFICE DEPOT  2019  
NEBRASKA                            
 OMAHA (4) 2005 JOINT VENTURE 67.7 107,000 100.0 MARSHALLS 2017 2037 LINENS N THINGS 2018 2033 OFFICEMAX 2017 2032
NEVADA                            
 HENDERSON (4) 1999 JOINT VENTURE 32.1 140,000 100.0 LEVITZ 2013 2023 BIG LOTS 2016 2036 SAVERS 2015 2035

Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
       PERCENT 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 




























NEW HAMPSHIRE                           
 NASHUA (10) 2004 JOINT VENTURE 17.9 179,220 95.6 DSW SHOE WAREHOUSE 2011 2031 BED BATH & BEYOND 2007 2032 MICHAELS 2007 2027
 NEW LONDON 2005 FEE 10.5 104,910 100.0                  
 SALEM 1994 FEE 39.8 344,076 100.0 KOHL'S 2008 2013 SHAW'S SUPERMARKET 2008 2038 BOB'S STORES 2011 2021
NEW JERSEY                           
 BAYONNE 2004 FEE 0.6 23,901 100.0 DUANE READE 2014              
 BRIDGEWATER (7) (3) 2001 JOINT VENTURE 15.8 370,545 100.0 COSTCO 2019 2049 BED BATH & BEYOND 2010 2030 BABIES R US 2014 2039
 CHERRY HILL 1985 JOINT VENTURE 18.6 124,750 89.9 STOP & SHOP 2016 2036 RETROFITNESS 2013 2020      
 CHERRY HILL 1996 GROUND LEASE (2035) 15.2 129,809 78.3 KOHL'S 2016 2036            
 CHERRY HILL (8) 2003 FEE 48.0 209,185 100.0 KOHL'S 2018 2068 WORLDWIDE WHOLESALE FLOOR 2018 2033 BABIES R US 2013 2033
 CINNAMINSON 1996 FEE 13.7 121,852 84.1 OUTLET MARKETPLACE 2009 2019 ACME MARKETS 2047        
 DELRAN (7) (3) 2000 JOINT VENTURE 10.5 78,584 51.3                  
 DELRAN (7) 2005 JOINT VENTURE 9.5 37,679 60.2                  
 EAST WINDSOR 2002 FEE 34.8 249,029 100.0 TARGET 2027 2067 GENUARDI'S 2026 2056 TJ MAXX 2011 2026
 FRANKLIN 1998 FEE 14.9 138,364 100.0 STOP & SHOP 2030 2085            
 HILLSBOROUGH 2005 JOINT VENTURE 5.6 55,552 100.0 KMART 2007 2047            
 HOLMDEL (3) 2002 FEE 30.0 300,010 92.1 A&P 2013 2043 MARSHALLS 2013 2028 LA FITNESS 2021 2036
 HOLMDEL 2004 FEE 23.5 234,739 100.0 LINENS N THINGS 2018 2033 BEST BUY 2018 2033 MICHAELS 2013 2033
 LINDEN 2002 FEE 0.9 13,340 100.0 STRAUSS DISCOUNT AUTO 2023 2033            
 MAPLESHADE (11) 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 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 97.0 SHOPRITE 2014 2024            
 RIDGEWOOD 1994 FEE 2.7 24,280 100.0 FRESH FIELDS 2015 2030            
 WAYNE (11) 2004 FEE 19.2 348,063 95.2 COSTCO 2009 2044 LACKLAND STORAGE 2012 2032 SPORTS AUTHORITY 2012 2032
 WESTMONT 1994 FEE 17.4 192,254 75.9 SUPER FRESH 2017 2081 SUPER FITNESS 2009   JO-ANN FABRICS 2007  
NEW MEXICO                           
 ALBUQUERQUE 1998 FEE 4.7 37,735 100.0 SEARS HARDWARE 2006 2021            
 ALBUQUERQUE 1998 FEE 26.0 183,912 93.4 MOVIES WEST 2011 2021 ROSS DRESS FOR LESS 2006 2021 VALLEY FURNITURE 2007 2017
 ALBUQUERQUE 1998 FEE 4.8 59,722 93.9 PAGE ONE 2008 2013 WALGREENS 2027        
NEW YORK                           
 ALBANY (8) 2004 JOINT VENTURE 17.9 135,801 91.9 PRICE CHOPPER 2007 2027 BIG LOTS 2008 2018 ECKERD 2007 2022
 BAYRIDGE 2004 FEE 2.1 21,106 100.0 DUANE READE 2014              
 BELLMORE 2004 FEE 1.4 24,802 100.0 RITE AID 2014              
 BRIDGEHAMPTON 1973 FEE 30.2 287,587 97.6 KMART 2019 2039 KING KULLEN 2015 2035 TJ MAXX 2007 2017
 BRONX 1990 JOINT VENTURE 22.9 228,638 96.7 NATIONAL AMUSEMENTS 2011 2036 WALDBAUMS 2011 2046 OFFICE OF HEARING 2007  
 BRONX 2000 FEE 0.4 3,720 100.0                  
 BROOKLYN (7) 2000 JOINT VENTURE 8.1 80,708 100.0 HOME DEPOT 2022 2052 WALGREENS 2030        
 BROOKLYN 2003 FEE 0.8 7,500 100.0                  
 BROOKLYN 2003 FEE 0.4 10,000 100.0 GENOVESE 2019              
 BROOKLYN 2004 FEE 3.0 29,671 100.0 DUANE READE 2014              
 BROOKLYN 2004 FEE 2.9 41,076 100.0 DUANE READE 2014   PC RICHARD & SON 2018 2028      
 BROOKLYN 2000 FEE 0.5 5,200 100.0                  
 BUFFALO 1988 JOINT VENTURE 9.2 141,285 96.5 TOPS SUPERMARKET 2012 2037 REEBOK 2006   FASHION BUG 2025 2024
 BUFFALO, AMHERST 1988 JOINT VENTURE 7.5 101,066 100.0 TOPS SUPERMARKET 2013 2033            
 CENTEREACH 1993 JOINT VENTURE 40.7 380,084 97.6 WAL-MART 2015 2044 BIG LOTS 2011 2021 MODELL'S 2019 2029
 CENTRAL ISLIP (4) 2004 JOINT VENTURE 11.8 25,000 100.0                  
 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 (7) 1998 FEE 15.4 163,999 100.0 HOME DEPOT 2011 2056 BALLY TOTAL FITNESS 2008 2018      
 EAST NORTHPORT (4) 2005 JOINT VENTURE 4.0                    
 EAST NORTHPORT 2005 JOINT VENTURE 2.6 26,016 100.0 GOLFSMITH GOLF CENTER 2013 2018            
 ELMONT 2004 FEE 1.8 27,078 100.0 DUANE READE 2014              
 FRANKLIN SQUARE 2004 FEE 1.4 17,864 100.0 DUANE READE 2014              
 FREEPORT (7) 2000 JOINT VENTURE 9.6 173,031 92.6 STOP & SHOP 2025   TOYS "R" US 2020 2040 MARSHALLS 2011 2016
 GLEN COVE (7) 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 97.1 MACY'S EAST 2015 2025 GENOVESE 2006 2016      
 HEMPSTEAD (7) 2000 JOINT VENTURE 1.4 13,905 100.0 WALGREENS 2059              
 HICKSVILLE 2004 FEE 2.5 40,231 88.4 DUANE READE 2014   PARTY CITY 2006 2011      
 JAMAICA 2006 FEE 0.6 5,770 100.0                  
 LATHAM (7) 1999 JOINT VENTURE 60.3 616,130 98.8 SAM'S CLUB 2013 2043 WAL-MART 2013 2043 HOME DEPOT 2031 2071
 LAURELTON 2000 FEE 0.7 7,435 100.0                  
 LITTLE NECK 2003 FEE 4.5 48,275 100.0                  
 MANHASSET 1999 FEE 9.6 188,494 100.0 FILENE'S 2011   LINENS N THINGS 2016 2026 KING KULLEN 2024 2052
 MANHATTAN 2006 FEE 1.0 9,566 100.0                  
 MASPETH 2004 FEE 1.1 22,500 100.0 DUANE READE 2014              
 MERRICK (7) 2000 JOINT VENTURE 10.8 107,871 98.9 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      
 MUNSEY PARK (7) 2000 JOINT VENTURE 6.0 72,748 100.0 BED BATH & BEYOND 2007 2022 FRESH FIELDS 2011 2021      
 NESCONSET (11) 2004 JOINT VENTURE 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 1,856 100.0                  
 PLAINVIEW 1969 GROUND LEASE (2070) 7.0 88,222 100.0 FAIRWAY STORES 2017 2037            
 POUGHKEEPSIE 1972 FEE 20.0 167,668 99.6 STOP & SHOP 2020 2049 BIG LOTS 2007 2017      
 QUEENS VILLAGE 2006 FEE 1.5 14,649 100.0                  
 RENSSELAER (8) 2004 JOINT VENTURE 13.4 132,648 86.6 PRICE CHOPPER 2018 2038 FASHION BUG 2008 2018      
 ROCHESTER 1988 FEE 14.9 129,238 100.0 STAPLES 2010 2022            
 ROCHESTER 1993 FEE 18.6 185,153 36.3 TOPS SUPERMARKET 2009 2024            
 STATEN ISLAND 2005 FEE 0.0 47,270 100.0                  
 STATEN ISLAND (7) 2000 JOINT VENTURE 14.4 177,118 100.0 TJ MAXX 2010 2025 NATIONAL LIQUIDATORS 2010 2030 MICHAELS 2011 2031
 STATEN ISLAND 1989 FEE 16.7 212,375 100.0 KMART 2011   PATHMARK 2011 2021      
 STATEN ISLAND 1997 GROUND LEASE (2072) 7.0 101,337 99.2 WALDBAUMS 2011 2031            
 SYOSSET 1967 FEE 2.5 32,124 100.0 NEW YORK SPORTS CLUB 2016 2021            
 WESTBURY (11) 2004 JOINT VENTURE 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 (7) 2000 GROUND LEASE (2047)/ JOINT VENTURE 6.3 56,361 97.2 STAPLES 2014 2029            
 YONKERS 1995 FEE 4.4 43,560 100.0 SHOPRITE 2008 2028            
 YONKERS 2000 FEE 1.0 10,329 100.0                  
NORTH CAROLINA                           
 BURLINGTON (5) 2003 FEE 25.6                    
 CARY (7) 2001 JOINT VENTURE 40.3 315,797 99.6 BJ'S 2020 2040 KOHL'S 2022 2001 PETSMART 2016 2036
 CARY 1996 FEE 10.6 86,015 100.0 BED BATH & BEYOND 2010 2014 DICK'S SPORTING GOODS 2014 2029      
 CARY 1998 FEE 10.9 102,787 100.0 LOWES 2017 2037 ECKERD 2007 2017      
 CARY (9) 2002 JOINT VENTURE 1.6 16,030 86.4                  
 CARY (8) 2003 JOINT VENTURE 13.4 133,901 100.0 CARMIKE CINEMAS 2017 2027 FOOD LION 2019   DOLLAR TREE 2009 2019

Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
       PERCENT 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 




























 CHARLOTTE 1968 FEE 13.5 110,300 100.0 MEDIA PLAY 2010 2020 TJ MAXX 2007 2017 CVS 2015 2035
 CHARLOTTE 1993 FEE 14.0 139,269 99.1 BI-LO 2009 2029 RUGGED WEARHOUSE 2008 2018 FLOORS TODAY 2010 2020
 CHARLOTTE 1986 GROUND LEASE (2048) 18.5 233,800 98.7 ROSS DRESS FOR LESS 2015 2035 K&G MEN'S COMPANY 2008 2018 OFFICEMAX 2009 2024
 DURHAM (7) 2002 JOINT VENTURE 39.5 408,292 100.0 WAL-MART 2015 2035 BEST BUY 2011 2026 LINENS N THINGS 2011 2026
 DURHAM 1996 FEE 13.2 116,186 86.3 TJ MAXX 2009 2014 JO-ANN FABRICS 2010 2020      
 FRANKLIN 1998 JOINT VENTURE 15.1 26,326 100.0 BILL HOLT FORD 2016 2041            
 GASTONIA 1989 FEE 24.9 240,957 82.6 HOBBY LOBBY 2013 2023 TOYS "R" US 2015 2045      
 GREENSBORO 1999 FEE 8.2 103,494 100.0 HOBBY LOBBY 2014 2024 K&G MEN'S COMPANY 2015 2025 USA BABY 2008 2013
 HILLSBOROUGH (5) 2003 FEE 8.0                    
 KNIGHTDALE (4) 2005 JOINT VENTURE 30.7 150,000 100.0 ROSS DRESS FOR LESS 2017 2037 BED BATH & BEYOND 2017 2037 MICHAELS 2016 2036
 PINEVILLE (12) 2003 JOINT VENTURE 39.1 269,710 98.9 KMART 2017 2067 STEIN MART 2007 2012 TJ MAXX 2008 2018
 RALEIGH (3) 1993 FEE 35.9 372,684 88.8 BEST BUY 2010 2020 BED BATH & BEYOND 2016 2036 ROSS DRESS FOR LESS 2016 2036
 RALEIGH (4) 2001 JOINT VENTURE 24.4 77,000 100.0 MARQUEE CINEMAS 2019 2029            
 RALEIGH (4) 2003 JOINT VENTURE 35.4 65,000 100.0 FOOD LION 2023 2043            
 RALEIGH 2001 FEE 26.0 85,465 98.4 KROGER 2019 2059            
 RALEIGH (12) 2004 FEE 10.3 101,846 87.6 HARRIS TEETER 2014 2034 ECKERD 2010 2015      
 WILSON (9) (6) 2002 JOINT VENTURE 16.7 167,207 11.4                  
 WINSTON-SALEM 1969 FEE 13.2 137,433 100.0 HARRIS TEETER 2016 2041 DOLLAR TREE 2011 2016 SPORTSMAN'S SUPPLY 2008  
OHIO                            
 AKRON 1975 FEE 6.9 76,438 100.0 GIANT EAGLE 2021 2041            
 AKRON 1988 FEE 24.5 138,363 100.0 GABRIEL BROTHERS 2010 2025 PAT CATANS CRAFTS 2013   ESSENCE BEAUTY MART 2008 2014
 BARBERTON (3) 1972 FEE 10.0 95,452 100.0 GIANT EAGLE 2027 2052            
 BEAVERCREEK 1986 FEE 18.2 148,210 76.5 KROGER 2018 2048 FITWORKS 2007 2013 REVCO 2007 2027
 BRUNSWICK 1975 FEE 20.0 171,223 95.3 KMART 2010 2050 GIANT EAGLE 2006 2036      
 CAMBRIDGE 1997 FEE 13.1 79,165 90.9 TRACTOR SUPPLY CO. 2010 2020            
 CANTON 1972 FEE 19.6 172,419 92.3 BURLINGTON COAT FACTORY 2018 2043 TJ MAXX 2007 2017 PRICELESS KIDS 2007 2012
 CENTERVILLE 1988 FEE 15.2 120,498 81.5 BED BATH & BEYOND 2017 2032 THE TILE SHOP 2014 2024 MICHAEL'S DAY SPA 2016 2026
 CINCINNATI (7) 2000 JOINT VENTURE 36.7 378,901 93.4 WAL-MART 2010 2040 HOBBY LOBBY 2016 2027 DICK'S SPORTING GOODS 2016 2031
 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 1988 FEE 29.2 308,277 75.6 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      
 CINCINNATI 1999 FEE 16.7 89,742 100.0 BIGGS FOODS 2008 2028            
 COLUMBUS (7) 2002 JOINT VENTURE 36.5 254,152 94.9 LOWE'S HOME CENTER 2016 2046 KROGER 2017 2037      
 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 99.1 KOHL'S 2011 2031 STAPLES 2010 2020      
 COLUMBUS 1988 FEE 17.9 129,008 100.0 KOHL'S 2011 2031 GRANT/RIVERSIDE HOSPITAL 2011        
 COLUMBUS 1988 FEE 12.4 135,650 100.0 KOHL'S 2011 2031 CIRCUIT CITY 2019 2039      
 COLUMBUS 1988 FEE 12.5 99,262 100.0 SOUTHLAND EXPO 2006              
 COLUMBUS (7) 1998 JOINT VENTURE 12.1 112,862 97.7 BORDERS BOOKS 2018 2038 PIER 1 IMPORTS 2007 2017 FRANNYS HALLMARK 2009 2014
 COPLEY (8) 2003 JOINT VENTURE 9.4 532,607 99.5 TABANI AKRON 2027 2067 HOME DEPOT 2013 2063 DICK'S SPORTING GOODS 2020 2045
 DAYTON 1969 GROUND LEASE (2043) 22.8 163,131 81.6 BEST BUY 2008 2024 BIG LOTS 2008 2018 JO-ANN FABRICS 2007 2012
 DAYTON 1984 FEE 32.1 213,728 88.4 KROGER 2012 2038 JO-ANN FABRICS 2006 2016 VICTORIA'S SECRET 2009 2019
 DAYTON 1988 FEE 16.9 141,616 80.4 VALUE CITY 2010 2020 DOLLAR GENERAL 2007        
 DAYTON 1988 FEE 11.2 116,374 88.3 VALUE CITY 2010 2015            
 HUBER HEIGHTS (7) 1999 JOINT VENTURE 40.0 318,468 100.0 ELDER BEERMAN 2014 2044 KOHL'S 2015 2035 MARSHALLS 2009 2024
 KENT 1988 GROUND LEASE (2013) 17.6 106,500 100.0 TOPS SUPERMARKET 2026 2096            
 MENTOR 1987 FEE 20.6 103,910 100.0 GABRIEL BROTHERS 2013 2028 BIG LOTS 2014 2034      
 MENTOR 1988 FEE 25.0 235,577 95.6 GIANT EAGLE 2019 2029 BURLINGTON COAT FACTORY 2014   JO-ANN FABRICS 2009 2019
 MIAMISBURG 1999 FEE 0.6 6,000 100.0                  
 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 16.7                    
 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
 SPRINGBORO PIKE 1985 FEE 13.0 120,522 100.0 HOBBY LOBBY 2015 2025 OFFICEMAX 2007   DOLLAR TREE 2008 2018
 SPRINGDALE (7) 2000 JOINT VENTURE 22.0 253,510 79.8 WAL-MART 2015 2045 HH GREGG 2012 2017 SHOE CARNIVAL 2006  
 SPRINGFIELD 1988 FEE 14.3 149,464 100.0 KMART 2010 2030 HOBBY LOBBY 2010 2020      
 UPPER ARLINGTON 1969 FEE 13.3 160,702 100.0 TJ MAXX 2011 2021 THE DUSTY ATTIC 2011 2016 HONG KONG BUFFET 2011  
 WESTERVILLE 1993 FEE 25.4 242,124 91.7 KOHL'S 2016 2036 OFFICEMAX 2007 2022 MARC'S 2015 2025
 WICKLIFFE 1982 FEE 10.0 128,180 97.1 GABRIEL BROTHERS 2008 2023 BIG LOTS 2010   DOLLAR GENERAL 2007  
 WILLOUGHBY HILLS 1988 FEE 14.1 157,424 100.0 VF FACTORY OUTLET 2012 2022 MARCS DRUGS 2012 2017      
OKLAHOMA                            
 NORMAN (7) 2001 JOINT VENTURE 31.3 262,624 93.6 TOYS "R" US 2012 2042 ROSS DRESS FOR LESS 2007 2027 BARNES & NOBLE 2012 2027
 OKLAHOMA CITY 1997 FEE 9.8 103,027 100.0 ACADEMY SPORTS & OUTDOORS 2014 2024            
 OKLAHOMA CITY 1998 FEE 19.8 233,797 99.6 HOME DEPOT 2014 2044 GORDMANS 2013 2033 BEST BUY 2008 2023
 SOUTH TULSA 1996 FEE 0.0 4,090 100.0                  
PENNSLYVANIA                            
 BENSALEM (11) 2004 FEE 31.5 300,188 90.2 HOME DEPOT 2009 2034 BABIES R US 2011 2026 AMC THEATRES 2015 2035
 BLUE BELL 1996 FEE 17.7 120,211 100.0 KOHL'S 2016 2036 HOME GOODS 2013 2033      
 CARLISLE (12) (3) 2004 JOINT VENTURE 9.3 87,022 100.0 NELLS MARKET 2026 2036            
 CARLISLE (13) 2005 JOINT VENTURE 12.2 90,183 100.0 GIANT FOOD 2016 2046            
 CHAMBERSBURG (8) (3) 2004 JOINT VENTURE 12.2 122,396 98.7 GIANT FOOD 2040 2040 CVS 2006 2020      
 CHIPPEWA 2000 FEE 22.4 215,206 100.0 KMART 2018 2068 HOME DEPOT 2018 2068      
 DUQUESNE 1993 FEE 8.8 69,733 58.4 RED, WHITE & BLUE 2006              
 EAGLEVILLE 1973 FEE 15.2 165,385 94.9 KMART 2006 2019 GENUARDI'S 2011 2025      
 EAST NORRITON 1984 FEE 12.5 133,569 100.0 SHOPRITE 2022 2037 STAPLES 2008 2023 JO-ANN FABRICS 2007 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 2012 2022            
 EXTON 1990 FEE 6.1 60,685 100.0 ACME MARKETS 2015 2045            
 EXTON 1996 FEE 9.8 85,184 100.0 KOHL'S 2016 2036            
 FEASTERVILLE 1996 FEE 4.6 86,575 100.0 VALUE CITY 2011 2026            
 GETTYSBURG 1986 FEE 2.3 14,584 100.0                  
 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 MEDIA PLAY 2011 2026 SUPERPETZ 2007 2022
 HARRISBURG 1972 FEE 11.7 121,672 76.0 CINEMA CENTER 2019 2034 BIG LOTS 2010 2020      
 HAVERTOWN 1996 FEE 9.0 80,938 100.0 KOHL'S 2016 2036            
 HORSHAM (13) 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              
 MIDDLETOWN 1986 FEE 4.7 38,953 83.0 US POST OFFICE 2016 2026            
 MONROEVILLE (13) 2005 FEE 13.7 143,200 90.2 PETSMART 2019 2034 BED BATH & BEYOND 2020 2034 MICHAELS 2009 2029
 MONTGOMERY (7) 2002 JOINT VENTURE 45.0 257,565 98.4 GIANT FOOD 2020 2050 BED BATH & BEYOND 2016 2030 COMPUSA 2014 2028
 NEW KENSINGTON 1986 FEE 12.5 108,950 100.0 GIANT EAGLE 2016 2033            
 PHILADELPHIA 2000 FEE 0.9 9,343 100.0                  

Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
       PERCENT 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 




























 PHILADELPHIA (3) 1983 JOINT VENTURE 8.1 213,444 93.1 JC PENNEY 2012 2037 TOYS "R" US 2007 2052      
 PHILADELPHIA 1998 JOINT VENTURE 7.5 75,303 100.0 NORTHEAST AUTO OUTLET 2015 2050            
 PHILADELPHIA (3) 1995 JOINT VENTURE 22.6 277,123 94.7 SUPER FRESH 2022 2047 PETSMART 2006 2016 AMC ORLEANS 8 2006  
 PHILADELPHIA 1996 FEE 6.3 82,345 100.0 KOHL'S 2016 2036            
 PHILADELPHIA 1996 GROUND LEASE (2035) 6.8 133,309 100.0 KMART 2010 2035            
 PIITSBURGH 2004 FEE 46.8 467,927 100.0                  
 POTTSTOWN (8) 2004 FEE 15.7 161,727 97.4 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 (12) 2004 JOINT VENTURE 21.2 94,706 97.9 GIANT FOOD 2023 2053            
 SPRINGFIELD 1983 FEE 19.7 218,907 96.2 VALUE CITY 2013 2043 STAPLES 2008 2023 JO-ANN FABRICS 2006 2016
 UPPER DARBY 1996 JOINT VENTURE 16.3 48,936 88.2 MERCY HOSPITAL 2012 2022 BRIGHTSIDE ACADEMY 2013 2022      
 WAYNESBORO (8) (3) 2004 JOINT VENTURE 15.5 112,149 93.9 MARTIN'S 2010 2025 PEEBLES 2015 2035 DOLLAR TREE 2010 2025
 WEST MIFFLIN 1986 GROUND LEASE (2032) 8.3 84,279 100.0 BIG LOTS 2012 2032            
 WHITEHALL 2005 JOINT VENTURE 15.1 151,273 98.4 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 59,016 95.2 GIANT FOOD 2006 2026 CVS 2006 2020      
 YORK 1986 FEE 3.3 35,500 100.0 GIANT FOOD 2007 2017            
RHODE ISLAND                           
 CRANSTON 1998 FEE 11.0 129,907 94.6 BOB'S STORES 2008 2028 MARSHALLS 2011 2021      
 PROVIDENCE 2003 GROUND LEASE (2022)/JOINT VENTURE 13.0 71,735 100.0 STOP & SHOP 2022 2072            
SOUTH CAROLINA                           
 CHARLESTON 1978 FEE 17.6 157,416 100.0 STEIN MART 2006 2016 BY THE YARD 2011 2016 FLOOR IT NOW 2012  
 CHARLESTON 1995 FEE 17.2 186,740 97.0 TJ MAXX 2009 2014 OFFICE DEPOT 2011 2016 MARSHALLS 2006 2011
 CHARLESTON (8) 2003 JOINT VENTURE 15.7 136,276 99.4 ROSS DRESS FOR LESS 2015 2035 BED BATH & BEYOND 2014 2034 COST PLUS 2014 2029
 FLORENCE 1997 FEE 21.0 113,922 97.2 HAMRICKS 2011   STAPLES 2010 2035 ATHLETE'S FOOT 2007 2017
 GREENVILLE 1997 FEE 20.4 148,532 59.9 BABIES R US 2007 2022            
 GREENVILLE (11) 2004 FEE 31.8 295,928 96.8 INGLES MARKETS 2021 2076 GOODY'S FAMILY CLOTHING 2010 2025 TJ MAXX 2010 2025
 MT PLEASANT (8) 2004 JOINT VENTURE 11.7 116,868 97.7 WHOLE FOODS 2025 2055 STAPLES 2012        
 NORTH CHARLESTON 2000 FEE 27.3 267,632 94.3 SPORTS AUTHORITY 2013 2033 CIRCUIT CITY 2019 2029 MARSHALLS 2008 2013
TENNESSEE                           
 CHATTANOOGA 2002 JOINT VENTURE 5.0 50,000 100.0 HOME GOODS 2010 2020 MICHAELS 2017 2037      
 CHATTANOOGA 1973 GROUND LEASE (2074) 7.6 50,588 95.9 SAVE-A-LOT 2009 2014            
 MADISON (7) 1999 JOINT VENTURE 21.1 189,299 73.2 BEST BUY 2014 2029 GOODY'S FAMILY CLOTHING 2010 2020 OLD NAVY 2009 2019
 MADISON 1978 GROUND LEASE (2039) 14.5 175,593 96.6 OLD TIME POTTERY 2013 2023 WAL-MART 2014 2039      
 MADISON 2004 FEE 25.4 240,318 97.1 JO-ANN FABRICS 2009 2024 CIRCUIT CITY 2009 2039 TJ MAXX 2010 2020
 MEMPHIS (7) 2001 FEE 3.9 40,000 100.0 BED BATH & BEYOND 2012 2027            
 MEMPHIS 2000 FEE 8.8 87,962 100.0 OLD TIME POTTERY 2010 2025            
 MEMPHIS 1991 FEE 14.7 167,243 77.7 TOYS "R" US 2017 2042 OFFICEMAX 2008 2028 KIDS R US 2019 2044
 NASHVILLE (7) 1999 JOINT VENTURE 9.3 99,909 92.5 BEST BUY 2014 2029 OFFICEMAX 2015 2035      
 NASHVILLE 1998 FEE 10.2 109,012 91.3 MARSHALLS 2007   OFFICEMAX 2009 2019 OLD COUNTRY BUFFET 2006 2016
 NASHVILLE 1986 FEE 16.9 172,135 96.6 STEIN MART 2008 2013 ASHLEY FURNITURE HOMESTORE 2012 2022 BED BATH & BEYOND 2013 2028
TEXAS                           
 AMARILLO (7) 1997 JOINT VENTURE 9.3 343,989 99.6 HOME DEPOT 2019 2069 KOHL'S 2025 2055 CIRCUIT CITY 2010 2035
 AMARILLO (7) 2003 JOINT VENTURE 10.6 142,747 97.1 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 (7) 1998 JOINT VENTURE 18.2 191,760 99.1 CIRCUIT CITY 2017 2037 BABIES R US 2012 2027 WORLD MARKET 2011 2026
 AUSTIN 1998 FEE 15.4 157,852 90.5 HEB GROCERY 2006 2026 BROKERS NATIONAL LIFE 2013        
 AUSTIN 2003 JOINT VENTURE 10.8 108,028 100.0 FRY'S ELECTRONICS 2018 2048            
 BAYTOWN 1996 FEE 8.7 86,240 100.0 HOBBY LOBBY 2008 2018 ROSS DRESS FOR LESS 2012 2032      
 BEAUMONT (4) 2002 FEE 11.4 82,000 100.0 ROSS DRESS FOR LESS 2015 2035 BED BATH & BEYOND 2013 2033 SHOE CARNIVAL 2013 2023
 BEAUMONT (4) 2005 FEE 5.6 44,000 100.0 JO-ANN FABRICS 2017 2037 COST PLUS 2016 2031      
 BROWNSVILLE (4) 2005 JOINT VENTURE 30.1                    
 BURLESON (4) 2000 JOINT VENTURE 51.1 61,000 100.0 OLD NAVY 2010 2025 ULTA 2015 2025      
 BURLESON (4) 2003 JOINT VENTURE 13.6 44,000 100.0 OFFICE DEPOT 2020 2040            
 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 2002 JOINT VENTURE 5.0 49,701 100.0 CONN'S 2014 2034            
 DALLAS (8) 2002 JOINT VENTURE 9.6 125,195 89.2 TOM THUMB 2017 2032 TOM THUMB (GAS STATION) 2017 2032      
 DALLAS (5) 1969 JOINT VENTURE 75.0                    
 DALLAS (7) 1998 FEE 6.8 83,867 100.0 ROSS DRESS FOR LESS 2007 2017 OFFICEMAX 2009 2024 BIG LOTS 2012 2032
 EAST PLANO 1996 FEE 9.0 100,598 100.0 HOME DEPOT EXPO 2024 2054            
 FORT WORTH (4) 2003 JOINT VENTURE 45.5 152,000 100.0 MARSHALLS 2015 2035 ROSS DRESS FOR LESS 2016 2041 OFFICE DEPOT 2021 2041
 GARLAND (7) 1998 JOINT VENTURE 6.3 62,000 100.0 OFFICE DEPOT 2011 2021 99 CENTS ONLY STORE 2009 2024      
 GARLAND 1996 FEE 8.8 103,600 100.0 NREL, INC. 2006              
 HARRIS COUNTY (13) 2005 JOINT VENTURE 11.4 144,066 100.0 BEST BUY 2015 2035 LINENS N THINGS 2015 2030 BARNES & NOBLE 2014 2029
 HOUSTON (3) 1998 FEE 40.0 405,161 97.8 OSHMAN SPORTING 2009 2024 HOBBY LOBBY 2012 2022 BEL FURNITURE 2010 2015
 HOUSTON 1997 FEE 8.0 113,831 85.1 HEB PANTRY STORE 2007 2027 PALAIS ROYAL 2007 2022      
 HOUSTON 1999 FEE 5.6 84,188 75.5 OFFICE DEPOT 2007 2022 METROPOLITAN FURNITURE 2013 2023      
 HOUSTON (8) 2003 JOINT VENTURE 17.1 185,332 90.0 ROSS DRESS FOR LESS 2013 2033 OFFICE DEPOT 2012 2032 OLD NAVY 2007 2022
 HOUSTON (4) 2003 JOINT VENTURE 25.4 189,000 100.0 TJ MAXX 2015 2035 ROSS DRESS FOR LESS 2016 2036 BED BATH & BEYOND 2016 2041
 HOUSTON (7) 2002 JOINT VENTURE 54.3 589,201 95.8 LOEWS THEATRES 2017 2047 HOBBY LOBBY 2016 2026 OSHMAN SPORTING 2017 2037
 HOUSTON 1996 FEE 8.2 96,500 100.0 BURLINGTON COAT FACTORY 2019 2034            
 LAKE WORTH (4) 2003 JOINT VENTURE 29.6 220,000 100.0 HOBBY LOBBY 2020 2030 CIRCUIT CITY 2021 2036 ROSS DRESS FOR LESS 2016 2041
 LAREDO (8) (3) 2004 JOINT VENTURE 25.1 251,381 98.6 TOYS "R" US 2018 2068 CINEMARK 2013 2033 LINENS N THINGS 2015 2030
 LEWISVILLE 1998 FEE 11.2 74,837 93.1 BALLY TOTAL FITNESS 2007 2022 TALBOTS OUTLET 2007 2017      
 LEWISVILLE 1998 FEE 7.6 123,560 100.0 BABIES R US 2009 2027 BED BATH & BEYOND 2018 2033 BROYHILL HOME COLLECTIONS 2015 2025
 LEWISVILLE 1998 FEE 9.4 93,668 68.4 DSW SHOE WAREHOUSE 2008 2028 PETLAND 2009 2019      
 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            
 MESQUITE 1998 FEE 15.0 209,766 89.2 BEST BUY 2009 2024 ASHLEY FURNITURE HOMESTORE 2007 2017 PETSMART 2007 2027
 N. BRAUNFELS 2003 JOINT VENTURE 8.6 86,479 100.0 KOHL'S 2014 2064            
 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 24.6 241,097 99.2 BEST BUY 2012 2027 ROSS DRESS FOR LESS 2012 2032 MARSHALLS 2012 2027
 PLANO 2005 FEE 0.0 149,343 100.0 HOME DEPOT 2026              
 RICHARDSON (7) 1998 JOINT VENTURE 11.7 115,579 79.5 OFFICEMAX 2011 2026 BALLY TOTAL FITNESS 2009 2019 FOX & HOUND 2012 2022
 SAN ANTONIO (4) 1999 FEE 21.7 181,000 100.0 HOBBY LOBBY 2018 2033 BEALLS 2014 2024 ENGLAND CUSTOM FURNITURE 2015 2025
 TEMPLE (13) 2005 JOINT VENTURE 27.5 274,786 88.1 HOBBY LOBBY 2021 2036 ROSS DRESS FOR LESS 2012 2037 GOODY'S FAMILY CLOTHING 2011 2021
 WOODLANDS (4) 2002 JOINT VENTURE 34.0 399,000 100.0 BORDERS BOOKS 2024 2044 CINEMARK 2020 2040 TOMMY BAHAMA'S 2015 2030

Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
       PERCENT 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 




























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                           
 ARLINGTON (11) 2004 FEE 16.8 337,429 97.9 COSTCO 2009 2044 MARSHALLS 2010 2025 BEST BUY CO. 2009 2024
 BURKE (10) 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 (12) 2005 JOINT VENTURE 0.2 1,702 100.0                  
 FAIRFAX (7) 1998 JOINT VENTURE 37.0 323,262 100.0 HOME DEPOT 2013 2033 COSTCO 2011 2046 SPORTS AUTHORITY 2008 2013
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.5 4,842 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 3.2 32,000 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.2 2,454 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.4 3,650 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.4 4,261 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.3 3,000 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 1.1 10,578 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 1.0 10,002 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.8 8,000 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.5 5,126 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.7 6,818 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.5 4,800 100.0        ��         
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.3 2,909 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.6 6,000 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 1.1 11,097 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.7 7,200 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.8 8,027 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.6 6,100 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.6 5,540 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.7 7,241 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.3 3,076 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.6 5,892 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.5 5,020 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.7 7,256 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.5 4,828 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.3 3,000 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 3.3 33,179 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.4 3,822 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.3 3,028 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.4 4,352 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.7 7,000 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 1.0 10,125 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 1.0 10,125 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.2 2,170 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.7 7,200 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.2 1,762 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 0.8 7,993 100.0                  
 FREDERICKSBURG (12) 2005 JOINT VENTURE 1.0 10,125 100.0                  
 FREDERICKSBURG (8) 2004 JOINT VENTURE 11.2 141,857 100.0 KMART 2007 2032            
 HARRISONBURG 1993 FEE 5.3                    
 HARRISONBURG (8) (3) 2004 JOINT VENTURE 12.3 150,404 91.3 KOHL'S 2024 2064 TOYS "R" US 2010 2040      
 HARRISONBURG (9) 2002 JOINT VENTURE 14.0 139,956 48.7 FARMER JACK 2007 2037 CVS 2007 2017      
 MANASSAS 1997 FEE 13.5 117,525 99.1 SUPER FRESH 2006 2026 JO-ANN FABRICS 2006 2011      
 MANASSAS (13) 2005 JOINT VENTURE 8.9 107,233 100.0 BURLINGTON COAT FACTORY 2009 2030 AUTO ZONE 2010 2025      
 RICHMOND 2002 FEE 8.5 84,683 100.0 BLOOM BROTHERS FURNITURE 2013 2023            
 RICHMOND 1995 FEE 11.5 128,612 100.0 BURLINGTON COAT FACTORY 2010 2035            
 RICHMOND 2005 GROUND LEASE (2056)/ JOINT VENTURE 14.6 127,801 99.1 UKROP'S 2010 2015 HARLEY DAVIDSON MOTORCYCLES 2006 2009      
 RICHMOND (12) 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 (8) 2005 JOINT VENTURE 30.2 301,923 86.4 MICHAELS 2009 2019 MARSHALLS 2013 2033 ROSS DRESS FOR LESS 2016 2036
 STAFFORD (12) 2005 JOINT VENTURE 0.4 4,211 100.0                  
 STAFFORD (12) 2005 JOINT VENTURE 0.4 4,400 100.0                  
 STAFFORD (12) 2005 JOINT VENTURE 0.7 7,310 100.0                  
 STAFFORD (12) 2005 JOINT VENTURE 0.4 3,549 100.0                  
 STAFFORD (12) 2005 JOINT VENTURE 9.9 101,042 100.0 GIANT FOOD 2027 2072 STAPLES 2017 2032 PETCO SUPPLIES & FISH 2012 2026
 STAFFORD (13) 2005 JOINT VENTURE 30.8 331,730 96.8 SHOPPERS FOOD 2023 2053 TJ MAXX 2016 2036 ROSS DRESS FOR LESS 2015 2035
 STERLING (11) 2004 FEE 103.3 737,503 100.0 WAL-MART 2021 2091 LOWE'S HOME CENTER 2021 2061 SAM'S 2021 2091
 STERLING (8) 2003 JOINT VENTURE 38.1 361,079 98.9 TOYS "R" US 2012 2037 MICHAELS 2011 2026 CIRCUIT CITY 2017 2037
 WOODBRIDGE 1973 GROUND LEASE (2072)/JOINT VENTURE 19.6 189,563 79.5 CAMPOS FURNITURE 2009   SALVATION ARMY 2009 2014 BOOT HILL 2011  
 WOODBRIDGE (7) (3) 1998 JOINT VENTURE 54.0 494,283 97.2 LOWE'S HOME CENTER 2012 2032 SHOPPERS FOOD 2009 2044 BEST BUY 2010 2025
 WOODBRIDGE (8) 2004 JOINT VENTURE 27.6 272,174 87.5 LOWE'S HOME CENTER 2023 2053 ERNIE SULLINS 2006        
WASHINGTON                           
 BELLINGHAM (7) 1998 JOINT VENTURE 20.0 188,885 99.2 BON HOME STORE 2012 2022 BEST BUY 2017 2032 BED BATH & BEYOND 2012 2027
 BELLEVUE (3) 2004 JOINT VENTURE 41.6 432,093 100.0 TARGET 2007 2037 MERVYN'S 2012 2037 NORDSTROM RACK 2012 2022
 FEDERAL WAY (7) 2000 JOINT VENTURE 17.0 200,126 98.0 QFC 2015 2045 JO-ANN FABRICS 2010 2030 BARNES & NOBLE 2011 2026
 SPOKANE (13) 2005 JOINT VENTURE 8.3 129,785 97.2 BED BATH & BEYOND 2011 2026 ROSS DRESS FOR LESS 2009 2019 RITE AID 2009 2039
 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 (4) 2003 JOINT VENTURE 32.5 77,000 100.0 OFFICE DEPOT 2015 2035 PETCO 2015 2025 PARTY CITY 2015 2025
WEST VIRGINIA                           
 CHARLES TOWN 1985 FEE 22.0 209,086 97.6 WAL-MART 2017 2047 STAPLES 2006        
 HUNTINGTON 1993 FEE 19.5 2,400 100.0                  
 MARTINSBURG 1986 FEE 6.0 43,212                   
 SOUTH CHARLESTON 1999 FEE 14.8 188,833 95.8 KROGER 2008 2038 TJ MAXX 2011 2021      
WISCONSIN                           
 RACINE 1988 FEE 14.2 157,150 68.2 PIGGLY WIGGLY 2015 2030 BIG LOTS 2010 2015      
                              
                              
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 31.2 312,331 100.0 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

Back to Contents

   YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
       PERCENT 
      LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION     (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 




























BRITISH COLUMBIA                        
 TILLICUM 2002 JOINT VENTURE 45.7 457,169 99.6 ZELLERS 2013 2098 SAFEWAY 2023 2053 WINNERS (TJ MAXX) 2008 2023
 PRINCE GEORGE 2001 JOINT VENTURE 37.3 372,725 95.2 OVERWAITEE 2018 2028 THE BAY 2013 2083 LONDON DRUGS 2017 2027
 STRAWBERRY HILL 2002 JOINT VENTURE 33.3 332,817 99.2 HOME DEPOT 2016 2041 CINEPLEX ODEON 2014 2024 WINNERS (TJ MAXX) 2009 2024
 MISSION 2001 JOINT VENTURE 25.7 256,592 98.8 OVERWAITEE 2018 2028 FAMOUS PLAYERS 2010 2030 LONDON DRUGS 2019 2046
 ABBOTSFORD 2002 JOINT VENTURE 21.5 215,213 100.0 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 97.6 CANADA SAFEWAY 2011 2061 LONDON DRUGS 2011 2021      
 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) 2007 2017
ONTARIO                       
 THICKSON RIDGE 2002 JOINT VENTURE 36.3 363,039 100.0 WINNERS (TJ MAXX) 2013 2023 FUTURE SHOP (BEST BUY) 2006 2016 SEARS WHOLE HOME 2012 2022
 SHOPPERS WORLD ALBION 2002 JOINT VENTURE 34.9 349,399 100.0 CANADIAN TIRE 2014 2029 FORTINO'S 2010 2030      
 SHOPPERS WORLD DANFORTH 2002 JOINT VENTURE 32.9 328,820 99.8 ZELLERS 2009 2029 DOMINION 2018 2028 BUSINESS DEPOT (STAPLES) 2015 2030
 LINCOLN FIELDS 2002 JOINT VENTURE 29.0 289,531 93.8 WAL MART 2010 2025 LOEB (GROUND) 2009 2024 CAA OTTAWA 2007 2015
 404 TOWN CENTRE 2002 JOINT VENTURE 24.9 249,379 98.7 ZELLERS 2009 2024 A & P 2007 2027 NATIONAL GYM CLOTHING 2019 2024
 SUDBURY 2002 JOINT VENTURE 38.9 389,213 100.0 FAMOUS PLAYERS 2019 2039 BUSINESS DEPOT (STAPLES) 2014 2024 CHAPTERS 2010 2030
 CLARKSON CROSSING 2004 JOINT VENTURE 20.2 201,599 100.0 CANADIAN TIRE 2023 2043 A & P 2023 2048      
 GREEN LANE CENTRE 2003 JOINT VENTURE 16.0 160,231 100.0 LINEN N THINGS 2014 2029 MICHAELS 2013 2033 PETSMART 2014 2039
 KENDALWOOD 2002 JOINT VENTURE 15.6 155,945 96.2 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 2006 2036 FUTURE SHOP (BEST BUY) 2006 2021 PETSMART 2012 2037
 DONALD PLAZA 2002 JOINT VENTURE 9.1 91,462 100.0 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 7.7 77,011 100.0 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 16.4 164,121 100.0 WINNERS (TJ MAXX) 2014   MARK'S WORK WEARHOUSE 2015   SEARS APPLIANCE 2015  
 SUDBURY(4) 2004 JOINT VENTURE 14.1 170,000 100.0 WINNERS (TJ MAXX) 2015   LINEN N THINGS 2016   MICHAELS 2015  
PRINCE EDWARD ISLAND                        
 CHARLOTTETOWN 2002 JOINT VENTURE 39.0 389,936 98.9 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 21.3 213,461 96.4 GUZZO CINEMA 2010 2040 VALUE VILLAGE 2008 2028 IGA 2012 2022
 CHATEAUGUAY 2002 JOINT VENTURE 21.1 211,391 99.2 SUPER C 2008 2028 HART 2015 2025      
                              
MEXICO                          
 SALTILLO PLAZA 2002 JOINT VENTURE 17.5 174,704 99.3 HEB                
 NUEVO LEON 2002 JOINT VENTURE 26.7 267,322 91.9 HEB                
 JUAREZ 2003 JOINT VENTURE 24.0 240,224 81.9 SORIANA                
 SAN LUIS 2004 FEE 12.2 121,943 95.9 HEB                
 ACAPULCO 2005 FEE 17.0 170,223 100.0 WAL-MART                
 CANCUN 2005 FEE 9.2 92,152 87.9 WAL-MART                
 HUEHUETOCA (4) 2004 JOINT VENTURE 9.8 144,000 100.0 WAL-MART                
 REYNOSA (4) 2004 JOINT VENTURE 16.4 326,000 100.0 HEB  ��             
 PACHUCA (4) 2005 JOINT VENTURE 13.7 102,000 100.0 HOME DEPOT                
 SALTILLO (4) 2005 FEE 25.8 149,000 100.0 HEB                
 PACHUCA (4) 2005 FEE 11.2 120,000 100.0 WAL-MART                
 TUXTEPEC (4) 2005 JOINT VENTURE 5.3 104,000 100.0 WAL-MART                
 GUADALAJARA (4) 2005 JOINT VENTURE 24.0 291,000 100.0 WAL-MART                
 GUADALAJARA (4) 2005 JOINT VENTURE 11.5 69,000 100.0 WAL-MART                
 TLALNEPANTLA (4) 2005 JOINT VENTURE 14.7 195,000 100.0 WAL-MART                
 TIJUANA (4) 2005 JOINT VENTURE 38.7 182,000 100.0 WAL-MART                
 MEXICO CITY (4) 2005 FEE 0.9 22,000 100.0 MERCEDES BENZ                
   
 
                        
 TOTAL 744 PROPERTY INTERESTS 11,963 103,284,815                        
   
 
                        
 
ACQUISITIONS SUBSEQUENT TO DECEMBER 31, 2005 THROUGH FEBRUARY 6, 2006
                              
CALIFORNIA                           
 CHICO 2006 FEE 2.0 19,560 100.0                  
 CORNING 2006 FEE 1.1 11,350 100.0                  
 ELK GROVE 2006 FEE 3.0 30,130 100.0                  
 ELK GROVE 2006 FEE 0.8 7,880 100.0                  
 JACKSON 2006 FEE 6.8 67,665 100.0 RALEY'S SUPERMARKETS 2024              
 JACKSON 2006 FEE 9.9 23,100 100.0                  
 MANTECA 2006 FEE 1.9 19,455 100.0                  
 MERCED 2006 FEE 4.0 27,350 100.0                  
 NAPA 2006 FEE 35.0 349,530 100.0 TARGET 2020   HOME DEPOT 2018   RALEY'S SUPERMARKETS 2020  
 POLLOCK PINES 2006 FEE 1.2 12,000 100.0                  
 RED BLUFF 2006 FEE 2.3 23,200 89.7                  
 REDDING 2006 FEE 2.2 21,876 100.0                  
 SACRAMENTO 2006 FEE 2.0 20,103 100.0                  
 STOCKTON 2006 FEE 4.6 45,615 100.0                  
 TRUCKEE 2006 FEE 2.7 26,553 77.5                  
 TURLOCK 2006 FEE 2.2 22,415 100.0                  
                              
HAWAII                          
 KIHEI 2006 FEE 1.8 17,897 100.0                  
                              
NEVADA                          
 RENO 2006 FEE 3.1 31,317 100.0                  
 RENO 2006 FEE 3.7 36,627 100.0                  
                              
TEXAS                          
 HOUSTON 2006 JOINT VENTURE 35.0 350,398 96.5 MICHAELS 2011   MARSHALLS 2011   BED BATH & BEYOND 2012  
 ALLEN 2006 JOINT VENTURE 2.1 21,162 100.0                  
 COLLEYVILLE 2006 JOINT VENTURE 2.0 20,188 100.0                  
                              

Back to Contents

  YEAR
DEVELOPED
OR
ACQUIRED
  OWNERSHIP
INTEREST/
(EXPIRATION)
(2)
  LAND
AREA
(ACRES)
  LEASABLE
AREA
(SQ. FT.)
   MAJOR LEASES
      PERCENT 
     LEASED  LEASE OPTION   LEASE OPTION   LEASE OPTION
 LOCATION    (1) TENANT NAME EXPIRATION EXPIRATION TENANT NAMEEXPIRATION EXPIRATION TENANT NAME EXPIRATION EXPIRATION
 



























DISPOSITIONS SUBSEQUENT TO DECEMBER 31, 2005 THROUGH FEBRUARY 6, 2006
                   
ILLINOIS                 
 CHICAGO1997 FEE 6.0 86,894 100.0 KMART 2024 2054  
                   
NORTH CAROLINA 
                   
 WILSON (9) (6)2002 JOINT VENTURE 16.7 167,207 11.4        
                   
 RETAIL STORE LEASES (14)1995/ 1997 LEASEHOLD  2,009,119 99.9        
                   
OTHER REAL ESTATE INVESTMENTS                 
                   
 AI PORTFOLIO (VARIOUS CITIES)2005 JOINT VENTURE 128.5 5,671,130 100.0 GOODYEAR      
 THREE NON-RETAIL ASSETS2005   20.6 898,288 100.0        
      
 
          
 GRAND TOTAL 847 PROPERTY INTERESTS    12,070 112,814,622(15)         
      
 
          
                   
(1)PERCENT LEASED INFORMATION AS OF DECEMBER 31, 2005 OR DATE OF ACQUISITION IF ACQUIRED SUBSEQUENT TO DECEMBER 31, 2005.
(2)THE TERM "JOINT VENTURE" INDICATES THAT THE COMPANY OWNS THE PROPERTY IN CONJUNCTION WITH ONE OR MORE JOINT VENTURE PARTNERS. 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 UNDEVELOPED LAND.
(6)SOLD OR TERMINATED SUBSEQUENT TO DECEMBER 31, 2005.
(7)DENOTES PROPERTY INTEREST IN KIMCO INCOME REIT ("KIR").
(8)DENOTES PROPERTY INTEREST IN KIMCO RETAIL OPPORTUNITY PORTFOLIO ("KROP").
(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 22 RETAIL STORE LEASES RELATED TO THE ANCHOR STORE PREMISES IN NEIGHBORHOOD AND COMMUNITY SHOPPING CENTERS.
(15)DOES NOT INCLUDE 43 FNC REALTY PROPERTIES COMPRISING OF 803K SQUARE FEET, 156 PREFERRED EQUITY INTERESTS CONSISTING OF APPROXIMATELY 12.1 MILLION SQUARE FEET AND 9.8 MILLION SQUARE FEET OF PROJECTED LEASEABLE AREA RELATED TO THE GROUND-UP DEVELOPMENT PROJECTS.

Executive Officers of the Registrant
The following table sets forth information with respect to the executive officers of the Company as of January 31, 2006.2007.
Name
 
Age
 
Position
 
Since

 
 
 
Milton Cooper 77 Chairman of the Board of
Directors and Chief
Executive Officer
 1991
       
Michael J. Flynn 70 Vice Chairman of the
Board of Directors and
President and Chief
Operating Officer
 1996

1997
       
David B. Henry 57 Vice Chairman of the
Board of Directors and
Chief Investment Officer
 2001
       
Thomas A. Caputo 59 Executive Vice President 2000
       
Glenn G. Cohen 42 Vice President -
Treasurer
 2000
1997
       
Raymond Edwards 43 Vice President –
Retail Property Solutions
 2001
       
Jerald Friedman 61 President, KDI and
Executive Vice President
 2000
1998
       
Bruce M. Kauderer 59 Vice President – Legal
General Counsel and
Secretary
 1995
1997
       
Michael V. Pappagallo 47 Executive Vice President -
Chief Financial Officer
 2005
1997
David B. Henry has been Chief Investment Officer since April 2001 and Vice Chairman of the Board of Directors since May 2001.  Mr. Henry served as the Chief Investment Officer and Senior Vice President of General Electric’s GE Capital Real Estate business and Chairman of GE Capital Investment Advisors for more than five years prior to joining the Company.
Raymond Edwards has been Vice President – Retail Property Solutions since July 2001.  Prior to joining the Company in July 2001, Mr. Edwards was Senior Vice President, Managing Director of SBC Group from 1998 to July 2001. SBC Group is a privately held company that acquires and invests in assets of retail companies.  Previously, Mr. Edwards worked for 13 years at Keen Realty Consultants Inc. responsible for the marketing and disposition of real estate for retail operators including Caldor, Bonwit Teller, Alexander’s and others.
           
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 approximate 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.

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PART II
Item 5. Market for the Registrant’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, 2005.2006. The Company’s common stock was sold for cash at the following offering pricesprice per share:
Offering Date
Offering Price


June 2003
$ 18.36
September 2003
$ 20.42
     
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 under the trading symbol “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
 

 
 
 
 
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(a)
2004:          
First Quarter $25.66 $21.88 $0.285 
Second Quarter $25.60 $19.77 $0.285 
Third Quarter $25.90 $22.42 $0.285 
Fourth Quarter $29.64 $25.27 $0.305 
 

(a)Paid on January 16, 2007, to stockholders of record on January 2, 2007.
(b)Paid on January 17, 2006, to stockholders of record on January 3, 2006.
Holders The number of holders of record of the Company’s common stock, par value $0.01 per share, was 2,2433,530 as of January 31, 2006.2007.
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 $1.35 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 a 14% capital gain to its stockholders and the $1.14 dividend per common share paid during 2004 represented 83% ordinary income and 17% return of capital 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’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’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 Discussion and Analysis of Financial Condition and Results of Operations” and Notes 11 and 1617 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.

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The Company does not believe that the preferential rights available to the holders of its Class F Preferred Stock, the financial covenants contained in its public bond Indenture,Indentures, as amended, or its revolving credit agreements will have an adverse impact on the Company’s ability to pay dividends in the normal course to its common stockholders or to distribute amounts necessary to maintain its qualification as a REIT.
The Company maintains a dividend reinvestment and direct stock purchase plan (the “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, 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, 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 Equity Index”) prepared and published by the National Association of Real Estate Investment Trusts (“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, is not necessarily indicative of future results. All stockholder return performance assumes the reinvestment of dividends.
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.

44


                     
  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 
 

  
Year ended December 31, (2)
 
  
 
  
2005
 
2004
 
2003
 
2002
 
2001
 
  

 

 

 

 

 
  
(in thousands, except per share information)
 
Operating Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from rental property (1)
 
$522,545
 
$507,641
 
$466,225
 
$419,038
 
$415,064
 
Interest expense (3)
 
$127,711
 
$107,177
 
$102,391
 
$84,885
 
$86,088
 
Depreciation and amortization (3)
 
$105,942
 
$99,616
 
$83,212
 
$68,096
 
$65,761
 
Gain on sale of development properties
 
$33,636
 
$16,835
 
$17,495
 
$15,880
 
$13,418
 
Gain on transfer/sale of operating properties,net (3)
 
$2,833
 
$
 
$3,177
 
$
 
$3,040
 
Provision for income taxes
 
$11,254
 
$8,320
 
$8,514
 
$12,904
 
$19,376
 
Income from continuing operations
 
$334,083
 
$281,019
 
$243,586
 
$235,610
 
$210,875
 
Income per common share, from continuing operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$1.42
 
$1.21
 
$1.03
 
$1.04
 
$0.97
 
Diluted
 
$1.40
 
$1.19
 
$1.02
 
$1.03
 
$0.95
 
Weighted average number of shares of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
226,641
 
 
222,859
 
 
214,184
 
 
208,916
 
 
192,634
 
Diluted
 
 
230,868
 
 
227,143
 
 
217,540
 
 
210,922
 
 
202,326
 
Cash dividends declared per common share
 
$1.27
 
$1.16
 
$1.10
 
$1.05
 
$0.98
 
  
December 31,
 
  
 
  
2005
 
2004
 
2003
 
2002
 
2001
 
  

 

 

 

 

 
Balance Sheet Data:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate, before accumulated depreciation
 
$4,560,406
 
$4,092,222
 
$4,174,664
 
$3,398,971
 
$3,201,364
 
Total assets
 
$5,534,636
 
$4,749,597
 
$4,641,092
 
$3,758,350
 
$3,387,342
 
Total debt
 
$2,691,196
 
$2,118,622
 
$2,154,948
 
$1,576,982
 
$1,328,079
 
Total stockholders' equity
 
$2,387,214
 
$2,236,400
 
$2,135,846
 
$1,908,800
 
$1,892,647
 
Cash flow provided by operations
 
$410,797
 
$365,176
 
$308,632
 
$278,931
 
$287,444
 
Cash flow used for investing activities
 
$(716,015)$(299,597)$(637,636)$(396,655)$(150,059)
Cash flow provided by (used for) financing activities
 
$343,271
 
$(75,647)$341,330
 
$59,839
 
$(62,635)

(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 the years ended December 31, 2006, 2005, 2004 2003 and 20022003 and properties classified as held for sale as of December 31, 2005,2006, which are reflected in discontinued operations in the Consolidated Statements of Income.
(3)Does not include amounts reflected in discontinued operations.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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 February 6, 2006,January 31, 2007, the Company had interests in 1,0461,348 properties totaling approximately 135.5175.4 million square feet of GLA located in 4445 states, Canada, Mexico and Mexico.
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”), which became effective January 1, 2001, the Company is now permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust (“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 Kimco Developers, Inc. (“KDI”)KDI subsidiary, which is 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 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 20052006 performance, the Board of Directors increased the quarterly dividend per common share to $0.33$0.36 from $0.305,$0.33, effective for the fourththird quarter of 2005.2006.
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”) 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”). 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 statements, management has made its best estimates and assumptions that affect the

46


reported amounts of assets and liabilities. These estimates are based on, but not limited to, historical results, industry standards and current economic conditions, giving due

consideration to materiality. The most significant assumptions and estimates relate to revenue recognition and the recoverability of trade accounts receivable, depreciable lives, and valuation of real estate.estate and 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.
     
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 of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships) and assumed debt in accordance with Statement of Financial Accounting Standards (“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
 
Buildings15 to 50 years


Fixtures, building and leasehold improvements
(including (including certain identified intangible assets)
 Terms of leases or useful lives,
whichever is shorter
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.completion and projects which the Company may hold as long-term investments. These assets are carried at cost and no depreciation is recorded.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 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.

47



     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 20052006 to 20042005
Revenues from rental property increased $14.9$88.3 million or 2.9%17.5% to $522.5$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 2005 and 2006, 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% 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 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.
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.
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-payment 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 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 to the growth of the Company.
Interest, dividends and other investment income increased approximately $26.1 million for the year ended December 31, 2006, as compared to the corresponding period in 2005. This

48


increase is primarily due to greater realized gains on the sale of certain marketable securities and increased interest and dividend income as a result of higher cash balances and the growth in the marketable securities portfolio during 2006 and 2005.
Interest expense increased $46.0 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.
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 million to $106.9 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 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-rata share of gains to the Company were $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 2005 and 2006.
During 2006, KDI sold six recently completed 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, sold in separate transactions, 41 out-parcels and six recently completed 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 2005 and 2006, (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


partially offset by, (vi) an increase in interest expense due to higher interest rates and increased borrowings during 2006.
Comparison 2005 to 2004
Revenues from rental property increased $14.7 million or 3.0% to $505.6 million for the year ended December 31, 2005, as compared with $507.6$490.9 million for the year ended December 31, 2004. This net increase resulted primarily from the combined effect of (i) acquisitions during 2005 and 2004 providing incremental revenues of $33.8 million for the year ended December 31, 2005, and (ii) an overall increase in shopping center portfolio occupancy to 94.6% at December 31, 2005, as compared to 93.6% at December 31, 2004 and the completion of certain redevelopment projects and tenant buyouts providing incremental revenues of approximately $18.1 million for the year ended December 31, 2005, as compared to the corresponding periods last year,period in 2004, offset by (iii) a decrease in revenues of approximately $37.0$37.2 million for the year ended December 31, 2005, as compared to the corresponding period last year,in 2004, resulting from the sale of certain properties and the transfer of operating properties to various unconsolidated joint venture entities during 2005 and 2004.
Rental property expenses, including depreciation and amortization, increased approximately $14.0$13.5 million or 6.1% to $243.9$235.1 million for the year ended December 31, 2005, as compared with $229.9$221.6 million for the preceding year. These increases are primarily due to operating property acquisitions during 2005 and 2004, which were partially offset by property dispositions and operating properties transferred to various unconsolidated joint venture entities.
Mortgage and other financing income increased $12.6 million to $27.6 million for the year ended December 31, 2005, as compared to $15.0 million for the year ended December 31, 2004. This increase primarily relates to a $14.0 million prepayment fee received by the Company relating to the early repayment by Shopko of its outstanding loan with the Company.
Management and other fee income increased approximately $5.0 million to $30.5 million for the year ended December 31, 2005, as compared to $25.4$25.5 million in the corresponding period in 2004. This increase is primarily due to incremental fees earned from growth in the co-investment programs.
General and administrative expenses increased approximately $12.6$13.3 million to $56.8 million for the year ended December 31, 2005, as compared to $44.2$43.5 million in the preceding calendar year. This increase is primarily due to (i) a $1.4 million increase in professional fees, due in part to compliance with section 404 of the Sarbanes-Oxley Act, (ii) a $3.0 million increase due to the non-cash expensing of the value attributable to stock options granted and (iii) increased personnel and systems related costs associated with the growth of the Company.
Interest, dividends and other investment income increased approximately $9.6 million to $28.4$28.3 million for the year ended December 31, 2005, as compared to $18.7 million in 2004. This increase is primarily due to greater dividend income and realized gains on the sale

of certain marketable securities during 2005 as compared to the preceding year.
Interest expense increased $20.5$20.7 million to $127.7$126.9 million for the year ended December 31, 2005, as compared with $107.2$106.2 million for the year ended December 31, 2004. This increase is primarily due to an overall increase in average borrowings outstanding during the year ended December 31, 2005, as compared to the preceding year, resulting from the funding of investment activity during 2005.
Income from other real estate investments increased $27.8$26.6 million to $57.9$56.7 million for the year ended December 31, 2005, as compared to $30.1 million for the preceding year. This increase is primarily due to increased investment in the Company’s Preferred Equity program, which contributed income of $32.8 million during 2005, including an aggregate of approximately $12.6 million of promoted interestsprofit participation earned from six capital transactions during 2005, as compared to $11.4 million in 2004.
Equity in income of real estate joint ventures, net increased $21.1 million to $77.5 million for the year ended December 31, 2005, as compared with $56.4 million for the corresponding period in 2004. This increase is primarily attributable to (i) the increased equity in income from the Kimco Income REIT joint venture investment (“KIR”)KIR resulting from the sale of two operating properties during 2005 which provided an aggregate gain of $20.2 million, of which the pro-rata share to the Company was $8.7 million, (ii) increased equity in income in three

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joint venture investments resulting from the sale of two operating properties and one development property during 2005, which provided aggregate gains of approximately $17.9 million, of which the pro-rata share to the Company was approximately $8.8 million, and (iii) 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 throughout 2005 and 2004.
During 2005, KDI, the Company’s wholly-owned development taxable REIT subsidiary, in separate transactions, sold six recently completed projects and 41 out-parcels for approximately $264.1 million. These sales provided gains of approximately $22.8 million, net ofafter income taxes of approximately $10.8 million.
During 2004, KDI, the Company’s wholly-owned development taxable REIT subsidiary, in separate transactions, sold five recently completed projects, three completed phases of projects and 28 out-parcels for approximately $169.4 million. These sales provided gains of approximately $12.4 million, net ofafter income taxes of approximately $4.4 million.
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 for an aggregate price of approximately $49.0 million, (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.
During 2004, the Company (i) disposed of, in separate transactions, 16 operating properties and one ground lease 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; cash proceeds of approximately $16.9 million from the sale of two of these properties were used in a 1031 exchange to acquire shopping center properties located in Roanoke, VA, and Tempe, AZ, (ii) transferred 17 operating properties to KROP for an aggregate price of approximately $197.9 million and (iii) transferred 21 operating properties to various co-investment ventures in which the Company has non-controlling interests ranging from 10% to 30% for an aggregate price of approximately $491.2 million. For the year ended December 31, 2004, these dispositions resulted in gains of approximately $15.8 million and a loss on sale from three of the properties of approximately $5.1 million.
As part of the Company’s periodic assessment 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, the Company determined in 2004 that its investment in an operating property comprised of approximately 0.1 million square feet of GLA, with a net book value of $3.8 million, might not be fully recoverable. Based upon management’s assessment of current market conditions and lack of demand for the property, the Company reduced its anticipated holding period of this investment. As a result of the reduction in the anticipated holding period, together with reassessment of the potential future operating cash flow for the property and the effects of current market conditions, the Company determined that its investment in this asset was

not fully recoverable and recorded an adjustment of property carrying value of approximately $3.0 million in 2004.  This adjustment was included, along with the related property operations in the line Income from discontinued operating properties, in the Company’s Consolidated Statements of Income.
For those property dispositions for which SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (“SFAS No. 144”) is applicable, the operations and gain or loss on the sale of the property have been included in the caption Discontinued operations in the Company’s Consolidated Statements of Income.
Net income for the year ended December 31, 2005, was $363.6 million, compared to $297.1 million for the year ended December 31, 2004.  On a diluted per share basis, net income increased $0.26 to $1.52 for the year ended December 31, 2005, as compared to $1.26 for the previous year.  This increase is attributable to (i) increased income from other real estate investments, primarily from the Company’s Preferred Equity program, (ii) an increase in equity in income of real estate joint ventures achieved from gains on sales of joint venture operating properties and additional capital investments in the Company’s joint venture programs for the acquisition of additional shopping center properties throughout 2005 and 2004, (iii) increased income contributed from mortgage and other financing receivables as compared to last year and (iv) increased gains on sale/transfer of development and operating properties during 2005, as compared to the same period during 2004.
Comparison 2004 to 2003
Revenues from rental property increased $41.4 million or 8.9% to $507.6 million for the year ended December 31, 2004, as compared with $466.2 million for the year ended December 31, 2003.  This net increase resulted primarily from the combined effect of (i) acquisitions during 2004 and 2003 providing incremental revenues of $40.4 million for the year ended December 31, 2004, and (ii) an overall increase in shopping center portfolio occupancy to 93.6% at December 31, 2004, as compared to 90.7% at December 31, 2003 and the completion of certain redevelopment projects and tenant buyouts providing incremental revenues of approximately $16.6 million for the year ended December 31, 2004, as compared to the corresponding periods last year, offset by (iii) a decrease in revenues of approximately $15.6 million for the year ended December 31, 2004, as compared to the corresponding period last year, resulting from the sale of certain properties and the transfer of operating properties to various unconsolidated joint venture entities during 2004 and 2003.
Rental property expenses, including depreciation and amortization, increased approximately $26.3 million or 12.9% to $229.9 million for the year ended December 31, 2004, as compared with $203.5 million for the preceding year. This increase was primarily due to operating property acquisitions during 2004 and 2003, which were partially offset by property dispositions and operating properties transferred to various unconsolidated joint venture entities.
Mortgage and other financing income decreased $3.8 million to $15.0 million for the year ended December 31, 2004, as compared to $18.9 million for the year ended December 31, 2003. This decrease was primarily due to lower interest and financing income earned related to certain real estate lending activities during 2004 as compared to the preceding year.
Management and other fee income increased approximately $10.1 million to $25.4 million for the year ended December 31, 2004, as compared to $15.3 million in the corresponding period in 2003. This increase was primarily due to incremental fees earned from growth in the co-investment programs and fees earned from disposition services provided to various retailers.
General and administrative expenses increased approximately $5.9 million to $44.2 million for the year ended December 31, 2004, as compared to $38.3 million in the preceding calendar year. This increase was primarily due to (i) a $0.9 million increase in professional fees, mainly attributable to compliance with section 404 of the Sarbanes-Oxley Act, (ii) a $1.6 million increase due to the expensing of the value attributable to stock options granted, (iii) increased staff levels related to the growth of the Company and (iv) other personnel-related costs, associated with a realignment of our regional operations.
Other income/(expense), net increased approximately $14.2 million to $10.1 million for the year ended December 31, 2004, as compared to the preceding year. This increase was primarily due to a prior-year write-down in the carrying value of the Company’s equity investment in Frank’s Nursery, Inc., offset by increased income in 2004 from other equity investments.

Interest expense increased $4.8 million to $107.2 million for the year ended December 31, 2004, as compared with $102.4 million for the year ended December 31, 2003. This increase was primarily due to an overall increase in average borrowings outstanding during the year ended December 31, 2004, as compared to the preceding year, resulting from the funding of investment activity during 2004.
During 2003, the Company reached agreement with certain lenders in connection with three individual non-recourse mortgages encumbering three former Kmart sites. The Company paid approximately $14.2 million in full satisfaction of these loans, which aggregated approximately $24.0 million. As a result of these transactions, the Company recognized a gain on early extinguishment of debt of approximately $9.7 million during 2003.
Income from other real estate investments increased $7.3 million to $30.1 million for the year ended December 31, 2004, as compared to $22.8 million for the preceding year. This increase was primarily due to increased investment in the Company’s Preferred Equity program, which contributed income of $11.4 million during 2004, as compared to $4.6 million in 2003.
Equity in income of real estate joint ventures, net increased $14.1 million to $56.4 million for the year ended December 31, 2004, as compared with $42.3 million for the preceding year. This increase was primarily attributable to the equity in income from the increased investment in the RioCan joint venture investment (“RioCan Venture”), the Kimco Retail Opportunity Portfolio joint venture investment (“KROP”) and the Company’s growth of its various other real estate joint ventures. The Company had made additional capital investments in these and other joint ventures for the acquisition of additional shopping center properties throughout 2004 and 2003.
During 2004, KDI, the Company’s wholly-owned development taxable REIT subsidiary, in separate transactions, sold 28 out-parcels, three completed phases of projects and five recently completed projects for approximately $169.4 million. These sales provided gains of approximately $12.4 million, net of income taxes of approximately $4.4 million.
During the year ended December 31, 2003, KDI sold four projects and 26 out-parcels, in separate transactions, for approximately $134.6 million which resulted in gains of approximately $10.5 million, net of income taxes of $7.0 million.
During 2004, the Company (i) disposed of, in separate transactions, 16 operating properties and one ground lease 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; cash proceeds of approximately $16.9 million from the sale of two of these properties were used in a 1031 exchange to acquire shopping center properties located in Roanoke, VA, and Tempe, AZ, (ii) transferred 17 operating properties to KROP for an aggregate price of approximately $197.9 million and (iii) transferred 21 operating properties to various co-investment ventures in which the Company has non-controlling interests ranging from 10% to 30% for an aggregate price of approximately $491.2 million. For the year ended December 31, 2004, these dispositions resulted in gains of approximately $15.8 million and a loss on sale from three of the properties of approximately $5.1 million.
As part of the Company’s periodic assessment 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, the Company determined in 2004 that its investment in an operating property comprised of approximately 0.1 million square feet of GLA, with a net book value of $3.8 million, might not be fully recoverable. Based upon management’s assessment of current market conditions and lack of demand for the property, the Company reduced its anticipated holding period of this investment. As a result of the reduction in the anticipated holding period, together with reassessment of the potential future operating cash flow for the property and the effects of current market conditions, the Company determined that its investment in this asset was not fully recoverable and recorded an adjustment of property carrying value of approximately $3.0 million in 2004. This adjustment was included, along with the related property operations in the line Income from discontinued operating properties, in the Company’s Consolidated Statements of Income.
During 2003, the Company disposed of, in separate transactions, (i) ten operating shopping center properties for an aggregate sales price of approximately $119.1 million, including the assignment of approximately $1.7 million of mortgage debt encumbering one of the properties, (ii) two regional malls for an aggregate sales price of approximately $135.6

million, (iii) one out-parcel for a sales price of approximately $8.1 million, (iv) transferred three operating properties to KROP for a price of approximately $144.2 million, (v) transferred an operating property to a newly formed joint venture in which the Company has a non-controlling 10% interest for a price of approximately $21.9 million and (vi) terminated four leasehold positions in locations where a tenant in bankruptcy had rejected its lease. These transactions resulted in gains of approximately $50.8 million.
During 2003, the Company identified two operating properties, comprised of approximately 0.2 million square feet of GLA, as “Held for Sale” in accordance with SFAS No. 144.  The book value of these properties, aggregating approximately $19.5 million, net of accumulated depreciation of approximately $2.0 million, exceeded their estimated fair value.  The Company’s determination of the fair value of these properties, aggregating approximately $15.4 million, was based upon contracts of sale with third parties less estimated selling costs.  As a result, the Company recorded an adjustment of property carrying values of $4.0 million.  This adjustment was included, along with the related property operations for the current and comparative years, in the caption Income from discontinued operations in the Company’s Consolidated Statements of Income.
For those property dispositions for which SFAS No. 144 was applicable, the operations and gain or loss on the sale of the property have been included in the caption Discontinued operations in the Company’s Consolidated Statements of Income.
Income from continuing operationsNet income for the year ended December 31, 2004,2005, was $281.0,$363.6 million, compared to $243.6$297.1 million for the year ended December 31, 2003.2004. On a diluted per share basis, net income from continuing operations improved $0.17increased $0.26 to $1.19$1.52 for the year ended December 31, 2004,2005, as compared to $1.02$1.26 for the precedingprevious year. This improved performance was primarilyincrease is attributable to (i) the incremental operating resultsincreased income from other real estate investments, primarily from the acquisition of operating properties during 2004 and 2003, including the Mid-Atlantic Realty Trust transaction,Company’s Preferred Equity program, (ii) an increase in equity in income of real estate joint ventures resultingachieved from gains on sales of joint venture operating properties and additional capital investments in the RioCan Venture, KROP and otherCompany’s joint venture investmentsprograms for the acquisition of additional shopping center properties duringthroughout 2005 and 2004, and 2003, (iii) an increase in managementincreased income contributed from mortgage and other fee income related to the growth in the co-investment programs, (iv) increased income from other real estate investments and (v) significant leasing within the portfolio, which improved operating profitability.
Net income for the year ended December 31, 2004, was $297.1 million, compared to $307.9 million for the year ended December 31, 2003. On a diluted per share basis, net income decreased $0.05 to $1.26 for the year ended December 31, 2004,financing receivables as compared to $1.31 for thelast year ended December 31, 2003. This decrease was primarily attributable to lower income from discontinued operationsand (iv) increased gains on sale/transfer of $48.2 million for the year ended December 31, 2004,development and operating properties during 2005, as compared to the preceding year due to property salessame period during 2004 and 2003 and gains on early extinguishment of debt during 2003. In addition, the diluted per share results for the year ended December 31, 2003, were decreased by a reduction in net income available to common stockholders of $0.04 resulting from the deduction of original issuance costs associated with the redemption of the Company’s 7¾% Class A, 8 1/2% Class B and 8 3/8% Class C Cumulative Redeemable Preferred Stocks during the second quarter of 2003.2004.
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

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single property, and a large tenant base. At December 31, 2005,2006, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Royal Ahold,Wal-Mart, which represented approximately 3.6%3.5%, 3.2%, 2.7%2.9%, 2.5%, 2.2% and 2.0%2.1%, 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.
Liquidity and Capital Resources
The Company’s cash flow activities are summarized as follows (in millions):
 
Year Ended December 31,
 
 
             
 
2005
 
2004
 
2003
  Year Ended December 31,
 

 

 

  2006 2005 2004
Net cash flow provided by operating activities $410.8 $365.2 $308.6  $455.6 $410.8 $365.2 
Net cash flow used for investing activities $(716.0)$(299.6)$(637.6) $(246.2) $(716.0) $(299.6)
Net cash flow provided by (used for) financing activities $343.3 $(75.6)$341.3  $59.4 $343.3 $(75.6)

Operating Activities
The Company anticipates that cash flows from operations 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, 2005,2006, was primarily attributable to (i) cash flow from the diverse portfolio of rental properties, (ii) the acquisition of operating properties during 20042005 and 2005,2006, (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
     
Acquisitions and Redevelopments
During the year ended December 31, 2005,2006, the Company expended approximately $376.0$484.8 million 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.)
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, 2005,2006, the Company expended approximately $55.5$62.2 million in connection with these major redevelopments and re-tenanting projects. The Company anticipates its capital commitment toward these and other redevelopment projects during 20062007 will be approximately $90.0$125.0 million to $110.0$150.0 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, 2005,2006, the Company expended approximately $267.3$472.7 million for investments and advances to real estate joint ventures and received approximately $130.6$183.4 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 consists of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiary, KDI, which develops 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. All ground-up development projects generally have substantial pre-leasing prior to the commencement of construction. As of December 31, 2005,2006, the Company had in progress a total of 3845 ground-up development projects including 2623 merchant building projects, fivesix domestic ground-up development projects, sixand 16 ground-up development projects located throughout Mexico and one ground-up development project located in Canada.Mexico.

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During the year ended December 31, 2005,2006, the Company expended approximately $452.7$619.1 million in connection with the purchase of land and construction costs related to these projects and those sold during 2005.2006. These projects are currently proceeding on schedule and substantially in line with the Company’s budgeted costs. The Company anticipates its capital commitment during 20062007 toward these and other development projects will be approximately $300$550 million to $350$600 million. The proceeds from the sales of the completed ground-up development projects, 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. (See Note 3 of the Notes to the Consolidated Financial Statements included in this annual report on Form 10-K.)
     
Dispositions and Transfers
During the year ended December 31, 2005,2006, the Company received net proceeds of approximately $348.4$342.8 million relating to the sale of various operating properties and ground-up development projects and approximately $128.5 million$1.2 billion 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
It is management’s intention that the Company continually have 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, 2005,2006, the Company’s level of debt to total market capitalization was 26%23%. 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, seek to obtain funds through additional 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’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 $4.2 billion$4.9 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.
The Company has an $850.0 million unsecured revolving credit facility, which is scheduled to expire in July 2008. This credit facility has made available funds to both finance the purchase of properties and other investments and meet any short-term working capital requirements. As of December 31, 2005,2006, there was $200.0 millionno outstanding balance under this credit facility.
During September 2004, theThe Company entered intoalso has a three-year Canadian denominated (“CAD”) $150.0CAD $250.0 million unsecured credit facility with a group of banks. This facility bearsbore interest at the CDOR Rate, as defined, plus 0.50%, and is scheduled to expire in September 2007.  During March 2005, this facility was increased to CAD $250.0 million and the scheduled maturity date was extended to March 2008. During January 2006, 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. Proceeds from this facility will beare used for general corporate purposes, including the funding of Canadian denominated investments. As of December 31, 2005,2006, there was CAD $110.0 million (approximately USD $94.7 million)no outstanding balance under this credit facility.
During May 2005,Additionally, the Company entered intohas a three-year Mexican Peso denominated (“MXP”)MXP 500.0 million unsecured revolving credit facility. This facility bears interest at the TIIE Rate, as defined therein, plus 1.00% and is scheduled to expire in May 2008. Proceeds from this facility will beare used to fund peso denominated investments. As of December 31, 2005,2006, there was MXP 500.0 million (approximately USD $46.7 million)no outstanding balance under this credit facility.
The Company has a 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. As of December 31, 2005, the Company had $250.0 million available for issuance under the MTN program.  (See Note 11 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
During March 2006, the Company issued $300.0 million of fixed rate unsecured senior notes

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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 amortized 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. As a result of the amended covenants, the Company has increased its borrowing capacity by approximately $2.0 billion.
During August 2006, Kimco North Trust III, a wholly-owned subsidiary 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 existing credit facilities, to fund long-term investments in Canadian real estate and for general corporate purposes.
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. These notes bear interest at fixed rates ranging from 4.70% to 7.95% per annum and have maturity dates ranging from June 29, 2007 to September 1, 2015 (see Recent Developments — Operating Real Estate Joint Venture Investments — Pan Pacific Retail Properties Inc. and Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).
During 2006, the Company repaid its $30.0 million 6.93% fixed rate notes, which matured on July 20, 2006, $100.0 million floating rate notes, which matured on August 1, 2006, and $55.0 million 7.50% fixed rate notes, which matured on November 5, 2006.
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. As of December 31, 2005,2006, the Company had over 380390 unencumbered property interests in its portfolio.
During March 2006, the Company completed a primary public stock offering of 10,000,000 shares of 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 July 2005,March 2006, the shareholders of Atlantic Realty approved a 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. (See Note 17 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
During May 2006, the Company filed a shelf registration statement on Form S-3S-3ASR, which is effective for upa term of three years, for the unlimited future offerings, from time to $1.0 billiontime, of debt securities, preferred stock, depositary shares, common stock and common stock warrants.  As of December 31, 2005,
On September 25, 2006, Pan Pacific stockholders approved the proposed merger with the Company had $750.0and the closing occurred on October 31, 2006. Under the terms of the merger agreement, the Company agreed to acquire all of the outstanding shares of Pan Pacific for a 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. As such, the Company issued 9,185,847 million available for issuance undershares of Common Stock valued at approximately $407.7 million (see Note 7 of the Notes to Consolidated Financial Statements included in this shelf registration statement.annual report on Form 10-K).
During 2006, the Company received approximately $43.8 million through employee stock option exercises and the dividend reinvestment program.

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In connection with its intention to continue to qualify as a REIT for federal income tax purposes, the Company expects to continue paying regular dividends to its stockholders. These dividends will be paid from operating cash flows, which are expected to increase due to property acquisitions, growth in operating income in the existing portfolio and 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 $332.6 million in 2006, compared to $293.3 million in 2005 compared toand $265.3 million in 2004 and $246.3 million in 2003.
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 29 years. As of December 31, 2005,2006, the Company’s total debt had a weighted average term to maturity of approximately 4.95.7 years. In addition, the Company has non-cancelable operating leases pertaining to its shopping center portfolio. As of December 31, 2005,2006, the Company has 6082 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 2220 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, 20052006 (in millions):
 
2006
 
2007
 
2008
 
2009
 
2010
 
Thereafter
 
Total
                             
 

 

 

 

 

 

 

  2007 2008 2009 2010 2011 Thereafter Total
Long-Term Debt $286.8 $290.3 $555.3 $201.9 $198.8 $1,158.1 $2,691.2  $457.0 $302.0 $254.5 $241.4 $410.2 $1,922.2 $3,587.3 
Operating Leases                
Ground Leases $11.3 $10.6 $10.5 $10.0 $8.3 $140.8 $191.5  $14.9 $14.8 $14.3 $12.4 $10.1 $175.8 $242.3 
Retail Store Leases $5.2 $4.4 $3.3 $2.4 $2.0 $2.0 $19.3  $4.6 $4.0 $3.6 $3.2 $2.6 $2.2 $20.2 
The Company has $185.0$250.0 million of medium term notes, $14.1$42.8 million of mortgage debt and $87.7$164.2 million of construction loans maturing in 2006.2007. 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 $34.8$34.9 million.
During October 2006, the Company closed on the Pan Pacific merger, which had a total value of approximately $4.1 billion. 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 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, PREI, as defined below, guaranteed reimbursement to the Company of 85% of any guaranty payment the Company is obligated to make. The Company evaluated 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.
Immediately following 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 approximate $1.6 billion of non-recourse mortgage debt and the $1.2 billion credit

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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, with a total aggregate investment of approximately $194.8 million, and will account for these investments under the equity method of accounting. In addition, the Company will manage the portfolios and earn acquisition fees, leasing commissions, property management fees and construction management fees.
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, there was CAD $40.0 million (approximately USD $35.8 million) outstanding on this construction loan.
Additionally, during 2006, KROP obtained a one year $15.0 million unsecured term loan, which bears 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.
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, there were approximately $92.5 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 million) letter of credit facility. This facility is jointly guaranteed by RioCan and the Company and had approximately CAD $4.6$3.9 million (approximately USD $4.0$3.4 million) outstanding as of December 31, 2005,2006, relating to various development projects.  In addition to the letter of credit facility, various additional Canadian development projects in which the Company holds interests ranging from 33 1/3% to 50% have letters of credit issued aggregating approximately CAD $3.5 million (approximately USD $3.0 million) at December 31, 2005.
During 2005, a joint venture entity in which the Company has a non-controlling interest obtained a CAD $22.5 million (approximately USD $19.3 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”) plus 0.5% per annum and is scheduled to mature in May 2007. The Company and its partner in this entity each have a limited and several guarantee of CAD $7.5 million (approximately USD $64.3 million) on this facility. As of December 31, 2005,2006, there was noCAD $21.0 million (approximately USD $18.0 million) outstanding balance on this facility.
During 2005, PL Retail entered into a $39.5 million unsecured revolving credit facility, which bears interest at LIBOR plus 0.675% and was scheduled to mature in February 2007. During 2007, the loan was extended to February 2008 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, there was $39.5 million outstanding under this facility.
DuringAdditionally, 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 afour individual one-year loans aggregating $20.4 million with interest rates ranging from LIBOR plus 0.50% to LIBOR plus 0.55%. During 2006, these term loanloans were extended for an additional year. These loans are jointly and severally guaranteed by the Company and the joint venture partner.
During 2006, the Company obtained construction financing on twothree ground-up development projects for an aggregate netoriginal loan commitment amount of up to $50.5$83.8 million of which approximately $22.4$36.0 million was outstanding at December 31, 2005.2006. As of December 31, 2005,2006, the Company had 15a total of 13 construction loans with total commitments of up to $343.5$330.9 million of which $228.5$271.0 million had been funded to the Company. These loans had maturities ranging from 4two months to 31 months and interest rates ranging from 6.04%6.87% to 6.64%7.32% at December 31, 2005.2006.
Off-Balance Sheet Arrangements
     
Ground-Up Development Joint Ventures

At December 31, 2005,2006, the Company has three ground-up development projects through unconsolidated joint ventures in which the Company has 50% non-controlling interests. TheTwo projects are financed with individual non-recourse construction loans and one term loan with total aggregate loan commitments of up to $219.6$249.4 million of which $58.8$128.6 million has been funded. These loans have variable interest rates ranging from 4.89%5.82% to 8.25% at December 31, 20052006, and maturities ranging from 4four months to 1810 months.

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Unconsolidated Real Estate Joint Ventures
The Company has investments in various unconsolidated real estate joint ventures with varying structures.  These investments include the Company’s 43.3% non-controlling interest in KIR, the Company’s 50% non-controlling interest in the RioCan Venture, the Company’s 20% non-controlling interest in KROP, the Company’s 15% non-controlling interest in Price Legacy and varying non-controlling interests in other real estate joint ventures. 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.documents (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 
 
(a)Ownership % is a blended rate.
(b)KROP has entered into a series of interest rate cap agreements to mitigate the impact of changes in interest rates on its variable-rate mortgage agreements. Such mortgage debt is collateralized by the individual shopping center property and is payable in monthly installments of principal and interest.
(c)See Contractual Obligations and Other Commitments regarding guarantees by the Company and its joint venture partners.
The KIR joint venture was established for the purpose of investing in high qualityCompany has various other unconsolidated real estate properties financed primarilyjoint ventures with individual non-recourse mortgages.  The Company believes that these properties are appropriate for financing with greater leverage than the Company traditionally uses.varying structures. As of December 31, 2005, KIR had interests in 68 properties comprising 14.2 million square feet of GLA.  As of December 31, 2005, KIR2006, these unconsolidated joint ventures had individual non-recourse mortgage loans ofaggregating approximately $1.1 billion on 65 of these properties.  These non-recourse mortgage loans have maturities ranging from less than one year to 14 years and rates ranging from 4.99% to 8.52%.  As of December 31, 2005, the$2.2 billion. The Company’s pro-rata share of these non-recourse mortgages relating to the KIR joint venture was approximately $485.4$734.1 million. (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
     Other Real Estate Investments
The RioCan Venture was established with RioCan Real Estate Investment TrustCompany maintains a Preferred Equity program, which provides capital to acquire propertiesdevelopers and development projects in Canada.owners of real estate properties. The Company accounts for its preferred equity investments under the equity method of accounting. As of December 31, 2005,2006, the RioCan Venture consisted of 34 shopping center properties and one development project withCompany’s net investment under the Preferred Equity Program was approximately 8.1$400.4 million square feet of GLA.relating to 215 properties. As of December 31, 2005, the RioCan Venture had individual, non-recourse mortgage loans on 33 of2006, these preferred equity investment properties and a construction loan on its development property aggregating approximately CAD $706.3 million (USD $607.8 million).  These loans have maturities ranging from less than one year to 28 years and rates ranging from 3.91% to 9.05%.  As of December 31, 2005, the Company’s pro-rata share of these non-recourse loans relating to the RioCan Venture was approximately CAD $349.2 million (USD $300.5 million). (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
The Kimco Retail Opportunity Portfolio (“KROP”), a joint venture with GE Capital Real Estate (“GECRE”), was established to acquire high-growth potential retail properties in the United States.  As of December 31, 2005, KROP consisted of 38 shopping center properties with approximately 5.6 million square feet of GLA.  As of December 31, 2005, KROP had non-recourse mortgage loans totaling $481.9 million, with fixed rates ranging from 4.25% to 8.64% and variable rates ranging from LIBOR plus 1.3% to LIBOR plus 2.2%.  KROP has entered into a series of interest rate cap agreements to mitigate the impact of changes in interest rates on its variable-rate mortgage agreements.  Such mortgage debt is collateralized by the individual shopping center property and is payable in monthly installments of principal and interest.  At December 31, 2005, the weighted average interest rate for all mortgage debt outstanding was 6.09% per annum. As of December 31, 2005, the Company’s pro-rata share of non-recourse mortgage loans relating to the KROP joint venture was approximately $96.4 million.  Additionally, the Company and GECRE may provide interim financing.  All such financings bear interest at rates ranging from LIBOR plus 4.0% to LIBOR plus 5.25% and have maturities of less than a year.  As of December 31, 2005, KROP had no outstanding short term interim financing due to the Company or GECRE.  (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
During December 2004, the Company acquired the Price Legacy Corporation through a newly formed joint venture, PL Retail LLC (“PL Retail”), in which the Company has a non-controlling 15% interest.  In connection with this transaction, the joint venture acquired 33 operating properties aggregating approximately 7.6 million square feet of GLA located

in ten states.  During the year ended December 31, 2005, PL Retail disposed of nine operating properties, in separate transactions, for an aggregate sale price of approximately $21.8 million.  As of December 31, 2005, PL Retail consisted of 25 operating properties aggregating approximately 6.8 million square feet of GLA.  As of December 31, 2005, PL Retail had approximately $777.3 million outstanding in non-recourse mortgage debt, of which approximately $507.2 million had fixed rates ranging from 4.66% to 9.00% and approximately $270.1 had variable rates ranging from 5.74% to 9.59%.  The fixed-rate loans have maturities ranging from three to 11 years and the variable-rate loans have maturities ranging from one to three years.  Additionally, the Company had provided PL Retail approximately $30.6 million of secured mezzanine financing.  This interest only loan bears interest at a fixed rate of 7.5% and matures in December 2006.  Proceeds from property sales during 2005 of approximately $21.8 million were used to partially repay the mezzanine financing that was provided by the Company.  The Company also provided PL Retail a secured short-term promissory note of 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% and is now payable on demand.  As of December 31, 2005, PL Retail had approximately $8.9 million outstanding on the mezzanine financing and approximately $8.2 million outstanding on the promissory note. As of December 31, 2005, the Company’s pro-rata share of non-recourse mortgages relating to PL Retail was approximately $116.6 million.  (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
The Company has various other unconsolidated real estate joint ventures with varying structures.  As of December 31, 2005, these unconsolidated joint ventures had individual non-recourse mortgage loans aggregating approximately $1.5$1.2 billion. TheDue to the Company’s pro-rata share ofpreferred position in these non-recourse mortgages was approximately $520.6 million.  (See Note 7 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K.)
Other Real Estate Investments
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”).  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 includes re-tenanting, repositioning and disposition of the properties.  As a result of this strategy, Kimsouth has sold 33 properties as of December 31, 2005.  As of December 31, 2005, the Kimsouth portfolio was comprised of five properties, including the remaining office component of an operating property sold in 2004, totaling 1.2 million square feet of GLA with non-recourse mortgage debt of approximately $29.4 million encumbering the properties. All mortgages payable are collateralized by certain properties and are due in monthly installments.  As of December 31, 2005, interest rates ranged from 6.06% to 9.22% and the weighted-average interest rate for all mortgage debt outstanding was 8.35% per annum.  As of December 31, 2005,investments, the Company’s pro-rata share of non-recourse mortgage loans relatingeach investment is subject to the Kimsouth portfolio was approximately $13.1 million.
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.
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, 2005, 142006, 16 of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $24.2$29.1 million. As of

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December 31, 2005,2006, the remaining 1614 properties were encumbered by third-party non-recourse debt of approximately $58.7$53.8 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 debt has been offset against the related net rental receivable under the lease.
The Company maintains a preferred equity program, which provides capital to developers and owners of shopping centers. The Company accounts for its investments in preferred equity

investments under the equity method of accounting. As of December 31, 2005, the Company’s invested capital in its preferred equity investments approximated $225.9 million relating to 133 real estate properties. As of December 31, 2005, these preferred equity investment properties had individual non-recourse mortgage loans aggregating approximately $703.3 million. 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 limited to its invested capital.
Effects of Inflation
Many of the Company’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’ 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’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’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’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 December 2004,July 2006, the FASB issued SFASFASB Interpretation No. 123, (revised 2004) Share-Based Payment (“SFAS No. 123(R)”), which supersedes APB Opinion No. 25,48, Accounting for Stock Issued to Employees, and its related implementation guidance. SFASUncertainty in Income Taxes — an interpretation of FASB Statement No. 123(R) established standards109, Accounting for theIncome Taxes (“FIN 48”), regarding accounting for transactionsand disclosure of uncertain tax positions. This guidance seeks to reduce the diversity in which an entity exchanges its equity instruments for goods or services.  It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair valuepractice associated with certain aspects of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.  This Statement focuses primarily onrecognition and measurement related to accounting for transactions in which an entity obtains employee services in share-based payment transactions.  SFAS No. 123(R)income taxes. This interpretation is effective for fiscal years beginning after December 15, 2005.2006. The Company is currently assessing the provisions of FIN 48, but does not expect its adoption to have a material impact on the Company’s financial position or results of operations.
In September 2006, the FASB issued SFAS No. 157, Fair Value Measurement (“SFAS No. 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. The impact of adopting this statementSFAS No. 157 is not expected to have a material impact on the Company’s financial position or results of operations.
In December 2004,Additionally in September 2006, the FASBUnited States Securities and Exchange Commission staff issued StatementStaff Accounting Bulletin No. 153, Exchange108, Considering the Effects of Non-monetary Assets -Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”), which provides interpretive guidance on how registrants should quantify financial statement misstatements. SAB 108 requires registrants to quantify misstatements using both balance sheet and income statement approaches and to evaluate whether either approach results in quantifying an amendmenterror that is material in light of APB Opinion No. 29 (“SFAS No. 153”).  The guidancerelative quantitative and qualitative factors. For transition purposes, the registrants will be permitted to restate prior period financial statements or recognize the cumulative effect of initially applying SAB 108 through an adjustment to beginning retained earnings in APB Opinion No. 29, Accounting for Non-monetary Transactions, is based on the principle that exchangesyear of non-monetary assets should be measured based on the fair value of the assets exchanged.  The guidance in that Opinion, however, included certain exceptions to that principle.  This Statement amends Opinion No. 29 to eliminate the exception for non-monetary assets that do not have commercial substance.  A non-monetary exchange has commercial substance if the future cash flows of the entity are expected to change significantly as a result of the exchange. SFAS No. 153adoption. SAB 108 is effective for non-monetary asset exchanges occurring inannual financial statements covering the first fiscal periods beginningyear ending after JuneNovember 15, 2005.2006. The impact of adopting this statementSAB 108 did not have a material impact on the Company’s financial position or results of operations.
In March 2005,December 2006, the FASB issued InterpretationFASB Staff Position No. 47,EITF 00-19-2, Accounting for Conditional Asset Retirement Obligations (“FIN 47”).  FIN 47 requiresRegistration Payment Arrangements. EITF 00-19-2 addresses an entity to recognize a liabilityissuer’s accounting for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated.  FIN 47 clarifiesregistration payment arrangements and specifies that the term “Conditional Asset Retirement Obligation” referscontingent obligation to make future payments or otherwise transfer consideration under a legal obligation (pursuant to existing lawsregistration payment arrangement, whether issued as a separate agreement or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional onincluded as a future event that may or may not be within the control of the entity.  FIN 47 also clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation.  FIN 47 was effective no later than fiscal years ended after December 15, 2005.  The Company adopted FIN 47 as required effective December 31, 2005, and the initial application of FIN 47 did not have a material impact on the Company’s financial position or results of operations.
In May 2005, the FASB issued SFAS No. 154, Accounting Changes and Error Corrections (“SFAS No. 154”), which replaces Accounting Principle Board Opinion No. 20, Accounting Changes and SFAS No. 3, Reporting Accounting Changes in Interim Financial Statements.

SFAS No. 154 changes the requirements for the accounting for and reportingprovision of a change in accounting principles.  It requires retrospective application to prior periods’ financial statements of changes in accounting principle, unless it is impracticable to determine either the period-specific effectsinstrument or the cumulative effect of the change.  This statement is effective for accounting changesother agreement, should be separately recognized and corrections of errors made in fiscal years beginning after December 15, 2005.
In September 2005, the EITF issued 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”).  At issue is what rights held by the limited partner(s) preclude consolidation in circumstances in which the sole general partner would consolidate the limited partnershipmeasured in accordance with U.S.FASB Statement No. 5, Accounting for Contingencies. The guidance in EITF 00-19-2 amends FASB Statements No. 133, Accounting for Derivative Instruments and Hedging

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Activities, No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, and FASB Interpretation No. 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others (“FIN 45”), to include scope exceptions for registration payment arrangements. EITF 00-19-2 further clarifies that a financial instrument subject to a registration payment arrangement should be accounted for in accordance with other applicable generally accepted accounting principles.  The assessment of limited partners’ rights and their impact on the presumption of control of the limited partnership by the sole general partner should be made when an investor becomes the sole general partner and should be reassessed if (i) there is a changeprinciples (GAAP) without regard to the termscontingent obligation to transfer consideration pursuant to the registration payment arrangement. EITF 00-19-2 shall be effective immediately for registration payment arrangements and the financial instruments subject to those arrangements that are entered into or inmodified subsequent to the exercisabilitydate of the rightsissuance of the limited partners, (ii) the sole general partner increasesthis EITF, or decreases its ownership of limited partnership interests, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests.  This issue is effective no later thanfor financial statements issued for fiscal years beginning after December 15, 2005,2006, and asinterim periods within those fiscal years. The Company does not expect the adoption of June 29, 2005, for new or modified arrangements.  The impact of adopting EITF 04-5 is not expected00-19-2 to have a material impact on the Company’s financial position or results of operations.
In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (“SFAS No. 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 on the Company’s financial position or 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, 2005,2006, 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 instruments actual cash flows are denominated in U.S. dollars and Canadian dollars, and Mexican pesos, as indicated by geographic regiondescription ($ in USD equivalent in millions).
  
2006
 
2007
 
2008
 
2009
 
2010
 
2011+
 
Total
 
Fair
Value
 
  

 

 

 

 

 

 

 

 
Domestic
                         
Secured Debt                         
Fixed Rate $9.7 $ $59.4 $21.9 $19.7 $191.1 $301.8 $317.4 
Average Interest Rate  9.08%   7.13% 7.88% 8.47% 7.41% 7.52%   
Variable Rate $92.1 $95.3 $54.5 $ $ $ $241.9 $241.9 
Average Interest Rate  6.40% 6.20% 6.11%       6.26%   
Unsecured Debt                         
Fixed Rate $85.0 $195.0 $100.0 $180.0 $50.0 $967.0 $1,577.0 $1,640.0 
Average Interest Rate  7.30% 7.14% 3.95% 6.98% 4.62% 5.30% 5.72%   
Variable Rate $100.0 $ $200.0 $ $ $ $300.0 $300.0 
Average Interest Rate  4.45%   4.68%       4.60%   
 
2006
 
2007
 
2008
 
2009
 
2010
 
2011+
 
Total
 
Fair
Value
                  
 

 

 

 

 

 

 

 

  Fair
Canadian
                  
Unsecured Debt                  
Fixed Rate $ $ $ $ $129.1 $ $129.1 $126.7 
 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     4.45%  4.45%     8.06%  7.21%  7.83%  8.39%  7.42%  6.53%  6.99% 
 
Variable Rate $ $ $94.7 $ $ $ $94.7 $94.7  $173.5 $81.5 $25.3 $16.4 $ $0.6 $297.3 $297.3 
Average Interest Rate   3.78%    3.78%     7.22%  7.04%  6.91%  7.35%   8.25%  7.15% 
Mexican
                  
Unsecured Debt                 
 
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 $ $ $46.7 $ $ $ $46.7 $46.7  $6.9 $ $ $ $ $ $6.9 $6.9 
Average Interest Rate   9.66%    9.66%     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%    
Based on the Company’s variable-rate debt balances, interest expense would have increased by approximately $6.8$3.0 million in 20052006 if short-term interest rates were 1%1.0% higher.
As of December 31, 2005,2006, the Company hashad Canadian investments totaling approximately CAD $311.8$801.3 million (approximately USD $268.3$687.2 million) comprised of a real estate joint venture investments and marketable securities. In addition, the Company has Mexican real estate investments of MXN 2.3approximately MXP 5.0 billion (approximately USD $215.4$463.2 million). The

59


foreign currency exchange risk has been partially mitigated through the use of local currency denominated debt, foreign currency forward contracts (the “Forward Contracts”)inflation adjusted leases, and a cross currency swap (the “CC Swap”) with major financial institutions.. The Company is exposed to credit risk in the event of non-performance by the counter-party to the Forward Contracts and the CC Swap. The Company believes it mitigateshas mitigated its credit risk by entering into the Forward Contracts and the CC Swap with a major financial institutions.
institution.
The Company has not, entered, and does not plan to, enter into any derivative financial instruments for trading or speculative purposes. As of December 31, 2005,2006, the Company had no other material exposure to market risk.
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”)) 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–Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework in Internal Control–IntegratedControl-Integrated Framework, our management concluded that our internal control over financial reporting was effective as of December 31, 2005.
2006.
Our management’s assessment of the effectiveness of our internal control over financial reporting as of December 31, 20052006 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
None.

60



PART III
Item 10. Directors and Executive Officers of the Registrant
Incorporated herein by reference to the Company’s definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 18, 2006.
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 May 27, 2005,June 14, 2006, the Company’s Chief Executive Officer submitted to the New York Stock Exchange (the “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’s definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 18, 2006.17, 2007.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Incorporated herein by reference to the Company’s definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 18, 2006.17, 2007.
Item 13. Certain Relationships and Related Transactions
Incorporated herein by reference to the Company’s definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 18, 2006.17, 2007.
Item 14. Principal Accountant Fees and Services
Incorporated herein by reference to the Company’s definitive proxy statement to be filed with respect to its Annual Meeting of Stockholders expected to be held on May 18, 2006.17, 2007.

61



PART IV
Item 15. Exhibits, Financial Statements, Schedules and Reports on Form 8-K
      
Form 10-K
Report
Page
    Form 10-K
  
Report
Page
(a)1.1. Financial Statements -  
  
  The following consolidated financial information is included as a separate section of this annual report on Form 10-K.  
       
  Report of Independent Registered Public Accounting Firm  6469
       
  Consolidated Financial Statements  
  
Consolidated Balance Sheets as of December 31, 2005 and 2004 66
       
  Consolidated StatementsBalance Sheets as of Income for the years ended December 31, 2005, 20042006 and 2003 67
��2005  71 
Consolidated Statements of Comprehensive Income for the years ended December 31, 2005, 2004 and 2003 68
       
  Consolidated Statements of Stockholders’ EquityIncome for the years ended December 31, 2006, 2005 2004 and 20032004  6972
       
  Consolidated Statements of Cash FlowsComprehensive Income for the years ended December 31, 2006, 2005 2004 and 20032004  7073
       
  Notes to Consolidated Financial Statements of Stockholders’ Equity for the years ended December 31, 2006, 2005 and 2004  7174
       
 2.Consolidated Statements of Cash Flows for the years ended December 31, 2006, 2005 and 200475
Notes to Consolidated Financial Statements76
2. Financial Statement Schedules -  
       
  Schedule II - Valuation and Qualifying Accounts 110
 120 
  Schedule III - Real Estate and Accumulated Depreciation 111121
       
  All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require submission of the schedule.  
       
 3.3. Exhibits  
       
  The exhibits listed on the accompanying Index to Exhibits are filed as part of this report.  5763

62



INDEX TO EXHIBITS
Exhibits
   
Form 10-K
Page

   
Form 10-K
ExhibitsPage
2.1--Form of Plan of Reorganization of Kimco Realty Corporation [Incorporated
[Incorporated by reference to Exhibit 2.1 to the Company’s Registration Statement on Form S-11 No. 33-42588].  
     
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. [Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated November 3, 2006].
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--By-laws of the Company dated February 6, 2002, as amended [Incorporated by reference to Exhibit 3.2 to the 2001 Form 10-K].  
     
3.3--By-laws of the Company dated February 1, 2005, as amended [Incorporated by reference to Exhibit 3(ii) to the Company’s Current Report on Form 8-K dated February 1, 2005].  
     
3.4--Articles Supplementary relating to the 8 1/2% Class B Cumulative Redeemable Preferred Stock, par value $1.00 per share, of the Company, dated July 25, 1995. [Incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1995 (file #1-10899) (the “1995 Form 10-K”)].  
     
3.5--Articles Supplementary relating to the 8 3/8% Class C Cumulative Redeemable Preferred Stock, par value $1.00 per share, of the Company, dated April 9, 1996 [Incorporated by reference to Exhibit 3.4 to the Company’s Annual Report on Form 10-K for the year ended December 31, 1996].  
     
3.6--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].  
     
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 Company’s Registration Statement on Form S-11 No. 33-42588].  
     
4.2--Certificate of Designations [Incorporated by reference to Exhibit 4(d) to Amendment No. 1 to the Registration Statement on Form S-3 dated September 10, 1993 (the “Registration Statement”, Commission File No. 33-67552)].  

63


INDEX TO EXHIBITS (continued)
     
Form 10-K
ExhibitsPage
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) [Incorporated by reference to Exhibit 4(a) to the Registration Statement].  
     
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 [Incorporated by reference to Exhibit 4(a) to the Company’s Current Report on Form 8-K dated April 7, 1995 (the “April 1995 8-K”)].  

INDEX TO EXHIBITS (continued)
Exhibits
   
Form 10-K
Page

   
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 Ofof 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 current report on Form 8-K dated June 5, 2006].
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 current report on Form 8-K dated November 3, 2006].
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 current report on Form 8-K dated November 3, 2006].
*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 Trustee.129
*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 Trustee.135
10.1--Management Agreement between the Company and KC Holdings, Inc. [Incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-11 No. 33-47915].  
     
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, 1998 [Incorporated by reference to Exhibit 10.4 to the 1998 Form 10-K].  
     
10.4--Restricted Equity Agreement, Non-Qualified and Incentive Stock Option Agreement, and Price Condition Non- Qualified and Incentive Stock Option Agreement between Kimco Realty Corporation and Michael J. Flynn, each dated November 1, 1995 [Incorporated by reference to Exhibit 10.5 to the 1995 Form 10-K].  
     
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].  

64


INDEX TO EXHIBITS (continued)
     
Form 10-K
ExhibitsPage
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 Referencereference 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 – the Company commenced a five-year employment agreement with Mr. Henry pursuant to which Mr. Henry will serve as Chief Investment Officer and has been nominated as Vice Chairman of the Board of Directors [Incorporated by reference to Exhibit 10.11 to the Company’s Form 10-Q filed on May 10, 2001].  
     
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].  

INDEX TO EXHIBITS (continued)
Exhibits
   
Form 10-K
Page

   
10.12--$500,000,000— $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 Asas 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— $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)
     
Form 10-K
ExhibitsPage
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 FromForm 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 Referencereference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 31, 2005].  
     
10.19--$850,000,000— $850,000,000 Amended and Restated Unsecured Revolving Credit Facility dated July 26, 2005, with JP MorganJPMorgan 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 Referencereference to Exhibit 10.16 to the Company’s Form 10-Q filed Onon November 4, 2005.  
     
*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. 119
     
10.22— 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].
*12.1--Computation of Ratio of Earnings to Fixed Charges 217144
     
*12.2--Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 218

INDEX TO EXHIBITS (continued)
Exhibits
145
 
Form 10-K
Page


*21.1--Subsidiaries of the Company219
     
*23.1--Consent of PricewaterhouseCoopers LLP 229
*21.1— Subsidiaries of the Company146
     
*23.1— Consent of PricewaterhouseCoopers LLP157
*31.1--Certification of the Company’s Chief Executive Officer, Milton Cooper, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 230158
     
*31.2--Certification of the Company’s Chief Financial Officer, Michael V. Pappagallo, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 231159
     
*32.1--Certification of the Company’s Chief Executive Officer, Milton Cooper, and the Company’s Chief Financial Officer, Michael V. Pappagallo, pursuant to section 906 of the Sarbanes-Oxley Act of 2002 232160
 

*Filed herewith.

66



SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 KIMCO REALTY CORPORATION
                     (Registrant)
  
 KIMCO REALTY CORPORATION
          (Registrant)
 
 By:/s/ Milton Cooper
  
  Milton Cooper
  Chief Executive Officer
  
Dated:  March 6, 2006 
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 Registrant and in the capacities and on the dates indicated.
Signature
 
Title
Date




/s/  Martin S. Kimmel

Chairman (Emeritus) of the Board of Directors

March 6, 2006

  
Martin S. KimmelSignature TitleDate
     
/s/ Martin S. Kimmel
Martin S. Kimmel
Chairman (Emeritus) of the Board of DirectorsFebruary 27, 2007
/s/ Milton Cooper
Milton Cooper
 Chairman of the Board of Directors and Chief Executive Officer March 6, 2006

Milton CooperFebruary 27, 2007
     
/s/ Michael J. Flynn
Michael J. Flynn
 Vice Chairman of the Board of Directors, President and Chief Operating Officer March 6, 2006

Michael J. FlynnFebruary 27, 2007
     
/s/ David B. Henry
David B. Henry
 Vice Chairman of the Board of Directors and Chief Investment Officer March 6, 2006February 27, 2007

  
David B. Henry
/s/ Richard G. Dooley
Richard G. Dooley
Director February 27, 2007
/s/ Joe Grills
Joe Grills
Director February 27, 2007
/s/ F. Patrick Hughes
F. Patrick Hughes
Director February 27, 2007
/s/ Frank Lourenso
Frank Lourenso
Director February 27, 2007
/s/ Richard Saltzman
Richard Saltzman
Director February 27, 2007
/s/ Michael V. Pappagallo
Michael V. Pappagallo
Executive Vice President - Chief Financial OfficerFebruary 27, 2007
/s/ Glenn G. Cohen
Glenn G. Cohen
Vice President - TreasurerFebruary 27, 2007
/s/ Paul Westbrook
Paul Westbrook
Director of Accounting February 27, 2007

67


ANNUAL REPORT ON FORM 10-K
ITEM 8, ITEM 15 (a) (1) and (2)
INDEX TO FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULES
FORM 10-K
Page
KIMCO REALTY CORPORATION AND SUBSIDIARIES   
     
/s/  Richard G. Dooley Director69
 March 6, 2006

  
Richard G. DooleyConsolidated Financial Statements and Financial Statement Schedules:  
     
/s/  Joe Grills Director71
 March 6, 2006

  
Joe Grills72
73
74
75
76
Financial Statement Schedules:  
     
/s/  F. Patrick HughesDirectorMarch 6, 2006

F. Patrick Hughes
/s/  Frank LourensoDirectorMarch 6, 2006

Frank Lourenso
/s/  Richard SaltzmanDirectorMarch 6, 2006

Richard Saltzman
/s/  Michael V. PappagalloExecutive Vice President - Chief Financial OfficerMarch 6, 2006

Michael V. Pappagallo
/s/  Glenn G. CohenVice President - TreasurerMarch 6, 2006

Glenn G. Cohen
/s/  Paul WestbrookDirector of AccountingMarch 6, 2006

Paul Westbrook

ANNUAL REPORT ON FORM 10-K
ITEM 8, ITEM 15 (a) (1) and (2)
INDEX TO FINANCIAL STATEMENTS
AND
FINANCIAL STATEMENT SCHEDULES

Form 10-K
Page

KIMCO REALTY CORPORATION AND SUBSIDIARIES
Financial Statement Schedules:
120
121

68



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders
of Kimco Realty Corporation:
We have completed integrated audits of Kimco Realty Corporation’s 2005 and 2004 consolidated financial statements and of its internal control over financial reporting as of December 31, 2005, and an audit of its 2003 consolidated financial statements2006, in accordance with the standards of the Public Company Accounting Oversight Board (United States). Our opinions, based on our audits, are presented below.
Consolidated financial statements and financial statement schedules
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”) at December 31, 20052006 and 2004,2005, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 20052006, 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. These financial statements and financial statement schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedules based on our 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes 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. We believe that our audits provide a reasonable basis for our opinion.
Internal control over financial reporting
Also, in our opinion, management’s assessment, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A, that the Company maintained effective internal control over financial reporting as of December 31, 20052006 based on criteria established inInternal Control Integrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), is fairly stated, in all material respects, based on those criteria. Furthermore, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2005,2006, based on criteria established inInternal Control Integrated Frameworkissued by the COSO. The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express opinions on management’s assessment and on the effectiveness of the Company’s internal control over financial reporting based on our audit. We conducted our audit of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. An audit of internal control over financial reporting includes obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we consider necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinions.
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


those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that

transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
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, 2007
/s/ PricewaterhouseCoopers LLP
New York, New York
March 6, 2006

70



Intentionally left blank.

KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
        
 
December 31,
2005
 
December 31,
2004
  December 31, December 31, 
 

 

  2006 2005 
Assets:      
Real Estate       
Rental property      
Land $686,123 $626,914  $978,819 $686,123 
Building and improvements 3,263,162 3,067,254  3,984,518 3,263,162 
 

 

      
 3,949,285 3,694,168  4,963,337 3,949,285 
Less, accumulated depreciation and amortization 740,127 634,642  806,670 740,127 
 

 

      
 3,209,158 3,059,526  4,156,667 3,209,158 
Real estate under development 611,121 398,054  1,037,982 611,121 
 

 

      
Real estate, net  3,820,279 3,457,580  5,194,649 3,820,279 
Investment and advances in real estate joint ventures 735,648 595,175  1,067,918 735,648 
Other real estate investments 283,035 188,536  451,731 283,035 
Mortgages and other financing receivables 132,675 140,717  162,669 132,675 
Cash and cash equivalents 76,273 38,220  345,065 76,273 
Marketable securities 206,452 123,771  202,659 206,452 
Accounts and notes receivable 64,329  52,182  83,418 64,329 
Deferred charges and prepaid expenses 84,022 72,653  95,163 84,022 
Other assets 131,923 80,763  266,008 131,923 
 

 

      
 $5,534,636 $4,749,597  $7,869,280 $5,534,636 
 

 

      
 
Liabilities & Stockholders’ Equity:      
Notes payable $2,147,405 $1,608,925  $2,748,345 $2,147,405 
Mortgages payable 315,336 353,071  567,917 315,336 
Construction loans payable 228,455 156,626  270,981 228,455 
Accounts payable and accrued expenses 119,605 97,952  256,890 119,605 
Dividends payable 78,168 71,489  93,222 78,168 
Other liabilities 135,609 118,243  139,724 135,609 
 

 

      
 3,024,578 2,406,306  4,077,079 3,024,578 
 

 

      
Minority interests  122,844 106,891  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  700 700 
Aggregate liquidation preference $175,000      
Common stock, $.01 par value, authorized 300,000,000 shares      
Issued and outstanding 228,059,056 and 224,852,812 shares, respectively 2,281 2,249 
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 2,255,332 2,199,419  3,178,016 2,255,332 
Retained earnings/(cumulative distributions in excess of net income) 59,855 (3,749)
Retained earnings 140,509 59,855 
     
 

 

  3,321,734 2,318,168 
  2,318,168 2,198,619  
Accumulated other comprehensive income 69,046 37,781  45,225 69,046 
 

 

      
 2,387,214 2,236,400  3,366,959 2,387,214 
 

 

      
 $5,534,636 $4,749,597  $7,869,280 $5,534,636 
 

 

      
The accompanying notes are an integral part of these consolidated financial statements.

71



KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share information)
Year Ended December 31,
             

  Year Ended December 31, 
 
2005
 
2004
 
2003
  2006 2005 2004 
Revenues from rental property $593,880 $505,557 $490,901 
 

 

 

        
Real estate operations:
       
Revenues from rental property $522,545 $507,641 $466,225 
 

 

 

  
Rental property expenses:        
Rent 10,267 10,794 10,603  11,786 10,267 10,794 
Real estate taxes 67,022 65,530 58,587  75,515 64,731 63,250 
Operating and maintenance 60,686 53,940 51,145  74,178 58,715 52,162 
 

 

 

        
 137,975 130,264 120,335  161,479 133,713 126,206 
 

 

 

        
 
384,570
 
377,377
 
345,890
  
 432,401 371,844 364,695 
 
Mortgage and other financing income 27,586 15,032 18,869  18,816 27,586 15,032 
Management and other fee income 30,474 25,445 15,315  40,684 30,474 25,445 
Depreciation and amortization (105,942) (99,616) (83,212)  (141,070)  (101,432)  (95,398)
General and administrative expenses (56,803) (44,235) (38,286)  (77,683)  (56,799)  (43,524)
Interest, dividends and other investment income 28,350 18,702 19,124  54,417 28,350 18,701 
Other income/(expense), net 5,393 10,124 (4,125)
Other income, net 9,522 5,400 10,031 
Interest expense (127,711) (107,177) (102,391)  (172,888)  (126,901)  (106,239)
Gain on early extinguishment of debt   2,921 
       
 

 

 

  164,199 178,522 188,743 
 185,917 195,652 174,105  
Provision for income taxes (430) (3,919) (1,516)  (4,387)  (165)  (3,919)
 
Income from other real estate investments 57,943 30,127 22,828  77,062 56,751 30,127 
Equity in income of real estate joint ventures, net 77,454 56,385 42,276  106,930 77,454 56,385 
Minority interests in income, net (12,446) (9,660) (7,781)  (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 
              
Gain on sale of development properties net of tax of $10,824, $4,401, and $6,998, respectively 22,812 12,434 10,497 
 

 

 

  
Income from continuing operations
 
331,250
 
281,019
 
240,409
  342,671 323,114 274,110 
 

 

 

        
 
Discontinued operations:
        
Income from discontinued operating properties 5,725 5,359 13,892  14,004 14,337 12,749 
Gain on early extinguishment of debt   6,760 
Minority interest from discontinued operating properties  (1,497)  (476)  (481)
Loss on operating properties held for sale/sold (5,098) (5,064) (4,016)  (1,421)  (5,098)  (5,064)
Gain on disposition of operating properties 28,918 15,823 47,657 
Gain on disposition of operating properties, net of tax 72,042 28,918 15,823 
 

 

 

        
Income from discontinued operations
 
29,545
 
16,118
 
64,293
  83,128 37,681 23,027 
 

 

 

        
 
Gain on transfer of operating properties 2,301    1,394 2,301  
Loss on transfer of operating property (150)      (150)  
Gain on sale of operating properties 682  3,177 
Gain on sale of operating properties, net of tax 1,066 682  
       
 

 

 

  2,460 2,833  
 2,833  3,177        
 

 

 

  
Net income
 
363,628
 
297,137
 
307,879
  428,259 363,628 297,137 
Original issuance costs associated with the redemption of preferred stock   (7,788)
 
Preferred stock dividends (11,638) (11,638) (14,669)  (11,638)  (11,638)  (11,638)
       
 

 

 

  
Net income available to common shareholders
 
$
351,990
 
$
285,499
 
$
285,422
  $416,621 $351,990 $285,499 
 

 

 

        
Per common share:        
Income from continuing operations:        
-Basic 
$
1.42
 
$
1.21
 
$
1.03
  $1.39 $1.39 $1.18 
 

 

 

        
-Diluted 
$
1.40
 
$
1.19
 
$
1.02
  $1.36 $1.36 $1.16 
 

 

 

        
Net income :        
-Basic 
$
1.55
 
$
1.28
 
$
1.33
  $1.74 $1.55 $1.28 
 

 

 

        
-Diluted 
$
1.52
 
$
1.26
 
$
1.31
  $1.70 $1.52 $1.26 
 

 

 

        
 
Weighted average common shares outstanding:        
-Basic 226,641 222,859 214,184  239,552 226,641 222,859 
 

 

 

        
-Diluted 230,868 227,143 217,540  244,615 230,868 227,143 
 

 

 

        
The accompanying notes are an integral part of these consolidated financial statements.

72



KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
Year Ended December 31,
 

             
 
2005
 
2004
 
2003
  Year Ended December 31, 
 

 

 

  2006 2005 2004 
Net income $363,628 $297,137 $307,879  $428,259 $363,628 $297,137 
 

 

 

        
Other comprehensive income:        
Change in unrealized gain on marketable securities 26,689 28,594 3,798 
Change in unrealized gain on interest rate swaps   620 
Change in unrealized (loss)/gain on warrants  (8,252) 4,319 
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 2,536 (15,102) (15,465) 143 2,536  (15,102)
Change in foreign currency translation adjustment 2,040 15,675 16,193  2,503 2,040 15,675 
 

 

 

        
Other comprehensive income 31,265 20,915 9,465   (23,821) 31,265 20,915 
 

 

 

        
 
Comprehensive income $394,893 $318,052 $317,344  $404,438 $394,893 $318,052 
 

 

 

        
The accompanying notes are an integral part of these consolidated financial statements.

73



KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Years Ended December 31, 2006, 2005 2004, and 20032004
(in thousands, except per share information)
           
Retained Earnings/
(Cumulative
Distributions
in Excess
of Net Income)
                             
         
Paid-in
Capital
 
Accumulated
Other Comprehensive
Income
    Retained     
 
Preferred Stock
 
Common Stock
 
Retained Earnings/
(Cumulative
Distributions
in Excess
of Net Income)
Total
Stockholders’
Equity
  Earnings /     
 
 
  (Cumulative     
 
Issued
 
Amount
 
Issued
 
Amount
  Distributions Accumulated Total 
 

 

 

 

 

 





  Preferred Stock Common Stock Paid-in in Excess Other Comprehensive Stockholders’ 
Balance, January 1, 2003  900 $900  209,204 $2,092 $1,983,774 $(85,367$7,401$1,908,800 
Net income           307,879   307,879 
Dividends ($1.10 per common share; $1.0979, $1.3399, $1.3610, and $1.016 per Class A, Class B, Class C and Class F Depositary Share, respectively)                 (252,624)    (252,624)
Issuance of common stock      9,888 98 192,654     192,752 
Exercise of common stock options        2,156  22  25,766       25,788 
Redemption of Class A, B and C preferred stock (900) (900)     (224,100)     (225,000)
Issuance of Class F Preferred Stock  700  700        168,086       168,786 
Other comprehensive income             9,465 9,465 
 

 

 

 

 

 

 

 

  Issued Amount Issued Amount Capital of Net Income) Income Equity 
Balance, December 31, 2003  700  700  221,248  2,212  2,146,180  (30,112) 16,866  2,135,846 
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  297,137 297,137 
Dividends ($1.16 per common share; $1.6625 Class F Depositary Share, respectively)            (270,774)   (270,774)  (270,774)  (270,774)
Issuance of common stock        226  2  5,419       5,421  226 2 5,419 5,421 
Exercise of common stock options     3,380 34 46,023     46,057  3,380 34 46,023 46,057 
Amortization of stock option expense              1,798       1,798  1,798 1,798 
Other comprehensive income             20,915 20,915  20,915 20,915 
 

 

 

 

 

 

 

 

                  
Balance, December 31, 2004  700  700  224,854  2,248  2,199,420  (3,749) 37,781  2,236,400  700 700 224,854 2,248 2,199,420  (3,749) 37,781 2,236,400 
 
Net income           363,628   363,628  363,628 363,628 
Dividends ($1.27 per common share; $1.6625 Class F Depositary Share, respectively)            (300,024)   (300,024)  (300,024)  (300,024)
Issuance of common stock     242 3 6,837     6,840  242 3 6,837 6,840 
Exercise of common stock options      2,963 30 44,467     44,497  2,963 30 44,467 44,497 
Amortization of stock option expense         4,608     4,608  4,608 4,608 
Other comprehensive income             31,265  31,265  31,265 31,265 
 

 

 

 

 

 

 

 

                  
Balance, December 31, 2005  700 $700  228,059 $2,281 $2,255,332 $59,855 $69,046 $2,387,214  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 
                 
The accompanying notes are an integral part of these consolidated financial statements.

74



KIMCO REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Year Ended December 31,
 
 
             
 
2005
 
2004
 
2003
  Year Ended December 31, 
 

 

 

  2006 2005 2004
Cash flow from operating activities:        
Net income $363,628 $297,137 $307,879  $428,259 $363,628 $297,137 
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 108,042 102,872  89,068  144,767 108,042 102,872 
Loss on operating properties held for sale/sold/transferred 5,248 8,029 4,016  1,421 5,248 8,029 
Gain on sale of development properties  (33,636) (16,835) (17,495)  (37,276)  (33,636)  (16,835)
Gain on sale/transfer of operating properties (31,901) (15,823) (50,834)  (77,300)  (31,901)  (15,823)
Gain on early extinguishment of debt   (9,681)
Minority interests in income, net 12,446 9,660 7,781 
Minority interests in income of partnerships, net 27,751 12,446 9,660 
Equity in income of real estate joint ventures, net (77,454) (56,385) (42,276)  (106,930)  (77,454)  (56,385)
Income from other real estate investments (40,562) (23,571) (19,976)  (54,494)  (40,562)  (23,571)
Distributions of unconsolidated investments 116,765 94,994 67,712 
Distributions from joint ventures 152,099 116,765 94,994 
Cash retained from excess tax benefits  (2,926)   
Change in accounts and notes receivable (12,156) (1,742) (596)  (17,778)  (12,156)  (1,742)
Change in accounts payable and accrued expenses 10,606 2,850 (2,545) 38,619 10,606 2,850 
Change in other operating assets and liabilities (10,229) (36,010) (24,421)  (40,643)  (10,229)  (36,010)
 

 

 

        
Net cash flow provided by operating activities 410,797 365,176 308,632  455,569 410,797 365,176 
       
 

 

 

  
Cash flow from investing activities:        
Acquisition of and improvements to operating real estate (431,514) (351,369) (917,403)  (547,001)  (431,514)  (351,369)
Acquisition of and improvements to real estate under development (452,722) (204,631) (187,877)  (619,083)  (452,722)  (204,631)
Investment in marketable securities (93,299) (70,864) (23,680)  (86,463)  (93,299)  (70,864)
Proceeds from sale of marketable securities 46,692 22,278 62,744  83,832 46,692 22,278 
Proceeds from transferred operating/development properties 128,537  342,496   1,186,851 128,537 342,496 
Investments and advances to real estate joint ventures (267,287) (203,569) (152,997)  (472,666)  (267,287)  (203,569)
Reimbursements of advances to real estate joint ventures 130,590 80,689 93,729  183,368 130,590 80,689 
Other real estate investments (123,005) (113,663) (52,818)  (254,245)  (123,005)  (113,663)
Reimbursements of advances to other real estate investments 26,969 34,045 13,264  74,677 26,969 34,045 
Investment in mortgage loans receivable (82,305) (136,637) (64,652)  (154,894)  (82,305)  (136,637)
Collection of mortgage loans receivable 90,709 103,819 41,529  125,003 90,709 103,819 
Other investments (3,152) (1,551)    (123,609)  (3,152)  (1,551)
Reimbursements of other investments 16,113   
Settlement of net investment hedges (34,580)     (953)  (34,580)  
Proceeds from sale of mortgage loan receivable   36,723 
Proceeds from sale of operating properties 89,072 43,077 423,237  110,404 89,072 43,077 
Proceeds from sale of development properties 259,280 156,283 90,565  232,445 259,280 156,283 
 

 

 

        
Net cash flow (used for) investing activities (716,015) (299,597) (637,636)
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 (66,794) (54,322) (18,326)  (61,758)  (66,794)  (54,322)
Principal payments on rental property debt (8,296) (7,848) (5,813)  (11,062)  (8,296)  (7,848)
Principal payments on construction loan financings (98,002) (66,950) (40,644)  (79,399)  (98,002)  (66,950)
Proceeds from mortgage/construction loan financings 265,418 348,386 110,816  174,087 265,418 348,386 
Borrowings under revolving credit facilities 210,188  336,675 195,000  317,661 210,188 336,675 
Repayment of borrowings under revolving credit facilities (156,486) (100,000) (190,000)  (653,219)  (156,486)  (100,000)
Proceeds from issuance of unsecured senior notes/term loan 672,429 200,000 650,000 
Proceeds from issuance of unsecured notes 478,947 672,429 200,000 
Repayment of unsecured notes/term loan (200,250) (514,000) (271,000)  (185,000)  (200,250)  (514,000)
Financing origination costs (9,538)     (11,442)  (9,538)  
Redemption of minority interests (21,024) (3,781) (4,729)
Redemption of minority interests in real estate partnerships  (31,554)  (21,024)  (3,781)
Dividends paid (293,345) (265,254) (246,301)  (332,552)  (293,345)  (265,254)
Cash retained from excess tax benefits 2,926   
Proceeds from issuance of stock 48,971 51,447 387,327  451,809 48,971 51,447 
Redemption of preferred stock   (225,000)
 

 

 

        
Net cash flow provided by (used for) financing activities 343,271 (75,647) 341,330  59,444 343,271  (75,647)
 

 

 

        
 
Change in cash and cash equivalents 38,053 (10,068) 12,326  268,792 38,053  (10,068)
 
Cash and cash equivalents, beginning of year 38,220 48,288 35,962  76,273 38,220 48,288 
 

 

 

        
Cash and cash equivalents, end of year $76,273 $38,220 $48,288  $345,065 $76,273 $38,220 
 

 

 

        
Interest paid during the year (net of capitalized interest of $12,587, $8,732 and $8,887, respectively) $121,087 $108,117 $97,215 
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 $13,763 $10,694 $15,901  $9,350 $13,763 $10,694 
 

 

 

        
The accompanying notes are an integral part of these consolidated financial statements.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
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” or “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”), which became effective January 1, 2001, the Company is now permitted to participate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust (“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”), 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 Kimco Developers, Inc. (“KDI”) subsidiary, which is 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, 2005, the Company’s single largest neighborhood and community shopping center accounted for only 1.2% of the Company’s annualized base rental revenues and only 0.8% of the Company’s total shopping center gross leasable area (“GLA”).  At December 31, 2005, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Royal Ahold, which represented approximately 3.6%, 3.2%, 2.7%, 2.5% and 2.0%, 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.
Principles of Consolidation and Estimates
a.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”) 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”).  All intercompany balances and transactions have been eliminated in consolidation.
Accounting principles generally accepted in the United States of America (“GAAP”) require the Company’s management to make estimates and assumptions that affect the

Kimco Realty Corporation (the “Company” or “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.
BackAdditionally, in connection with the Tax Relief Extension Act of 1999 (the “RMA”), which became effective January 1, 2001, the Company is permitted to Indexparticipate in activities which it was precluded from previously in order to maintain its qualification as a Real Estate Investment Trust (“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”), 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 Kimco Developers, Inc. (“KDI”) subsidiary, which is 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, the Company’s single largest neighborhood and community shopping center accounted for only 1.6% of the Company’s annualized base rental revenues and only 0.8% of the Company’s total shopping center gross leasable area (“GLA”). At December 31, 2006, the Company’s five largest tenants were The Home Depot, TJX Companies, Sears Holdings, Kohl’s and Wal-Mart, which represented approximately 3.5%, 2.9%, 2.5%, 2.2% and 2.1%, 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”).
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”) 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”). All intercompany balances and transactions have been eliminated in consolidation.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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, depreciable lives, revenue recognition and the collectability of trade accounts receivable.GAAP requires the Company’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, 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 represents 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 variable interest entity in accordance with the provisions and guidance of FIN 46(R).
Minority interests also include approximately 4.8 million convertible units (the “Convertible Units”) issued by the Company valued at $80.0 million related to an interest acquired in a shopping center property located in Daly City, CA, in 2002.  The Convertible Units are convertible at a ratio of 1:1 into the Company’s common stock and are entitled to a distribution equal to the dividend rate of the Company’s common stock multiplied by 1.1057.
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 life 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 and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships) and assumed debt in accordance with Statement of Financial Accounting Standards (“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 fair value of the tangible assets of an acquired property considers the value of the property “as-if-vacant”.  The fair value reflects the depreciated replacement cost of the permanent assets, with no trade fixtures included.
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.
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.

Minority Interests
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”) and provide the unit holders various rates of return during the holding period. The unit holders generally have the right to Indexredeem 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”) 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 life 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 and 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”), 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”. The fair value reflects the depreciated replacement cost of the permanent assets, with no trade fixtures included.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
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 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.
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 15 to 50 years
Fixtures, building and leasehold improvements (including certain identified intangible assets) Terms of leases or useful lives, whichever is shorter
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 and no depreciation is recorded on these assets.  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.
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 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

BackExpenditures for maintenance and repairs are charged to Indexoperations 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.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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.
Mortgage and Other Financing Receivables
Mortgages and other financing receivables consist of loans purchased 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 collectibility of both interest and principal of each of its loans 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’ security deposits, escrowed funds and other restricted deposits approximating $6.7 million and $0.5 million at December 31, 2005 and 2004, 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 risks 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”). Gains or losses on securities sold are based on the specific identification method.
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.
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.
Revenue Recognition and Accounts Receivable
Base rental revenues from rental property are recognized on a straight-line basis over
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.

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 collectibility 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’ security deposits, escrowed funds and other restricted deposits approximating $0.6 million and $6.7 million at December 31, 2006 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 risks 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”). Gains or losses on securities sold are based on the specific identification method.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 consist 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.  Fee income is recognized as earned under the respective agreements.  Acquisition and disposition fees are recognized when the respective transactions are completed.  Fee income related to partially owned entities is 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 Statement of Financial Accounting Standards No. 66, Accounting for Sales of Real Estate (“SFAS No. 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 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.
In connection with the RMA, which became effective January 1, 2001, the Company is now 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.
Income taxes are accounted for under the asset and liability method.  Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards.  Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.
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/(expense), net in the Consolidated Statements of Income.
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.

Deferred Leasing and Financing Costs
Management and other fee income consist 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 is 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”), 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.
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.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.
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”) 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.
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)
          

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
             
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 
          
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 fluctuation 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 15).
Earnings Per Share
On July 21, 2005, the Company’s Board of Directors declared a two-for-one split (the “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.
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):
  
2005
 
2004
 
2003
 
  

 

 

 
Computation of Basic Earnings Per Share:
          
Income from continuing operations $331,250 $281,019 $240,409 
Gain on transfer/sale of operating properties, net  2,833    3,177 
Original issuance costs associated with the redemption of preferred stock      (7,788)
Preferred stock dividends  (11,638) (11,638) (14,669)
  

 

 

 
Income from continuing operations applicable to common shares  322,445  269,381  221,129 
Income from discontinued operations  29,545  16,118  64,293 
  

 

 

 
Net income applicable to common shares $351,990 $285,499 $285,422 
  

 

 

 
Weighted average common shares outstanding  226,641  222,859  214,184 
  

 

 

 
Basic Earnings Per Share:          
Income from continuing operations $1.42 $1.21 $1.03 
Income from discontinued operations  0.13  0.07  0.30 
  

 

 

 
Net income $1.55 $1.28 $1.33 
  

 

 

 
Computation of Diluted Earnings Per Share:
          
Income from continuing operations applicable to common shares (a) $322,445 $269,381 $221,129 
Income from discontinued operations  29,545  16,118  64,293 
  

 

 

 
Net income for diluted earnings per share $351,990 $285,499 $285,422 
  

 

 

 
Weighted average common shares outstanding – Basic  226,641  222,859  214,184 
Effect of dilutive securities (a):          
Stock options/deferred stock awards  4,227  4,284  3,356 
  

 

 

 
Shares for diluted earnings per share  230,868  227,143  217,540 
  

 

 

 
Diluted Earnings Per Share:          
Income from continuing operations $1.40 $1.19 $1.02 
Income from discontinued operations  0.12  0.07  0.29 
  

 

 

 
Net income $1.52 $1.26 $1.31 
  

 

 

 

(a)The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversionconversions has not been included in the determination of diluted earnings per share calculations.
In addition, there were approximately 71,250, 2,195,400 and 1,648,750 stock options that were anti-dilutive as of December 31, 2006, 2005 and 2004, respectively.

Stock Compensation
BackThe Company maintains an equity participation plan (the “Plan”) pursuant to Indexwhich 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 or five year term, 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”) 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”) 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

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
The Company maintains a stock option plan (the “Plan”), for which prior to January 1, 2003, the Company accounted for under the intrinsic value-based method of accounting prescribed by Accounting Principles Board (“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 FASB Statement No. 123 (“SFAS No. 148”), which will applyFASB Statement No. 123 (“SFAS No. 148”), which applies the recognition provisions of FASB Statement No. 123, Accounting for Stock-Based Compensation (“SFAS No. 123”) to all employee awards granted, modified or settled after January 1, 2003.  Awards under the Company’s Plan generally vest ratably over a three or five-year term and expire ten years from the date of grant.  Therefore, the cost 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.  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 period (amounts presented in thousands, except per share data):
  
2005
 
2004
 
2003
 
  

 

 

 
Net income, as reported $363,628 $297,137 $307,879 
Add: Stock based employee compensation expense included in reported net income  4,608  1,650  148 
Deduct:Total stock based employee compensation expense determined under fair value based method for all awards  (5,206) (3,316) (3,095)
  

 

 

 
Pro Forma Net Income – Basic $363,030 $295,471 $304,932 
  

 

 

 
Earnings Per Share          
Basic – as reported $1.55 $1.28 $1.33 
  

 

 

 
Basic – pro forma $1.55 $1.27 $1.32 
  

 

 

 
Net income for diluted earnings per share $351,990 $285,499 $285,422 
Add: Stock based employee compensation expense included in reported net income  4,608  1,650  148 
Deduct:Total stock based employee compensation expense determined under fair value based method for all awards  (5,206) (3,316) (3,095)
  

 

 

 
Pro Forma Net Income – Diluted $351,392 $283,833 $282,475 
  

 

 

 
Earnings Per Share          
Diluted – as reported $1.52 $1.26 $1.31 
  

 

 

 
Diluted – pro forma $1.52 $1.25 $1.30 
  

 

 

 

BackDuring December 2004, the FASB issued SFAS No. 123 (revised 2004), “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 Indexthe 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 year ended December 31, 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 period (amounts presented in thousands, except per share data):
         
  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 
       
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:

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
These pro forma adjustments to net income and net income per diluted common share assume fair values of each option grant estimated using the Black-Scholes option pricing formula.  The more significant assumptions underlying the determination of such fair values for options granted during 2005, 2004 and 2003 include: (i) weighted average risk-free interest rates of 4.03%, 3.30% and 2.84%, respectively;  (ii) weighted average expected option lives of 4.80 years, 3.72 years and 3.8 years, respectively; (iii) weighted average expected volatility of 18.01%, 16.69% and 15.26%, respectively, and (iv) weighted average expected dividend yield of 5.30%, 5.59% and 6.25%, respectively.  The per share weighted average fair value at the dates of grant for options awarded during 2005, 2004 and 2003 was $3.21, $2.14 and $1.18, respectively.
New Accounting Pronouncements
In December 2004, the FASB issued SFAS No. 123, (revised 2004) Share-Based Payment (“SFAS No. 123(R)”), which supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees, and its related implementation guidance.  SFAS No. 123(R) established standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services.  It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.  This Statement focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions.  SFAS No. 123(R) is effective for fiscal years beginning after December 15, 2005.  The impact of adopting this statement is not expected to have a material impact on the Company’s financial position or results of operations.
In December 2004, the FASB issued Statement No. 153, Exchange of Non-monetary Assets - an amendment of APB Opinion No. 29 (“SFAS No. 153”).  The guidance in APB Opinion No. 29, Accounting for Non-monetary Transactions, is based on the principle that exchanges of non-monetary assets should be measured based on the fair value of the assets exchanged.  The guidance in that Opinion, however, included certain exceptions to that principle.  This Statement amends Opinion No. 29 to eliminate the exception for non-monetary assets that do not have commercial substance.  A non-monetary exchange has commercial substance if the future cash flows of the entity are expected to change significantly as a result of the exchange. SFAS No. 153 is effective for non-monetary asset exchanges occurring in fiscal periods beginning after June 15, 2005.  The impact of adopting this statement did not have a material impact on the Company’s financial position or results of operations.
In March 2005, the FASB issued Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations (“FIN 47”).  FIN 47 requires an entity to recognize a liability for a conditional asset retirement obligation when incurred if the liability can be reasonably estimated.  FIN 47 clarifies that the term “Conditional Asset Retirement Obligation” refers to a legal obligation (pursuant to existing laws or by contract) to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the
         
  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%

New Accounting Pronouncements
BackIn July 2006, the FASB issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109, Accounting for Income Taxes (“FIN 48”), regarding accounting for and disclosure of uncertain tax positions. This guidance seeks to Indexreduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. This interpretation is effective for fiscal years beginning after December 15, 2006. The Company is currently assessing the provisions of FIN 48, but does not expect its adoption to have a material impact on the Company’s financial position or results of operations.
In September 2006, the FASB issued SFAS No. 157, Fair Value Measurement (“SFAS No. 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. 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.
Additionally in September 2006, the United States Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements (“SAB 108”), which provides interpretive guidance on how registrants should quantify financial statement misstatements. SAB 108 requires registrants to quantify misstatements using both balance sheet and income statement approaches and to evaluate whether either approach results in quantifying an error that is material in light of relative quantitative and qualitative factors. For transition purposes, the registrants will be permitted to restate prior period financial statements or recognize the cumulative effect of initially applying SAB 108 through an adjustment to beginning retained earnings in the year of adoption. SAB 108 is effective for annual financial statements covering the first fiscal year ending after November 15, 2006. The impact of adopting SAB 108 did not have a material impact on the Company’s financial position or results of operations.
In December 2006, the FASB issued FASB Staff Position No. EITF 00-19-2, Accounting for Registration Payment Arrangements. EITF 00-19-2 addresses and issuer’s accounting for registration payment arrangements and specifies that the contingent obligation to make future payments or otherwise transfer consideration under a registration payment arrangement, whether issued as a separate agreement or included as a provision of a financial instrument or other agreement, should be separately recognized and measured in accordance with FASB Statement No. 5, Accounting for Contingencies. The guidance in EITF 00-19-2 amends FASB Statements No. 133, Accounting for Derivative Instruments and Hedging Activities, No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, and FASB Interpretation No. 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others (“FIN 45”), to include scope exceptions for registration payment arrangements. EITF 00-19-2 further clarifies that a financial instrument subject to a registration payment arrangement should be accounted for in accordance with other applicable generally accepted accounting principles (GAAP) without regard to the contingent obligation to transfer consideration pursuant to the registration payment arrangement. EITF 00-19-2 shall be effective immediately for registration payment arrangements and the financial instruments subject to those arrangements that are entered into or modified subsequent to the date of issuance of this EITF, or for financial statements issued for fiscal years beginning after December 15, 2006, and interim periods within those fiscal years. The Company does

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
not expect the adoption of EITF 00-19-2 to have a material impact on the Company’s financial position or results of operations.
In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (“SFAS No. 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 on the Company’s financial position or results of operations.
2.Real Estate:
The Company’s components of Rental property consist of the following (in thousands):
         
  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 
       
entity.  FIN 47 also clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation.  FIN 47 was effective no later than fiscal years ended after December 15, 2005.  The Company adopted FIN 47 as required effective
(1)At December 31, 2006 and 2005, Other rental property consisted of intangible assets including $88,328 and the initial application$23,539, respectively, of FIN 47 did not have a material impact on the Company’s financial position or resultsin-place leases, $15,705 and $7,366, respectively, of operations.tenant relationships, and $47,837 and $4,205, respectively, of above-market leases.
  
 In May 2005, the FASB issued SFAS No. 154, Accounting Changes and Error Corrections (“SFAS No. 154”), which replaces Accounting Principle Board Opinion No. 20, Accounting Changes and SFAS No. 3, Reporting Accounting Changes in Interim Financial Statements.  SFAS No. 154 changes the requirements for the accounting for and reporting of a change in accounting principles.  It requires retrospective application to prior periods’ financial statements of changes in accounting principle, unless it is impracticable to determine either the period-specific effects or the cumulative effect of the change.  This statement is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005.
 
In September 2005, the EITF issued 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”).  At issue is what rights held by the limited partner(s) preclude consolidation in circumstances in which the sole general partner would consolidate the limited partnership in accordance with U.S. generally accepted accounting principles.  The assessment of limited partners’ rights and their impact on the presumption of control of the limited partnership by the sole general partner should be made when an investor becomes the sole general partner and should be reassessed if (i) there is a change to the terms or in the exercisability of the rights of the limited partners, (ii) the sole general partner increases or decreases its ownership of limited partnership interests, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests.  This issue is effective no later than for fiscal years beginning after December 15, 2005 and as of June 29, 2005 for new or modified arrangements.  The impact of adopting EITF 04-5 is not expected to have a material impact on the Company’s financial position or results of operations.
Reclassifications
Certain reclassifications 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,
 
  
2005
 
2004
 
  
 
 
Land $686,123 $626,914 
Buildings and improvements       
Buildings  2,696,194  2,650,107 
Building improvements  180,005  106,061 
Tenant improvements  334,765  263,322 
Fixtures and leasehold improvements  17,088  15,697 
Other rental property, net (1)  35,110  32,067 
  

 

 
   3,949,285  3,694,168 
Accumulated depreciation and amortization  (740,127) (634,642)
  

 

 
Total $3,209,158 $3,059,526 
  

 

 
(1)At December 31, 2005 and 2004, Other rental property, net consisted of intangible assets including $23,539 and $14,232, respectively, of in-place leases, $7,366 and $10,188, respectively, of tenant relationships and $4,205 and $7,647, respectively, of above-market leases.  In addition, at December 31, 20052006 and 2004,2005, the Company had intangible liabilities relating to below-market leases from property acquisitions of approximately $50.1$120.6 million and $50.0$50.1 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 Properties
The aggregate purchase price of these Puerto Rico properties has been allocated to the tangible and intangible assets and liabilities of the properties in accordance with SFAS No. 141. The total 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.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
3.
Property Acquisitions, Developments and Other Investments:
Operating Properties
Acquisition of Existing Shopping Centers -
During the years 2005, 2004 and 2003, the Company acquired operating properties, in separate transactions, at aggregate costs of approximately $278.0 million, $440.5 million and $293.9 million, respectively.
Ground-Up Development -
During 2005, the Company acquired, in separate transactions, various parcels of land located in Mesa, AZ, and Nampa, ID for an aggregate purchase price of approximately $28.7 million.  These properties will be developed into retail centers with an aggregate of approximately 2.2 million square feet of GLA with a total estimated aggregate project cost of approximately $190.7 million.
During May and June 2005, the Company acquired, in separate transactions, two parcels of land located in Saltillo and Pachuca, Mexico, for an aggregate purchase price of approximately $14.6 million.  The properties will be developed into retail centers with an aggregate total project cost of approximately $34.1 million.
During June 2005, the Company acquired land in Tustin, CA, through a newly formed joint venture in which the Company has a 50% non-controlling interest, for a purchase price of approximately $23.0 million.  The property will be developed into a 1.0 million square foot retail center with a total estimated project cost of approximately $149.3 million.  The purchase of the land was funded through a new construction loan which bears interest at LIBOR plus 1.70% and is scheduled to mature in October 2007.  As of December 31, 2005, this construction loan had an outstanding balance of approximately $40.4 million.
Additionally, during 2005, the Company acquired, in separate transactions, six parcels of land located in various cities throughout Mexico, through newly formed joint ventures in which the Company has non-controlling interests, for an aggregate purchase price of approximately $42.1 million.  The properties were at various stages of construction at acquisition and will be developed into retail centers with a projected total aggregate cost of approximately $133.1 million.
During July 2004, the Company acquired land in Huehuetoca, Mexico, through a joint venture in which the Company has a 95% controlling interest, for a purchase price of approximately $6.9 million.  The property will be developed as a grocery-anchored retail center with a projected total cost of approximately $15.3 million.
During August 2004, the Company acquired land located in San Luis Potosi, Mexico, through a joint venture in which the Company currently has a 64.4% controlling interest for a purchase price of approximately $5.8 million.  The property was developed into a retail center by the grocery tenant anchoring the project.  During December 2004, the Company acquired the completed building improvements from the tenant for a purchase price of approximately 77.2 million pesos (“MXN”) (approximately USD $6.9 million).
During December 2004, the Company acquired land located in Reynosa, Mexico for a purchase price of approximately $13.8 million.  The property will be developed as a grocery anchored retail center with a projected total cost of approximately $22.0 million.
Merchant Building -
Effective January 1, 2001, the Company elected taxable REIT subsidiary status for its wholly-owned development subsidiary, KDI.  KDI is primarily engaged in the ground-up development of neighborhood and community shopping centers and the subsequent sale thereof upon completion.
During the years 2005, 2004 and 2003, KDI expended approximately $363.1 million, $205.2 million and $208.9 million, respectively, in connection with the purchase of land and construction costs related to its ground-up development projects.

BackThe Company is engaged in ground-up development projects which consists of (i) merchant building through the Company’s wholly-owned taxable REIT subsidiary, KDI, which develops 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 . The ground-up development projects generally have substantial pre-leasing prior to Indexthe commencement of construction. As of December 31, 2006, the Company had in progress a total of 45 ground-up development projects including 23 merchant building projects, six domestic ground-up development projects, and 16 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.
During the years 2006, 2005 and 2004, KDI expended approximately $287.0 million, $363.1 million and $205.2 million, respectively, in connection with the purchase of land and construction costs related to its ground-up development projects.
These merchant building acquisition and development costs have been funded principally through proceeds from sales of completed projects and construction financings.
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 65.4 million Mexican Pesos (“MXP”) (approximately USD $5.7 million). Total estimated project costs are approximately USD $7.3 million.
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 million.
During 2005, the Company acquired, in separate transactions, various parcels of land located in Mesa, AZ and Nampa, ID for an aggregate purchase price of approximately $28.7 million. These properties will be developed into retail centers with an aggregate of approximately 2.2 million square feet of GLA with a total estimated aggregate project cost of approximately $190.7 million.
During May and June 2005, the Company acquired, in separate transactions, two parcels of land located in Saltillo and Pachuca, Mexico, for an aggregate purchase price of approximately $14.6 million. The properties will be developed into retail centers with an aggregate total project cost of approximately $34.1 million.
During June 2005, the Company acquired land in Tustin, CA, through a newly formed joint venture in which the Company has a 50% non-controlling interest, for a purchase price of approximately $23.0 million. The property will be developed into a 1.0 million square foot retail center with a total estimated project cost of approximately $176.8 million. The purchase of the land was funded through a new construction loan which bears interest at LIBOR plus 1.70% and is scheduled to mature in October 2007. As of December 31, 2006, this construction loan had an outstanding balance of approximately $103.0 million. During October 2006, the Company sold two parcels, in separate transactions, for an aggregate price of $21.7 million. No gain or loss was recognized on these transactions.
Additionally, during 2005, the Company acquired, in separate transactions, six parcels of land located in various cities throughout Mexico, through newly formed joint ventures in which the Company has non-controlling interests, for an aggregate purchase price of approximately $42.1 million. The properties were at various stages of construction at acquisition and will be developed into retail centers with a projected total aggregate cost of approximately $133.1 million.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
These merchant building acquisition and development costs have been funded principally through proceeds from sales of completed projects and construction financings.
OtherKimsouth -
During 2005, the Company acquired ten self-storage facilities through an existing joint venture in which the Company held an approximate 93.5% economic interest, for a purchase price of approximately $39.9 million including the assumption of approximately $7.5 million of non-recourse fixed-rate mortgage debt encumbering three of the properties.  Upon completing this purchase, this entity owned 17 self-storage facilities located in various states.  The joint venture had cross-collateralized 14 of these properties with approximately $44.0 million of non-recourse floating-rate mortgage debt which was scheduled to mature in November 2007 and had an interest rate of LIBOR plus 2.75%. Based upon the provisions of FIN 46(R), the Company had determined that this entity was a VIE.  The Company had further determined that the Company was the primary beneficiary of this VIE and had therefore consolidated this entity for financial reporting purposes.  During November and December 2005, this entity disposed of, in separate transactions, four self-storage properties for an aggregate sales price of approximately $18.6 million resulting in an aggregate gain of approximately $5.8 million.  Proceeds from these sales were used to pay down approximately $9.8 million of mortgage debt and provided distributions to the partners.  As a result of these transactions, the Company’s economic interest had significantly decreased and the entity became subject to the reconsideration provisions of FIN 46(R).  Based upon this reconsideration event and the provision of FIN 46(R), the Company has determined that this entity is no longer a VIE and has therefore deconsolidated this entity and will now account for this investment under the equity method of accounting.  As of December 31, 2005, this entity owned 13 self-storage properties.  Three of the properties are encumbered by approximately $7.4 million of fixed-rate individual non-recourse mortgage debt which bears interest at 5.5% per annum and is scheduled to mature in June 2013.  The remaining ten properties are cross-collateralized with approximately $33.3 million of variable rate debt which bears interest at LIBOR plus 2.75% (7.09% at December 31, 2005) and is scheduled to mature in November 2007.  The Company’s maximum exposure to loss associated with this entity is primarily limited to the Company’s carrying value of this investment, which was approximately $14.2 million at December 31, 2005.
During June 2004, the Company acquired an operating property through the acquisition of the remaining 50% partnership interest in a joint venture in which the Company held a 50% interest. The property, acquired for approximately $12.5 million, is located in Tempe, AZ and is comprised of 0.2 million square feet of GLA.
During December 2004, the Company acquired a shopping center property through the acquisition of the remaining 50% partnership interest in a joint venture in which the Company held a 50% interest.  The property, acquired for approximately $4.5 million, is located in Tampa, FL and is comprised of 0.1 million square feet of GLA.
Additionally during December 2004, the Company acquired interests in two parking facilities and a medical office building located in Allegheny, PA that are subject to a ground lease, for a purchase price of approximately $29.8 million.
These operating property acquisitions, development costs and other investments have been funded principally through the application of proceeds from the Company’s public unsecured debt issuances, proceeds from mortgage and construction financings and availability under the Company’s revolving lines of credit.
FNC Realty Corporation -
From 2000 through 2002 the Company acquired approximately $28.9 million face amount of Frank’s Nursery and Crafts, Inc. (“Frank’s”), 10.25% bonds for an aggregate purchase price of approximately $11.3 million. During February 2001, Frank’s filed for protection under Chapter 11 of the United States Bankruptcy Code. During May 2002, Frank’s plan of reorganization was confirmed by the Bankruptcy court and Frank’s emerged from bankruptcy. Pursuant to Frank’s reorganization plan, the Company received approximately 4.3 million shares of Frank’s common stock valued at $2.34 per share in

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 has 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”), 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 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. This investment is included in Other assets in the Consolidated Balance Sheets. During February 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 distribution of approximately $121.3 million.
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.
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 2005, Kimsouth disposed of seven shopping center properties, in separate transactions, for an aggregate sales price of approximately $78.9 million, including the assignment of approximately $23.7 million of mortgage debt encumbering two of the properties. During 2005, the Company recognized pre-tax profits from the Kimsouth investment of approximately $4.9 million, which is included in the caption Income from other real estate investments on the Company’s Consolidated Statements of Income.
Selected financial information for Kimsouth prior to consolidation is as follows (in millions):

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
settlement of its Frank’s bond investment. As a result of this conversion, the Company held an approximate 27% interest in Frank’s and began accounting for its investment on the equity method. In addition, the Company began providing loans to Frank’s under a revolving credit facility, which was collateralized by certain real estate interests of Frank’s. As an inducement to make these loans, Frank’s issued the Company approximately 4.4 million warrants with an exercise price of $1.15 per share.
During September 2004, Frank’s again filed for protection under Chapter 11 of the United States Bankruptcy Code. The Company committed to provide Frank’s, in addition to its revolving credit facility, with $27.0 million of debtor-in-possession financing for a term of one year at an interest rate of Prime plus 1.00%. From the petition date until July 26, 2005, Frank’s operated its business as a debtor-in-possession and during this period had completely liquidated its inventory and ceased operating as a retailer.
Frank’s plan of reorganization included a Company sponsored re-capitalization plan in which the Company, along with several other significant shareholders, agreed to re-capitalize Frank’s with approximately $104.0 million in cash in exchange for debt and equity securities and convert Frank’s from a publicly held retail company to a privately held real estate company.
On July 27, 2005, Frank’s emerged from Chapter 11 bankruptcy pursuant to a bankruptcy court approved plan of reorganization as FNC Realty Corporation (“FNC”). Pursuant to the reorganization plan, shareholders of Frank’s were offered cash of $0.75 per share or the right to exchange Frank’s common stock for FNC common stock on a 1:1 basis. FNC’s capitalization included the issuance of approximately $27.0 million of common stock and $77.0 million of fixed-rate 7% convertible senior notes. The notes mature in July 2008, and may be converted at anytime by the holder for common shares of FNC at $0.75 per share. Proceeds from the issuance of common stock and convertible senior notes were used to repay all claims pursuant to the plan of reorganization, including amounts owed to the Company under its revolving credit facility and debtor-in-possession financing agreement.
Pursuant to the plan of reorganization, the Company received common shares of FNC representing an approximate 27% ownership interest in exchange for its interests in Frank’s.  In addition, the Company acquired an additional 24.5% interest in the common shares of FNC for cash of approximately $17 million, thereby increasing the Company’s ownership interest to approximately 51%. This acquisition of additional shares includes the exercise of warrants previously issued by Frank’s to the Company. The Company also acquired approximately $42 million of fixed-rate 7% convertible senior notes issued by FNC.
As a result of the increase in ownership interest from 27% to 51%, the Company became the controlling shareholder and therefore, commenced consolidation of FNC effective July 27, 2005. The acquisition of the additional 24.5% ownership interest has been accounted for as a step acquisition with the purchase price being allocated to the identified assets and liabilities of FNC.
As of July 27, 2005, FNC had approximately $154 million of net operating loss carry-forwards (“NOLs”), which may be utilized to offset future taxable income of FNC.  As Frank’s had recurring losses and was in bankruptcy, the realization of the NOLs was uncertain.  Accordingly, a full valuation allowance was previously recorded against the deferred tax asset relating to these NOLs.  Of the total amount of available NOLs, the Company has estimated approximately $124 million is unrestricted and $30 million is restricted (limited to utilization of $1.1 million per year).
The Company has evaluated the level of valuation allowance required and determined, based upon the expected investment strategy for FNC, that approximately $27 million of the allowance should be reduced and recorded as an adjustment to the purchase price allocation.
As of July 27, 2005, FNC held interests in 55 properties with approximately $16.1 million of non-recourse mortgage debt encumbering 16 of the properties. These loans bear interest at fixed rates ranging from 4.00% to 7.75% and maturity dates ranging from June 2012 through June 2022.  During December 2005, FNC pre-paid, without penalty, an aggregate $4.8 million of mortgage debt encumbering five of its properties.  The mortgage debt bore interest at a 7.3% fixed rate per annum and was scheduled to mature in August 2012.  As of December 31, 2005, FNC had approximately
     
  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)
��         
On July 27, 2005, Frank’s Nursery and Crafts, Inc. (“Frank’s”) emerged from bankruptcy protection pursuant to Indexa bankruptcy court approved plan of reorganization as FNC Realty Corporation (“FNC”). Pursuant to the plan of reorganization, the Company received common shares of FNC representing an approximate 27% ownership interest in exchange for its interest in Frank’s. In addition, the Company acquired an additional 24.5% interest in the common shares of FNC for cash of approximately $17.0 million, thereby increasing the Company’s ownership interest to approximately 51%. The Company also acquired approximately $42.0 million of fixed rate 7% convertible senior notes issued by FNC. As a result of the increase in ownership interest from 27% to 51%, the Company became the controlling shareholder and therefore, commenced consolidation of FNC effective July 27, 2005.
As of July 27, 2005, FNC had approximately $154.0 million of NOLs, which may be utilized to offset future taxable income of FNC. As Frank’s had recurring losses and was in bankruptcy, the realization of the NOLs was uncertain. Accordingly a full valuation allowance was previously recorded against the deferred tax asset relating to these NOLs. Of the total amount of available NOLs, the Company has estimated approximately $124.0 million is unrestricted and $30.0 million is restricted (limited to utilization of $1.1 million per year).
The Company has evaluated the level of valuation allowance required and determined, based upon the expected investment strategy for FNC, that approximately $27.0 million of the allowance should be reduced and recorded as an adjustment to the purchase price. (See Note 22 for additional information.)
As of July 27, 2005, FNC held interests in 55 properties with approximately $16.1 million of non-recourse mortgage debt encumbering 16 of the properties. These loans bore interest at fixed rates ranging from 4.00% to 7.75% and maturity dates ranging from June 2012 through June 2022. During December 2005, FNC pre-paid, without penalty, an aggregate $4.8 million of mortgage debt encumbering five of its properties. During 2006, FNC pre-paid, with a pre-payment penalty of approximately $1.2 million, an aggregate $7.0 million of mortgage debt encumbering six of its properties. The mortgage debt bore interest at a 7.75% fixed rate per annum and was scheduled to mature in August of 2014. As of December 31, 2006, FNC had approximately

88


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
$11.4 million of non-recourse mortgage debt encumbering 11 properties.  These remaining loans bear interest at fixed rates ranging from 4.00% to 7.75%$2.1 million of non-recourse mortgage debt encumbering three properties. These remaining loans bear interest at fixed rates ranging from 7.00% to 7.31% and maturity dates ranging from June 2012 through June 2022.
The Company’s investment strategy with respect to FNC includes re-tenanting, re-developing and disposition of the properties. From July 27, 2005 through December 31, 2005, FNC disposed of nine properties, in separate transactions, for an aggregate sales price of approximately $9.4 million.
4.
Dispositions of Real Estate:
Operating Real Estate -
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 for an aggregate price of approximately $49.0 million, (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.
During June 2005, the Company disposed of a vacant land parcel located in New Ridge, MD for approximately $5.6 million resulting in a $4.6 million gain on sale.  This gain is included in Other income, net on the Company’s Condensed Consolidated Statements of Income.
During 2004, the Company (i) disposed of, in separate transactions, 16 operating properties and one ground lease 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; cash proceeds of approximately $16.9 million from the sale of two of these properties were used 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 price 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 the Company has non-controlling interests ranging from 10% to 30% for an aggregate price of approximately $491.2 million.  A significant portion of the properties transferred were acquired in the Mid-Atlantic Merger.
Merchant Building -
During 2005, KDI 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.
During 2004, KDI sold, in separate transactions, five of its recently completed projects, three completed phases of projects and 29 out-parcels for approximately $170.2 million.  These sales resulted in pre-tax gains of approximately $16.8 million.
During 2003, KDI sold, in separate transactions, four of its recently completed projects and 26 out-parcels for approximately $134.6 million, which resulted in pre-tax gains of approximately $17.5 million.
5.
Adjustment of Property Carry Values:
As part of the Company’s periodic assessment 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, the Company determined in December 2004 that its investment 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 current market conditions and lack of demand for the property, the Company reduced its anticipated holding period for this investment.  As a result, the Company determined that its investment in this asset was not fully recoverable and recorded an adjustment of property carrying value of approximately $3.0 million to reflect the property’s

BackThe Company’s investment strategy with respect to IndexFNC includes re-tenanting, re-developing and disposition of the properties. From July 27, 2005, through December 31, 2005, FNC disposed of nine properties, in separate transactions, for an aggregate sales price of approximately $9.4 million. During 2006, FNC disposed of an additional eight properties and one out-parcel, in separate transactions, for an aggregate sales price of approximately $25.1 million. Additionally during 2006, FNC purchased one operating property adjacent to an existing property for $3.5 million.
JPG Self Storage -
During 2005, the Company acquired ten self-storage facilities through an existing joint venture in which the Company held an approximate 93.5% economic interest, for a purchase price of approximately $39.9 million including the assumption of approximately $7.5 million of non-recourse fixed-rate mortgage debt encumbering three of the properties. Upon completing this purchase, this entity owned 17 self-storage facilities located in various states. The joint venture had cross-collateralized 14 of these properties with approximately $44.0 million of non-recourse floating-rate mortgage debt which was scheduled to mature in November 2007 and had an interest rate of LIBOR plus 2.75%. Based upon the provisions of FIN 46(R), the Company had determined that this entity was a VIE. The Company had further determined that the Company was the primary beneficiary of this VIE and had therefore consolidated this entity for financial reporting purposes. During November and December 2005, this entity disposed of, in separate transactions, four self-storage properties for an aggregate sales price of approximately $18.6 million resulting in an aggregate gain of approximately $5.8 million. Proceeds from these sales were used to pay down approximately $9.8 million of mortgage debt and provided distributions to the partners. As a result of these transactions, the Company’s economic interest had significantly decreased and the entity became subject to the reconsideration provisions of FIN 46(R). Based upon this reconsideration event and the provision of FIN 46(R), the Company determined that this entity was no longer a VIE and therefore deconsolidated this entity and accounts for this investment under the equity method of accounting within the Company’s Preferred Equity program.
These operating property acquisitions, 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.
4.Dispositions of Real Estate:
Operating Real Estate -
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, net on the Company’s Consolidated Statements of Income.
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.

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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 operating propertiesDuring June 2005, the Company disposed of a vacant land parcel located in New Ridge, MD, for approximately $5.6 million resulting in a $4.6 million gain on sale. This gain is included in Other income, net on the Company’s Consolidated Statements of Income.
6.
Discontinued Operations and Assets Held for Sale:
In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (“SFAS No. 144”) 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 to the adoption of SFAS No. 144.  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 change has resulted in certain reclassifications of 2005, 2004 and 2003 financial statement amounts.
The components of Income from discontinued operations for each of the three years in the period ended December 31, 2005 are shown below.  These include the results of operations through the date of each respective sale for properties sold during 2005, 2004 and 2003 and a full year of operations for those assets classified as held-for-sale as of December 31, 2005 (in thousands):
  
2005
 
2004
 
2003
 
  

 

 

 
Discontinued Operations:          
Revenues from rental property $10,769 $16,930 $30,385 
Rental property expenses  (3,664) (5,311) (10,443)
  

 

 

 
Income from property operations  7,105  11,619  19,942 
Depreciation of rental property  (2,100) (3,255) (5,856)
Interest expense  (571) (841) (106)
Other income/(expense)  1,291  (2,164) (88)
  

 

 

 
Income from discontinued operating properties  5,725  5,359  13,892 
Gain on early extinguishment of debt      6,760 
Loss on operating properties held for sale/sold  (5,098) (5,064) (4,016)
Gain on disposition of operating properties  28,918  15,823  47,657 
  

 

 

 
Income from discontinued operations $29,545 $16,118 $64,293 
  

 

 

 
During March 2005, the Company reclassified as held-for-sale three shopping center properties comprising approximately 0.4 million square feet of GLA.  The book value of each of these properties, aggregating approximately $17.1 million, net of accumulated depreciation of approximately $8.4 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 $22.1 million, was based upon executed contracts of sale with third parties less estimated selling costs.  The Company completed the sale of these properties during the quarter ended June 30, 2005.
During June 2005, the Company reclassified as held-for-sale a shopping center property comprising approximately 0.2 million square feet of GLA.  The book value of this property of approximately $25.1 million, net of accumulated depreciation of approximately $1.0 million, did not exceed its estimated fair value.  As a result, no adjustment of property carrying value had been recorded.  The Company’s determination of the fair value of this property of approximately $39.3 million, was based upon an executed contract of sale with a third party less estimated selling costs.
During December 2004, the Company reclassified as held-for-sale a shopping center property located in Melbourne, FL, comprising approximately 0.1 million square feet of GLA.  The operations associated with this property for the current and comparative

BackDuring 2004, the Company (i) disposed of, in separate transactions, 16 operating properties and one ground lease 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; cash proceeds of approximately $16.9 million from the sale of two of these properties were used in a 1031 exchange to Indexacquire shopping center properties located in Roanoke, VA, and Tempe, AZ, (ii) transferred 17 operating properties to KROP, as defined below, for an aggregate price 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 the Company has non-controlling interests ranging from 10% to 30% for an aggregate price of approximately $491.2 million.
Merchant Building -
During 2006, KDI sold, in separate transactions, six of its recently completed projects, its partnership interest in one project and 30 out-parcels for approximately $260.0 million. These sales resulted in pre-tax gains of approximately $37.3 million.
During 2005, KDI 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.
During 2004, KDI sold, in separate transactions, five of its recently completed projects, three completed phases of projects and 29 out-parcels for approximately $170.2 million. These sales resulted in pre-tax gains of approximately $16.8 million.
5.Adjustment of Property Carrying Values:
As part of the Company’s periodic assessment 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, the Company determined in December 2004 that its investment 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 current market conditions and lack of demand for the property, the Company reduced its anticipated holding period for this investment. As a result, the Company determined that its investment in this asset was not fully recoverable and recorded an adjustment of property carrying value of approximately $3.0 million to reflect the property’s 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:
In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (“SFAS No. 144”) 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 to the adoption of SFAS No. 144. 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 2006, 2005 and 2004 financial statement amounts.
The components of Income from discontinued operations for each of the three years in the period ended December 31, 2006, are shown below. These include the results of operations through the date of each respective sale for properties sold during 2006, 2005 and 2004 and a full year of operations for those assets classified as held-for-sale as of December 31, 2006 (in thousands):

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years, have been included in the caption Income from discontinued operations on the Company’s Consolidated Statements of Income.
During March 2004, the Company reclassified as held-for-sale two shopping center properties comprising approximately 0.3 million square feet of GLA.  The book value of these properties, aggregating approximately $8.7 million, net of accumulated depreciation of approximately $4.2 million, exceeded their estimated fair value.  The Company’s determination of the fair value of these properties, aggregating approximately $4.5 million, was based upon contracts of sale with third parties less estimated selling costs.  As a result, the Company had recorded a loss resulting from an adjustment of property carrying values of $4.2 million.  During March 2004, the Company completed the sale of one of these properties, comprising approximately 0.1 million square feet of GLA, for a sales price of approximately $1.1 million.  During June 2004, the Company completed the sale of the other property, comprising approximately 0.2 million square feet of GLA, for a sales price of approximately $3.9 million.  The loss associated with these transactions along with the related property operations for the current and comparative years, has been included in the caption Income from discontinued operations on the Company’s Consolidated Statements of Income.
During December 2003, the Company identified two operating properties, comprised of approximately 0.2 million square feet of GLA, as held-for-sale.  The book value of these properties, aggregating approximately $19.4 million, net of accumulated depreciation of approximately $2.1 million, exceeded their estimated fair value.  The Company’s determination of the fair value of these properties, aggregating approximately $15.4 million, was based upon contracts of sale with third parties less estimated selling costs.  As a result, the Company recorded a loss resulting from an adjustment of property carrying values of approximately $4.0 million.  This adjustment is included, along with the related property operations for the current and comparative years, in the caption Income from discontinued operations on the Company’s Consolidated Statements of Income.
During 2003, the Company reached agreement with certain lenders in connection with three individual non-recourse mortgages encumbering three former Kmart sites.  The Company paid approximately $14.2 million in full satisfaction of these loans, which aggregated approximately $24.0 million.  As a result of these transactions, the Company recognized a gain on early extinguishment of debt of approximately $9.7 million during 2003, of which $6.8 million is included in Income from discontinued operations.
7.
Investment and Advances in Real Estate Joint Ventures:
Kimco Income REIT (“KIR”) -
During 1998, the Company formed KIR, an entity that was established for the purpose of investing in high quality real estate properties financed primarily with individual non-recourse mortgages.  These properties include, but are not limited to, fully developed properties with strong, stable cash flows from credit-worthy retailers with long-term leases.  The Company originally held a 99.99% limited partnership interest in KIR.  Subsequent to KIR’s formation, the Company sold a significant portion of its original interest to an institutional investor and admitted three other limited partners.  KIR had received total capital commitments of $569.0 million, of which the Company subscribed for $247.0 million and the four limited partners subscribed for $322.0 million.  During 2004, the KIR partners elected to cancel the remaining unfunded capital commitments of $99.0 million, including $42.9 million from the Company.  As of December 31, 2005, the Company had a 43.3% non-controlling limited partnership interest in KIR.
In addition, KIR entered into a master management agreement with the Company, whereby the Company will perform services for fees related to management, leasing, operations, supervision and maintenance of the joint venture properties.  For the years ended December 31, 2005, 2004 and 2003, the Company (i) earned management fees of approximately $3.1 million, $2.9 million and $2.9 million, respectively, (ii) received reimbursement of administrative fees of approximately $0.5 million, $0.4 million and $0.4 million, respectively, and (iii) earned leasing commissions of approximately $0.3 million, $0.3 million and $0.5 million, respectively.
During March 2005, KIR disposed of an operating property and an out-parcel, in separate
             
  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 
          

Back to IndexDuring 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.
During December 2004, the Company reclassified as held-for-sale an operating property located in Melbourne, FL, comprising approximately 0.1 million square feet of GLA. The Company completed the sale of this property during 2005.
During 2004, the Company reclassified as held-for-sale two operating properties comprising approximately 0.3 million square feet of GLA. The book value of these properties, aggregating approximately $8.7 million, net of accumulated depreciation of approximately $4.2 million, exceeded their estimated fair value. The Company’s determination of the fair value of these properties, aggregating approximately $4.5 million, was based upon contracts of sale with third parties less estimated selling costs. As a result, the Company had recorded a loss resulting from an adjustment of property carrying values of $4.2 million. During 2004, the Company completed the sale of these properties.

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transactions, for an aggregate sale price of approximately $43.1 million.  These sales resulted in an aggregate gain of approximately $17.8 million of which the pro-rata gain to the Company was approximately $7.7 million.  In connection with the sale of the operating property, KIR incurred a $2.0 million loan defeasance charge, of which the Company’s pro-rata share was approximately $0.9 million.
During October 2005, KIR sold an operating property for a sales price of approximately $8.1 million.  This sale resulted in a gain of approximately $2.4 million of which the pro-rata gain to the Company was approximately $1.0 million.
During March 2005, KIR purchased a shopping center property located in Delran, NJ, for approximately $4.6 million.
In April 2005, KIR entered into a three-year $30.0 million unsecured revolving credit facility which bears interest at LIBOR plus 1.40%.  As of December 31, 2005, there were no amounts outstanding under this credit facility.
During April 2004, KIR disposed of an operating property located in Las Vegas, NV, for a sales price of approximately $21.5 million, which approximated its net book value.
As of December 31, 2005, the KIR portfolio was comprised of 68 shopping center properties aggregating approximately 14.2 million square feet of GLA located in 20 states.
RioCan Investments -
During October 2001, the Company formed a joint venture (the “RioCan Venture”) with RioCan Real Estate Investment Trust (“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.
During April 2004, the RioCan Venture acquired an operating property located in Mississauga, Ontario, comprising approximately 0.2 million square feet of GLA, for a purchase price of approximately CAD $44.2 million (approximately USD $32.3 million).  During August 2004, the RioCan Venture obtained approximately CAD $28.7 million (approximately USD $21.6 million) of mortgage debt on this property.  The loan bears interest at a fixed rate of 6.37% with payments of principal and interest due monthly. The loan is scheduled to mature in August of 2014.
As of December 31, 2005, the RioCan Venture was comprised of 34 operating properties and one development property consisting of approximately 8.1 million square feet of GLA.
Kimco / G.E. Joint Venture (“KROP”)
During 2001, the Company formed a joint venture (the “Kimco Retail Opportunity Portfolio” or “KROP”) with GE Capital Real Estate (“GECRE”), in which the Company has a 20% non-controlling interest and manages the portfolio.  The purpose of this joint venture is to acquire established high-growth potential retail properties in the United States.  Total capital commitments to KROP from GECRE and the Company are for $200.0 million and $50.0 million, respectively, and such commitments are funded proportionately as suitable opportunities arise and are agreed to by GECRE and the Company.
During 2005, GECRE and the Company contributed approximately $21.2 million and $5.3 million, respectively, toward their capital commitments.  As of December 31, 2005, KROP had unfunded capital commitments of $28.5 million, including $5.7 million by the Company.  Additionally, GECRE and the Company provided short-term interim financing for all acquisitions made by KROP without a mortgage in place at the time of acquisition.  All such financing bears interest at rates ranging from LIBOR plus 4.0% to LIBOR plus 5.25% and have maturities of less than one year.  As of December 31, 2005 and 2004, there were no outstanding short-term interim financing due to GECRE or the Company.
During 2005, KROP acquired four operating properties and one out-parcel, in separate
7.Investment and Advances in Real Estate Joint Ventures:

Kimco Prudential Joint Venture (“KimPru”) -
BackOn July 9, 2006, the Company entered into a definitive merger agreement with Pan Pacific Retail Properties Inc. (“Pan Pacific”). Under the terms of the agreement, the Company agreed to Indexacquire 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 bears interest at LIBOR plus 0.375% 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.
Immediately following 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 above mentioned mortgages bear interest at rates ranging from 4.92% to 8.30% and have maturities ranging from eight months to 119 months.
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.
Kimco Income REIT (“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 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.
During 2005, KIR disposed of two operating properties and one out-parcel, in separate transactions, for an aggregate sale price of approximately $51.2 million. These sales

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transactions, for an aggregate purchase price of approximately $74.6 million, including the assumption of approximately $26.2 million of individual non-recourse mortgage debt encumbering two of the properties and preferred units of approximately $4.2 million associated with another property.
During 2005, KROP disposed of three unencumbered operating properties and two out-parcels, in separate transactions, for an aggregate sales price of approximately $60.3resulted in an aggregate gain of approximately $20.2 million of which the Company’s shares was approximately $8.7 million. In connection with the sale of one of the operating properties, KIR incurred a $2.0 million loan defeasance charge, of which the Company’s share was approximately $0.9 million. These sales resulted in an aggregate gain of approximately $18.3 million of which the Company’s pro-rata share was approximately $3.7 million.
During 2005, KROP obtained ten-year individual non-recourse, non-crossed collateralized fixed-rate mortgages aggregating approximately $21.9 million on two of its previously unencumbered properties with rates ranging from 5.2% to 5.3%.
During 2005, KROP obtained two non-recourse, non-crossed collateralized variable rate mortgages for a total of $25.7 million on two properties with rates of LIBOR plus 1.30% and 1.65% with terms of two and three years, respectively.
During 2004, KROP acquired 19 operating properties for an aggregate purchase price of approximately $242.6 million, including the assumption of approximately $63.5 million of individual non-recourse mortgage debt encumbering eight of the properties.
During 2004, KROP disposed of five operating properties and three out-parcels for an aggregate sales price of approximately $65.8 million, including the assignment of approximately $7.2 million of non-recourse mortgage debt encumbering one of the properties.  These sales resulted in an aggregate gain of approximately $20.2 million.
During 2004, KROP obtained one non-recourse, cross-collateralized, fixed-rate mortgage aggregating $30.7 million on four properties with a rate of 4.74% for five years.  KROP also obtained individual non-recourse, non-cross-collateralized fixed-rate mortgages aggregating approximately $22.0 million on two of its previously unencumbered properties with rates ranging from 5.0% to 5.1% with terms of five years.
During 2004, KROP obtained one non-recourse, cross-collateralized, variable-rate mortgage aggregating $54.4 million on six properties with a rate of LIBOR plus 2.25% with a term of two years.  KROP also obtained one non-recourse, non-cross collateralized variable rate mortgage for $23.2 million on one of its previously unencumbered properties with a rate of LIBOR plus 1.8% with a three-year term.  In order to mitigate the risks of interest rate fluctuations associated with these variable-rate obligations, KROP entered into interest rate cap agreements for the notional values of these mortgages.
As of December 31, 2005, the KROP portfolio was comprised of 38 shopping center properties aggregating approximately 5.6 million square feet of GLA located in 14 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 December 2004, the Company acquired the Price Legacy Corporation through a newly formed joint venture, PL Retail LLC (“PL 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 bears interest at a fixed rate of 7.5% and matures in December 2006.  The Company also provided PL Retail a secured short-term promissory note of approximately $8.2 million. This interest only note bore interest at LIBOR plus 4.50% and was scheduled to mature in June 2005. During 2005, this note was amended to bear interest at LIBOR plus 6.0% and is now payable on demand. During the year ended December 31, 2005, PL Retail disposed of nine operating properties, in separate transactions, for an aggregate sales price of approximately $81.4 million, which represented the approximate carrying values of the properties.  Proceeds of

Additionally during 2005, KIR purchased one shopping center property located in Delran, NJ, for approximately $4.6 million.
During October 2001, the Company formed a joint venture (the “RioCan Venture”) with RioCan Real Estate Investment Trust (“RioCan”) in which the Company has a 50% non-controlling interest, to Indexacquire 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.
As of December 31, 2006, the RioCan Venture was comprised of 34 operating properties consisting of approximately 8.1 million square feet of GLA.
Kimco / G.E. Joint Venture (“KROP”)
During 2001, the Company formed a joint venture (the “Kimco Retail Opportunity Portfolio” or “KROP”) with GE Capital Real Estate (“GECRE”), in which the Company has a 20% non-controlling interest and manages the portfolio.
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% 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 bears 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.
During 2005, KROP acquired four operating properties and one out-parcel, in separate transactions, for an aggregate purchase price of approximately $74.6 million,

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including the assumption of approximately $26.2 million of individual non-recourse mortgage debt encumbering two of the properties and preferred units of approximately $4.2 million associated with another property.
During 2005, KROP disposed of three unencumbered operating properties and two out-parcels, in separate transactions, for an aggregate sales price of approximately $60.3 million. These sales resulted in an aggregate gain of approximately $18.3 million of which the Company’s share was approximately $3.7 million.
During 2005, KROP obtained ten-year individual non-recourse, non-crossed collateralized fixed-rate mortgages aggregating approximately $21.9 million on two of its previously unencumbered properties with rates ranging from 5.2% to 5.3%.
During 2005, KROP obtained two non-recourse, non-crossed collateralized variable rate mortgages for a total of $25.7 million on two properties with rates of LIBOR plus 1.30% and 1.65% with terms of two and three years, respectively.
As of December 31, 2006, the KROP portfolio was comprised of 25 operating properties aggregating approximately 3.6 million square feet of GLA located in 10 states.
During August 2006, the Company and GECRE agreed to market for sale the remaining properties within the KROP venture.
Kimco/UBS Joint Ventures (“KUBS”) -
The Company has joint venture investments with UBS Wealth Management North American Property Fund Limited (“UBS”) in which the Company has non-controlling interests ranging from 15% to 20%. These joint ventures, (collectively “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 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%.
During 2005, KUBS acquired two operating properties for an aggregate purchase price of approximately $30.5 million and purchased eight operating properties from the Company for an aggregate purchase price of approximately $213.1 million. KUBS obtained individual non-recourse mortgages on five of the properties acquired from the Company aggregating $56.9 million.
As of December 31, 2006, the KUBS portfolio was comprised of 31 operating properties aggregating approximately 5.0 million square feet of GLA located in 11 states.
PL Retail -
The Company acquired the Price Legacy Corporation through a newly formed joint venture, PL Retail LLC (“PL 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 December 2006. The Company also provided PL Retail a secured short-term promissory note of approximately $8.2 million. This interest only note bore interest at LIBOR plus 4.50% and was scheduled to mature in June 2005. During 2005, this note was amended to bear interest at LIBOR plus 6.0% 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.

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During 2006, PL Retail sold one operating property for a sales price of approximately $42.1 million, which resulted in a gain of approximately $3.9 million of which the Company’s share was approximately $0.6 million.
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 bears interest at LIBOR plus 0.675% and was scheduled to mature in February 2007. During 2007, the loan was extended to February 2008 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, there was $39.5 million outstanding under this facility.
During the year ended December 31, 2005, PL Retail disposed of nine operating properties, in separate transactions, for an aggregate sales price of approximately $81.4 million, which represented the approximate carrying values of the properties. Proceeds of approximately $22.0 million were used to partially repay the mezzanine financing and promissory note that were provided by the Company.
As of December 31, 2006, PL Retail consisted of 23 operating properties aggregating approximately 5.8 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 2006, the Company acquired, in separate transactions, 36 operating properties and one ground lease, through joint ventures in which the Company has non-controlling interests. These properties were acquired for an aggregate purchase price of approximately $726.7 billion, 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  
    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


KIMCO REALTY CORPORATION AND SUBSIDIARIES
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
             
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


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
million, which approximated its carrying value. The Company accounts for its remaining 50% interest under the equity method of accounting.
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.
During 2005, the Company acquired, in separate transactions, 69 operating properties through joint ventures in which the Company has non-controlling interests. These properties were acquired for an aggregate purchase price of approximately $641.1 million, including approximately $317.0 million of non-recourse mortgage debt encumbering 57 of the properties. The Company’s aggregate investment in these joint ventures was approximately $124.0 million. Details of these transactions are as follows (in thousands):
                    
      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 
                 
approximately $22.0 million were used to partially repay the mezzanine financing that was provided by the Company.  As of December 31, 2005, PL Retail had approximately $8.9 million outstanding on the mezzanine financing and approximately $8.2 million outstanding on the promissory note.  As of December 31, 2005, PL Retail consisted of 25 operating properties aggregating approximately 6.8 million square feet of GLA and had approximately $777.3 million outstanding in non-recourse mortgage debt, of which approximately $507.2 million had fixed rates ranging from 4.66% to 9.00% and approximately $270.1 had variable rates ranging from 5.74% to 9.59%.  The fixed-rate loans have maturities ranging from 3-to-11 years and the variable-rate loans have maturities ranging from one-to-three years.
(a) 
During March 2005, a joint venture in which the Company has a 50% non-controlling interest, disposed of two vacant land parcels located in Glendale, AZ, in separate transactions, for an aggregate sales price of approximately $9.9 million.  These sales resulted in an aggregate gain of approximately $4.8 million, of which the Company’s share was approximately $2.4 million.
Additionally, during March 2005, the Company transferred 50% of the Company’s 95% interest in a developed property located in Huehuetoca, Mexico, to a joint venture partner for approximately $5.3 million, which approximated its carrying value.  As a result of this transaction, the Company now holds a 47.5% non-controlling interest and has deconsolidated the investment.  The Company now accounts for its investment under the equity method of accounting.
During April 2005, the Company acquired an operating property located in Hillsborough, NJ, comprising approximately 0.1 million square feet of GLA, through a newly formed joint venture in which the Company has a 50% non-controlling interest.  The property was acquired for approximately $4.0 million including the assumption of approximately $1.9 million of non-recourse mortgage debt encumbering the property.  Subsequent to the purchase the joint venture obtained a $3.2 million one-year term loan which bears interest at LIBOR plus 0.55% (4.94% at December 31, 2005).  This loan is jointly and severally guaranteed by the joint venture partners, including the Company.  Proceeds from this loan were used to repay the $1.9 million mortgage encumbering the property.
 
(b) During May 2005, the Company acquired a hotel property located in Cancun, Mexico, through a newly formed joint venture in which the Company has an 80% non-controlling interest. The property was purchased for approximately $19.7 million.  Simultaneous with the closing, the property was encumbered with $12.4 million of non-recourse mortgage debt which bears interest at a fixed rate of 7.63% per annum and matures during May 2010.  During 2005, the property incurred significant hurricane damage which has temporarily suspended operations.  The Company believes that its property insurance and business interruption insurance will adequately cover losses associated with this event.
During May 2005, the Company acquired a $10.2 million mortgage receivable through a newly formed joint venture in which the Company has a 50% non-controlling interest.  The mortgage encumbered a property located in Derby, CT, comprising approximately 0.1 million square feet of GLA.  During October 2005, the joint venture foreclosed on the property and obtained fee title.
During June 2005, the Company acquired an additional 25% interest in a joint venture in which the Company had previously held a 7.77% interest for approximately $26.0 million.  This joint venture owns an operating property, comprised of approximately 0.5 million square feet of GLA, located in Fremont, CA.  During December 2005, the Company sold a portion of its interest in this joint venture to a new partner who purchased 70% of this partnership.  The Company now has a 30% non-controlling interest in this joint venture and accounts for its investment under the equity method of accounting.
During July 2005, the Company acquired an interest in an office property located in Houston, TX, comprising approximately 0.6 million square feet of GLA through a newly formed joint venture in which the Company has an 85% non-controlling interest.  The Company’s investment in the joint venture was approximately $12.2 million.  The joint venture purchased the property for approximately $91.1 million subject to $76.5 million of non-recourse mortgage debt which bears interest at a fixed-rate of 5.15% per annum and matures during August 2015.  The Company accounts for this investment under the equity method of accounting.venture.

BackDuring March 2005, the Company transferred 50% of the Company’s 95% interest in a developed property located in Huehuetoca, Mexico, to Indexa joint venture partner for approximately $5.3 million, which approximated its carrying value. As a result of this transaction, the Company now holds a 47.5% non-controlling interest and has deconsolidated the investment. The Company accounts for its investment under the

97


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Additionally, during July 2005, the Company transferred a developed property located in Reynosa, Mexico, to a newly formed joint venture in which the Company has a 50% non-controlling interest, for a price of approximately $6.9 million.  The Company now accounts for this investment under the equity method of accounting.
During October 2005, the Company acquired interests in 57 industrial properties located in Mexico, through a newly formed joint venture in which the Company has a 50% non-controlling interest, for a purchase price of approximately $277.5 million, including the assumption of approximately $167.0 million of non-recourse mortgage debt encumbering 52 properties.  The properties comprise approximately 5.6 million square feet of GLA.
Additionally, during 2005, the Company acquired, in separate transactions, 12 operating properties comprising approximately 1.7 million square feet of GLA, through newly formed joint ventures in which the company has non-controlling interests ranging from 5% to 50%.  The aggregate purchase price for these properties was approximately $265.6 million, including the assumption of approximately $29.1 million of non-recourse mortgage debt encumbering three of the properties.  The Company accounts for its investment in these joint ventures under the equity method of accounting.
During September 2005, the Company transferred 45 operating properties, comprising approximately 0.3 million square feet of GLA, located in Virginia and Maryland to a newly formed unconsolidated joint venture in which the Company has a 15% non-controlling interest.  The transfer price was approximately $85.3 million including the assignment of approximately $65.0 million of cross-collateralized non-recourse mortgage debt encumbering all of the properties.
Additionally, during 2005, the Company transferred, in separate transactions, five operating properties comprising approximately 0.7 million square feet of GLA, to newly formed joint ventures in which the Company has 20% non-controlling interests, for an aggregate price of approximately $85.6 million, including the assignment of approximately $40.2 million of mortgage debt encumbering three of the properties.
During January 2004, the Company acquired a property located in Marlborough, MA, through a joint venture in which the Company has a 40% non-controlling interest.  The property was acquired for a purchase price of approximately $26.5 million, including the assumption of approximately $21.2 million of non-recourse mortgage debt encumbering the property.
During September 2004, the Company acquired a property located in Pompano, FL, comprising approximately 0.1 million square feet of GLA, through a newly formed joint venture in which the Company has a 20% non-controlling interest, for approximately $20.4 million.
During October 2004, the Company transferred 50% of the Company’s 90% interest in an operating property located in Juarez, Mexico to a joint venture partner for approximately USD $5.4 million, which approximated its carrying value.  As a result of this transaction, the Company now holds a 45% non-controlling interest in this property and now accounts for its investment under the equity method of accounting.
Additionally during October 2004, the Company acquired an operating property located in Valdosta, GA, comprising approximately 0.2 million square feet of GLA, through a newly formed joint venture in which the Company has a 50% non-controlling interest.  The property was acquired for a purchase price of approximately $10.7 million, including the assumption of approximately $8.0 million of non-recourse mortgage debt encumbering the property.
Also during December 2004, the Company acquired an operating property located in Bellevue, WA, comprising approximately 0.5 million square feet of GLA, through a joint venture in which the Company has a 50% non-controlling interest, for approximately $102.0 million.
During 2004, the Company transferred 12 operating properties, comprising approximately 1.5 million square feet of GLA, to a newly formed joint venture in which the Company has a 15% non-controlling interest, for a price of approximately $269.8 million, including an aggregate $161.2 million of individual non-recourse mortgage debt

BackDuring July 2005, the Company transferred a developed property located in Reynosa, Mexico, to Indexa newly formed joint venture in which the Company has a 50% non-controlling interest, for a price of approximately $6.9 million. The Company accounts for this investment under the equity method of accounting.
During September 2005, the Company transferred 45 operating properties, comprising approximately 0.3 million square feet of GLA, located in Virginia and Maryland to a newly formed unconsolidated joint venture in which the Company has a 15% non-controlling interest. The transfer price was approximately $85.3 million including the assignment of approximately $65.0 million of cross-collateralized non-recourse mortgage debt encumbering all of the properties.
During 2005, the Company transferred, in separate transactions, five operating properties comprising approximately 0.7 million square feet of GLA, to newly formed joint ventures in which the Company has 20% non-controlling interests, for an aggregate price of approximately $85.6 million, including the assignment of approximately $40.2 million of mortgage debt encumbering three of the properties.
Summarized financial information for these real estate joint ventures is as follows (in millions):
         
  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 
       
             
  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 
          
Other liabilities in the accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling approximately $13.5 million and $13.2 million at December 31, 2006 and 2005, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ

98


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
encumbering the properties.  Simultaneously with the transfer, the Company entered into a management agreement whereby the Company will perform services for fees related to management, leasing, operations, supervision and maintenance of the joint venture properties.  In addition, the Company will earn fees related to the acquisition and disposition of properties by the venture.  During 2004, the Company earned management fees and acquisition fees of approximately $1.1 million and $1.3 million, respectively.
Additionally during 2004, the Company transferred, in separate transactions, eight operating properties comprising approximately 1.5 million square feet of GLA, to newly formed joint ventures in which the Company has non-controlling interests ranging from 10% to 30%, for an aggregate price of approximately $216.0 million, including the assignment of approximately $95.5 million of non-recourse mortgage debt and $24.1 million of downReit units.
Summarized financial information for these real estate joint ventures is as follows (in millions):
  
December 31,
 
  
 
  
2005
 
2004
 
  

 

 
Assets:       
Real estate, net $6,470.4 $5,451.0 
Other assets  308.5  200.5 
  

 

 
  $6,778.9 $5,651.5 
  

 

 
Liabilities and Partners’ Capital:       
Mortgages payable $4,443.6 $3,781.0 
Notes payable  58.7  40.0 
Construction loans  69.6  29.1 
Other liabilities  144.0  115.5 
Minority interest  81.9  36.5 
Partners’ capital  1,981.1  1,649.4 
  

 

 
  $6,778.9 $5,651.5 
  

 

 
  
Year Ended December 31,
 
  
 
  
2005
 
2004
 
2003
 
  

 

 

 
Revenues from rental property $759.0 $545.8 $423.3 
  

 

 

 
Operating expenses  (214.0) (155.6) (119.2)
Interest  (247.1) (171.0) (137.9)
Depreciation and amortization  (153.7) (97.1) (66.4)
Other, net  (8.4) (5.8) (9.3)
  

 

 

 
   (623.2) (429.5) (332.8)
  

 

 

 
Income from continuing operations  135.8  116.3  90.5 
Discontinued Operations:          
Income/(loss) from discontinued operations  (1.7) 1.8  3.7 
Gain on dispositions of properties  52.5  20.2  0.0 
  

 

 

 
Net income $186.6 $138.3 $94.2  
  

 

 

 
Other liabilities in the accompanying Consolidated Balance Sheets include accounts with certain real estate joint ventures totaling approximately $13.2 million and $13.7 million at December 31, 2005 and 2004, respectively. The Company and its subsidiaries have varying equity interests in these real estate joint ventures, which may differ from their proportionate share of net income or loss recognized in accordance with generally accepted accounting principles.
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
from their proportionate share of net income or loss recognized in accordance with GAAP.

BackThe Company’s maximum exposure to Indexlosses associated with its unconsolidated joint ventures is primarily limited to its carrying value in these investments. As of December 31, 2006 and 2005, the Company’s carrying value in these investments approximated $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 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, the Company’s net investment under the Preferred Equity program was approximately $400.4 million relating to 215 properties. For the years ended December 31, 2006, 2005 and 2004, the Company earned approximately $40.1 million, including $12.2 million of profit participation earned from 16 capital transactions, $32.8 million, including $12.6 million of profit participation earned from six capital transactions, and $11.4 million, including $3.9 million of profit participation earned from four capital transactions, respectively,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 
          
The Company’s maximum exposure to losses associated with its preferred equity investments is primarily limited to its invested capital. As of December 31, 2006 and 2005, the Company’s invested capital in its preferred equity investments approximated $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


premises in neighborhood and community shopping centers. These premises have been sublet to retailers who lease the stores pursuant to net lease agreements. Income from the investment in these retail store leases during the years ended December 31, 2006, 2005 and 2004, was approximately $1.3 million, $9.1 million and $3.9 million, respectively. These amounts represent sublease revenues during the years ended December 31, 2006, 2005 and 2004, of approximately $8.2 million, $17.8 million and $13.3 million, respectively, less related expenses of $5.7 million, $7.4 million and $8.0 million, respectively, and an amount which, in management’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’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, $7.4 and $4.6; 2008, $6.6 and $4.0; 2009, $5.8 and $3.6; 2010, $5.0 and $3.2; 2011, $4.0 and $2.6; and thereafter, $2.8 and $2.2, 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, 14 of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $27.1 million.
During 2006, an additional two properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $1.2 million. As of December 31, 2006, the remaining 14 properties were encumbered by third-party non-recourse debt of approximately $48.4 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, 2006 and 2005, 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 
       
9.Mortgages and Other Financing Receivables:
During January 2006, the Company provided approximately $16.0 million as its share of 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 interests of the retailer. During June 2006, the borrower elected to pre-pay the outstanding loan balance of approximately $16.0 million in full satisfaction of this loan.

100


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
December 31, 2005 and 2004, the Company’s carrying value in these investments approximated $735.6 million and $595.2 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 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.  During 2004, the Company provided, in separate transactions, an aggregate of approximately $101.0 million in investment capital to developers and owners of 54 real estate properties.  As of December 31, 2005, the Company’s net investment under the Preferred Equity program was approximately $225.9 million relating to 131 properties. For the years ended December 31, 2005, 2004 and 2003, the Company earned approximately $32.8 million, including $12.6 million from promoted interests earned from six capital transactions, $11.4 million, including $3.9 million from promoted interests earned from four capital transactions, and  $4.6 million, including $1.7 million from promoted interests earned from two capital transactions, respectively, from these investments.
Summarized financial information relating to the Company’s preferred equity investments is as follows (in millions):
  December 31, 
  
2005
 
2004
 
  

 

 
Assets:       
Real estate, net $945.0 $715.5 
Other assets  65.5  29.3 
  

 

 
  $1,010.5 $744.8 
  

 

 
Liabilities and Partners’ Capital:       
Notes and mortgages payable $703.3 $548.3 
Other liabilities  19.7  15.4 
Partners’ capital  287.5  181.1 
  

 

 
  $1,010.5 $744.8 
  

 

 
  Year Ended December 31, 
  
2005
 
2004
 
2003
 
  

 

 

 
Revenues from Rental Property $118.5 $61.6 $38.8 
  

 

 

 
Operating expenses  (42.0) (19.4) (12.2)
Interest  (38.9) (21.2) (16.1)
Depreciation and amortization  (19.3) (9.6) (5.3)
Other, net  (1.2) (0.3)  
  

 

 

 
   (101.4) (50.5) (33.6)
  

 

 

 
   17.1  11.1  5.2 
Gain on disposition of properties  49.8  4.4  0.8 
  

 

 

 
Net income $66.9 $15.5 $6.0 
  

 

 

 
The Company’s maximum exposure to losses associated with its Preferred Equity investments is primarily limited to its invested capital.  As of December 31, 2005 and 2004, the Company’s invested capital in its Preferred Equity investments approximated $225.9 million and $157.0 million, respectively.
Investment in Retail Store Leases -
The Company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers.  These premises have been sublet to retailers who lease the stores pursuant to net lease agreements.  Income from the investment in these retail store leases during the years ended December 31, 2005, 2004 and 2003, was approximately $9.1 million, $3.9 million and $0.3 million, respectively. These amounts represent sublease revenues during the years ended December 31, 2005, 2004 and 2003, of approximately $17.8 million, $13.3 million and $12.3 million, respectively, less related expenses of $7.4 million, $8.0 million and $10.6 million, respectively, and an amount which, in management’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’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): 2006, $7.7 and $5.2; 2007, $7.1 and $4.4; 2008, $5.7 and $3.3; 2009, $4.4 and $2.4; 2010, $3.6 and $2.0; and thereafter, $3.4 and $2.1, respectively.
Additionally, during January 2006, the Company provided approximately $5.2 million as its share of an $11.5 million term loan to a real estate developer for the acquisition of a 59 acre land parcel located in San Antonio, TX. This loan is interest only at a fixed rate of 11.0% for a term of two years payable monthly and collateralized by a first mortgage on the subject property. As of December 31, 2006, the outstanding balance on this loan was approximately $5.2 million.

BackDuring February 2006, the Company committed to Indexprovide a one year $17.2 million credit facility at a fixed rate of 8.0% for a term of nine months and 9.0% for the remaining term to a real estate investor for the recapitalization of a discount and entertainment mall that it currently owns. During 2006, this facility was fully paid and was terminated.
During April 2006, the Company provided two separate mortgages aggregating $14.5 million on a property owned by a real estate investor. Proceeds were used to payoff the existing first mortgage, buyout the existing partner and for redevelopment of the property. The mortgages bear interest at 8.0% per annum and mature in 2008 and 2013. These mortgages are collateralized by the subject property. As of December 31, 2006, the aggregate outstanding balance on these mortgages was approximately $15.0 million, including $0.5 million of accrued interest.
During May 2006, the Company provided a CAD $23.5 million collateralized credit facility at a fixed rate of 8.5% per annum for a term of two years to a real estate company for the execution of its property acquisitions program. The credit facility is guaranteed by the real estate company. The Company was issued 9,811 units, valued at approximately USD $0.1 million, and warrants to purchase up to 0.1 million shares of the real estate company as a loan origination fee. During August 2006, the Company increased the credit facility to CAD $45.0 million and received an additional 9,811 units, valued at approximately USD $0.1 million, and warrants to purchase up to 0.1 million shares of the real estate company. As of December 31, 2006, the outstanding balance on this credit facility was approximately CAD $3.6 million (approximately USD $3.1 million).
During September 2005, a newly formed joint venture, in which the Company had an 80% interest, acquired a 90% interest in a $48.4 million mortgage receivable for a purchase price of approximately $34.2 million. This loan bore interest at a rate of three-month LIBOR plus 2.75% per annum and was scheduled to mature on January 12, 2010. A 626-room hotel located in Lake Buena Vista, FL collateralized the loan. The Company had determined that this joint venture entity was a VIE and had further determined that the Company was the primary beneficiary of this VIE and had therefore consolidated it for financial reporting purposes. During March 2006, the joint venture acquired the remaining 10% of this mortgage receivable for a purchase price of approximately $3.8 million. During June 2006, the joint venture accepted a pre-payment of approximately $45.2 million from the borrower as full satisfaction of this loan.
During August 2006, the Company provided $8.8 million as its share of a $13.2 million 12-month term loan to a retailer for general corporate purposes. This loan bears interest at a fixed rate of 12.50% with interest payable monthly and a balloon payment for the principal balance at maturity. The loan is collateralized by the underlying real estate of the retailer. Additionally, the Company funded $13.3 million as its share of a $20.0 million revolving Debtor-in-Possession facility to this retailer. The facility bears interest at LIBOR plus 3.00% and has an unused line fee of 0.375%. This credit facility is collateralized by a first priority lien on all the retailer’s assets. As of December 31, 2006, the Company’s share of the outstanding balance on this loan and credit facility was approximately $7.6 million and $4.9 million, respectively.
During September 2006, the Company provided a MXP 57.3 million (approximately USD $5.3 million) loan to an owner of an operating property in Mexico. The loan, which is collateralized by the property, bears interest at 12.0% per annum and matures in 2016. The Company is entitled to a participation feature of 25% of annual cash flows after debt service and 20% of the gain on sale of the property. As of December 31, 2006, the outstanding balance on this loan was approximately MXP 57.8 million (approximately USD $5.3 million).
During November 2006, the Company committed to provide a MXP 124.8 million (approximately USD $11.5 million) loan to an owner of a land parcel in Acapulco, Mexico. The loan, which is collateralized with an operating property owned by the borrower, bears interest at 10% per annum and matures in 2016. The Company is entitled to a participation feature of 20% of excess cash flows and gains on sale of the property. As of December 31, 2006, the outstanding balance on this loan was MXP 12.8 million (approximately USD $1.2 million).

101


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Kimsouth -
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”).  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 assumed mortgage debt.  The Company’s non-controlling investment in Kimsouth differs from its share of historical net book value of assets and liabilities of Kimsouth.  The Company’s investment strategy with respect to Kimsouth includes re-tenanting, repositioning and disposition of the properties.
During 2005, Kimsouth disposed of seven shopping center properties, in separate transactions, for an aggregate sales price of approximately $78.9 million, including the assignment of approximately $23.7 million of mortgage debt encumbering two of the properties.  During 2005, the Company recognized pre-tax profits from the Kimsouth investment of approximately $4.9 million, which is included in the caption Income from Other Real Estate Investments on the Company’s consolidated Statements of Income.
During 2004, Kimsouth disposed of 11 shopping center properties, in separate transactions, for an aggregate sales price of approximately $110.2 million, including the assignment of approximately $2.7 million of mortgage debt encumbering one of the properties.  During 2004, the Company recognized pre-tax profits from the Kimsouth investment of approximately $10.6 million, which is included in the caption Income from Other Real Estate Investments on the Company’s Consolidated Statements of Income.
During 2003, Kimsouth disposed of 14 shopping center properties, in separate transactions, for an aggregate sales price of approximately $84.0 million, including the assignment of approximately $18.4 million of mortgage debt encumbering six of the properties.  During 2003, the Company recognized pre-tax profits from the Kimsouth investment of approximately $12.1During December 2006, the Company provided $5.0 million as its share of a one-year $27.5 million mortgage loan to a real estate developer. The proceeds were used to payoff the existing debt. The loan is collateralized by a parcel of land and bears interest at a fixed rate of 13%, which is payable monthly with any unpaid accrued interest and principal payable at maturity. As of December 31, 2006, the outstanding balance on this loan was $5.0 million.
Selected financial information for Kimsouth is as follows (in millions):
  
December 31,
 
  
2005
 
2004
 
  

 

 
Assets:       
Real estate held for sale  $56.7 111.5 
Other assets  6.5  7.6 
  

 

 
  $63.2 $119.1 
  

 

 
Liabilities and Stockholders’ Equity:       
Mortgages payable $29.4 $77.5 
Other liabilities    0.7  1.5 
Stockholders’ equity  33.1  40.1 
  

 

 
  $63.2 $119.1 
  

 

 

BackDuring May 2002, the Company provided a secured $15 million three-year term loan and a secured $7.5 million revolving credit facility to IndexFrank’s at an interest rate of 10.25% per annum collateralized by 40 real estate interests. Interest was payable quarterly in arrears. During 2003, the revolving credit facility was amended to increase the total borrowing capacity to $17.5 million. During January 2004, the revolving loan was further amended to provide up to $33.75 million of borrowings from the Company. During September 2004, Frank’s filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The Company committed to provide an additional $27.0 million of Debtor-in-Possession financing with a term of one year at an interest rate of Prime plus 1.00% per annum. During July 2005, Frank’s emerged from bankruptcy as FNC and repaid all outstanding amounts owed to the Company under the revolving credit facility and Debtor-in-Possession financing (See Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).
During April 2005, the Company provided a construction loan commitment of up to MXP 53.5 million (approximately USD $5.0 million) to a developer for the construction of a new retail center in Acapulco, Mexico. The loan bears interest at a fixed rate of 11.75% and provides for an additional 20% participation of property cash flow, as defined. This facility is collateralized by the related property and matures in May 2015. As of December 31, 2006, there was approximately MXP 53.5 million (USD $4.9 million) outstanding on this loan.
Additionally, during April 2005, a newly formed joint venture, in which the Company has a 50% non-controlling interest, provided a retailer with a three-year $28.0 million revolving line of credit at a floating interest rate of Prime plus 5.5% per annum. The facility also provides for a 3.0% unused line fee and a 2.50% origination fee. The facility is collateralized by certain real estate interests of the borrower. As of December 31, 2006, the outstanding balance on this facility was $25.5 million of which the Company’s share was $12.8 million.
During May 2005, a newly formed joint venture, in which the Company has a 44.38% non-controlling interest, provided Debtor-in-Possession financing to a healthcare facility that recently filed for protection under the bankruptcy code and is closing its operations. The term of this loan was two years and bore interest at prime plus 2.5%. The loan was collateralized by a hospital building, a six-story commercial building, a 12-story 133-unit apartment complex and various other building structures. During April 2006, the healthcare facility paid the outstanding balance on the loan and the loan was terminated.
Additionally, during May 2005, the Company acquired four mortgage loans collateralized by individual properties with an aggregate face value of approximately $16.6 million for approximately $14.3 million. These performing loans, which provide for monthly payments of principal and interest, bear interest at a fixed-rate of 7.57% and mature on June 1, 2019. As of December 31, 2006, there was an aggregate of approximately $13.8 million outstanding on these loans.
During October 2005, the Company provided a construction loan commitment of up to $38.1 million to a developer for acquisition and redevelopment of a retail center located in Richland Township, PA. The loan is interest only at a rate of LIBOR plus 2.20% and matures in October of 2007. As of December 31, 2006, the outstanding balance on this loan was approximately $12.6 million.
During March 2002, the Company provided a $50.0 million ten-year loan to Shopko Stores, Inc., at an interest rate of 11.0% per annum collateralized by 15 properties. The Company received principal and interest payments on a monthly basis. During January 2003, the Company sold a $37.0 million participation interest in this loan to an unaffiliated third party. The interest rate on the $37.0 million participation interest is a variable rate based on LIBOR plus 3.50%. The Company continued to act as the servicer for the full amount of the loan. During December 2005, Shopko elected to prepay the outstanding loan balance of approximately $46.7 million in full satisfaction of this loan. Shopko, also paid a prepayment penalty to the Company of

102


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
  
Year Ended December 31,
 
  
2005
 
2004
 
2003
 
  

 

 

 
Discontinued Operations          
Revenues from rental property $9.0 $21.8 $34.4 
Operating expenses  (6.9) (7.5) (10.5)
Interest  (3.1) (7.9) (13.7)
Depreciation and amortization  (0.3) (4.5) (9.5)
Other, net  (0.5) (0.4) (0.1)
  

 

 

 
   (1.8) 1.5  0.6 
Gain on disposition of properties  12.6  8.7  12.8 
Adjustment of property carrying values  (2.4) (14.3)  
  

 

 

 
Net income/(loss) from discontinued operations $8.4 $(4.1)$13.4 
  

 

 

 
As of December 31, 2005, the Kimsouth portfolio was comprised of five properties, including the remaining office component of an operating property sold in 2004, aggregating approximately 1.2 million square feet of GLA located in four states.
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$14.0 million.  This equity investment is reported as a net investment in leveraged lease in accordance with SFAS No. 13, Accounting for Leases (as amended). 
During 2002 and 2003, eight of these properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $18.7 million.
During 2004, three properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $5.5 million.
During 2005, an additional three properties were sold, whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $2.9 million.  As of December 31, 2005, the remaining 16 properties were encumbered by third-party non-recourse debt of approximately $52.8 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, 2005 and 2004, the Company’s net investment in the leveraged lease consisted of the following (in millions):
  
2005
 
2004
 
  

 

 
Remaining net rentals $68.9 $72.5 
Estimated unguaranteed residual value  43.8  48.8 
Non-recourse mortgage debt  (52.8) (58.4)
Unearned and deferred income  (55.9) (59.1)
  

 

 
Net investment in leveraged lease $4.0 $3.8 
  

 

 
Ward Venture -
During March 2001, through a taxable REIT subsidiary, the Company formed a real estate joint venture (the “Ward Venture”), in which the Company has a 50% interest, for purposes of acquiring asset designation rights for substantially all of the real estate property interests of the bankrupt estate of Montgomery Ward LLC and its affiliates.  These asset designation rights have provided the Ward Venture the ability to direct the ultimate disposition of the 315 fee and leasehold interests held by the bankrupt estate.  The asset designation rights expired in August 2002 for the

BackDuring December 2005, the Company provided a construction loan commitment of up to IndexMXP 39.9 million (approximately USD $3.7 million) to a developer for the construction of a new retail center in Magno Deco, Mexico. The loan bears interest at a fixed rate of 11.75% and provides for an additional 20% participation of property cash flow, as defined. This loan is collateralized by the related property and matures in May 2015. As of December 31, 2006, there was approximately MXP 30.3 million (USD $2.8 million) outstanding on this loan.
During July 2004, the Company provided an $11.0 million five-year term loan to a retailer at a floating interest rate of Prime plus 3.0% per annum or, at the borrower’s election, LIBOR plus 5.5% per annum. The facility was interest only, payable monthly in arrears and was collateralized by certain real estate interests of the borrower. During December 2005, the borrower elected to prepay the outstanding loan balance of $11.0 million in full satisfaction of this loan.
During September 2004, the Company acquired a $3.5 million mortgage receivable for $2.7 million. The interest rate on this mortgage loan was Prime plus 1.0% per annum with principal and interest paid monthly. This loan was scheduled to mature in February 2006 and was collateralized by a shopping center comprising 0.3 million square feet of GLA in Wilkes-Barre, PA. During May 2005, the borrower elected to prepay the outstanding loan balance in full satisfaction of this loan.
10.Marketable Securities:
The amortized cost and estimated fair values of securities available-for-sale and held-to-maturity at December 31, 2006 and 2005, 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 
             
As of December 31, 2006, the contractual maturities of Other debt securities classified as held-to-maturity are as follows: within one year, $1.5 million; after one year through five years, $36.7 million; after five years through 10 years, $27.0 million and after 10 years, $17.6 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


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
leasehold positions and expired in December 2004 for the fee-owned locations.  During the marketing period, the Ward Venture was responsible for all carrying costs associated with the properties until the property was designated to a user.  During 2004, the one remaining property was sold pursuant to an installment sales agreement.  Per the agreement, the purchase price for this property will be paid by November 15, 2006.
During 2004, the Ward Venture completed transactions on four properties and the Company recognized pre-tax profits of approximately $2.5 million. 
During 2003, the Ward Venture completed transactions on seven properties and the Company recognized pre-tax profits of approximately $3.5 million.
9.
Mortgages and Other Financing Receivables:
During May 2002, the Company provided a secured $15 million three-year term loan and a secured $7.5 million revolving credit facility to Frank’s at an interest rate of 10.25% per annum collateralized by 40 real estate interests.  Interest is payable quarterly in arrears.  During 2003, the revolving credit facility was amended to increase the total borrowing capacity to $17.5 million. During January 2004, the revolving loan was further amended to provide up to $33.75 million of borrowings from the Company.  During September 2004, Frank’s filed for protection under Chapter 11 of the U.S. Bankruptcy Code.  The Company committed to provide an additional $27.0 million of Debtor-in-Possession financing with a term of one year at an interest rate of Prime plus 1.00% per annum.  During July 2005, Frank’s emerged from bankruptcy as FNC and repaid all outstanding amount owed to the Company under the revolving credit facility and Debtor-in-Possession agreement (See Note 3 of the Notes to Consolidated Financial Statements included in this annual report on Form 10-K).
During April 2005, the Company provided a construction loan commitment of up to 53.5 million Mexican Pesos (“MXP”) (approximately USD $5.0 million) to a developer for the construction of a new retail center in Acapulco, Mexico.  The loan bears interest at a fixed rate of 11.75% and provides for an additional 20% participation of property cash flow, as defined.  This facility is initially interest only and then converts to an amortizing loan at the earlier of 120 days after construction completion or upon opening of the anchor tenant.  This facility is collateralized by the related property and matures in May 2015.  As of December 31, 2005, there was approximately MXP 53.5 million (USD $5.0 million) outstanding on this loan.
Additionally, during April 2005, a newly formed joint venture, in which the Company has a 50% non-controlling interest, provided a retailer with a three-year $28.0 million revolving line of credit at a floating interest rate of Prime plus 5.5% per annum.  The facility also provides for a 3.0% unused line fee and a 2.50% origination fee.  The facility is collateralized by certain real estate interests of the borrower.  As of December 31, 2005, the outstanding balance on this facility was $10.2 million of which the Company’s share was $5.2 million.
During May 2005, a newly formed joint venture, in which the Company has a 44.38% non-controlling interest, provided Debtor-in-Possession financing to a healthcare facility that recently filed for bankruptcy and is closing its operations.  The term of this loan is two years and bears interest at Prime plus 2.5%.  The loan is collateralized by a hospital building, a six-story commercial building, a 12-story 133-unit apartment complex and various other building structures.  The Company’s share of the outstanding balance of this loan at December 31, 2005, is $2.9 million.
Additionally, during May 2005, the Company acquired four mortgage loans collateralized by individual properties with an aggregate face value of approximately $16.6 million for approximately $14.3 million.  These performing loans, which provide for monthly payments of principal and interest, bear interest at a fixed-rate of 7.57% and mature on June 1, 2019.  As of December 31, 2005, there was an aggregate of approximately $14.1 million outstanding on these loans.
During September 2005, a newly formed joint venture, in which the Company has an 80% interest, acquired a $43.6 million mortgage receivable for a purchase price of approximately $34.2 million.  The loan bears interest at a rate of three-month LIBOR plus 2.75% per annum and matures on January 12, 2010.  The loan is collateralized by a
The Company has implemented a medium-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.

BackAs 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 Indexnine 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 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 amortized 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.
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. These notes bear interest at fixed rates ranging from 4.70% to 7.95% per annum and have maturity dates ranging from June 29, 2007 to September 1, 2015.
During February 2005, the Company issued $100.0 million of fixed-rate unsecured senior notes under its MTN program. This fixed-rate MTN matures in February 2015 and bears interest at 4.904% per annum. The proceeds from this MTN issuance were primarily used for the repayment of all $20.0 million of the Company’s fixed-rate notes that matured in April 2005, which bore interest at 7.91%, all $10.25 million of the Company’s fixed-rate notes that matured in May 2005, which bore interest at 7.30%, and partial repayment of the Company’s $100.0 million fixed-rate notes which matured in June 2005, and bore interest at 6.73%.
During June 2005, the Company issued $200.0 million of fixed-rate unsecured senior notes under its MTN program. This fixed-rate MTN matures in June 2014 and bears interest at 4.82% per annum. The proceeds from this 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.

104


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
626 room hotel located in Lake Buena Vista, FL.  The Company has determined that this entity is a VIE and has further determined that the Company is the primary beneficiary of this VIE and has therefore consolidated it for financial reporting purposes.  As of December 31, 2005, the outstanding loan balance, net of discount, was approximately $35.0 million.
During October 2005, the Company provided a construction loan commitment of up to $38.1 million to a developer for acquisition and re-development of a retail center located in Richland Township, PA.  The loan is interest only at a rate of LIBOR plus 220 basis points and matures in October of 2007.  As of December 31, 2005, the outstanding balance on this loan was approximately $3.2 million.
During March 2002, the Company provided a $50.0 million ten-year loan to Shopko Stores, Inc., at an interest rate of 11.0% per annum collateralized by 15 properties.  The Company receives principal and interest payments on a monthly basis.  During January 2003, the Company sold a $37.0 million participation interest in this loan to an unaffiliated third party.  The interest rate on the $37.0 million participation interest is a variable rate based on LIBOR plus 3.50%.  The Company continued to act as the servicer for the full amount of the loan.  During December 2005, Shopko elected to prepay the outstanding loan balance of approximately $46.7 million in full satisfaction of this loan.  Shopko, also paid a prepayment penalty to the Company of $14.0 million.
During December 2005, the Company provided a construction loan commitment of up to MXP 39.9 million (approximately USD $3.7 million) to a developer for the construction of a new retail center in Magno Deco, Mexico.  The loan bears interest at a fixed rate of 11.75% and provides for an additional 20% participation of property cash flow, as defined.  This loan is collateralized by the related property and matures in May 2015. As of December 31, 2005, there was approximately MXP 38.7 million (USD $3.6 million) outstanding on this loan.
During July 2004, the Company provided an $11.0 million five-year term loan to a retailer at a floating interest rate of Prime plus 3.0% per annum or, at the borrower’s election, LIBOR plus 5.5% per annum.  The facility was interest only, payable monthly in arrears and was collateralized by certain real estate interests of the borrower.  During December 2005, the borrower elected to prepay the outstanding loan balance of $11.0 million in full satisfaction of this loan.
During March 2002, the Company provided a $15.0 million three-year term loan to Gottchalks, Inc., at an interest rate of 12.0% per annum collateralized by three properties.  The Company received principal and interest payments on a monthly basis. During March 2004, Gottchalks, Inc., elected to prepay the remaining outstanding loan balance of approximately $13.2 million in full satisfaction of this loan.
During 2003, the Company provided a five-year $3.5 million term loan to Grass America, Inc. (“Grass America”) at an interest rate of 12.25% per annum collateralized by certain real estate interests of Grass America.  The Company received principal and interest payments on a monthly basis.  During May 2004, Grass America elected to prepay the remaining outstanding loan balance of approximately $3.5 million in full satisfaction of this loan.
During April 2004, the Company provided a $2.7 million term loan at a fixed rate of 11.0% and a $4.1 million revolving line of credit at a fixed rate of 12.0% to a retailer.  Both facilities are interest only, payable monthly and mature May 1, 2007.  As of December 31, 2005, the aggregate outstanding loan balance of these facilities was approximately $4.0 million.
During May 2004, the Company provided a construction loan commitment of up to MXN 51.5 million (approximately USD $4.7 million) to a developer for the construction of a retail center in Cancun, Mexico.  The loan bears interest at a fixed rate of 11.25% and provides for an additional 20% participation of property cash flows, as defined.  This facility is initially interest only and then converts to an amortizing loan at the earlier of 120 days after construction completion or upon opening of the grocery anchor tenant.  This facility is collateralized by the related property and matures in May 2014.  As of December 31, 2005, there was approximately MXN 46.9 million (USD $4.4 million) outstanding on this loan.
During November 2005, the Company issued an aggregate $250.0 million of fixed-rate unsecured senior notes under its MTN program. The Company issued a $150.0 million MTN which matures in November 2015 and bears interest at 5.584% per annum and a $100.0 million MTN which matures in February 2011 and bears interest at 5.304% per annum. Proceeds from these MTN issuances were used for general corporate purposes and to repay a portion of the outstanding balance under the Company’s U.S. revolving credit facility. A portion of the outstanding balance related to the repayment of the Company’s $50.0 million 7.68% fixed-rate notes, which matured on November 1, 2005 and repayment of the Company’s $20.0 million 6.83% fixed-rate notes, which matured on November 14, 2005.

As of December 31, 2006, the Company had a total principal amount of $1.3 billion in fixed-rate unsecured senior notes. These fixed-rate notes had maturities ranging from six months to nine years as of December 31, 2006, and bear interest at rates ranging from 4.45% to 7.95%. Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears.
The scheduled maturities of all unsecured notes payable as of December 31, 2006, were approximately as follows (in millions): 2007, $256.9; 2008, $125.7; 2009, $180.0; 2010, $205.1; 2011, $363.4 and thereafter, $1,617.2.
The Company has an $850.0 million unsecured revolving credit facility (the “Credit Facility”), which is scheduled to expire in July 2008. Under the Credit Facility funds may be borrowed for general corporate purposes, including the funding of (i) property acquisitions, (ii) development and redevelopment costs and (iii) any short-term working capital requirements. Interest on borrowings under the Credit Facility accrue at a spread (currently 0.45%) to LIBOR and fluctuates in accordance with changes in the Company’s senior debt ratings. As part of this Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $425.0 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%. A facility fee of 0.125% per annum is payable quarterly in arrears. In addition, 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 Credit Facility, the Company, among other things, is (i) subject to maintaining certain maximum leverage ratios on both unsecured senior corporate debt and minimum unencumbered asset and equity levels and (ii) restricted from paying dividends in amounts that exceed 95% of funds from operations, as defined. As of December 31, 2006, there was no outstanding balance under the Credit Facility.
Additionally, the Company has a 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% and is scheduled to expire in March 2008. During January 2006, 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. Proceeds from this facility are used for general corporate purposes including the funding of Canadian-denominated investments. As of December 31, 2006, there was no outstanding balance under this facility.
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, plus 1.00% and is scheduled to expire in May 2008. Proceeds from this facility are used to fund peso-denominated investments. As of December 31, 2006, there was no outstanding balance under this facility.
In accordance with the terms of the Indenture, as amended, pursuant to which the Company’s senior unsecured notes 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

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During September 2004, the Company acquired a $3.5 million mortgage receivable for $2.7 million.  The interest rate on this mortgage loan is Prime plus 1.0% per annum with principal and interest paid monthly.  This loan matures in February 2006 and is collateralized by a shopping center comprising 0.3 million square feet of GLA in Wilkes-Barre, PA.  During May 2005, the borrower elected to prepay the outstanding loan balance in full satisfaction of this loan.
During December 2004, the Company provided a $5.2 million interest-only five-year term loan to a grocery chain.  The interest rate on this loan is Prime plus 6.50% per annum payable monthly in arrears and is collateralized by certain real estate interests of the borrower. As of December 31, 2005, the outstanding loan balance was approximately $4.1 million.
Additionally, during December 2004, the Company acquired a $3.3 million 6.9% mortgage receivable for $2.2 million.  This mortgage loan pays principal and interest quarterly and matures in February 2019 and is collateralized by a medical office facility in Somerset, PA.  As of December 31, 2005, the outstanding loan was approximately $2.2 million.
During December 2003, the Company provided a four-year $8.25 million term loan to Spartan Stores, Inc. (“Spartan”) at a fixed rate of 16% per annum.  This loan was collateralized by the real estate interests of Spartan, with the Company receiving principal and interest payments monthly.  During December 2004, Spartan elected to prepay the remaining outstanding loan balance of approximately $7.6 million in full satisfaction of this loan.
During December 2003, the Company, through a taxable REIT subsidiary, acquired a $24.0 million participation interest in 12% senior secured notes of the FRI-MRD Corporation (“FRI-MRD”) for $13.3 million.  These notes, which are currently non-performing, are collateralized by certain equity interests and a note receivable of a FRI-MRD subsidiary.
10.
Marketable Securities:
The amortized cost and estimated fair values of securities available-for-sale and held-to-maturity at December 31, 2005 and 2004, are as follows (in thousands):
  
December 31, 2005
 
  
 
  
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
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 
  

 

 

 

 
funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company’s qualification as a REIT providing the Company is in compliance with its total leverage limitations.

12.Mortgages Payable:
BackDuring 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 Indexthe 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.
During 2005, the Company (i) obtained an aggregate of approximately $95.6 million of individual non-recourse mortgage debt on 53 operating properties, (ii) assumed approximately $79.7 million of individual non-recourse mortgage debt relating to the acquisition of 11 operating properties, including approximately $6.3 million of fair value debt adjustments, (iii) consolidated approximately $33.2 million of non-recourse mortgage debt relating to the purchase of additional ownership interest in various entities, (iv) assigned approximately $119.8 million of individual non-recourse mortgage debt relating to the transfer of 49 operating properties to various co-investment ventures in which the Company has non-controlling interests ranging from 10% to 30%, (v) paid off approximately $66.9 million of individual non-recourse mortgage debt that encumbered 11 operating properties, (vi) deconsolidated approximately $41.4 million of non-recourse mortgage debt relating to the reduction of the Company’s economic interest in a joint venture and (vii) assigned approximately $7.8 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’ 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% as of December 31, 2006). The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $14.3 million, as of December 31, 2006, were approximately as follows (in millions): 2007, $45.1; 2008, $95.3; 2009, $56.0; 2010, $29.3; 2011, $38.8 and thereafter, $289.1.
13.Construction Loans Payable:
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 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 and 2009, $25.2.
During 2005, the Company obtained a term loan and construction financing on two ground-up development projects for an aggregate original loan commitment amount of up to $50.5 million, of which approximately $22.4 million was outstanding at December 31, 2005. As of December 31, 2005, the Company had a total of 15 construction loans with total commitments of up to $343.5 million, of which $228.5 million had been funded. These loans had maturities ranging from four to 31 months and variable interest rates ranging from 6.04% to 6.64% at December 31, 2005. These construction loans are

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
  
December 31, 2004
 
  
 
  
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
 
  

 

 

 

 
Available-for-sale:             
Equity securities $61,042 $36,808 $(87)$97,763 
Held-to-maturity:             
Other debt securities  26,008  2,166  (30) 28,144 
  

 

 

 

 
Total marketable securities $87,050 $38,974 $(117)$125,907 
  

 

 

 

 
As of December 31, 2005, the contractual maturities of Other debt securities classified as held-to-maturity are as follows:  within one year, $1.7 million; after one year through five years, $10.3 million; after five years through 10 years, $26.7 million and after 10 years, $19.3 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:
The Company has implemented a medium-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.
As of December 31, 2005, a total principal amount of approximately $1.2 billion in senior fixed-rate MTNs was outstanding.  These fixed-rate notes had maturities ranging from seven months to ten years as of December 31, 2005, 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 February 2005, the Company issued $100.0 million of fixed-rate unsecured senior notes under its MTN program.  This fixed-rate MTN matures in February 2015 and bears interest at 4.904% per annum.  The proceeds from this MTN issuance were primarily used for the repayment of all $20.0 million of the Company’s fixed-rate notes that matured in April 2005, which bore interest at 7.91%, all $10.25 million of the Company’s fixed-rate notes that matured in May 2005, which bore interest at 7.30%, and partial repayment of the Company’s $100.0 million fixed-rate notes which matured in June 2005, and bore interest at 6.73%.
During June 2005, the Company issued $200.0 million of fixed-rate unsecured senior notes under its MTN program.  This fixed-rate MTN matures in June 2014 and bears interest at 4.82% per annum.  The proceeds from this 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 November 2005, the Company issued an aggregate $250.0 million of fixed-rate unsecured senior notes under its MTN program.  The Company issued a $150.0 million MTN which matures in November 2015 and bears interest at 5.584% per annum and a $100.0 million MTN which matures in February 2011 and bears interest at 5.304% per annum.  Proceeds from these MTN issuances were used for general corporate purposes and to repay a portion of the outstanding balance under the Company’s U.S. revolving credit facility.  A portion of the outstanding balance related to the repayment of the Company’s $50.0 million 7.68% fixed-rate notes, which matured on November 1, 2005 and repayment of the Company’s $20.0 million 6.83% fixed-rate notes, which matured on November 14, 2005.
During April 2005, Kimco North Trust III, a wholly-owned entity of the Company, completed the issuance of $150.0 million Canadian denominated senior unsecured notes.  The notes bear interest at 4.45% and mature on April 21, 2010.  The Company has provided a full and unconditional guarantee of the notes.  The proceeds were used by Kimco North Trust III to pay down outstanding indebtedness under existing credit facilities, to fund long-term investments in Canadian real estate and for general corporate purposes.  The senior unsecured notes are governed by an indenture by and among Kimco North Trust III, the Company, as guarantor, and BNY Trust Company of Canada, as trustee dated April 21, 2005.
collateralized by the respective projects and associated tenants’ leases. The scheduled maturities of all construction loans payable as of December 31, 2005, were approximately as follows (in millions): 2006, $87.7; 2007, $86.3 and 2008, $54.5.

14.Minority Interests:
Minority interests includes 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”), related to Indexinterests acquired in seven shopping center properties located throughout Puerto Rico during 2006. 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. The Company is restricted from disposing of these assets, other than through a tax free transaction, until November 2015.
The Units consist 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.
Also 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”), issued by the Company related to the acquisition of two shopping center properties located in Bay Shore and Centereach, NY during 2006. 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 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.
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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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
During July 2004, the Company issued $100.0 million of floating-rate unsecured senior notes under its MTN program.  This floating-rate MTN matures August 1, 2006, and bears interest at LIBOR plus 20 basis points per annum (4.45% at December 31, 2005), payable quarterly in arrears commencing November 1, 2004.  The proceeds from this MTN issuance were primarily used for the repayment of the Company’s $85.0 million floating-rate unsecured notes due August 2, 2004, which bore interest at LIBOR plus 50 basis points per annum.  The remaining proceeds were used for general corporate purposes.
During August 2004, the Company issued $100.0 million of fixed-rate unsecured senior notes under its MTN program.  This fixed-rate MTN matures in August 2011 and bears interest at 4.82% per annum payable semi-annually in arrears. The proceeds from this MTN issuance were used to repay the Company’s $50.0 million, 7.62% fixed-rate unsecured senior notes that matured in October 2004 and the Company’s $50.0 million, 7.125% senior notes which matured in June 2004.
As of December 31, 2005, the Company had a total principal amount of $549.1 million in fixed-rate unsecured senior notes.  These fixed-rate notes had maturities ranging 11 months to seven years as of December 31, 2005, and bear interest at rates ranging from 4.45% to 7.50%.  Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears.
The scheduled maturities of all unsecured senior notes payable as of December 31, 2005, were approximately as follows (in millions): 2006, $185.0; 2007, $195.0; 2008, $100.0; 2009, $180.0; 2010, $179.1 and thereafter, $967.0.
During July 2005, the Company established a new $850.0 million unsecured revolving credit facility (the “Credit Facility”), which is scheduled to expire in July 2008. This Credit Facility replaces the Company’s $500.0 million unsecured credit facility, which was scheduled to expire in June 2006. Under the Credit Facility, funds may be borrowed for general corporate purposes, including the funding of (i) property acquisitions, (ii) development and redevelopment costs and (iii) any short-term working capital requirements.  Interest on borrowings under the Credit Facility accrue at a spread (currently 0.45%) to LIBOR and fluctuates in accordance with changes in the Company’s senior debt ratings.  As part of this Credit Facility, the Company has a competitive bid option whereby the Company may auction up to $425.0 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%.  A facility fee of 0.125% per annum is payable quarterly in arrears. In addition, 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 Credit Facility, the Company, among other things, is (i) subject to maintaining certain maximum leverage ratios on both unsecured senior corporate debt and minimum unencumbered asset and equity levels and (ii) restricted from paying dividends in amounts that exceed 95% of funds from operations, as defined.  As of December 31, 2005, there was $200.0 million outstanding (4.68% at December 31, 2005) under the Credit Facility.
During September 2004, the Company entered into a three-year Canadian-denominated (“CAD”) $150.0 million unsecured revolving credit facility with a group of banks.  This facility bears interest at the CDOR Rate, as defined, plus 0.50% and is scheduled to expire in September 2007.  During March 2005, this facility was increased to CAD $250.0 million and the scheduled maturity date was extended to March 2008.  During January 2006, 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.  Proceeds from this facility will be used for general corporate purposes including the funding of Canadian-denominated investments.  As of December 31, 2005, there was CAD $110.0 million (approximately USD $94.7 million, 3.78% at December 31, 2005) outstanding under this facility.
During May 2005, the Company entered into a three-year Mexican Peso-Denominated (“MXP”) 500.0 million unsecured revolving credit facility.  This facility bears interest at the TIIE Rate, as defined, plus 1.00% and is scheduled to expire in May 2008.  Proceeds from this facility will be used to fund peso-denominated investments.  As of December 31, 2005, there was MXP 500.0 million (approximately USD $46.7 million 9.66% at December 31, 2005) outstanding under this facility.
In accordance with the terms of the Indenture, as amended, pursuant to which the
“Convertible Units”) issued by the Company valued at $80.0 million related to an interest acquired in a shopping center property located in Daly City, CA, in 2002. The Convertible Units are convertible at a ratio of 1:1 into Common Stock and are entitled to a distribution equal to the dividend rate of the Company’s common stock multiplied by 1.1057.

15.Fair Value Disclosure of Financial Instruments:
BackAll 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 Indexestimate 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 
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.
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 2006, the Company entered into two interest rate swaps, with notional amounts of $21.5 million and $6.25 million, respectively. The interest rate swaps are designated as cash flow hedges and mature in 2016 and 2009, respectively. The change in fair value of the interest rate swaps representing unrealized losses recorded in OCI, as of December 31, 2006, was approximately $0.1 million.
As of December 31, 2005, the Company had foreign currency forward contracts designated as net investment hedges of its Canadian investments in real estate aggregating approximately CAD $5.2 million. During 2006, the Company settled its remaining CAD forward contracts. In addition, the Company had a cross currency interest rate swap with an aggregate notional amount of approximately MXP 82.4 million (approximately USD $7.6 million) designated as a hedge of its Mexican real estate investments at December 31, 2006 and 2005, respectively.
The Company has designated these foreign currency agreements as net investment hedges of the foreign currency exposure of its net investment in Canadian and Mexican real

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Company’s senior unsecured notes 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 funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company’s qualification as a REIT providing the Company is in compliance with its total leverage limitations.
12.
Mortgages Payable:
During 2005, the Company (i) obtained an aggregate of approximately $95.6 million of individual non-recourse mortgage debt on 53 operating properties, (ii) assumed approximately $79.7 million of individual non-recourse mortgage debt relating to the acquisition of 11 operating properties, including approximately $6.3 million of fair value debt adjustments, (iii) consolidated approximately $33.2 million of non-recourse mortgage debt relating to the purchase of additional ownership interest in various entities, (iv) assigned approximately $119.8 million of individual non-recourse mortgage debt relating to the transfer of 49 operating properties to various co-investment ventures in which the Company has non-controlling interests ranging from 10% to 30%, (v) paid off approximately $66.9 million of individual non-recourse mortgage debt that encumbered 11 operating properties, (vi) deconsolidated approximately $41.4 million of non-recourse mortgage debt relating to the reduction of the Company’s economic interest in a joint venture and (vii) assigned approximately $7.8 million of non-recourse mortgage debt relating to the sale of an operating property.
During 2004, the Company (i) obtained an aggregate of approximately $217.6 million of individual non-recourse mortgage debt on 15 operating properties, (ii) assumed approximately $158.0 million of individual non-recourse mortgage debt relating to the acquisition of 12 operating properties, including approximately $6.0 million of fair value debt adjustments, (iii) assigned approximately $323.7 million of individual non-recourse mortgage debt relating to the transfer of 24 operating properties to various co-investment ventures in which the Company has non-controlling interests ranging from 10% to 30%, (iv) paid off approximately $47.9 million of individual non-recourse mortgage debt that encumbered four operating properties and (v) assigned approximately $9.3 million of non-recourse mortgage debt relating to the sale of one operating property.
During 2003, the Company reached agreement with certain lenders in connection with three individual non-recourse mortgages encumbering three former Kmart sites.  The Company paid approximately $14.2 million in full satisfaction of these loans, which aggregated approximately $24.0 million.  As a result of these transactions, the Company recognized a gain on early extinguishment of debt of approximately $9.7 million during 2003, of which $6.8 million is included in Income from discontinued operations.
Mortgages payable, collateralized by certain shopping center properties and related 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 4.00% to 10.50% (weighted-average interest rate of 7.48% as of December 31, 2005).  The scheduled principal payments of all mortgages payable, excluding unamortized fair value debt adjustments of approximately $15.5 million, as of December 31, 2005, were approximately as follows (in millions): 2006, $21.7; 2007, $17.3; 2008, $60.0; 2009, $20.5; 2010, $23.2 and thereafter, $157.1.
One of the Company’s properties was encumbered by approximately $6.4 million in floating-rate, tax-exempt mortgage bond financing.  The rate on these bonds was reset annually, at which time bondholders had the right to require the Company to repurchase the bonds. The Company had engaged a remarketing agent for the purpose of offering for resale the bonds in the event they were tendered to the Company.  All bonds tendered for redemption in the past were remarketed and the Company had arrangements, including letters of credit, with banks, to both collateralize the principal amount and accrued interest on such bonds and to fund any repurchase obligations.  During 2004, the Company fully paid the outstanding balance of this tax-exempt mortgage bond financing.
estate operations. These agreements are highly effective in reducing the exposure to fluctuations in exchange rates. As such, gains and losses on these net investment hedges were reported in the same manner as a translation adjustment in accordance with SFAS No. 52, Foreign Currency Translation. During 2006 and 2005, respectively, $0.2 million and $0.7 million of unrealized losses and $0.3 and $3.2 million of unrealized gains were included in the cumulative translation adjustment relating to the Company’s net investment hedges of its Canadian and Mexican investments.

BackDuring 2001, the Company acquired warrants to Indexpurchase 2.5 million shares of common stock of a Canadian REIT. The Company designated the warrants as a cash flow hedge of the variability in expected future cash outflows upon purchasing the common stock. The change in fair value of the warrants representing unrealized gains was recorded in OCI. The net unrealized gains, since inception recorded in OCI as of December 31, 2004, were approximately $12.5 million. The Company exercised its warrants in October of 2004. During 2006, the Company sold 0.53 million shares of common stock of the Canadian REIT (2005: 0.2 million) resulting in a reclassification of $2.1 million of OCI balance to earnings as Other income, net (2005: $0.7 million).
The following tables summarize the notional values and fair values of the Company’s derivative financial instruments as of December 31, 2006 and 2005:
                 
  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 
                 
  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)
As of December 31, 2006 and 2005, respectively, these derivative instruments were reported at their fair value as other liabilities of ($0.1) million and ($1.0) million and other assets of $0.1 million and $0.0 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 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”) 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

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
13.
Construction Loans Payable:
During 2005, the Company obtained a term loan and construction financing on two ground-up development projects for an aggregate original loan commitment amount of up to $50.5 million, of which approximately $22.4 million was outstanding at December 31, 2005.  As of December 31, 2005, the Company had a total of 15 construction loans with total commitments of up to $343.5 million, of which $228.5 million had been funded.  These loans had maturities ranging from four to 31 months and variable interest rates ranging from 6.04% to 6.64% at December 31, 2005.  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, 2005, were approximately as follows (in millions):  2006, $87.7; 2007, $86.3 and 2008, $54.5.
14.
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,
 
  
 
  
2005
 
2004
 
  
 
 
  
Carrying
Amounts
 
Estimated
Fair Value
 
Carrying
Amounts
 
Estimated
Fair Value
 
  
 
 
 
 
Marketable Securities $206,452 $208,114 $123,771 $125,907 
Notes Payable $2,147,405 $2,172,031 $1,608,925 $1,663,474 
Mortgages Payable $315,336 $330,897 $353,071 $375,566 
Mandatorily Redeemable Minority Interests (termination dates ranging from 2019 – 2027) $1,782 $4,934 $2,057 $3,842 
15.
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.
The principal financial instruments generally used by the Company are interest rate swaps, foreign currency exchange forward contracts, cross currency swaps and 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. The Company had no interest rate swaps outstanding during 2004 and 2005.
As of December 31, 2005 and 2004, respectively, the Company had foreign currency forward contracts designated as net investment hedges of its Canadian investments in real estate of approximately CAD $5.2 million and CAD $184.6 million. During 2005, the Company settled approximately CAD $179.4 million of CAD forward contracts. The Company did not sell or substantially liquidate any of the hedged investments.  As of December 31, 2004, the Company had a foreign currency forward contract designated as a fair value hedge of its Canadian investments in real estate aggregating approximately CAD $5.0 million. In April 2005, the Company settled the CAD $5.0 million foreign currency contract. In addition, the Company had a cross currency swap with an aggregate
agreement, the Company 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. As such, the Company issued 9,185,847 shares of Common Stock valued at $407.7 million, which was based upon the average closing price of the Common Stock over the ten trading days immediately preceding the closing date.

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 number of shares of Common Stock issued upon conversion of the Class B-1 Preferred Units would be equal to Indexthe 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 Multiplied 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 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.
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.
Voting Rights — As to any matter on which the Class F Preferred Stock, (“Preferred Stock”) may vote, including any action by written consent, each share of Preferred

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
notional amount of approximately $82.4 million pesos (“MXN”) (approximately USD $7.8 million) designated as a hedge of its Mexican real estate investments at December 31, 2005 and 2004, respectively.
The Company has designated these foreign currency agreements as net investment hedges of the foreign currency exposure of its net investment in Canadian and Mexican real estate operations. The Company believes these agreements are highly effective in reducing the exposure to fluctuations in exchange rates. As such, gains and losses on these net investment hedges were reported in the same manner as a translation adjustment.  During 2005 and 2004, respectively, $0.7 million and $15.1 million of unrealized losses and $3.2 million and $0.0 million of unrealized gains were included in the cumulative translation adjustment relating to the Company’s net investment hedges of its Canadian and Mexican investments.
During 2001, the Company acquired warrants to purchase 2.5 million shares of common stock of a Canadian REIT. The Company designated the warrants as a cash flow hedge of the variability in expected future cash outflows upon purchasing the common stock. The change in fair value of the warrants representing unrealized gains was recorded in OCI. The net unrealized gains, since inception recorded in OCI as of December 31, 2004, were approximately $12.5 million. The Company exercised its warrants in October of 2004.  During 2005, the Company sold 0.2 million shares of common stock of the Canadian REIT resulting in a reclassification of $0.7 million of OCI balance to earnings as other income.
The following tables summarize the notional values and fair values of the Company’s derivative financial instruments as of December 31, 2005 and 2004:
   
As of December 31, 2005
 
   
 
Hedge Type
 
Notional
Value
 
Rate
 
Maturity
 
Fair Value
(in millions)
 

 

 

 

 

 
Foreign currency forwards – net investment  CAD $5.2 million  1.4013  7/06 $(0.8)
MXN  cross currency swap – net investment  MXN $82.4 million  7.227  10/07 $(0.2)
  
As of December 31, 2004
 
  
 
Hedge Type
 
Notional
Value
 
Rate
 
Maturity
 
Fair Value
(in millions)
 

 

 

 

 

 
Foreign currency forwards – net investment  CAD $184.6 million  1.4013 – 1.6194  1/05 – 7/06 $(37.5)
MXN  cross currency swap – net investment  MXN $82.4 million  7.227  10/07 $0.3 
Foreign currency forward – fair value  CAD $5.0 million  1.5918  4/05 $(1.0)
As of December 31, 2005 and 2004 these derivative instruments were reported at their fair value as other liabilities of $1.0 million and $38.5 million, respectively and other assets of $0.3 million at December 31, 2004. The Company does not expect to reclassify to earnings any of the current balance during the next 12 months.
16.
Preferred Stock, Common Stock and Convertible Unit Transactions:
At January 1, 2003, the Company had outstanding 3,000,000 Depositary Shares (the “Class A Depositary Shares”), each such Class A Depositary Share representing a one-tenth fractional interest of a share of the Company’s 7¾% Class A Cumulative Redeemable Preferred Stock, par value $1.00 per share (the “Class A Preferred Stock”), 2,000,000 Depositary Shares (the “Class B Depositary Shares”), each such Class B Depositary Share representing a one-tenth fractional interest of a share of the Company’s 8½% Class B Cumulative Redeemable Preferred Stock, par value $1.00 per share (the “Class B Preferred Stock”) and 4,000,000 Depositary Shares (the “Class C Depositary Shares”), each such Class C Depositary Share representing a one-tenth fractional interest of a share of the Company’s 8 3/8% Class C Cumulative Redeemable Preferred Stock, par value
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 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 Preferred Stock). As a result, each Class F Depositary Share is entitled to one vote.

BackLiquidation Rights — In the event of any liquidation, dissolution or winding up of the affairs of the Company, the Preferred Stock holders are entitled to Indexbe paid, out of the assets of the Company legally available for distribution to its stockholders, a liquidation preference of $250.00 per share ($25.00 per Class F Depositary Share), 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 October 2002, the Company acquired an interest in a shopping center property located in Daly City, CA, valued at $80.0 million, through the issuance of approximately 4.8 million Convertible Units which are convertible at a ratio of 1:1 into the Company’s common stock. The unit holder has the right to convert the Convertible Units at any time after one year. In addition, the Company has the right to mandatorily require a conversion after ten years. If at the time of conversion the common stock price for the 20 previous trading days is less than $16.785 per share, the unit holder would be entitled to additional shares; however, the maximum number of additional shares is limited to 503,932 based upon a floor Common Stock price of $15.180. The Company has the option to settle the conversion in cash. Dividends on the Convertible Units are paid quarterly at the rate of the Company’s common stock dividend multiplied by 1.1057.
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, 2006, 2005 and 2004 (in thousands):
             
  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  $ 

111


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
$1.00 per share (the “Class C Preferred Stock”).
During June 2003, the Company redeemed all 2,000,000 outstanding Depositary Shares of the Company’s Class B Preferred Stock, all 3,000,000 outstanding Depositary Shares of the Company’s Class A Preferred Stock and all 4,000,000 outstanding Depositary Shares of the Company’s Class C Preferred Stock, each at a redemption price of $25.00 per Depositary Share, totaling $225.0 million, plus accrued dividends.  In accordance with Emerging Issues Task Force (“EITF”) D-42, the Company deducted from the calculation of net income available to common shareholders original issuance costs of approximately $7.8 million associated with the redemption of the Class A Preferred Stock, Class B Preferred Stock and Class C Preferred Stock.
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.  Net proceeds from the sale of the Class F Depositary Shares, totaling approximately $169.0 million (after related transaction costs of $6.0 million) were used to redeem all of the Company’s Class B Preferred Stock and Class C Preferred Stock and to fund a portion of the redemption of the Company’s Class A Preferred Stock.
Voting Rights - As to any matter on which the Class F Preferred Stock, (“Preferred Stock”) may vote, including any action by written consent, each share of 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 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 Preferred Stock). As a result, each Class F 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 share ($25.00 per Class F Depositary Share), 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 June 2003, the Company completed a primary public stock offering of 2,070,000 shares of the Company’s common stock.  The net proceeds from this sale of common stock, totaling approximately $76.0 million (after related transaction costs of $0.7 million) were used for general corporate purposes, including the acquisition of interests in real estate properties.
During September 2003, the Company completed a primary public stock offering of 2,760,000 shares of the Company’s common stock.  The net proceeds from this sale of common stock, totaling approximately $112.7 million (after related transaction costs of $1.0 million) were used for general corporate purposes, including the acquisition of interests in real estate properties.
During October 2002, the Company acquired an interest in a shopping center property located in Daly City, CA, valued at $80.0 million, through the issuance of approximately 4.8 million Convertible Units which are convertible at a ratio of 1:1 into the Company’s common stock.  The unit holder has the right to convert the Convertible Units at any time after one year.  In addition, the Company has the right to mandatorily require a conversion after ten years.  If at the time of conversion the common stock price for the 20 previous trading days is less than $16.785 per share, the unit holder would be entitled to additional shares; however, the maximum number of additional shares is limited to 503,932 based upon a floor common stock price of $15.180.  The Company has the option to settle the conversion in cash.  Dividends on
             
  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  $  $  — 

19.Transactions with Related Parties:
BackThe Company, along with its joint venture partner, provided KROP short-term interim financing for all acquisitions by KROP 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 rates ranging from LIBOR plus 2.0% to IndexLIBOR plus 4.0%. As of December 31, 2006 and 2005, KROP had no outstanding short-term interim financing amounts due to GECRE or the Company. The Company earned approximately $61,000 and $24,000 during 2006 and 2005, respectively, related to such interim financing.
During 2006, the Company, along with its joint venture partner, provided Kimco Retail Opportunity Portfolio II (“KROP 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, 2006, KROP II had a total of approximately $22.2 million of outstanding short-term interim financing due to GECRE and the Company, of which the Company’s share is 50%. The Company earned approximately $248,000 during 2006, 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 December 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 is payable on demand. During 2006, PL Retail fully repaid the Company the mezzanine financing 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. 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’ 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, 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; 2009, $363.5; 2010, $321.3; 2011, $276.5 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

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KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
the Convertible Units are paid quarterly at the rate of the Company’s common stock dividend multiplied by 1.1057.  The value of the Convertible Units is included in Minority interests in partnerships on the accompanying Consolidated Balance Sheets.
17.
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, 2005, 2004 and 2003, (in thousands):
  
2005
 
2004
 
2003
 
  

 

 

 
Acquisition of real estate interests by assumption of mortgage debt $73,400 $151,987 $180,893 
Acquisition of real estate interest by issuance of downREIT units $ $28,349 $ 
Disposition of real estate interests by assignment of downREIT units $4,236 $24,114 $ 
Acquisition of real estate interests through proceeds held in escrow $ $69,681 $ 
Disposition/transfer of real estate interests by assignment of mortgage debt $166,108 $320,120 $23,068 
Proceeds held in escrow through sale of real estate interests $19,217 $9,688 $41,194 
Notes received upon disposition of real estate interests $ $6,277 $14,490 
Notes received upon exercise of stock options $ $ $100 
Declaration of dividends paid in succeeding period $78,169 $71,497 $65,969 
18.
Transactions with Related Parties:
The Company, along with its joint venture partner, provided KROP short-term interim financing for all acquisitions by KROP 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 rates ranging from LIBOR plus 4.0% to LIBOR plus 5.25% for the years ended December 31, 2005 and 2004, respectively.  KROP had no outstanding short-term interim financing due to GECRE and the Company as of December 31, 2005 and 2004, respectively. The Company earned approximately $24,000 and $0.2 million during 2005 and 2004, 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 bears interest at a fixed rate of 7.5% per annum payable monthly in arrears and matures in December 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 is now payable on demand. As of December 31, 2005, PL Retail had approximately $8.9 million outstanding on the mezzanine financing and approximately $8.2 million outstanding on the promissory note.
approximately as follows (in millions): 2007, $14.9; 2008, $14.8; 2009, $14.2; 2010, $12.4; 2011, $10.1 and thereafter, $175.8.

BackDuring October 2006, the Company completed the Pan Pacific merger, which had a total value of approximately $4.1 billion. Funding for this transaction was provided by approximately $1.3 billion of new individual non-recourse mortgage debt encumbering 51 properties, a $1.2 billion two 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 Indexthe $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. The Company evaluated 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.
Immediately following 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, and will account for these investments under the equity method of accounting. In addition, the Company will manage the portfolios and earn acquisition fees, leasing commissions, property management fees and construction management fees.
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, there was CAD $40.0 million (approximately USD $35.8 million) outstanding on this construction loan.
Additionally, during 2006, KROP obtained a one-year $15.0 million unsecured term loan, which bears 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.
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 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, there were approximately $92.5 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 million) letter of credit facility. This facility is jointly guaranteed by RioCan and the Company and had approximately CAD $3.9 million (approximately USD $3.4 million) outstanding as of December 31, 2006, relating to various development projects.
During 2005, a joint venture entity in which the Company has a non-controlling interest

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
Reference is made to Notes 7 and 8 for additional information regarding transactions with related parties.
19.
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.  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’ 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, 2004, 2003 and 2002.
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): 2006, $388.5; 2007, $359.7; 2008, $319.0; 2009, $282.8; 2010, $243.2 and thereafter, $1,437.8.
Minimum rental payments under the terms of all non-cancelable operating leases pertaining to the Company’s shopping center portfolio for future years are approximately as follows (in millions): 2006, $11.3; 2007, $10.6; 2008, $10.5; 2009, $10.0; 2010, $8.3 and thereafter, $140.8.
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 $34.8 million.
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 million) letter of credit facility.  This facility is jointly guaranteed by RioCan and the Company and had approximately CAD $4.6 million (approximately USD $4.0obtained a CAD $22.5 million (approximately USD $19.3 million) credit facility to finance the construction of a 0.1 million square foot shopping center located in Kamloops, B.C. This facility bears interest at the Canadian Prime Rate plus 0.5% per annum and is scheduled to mature in May 2007. The Company and its partner in this entity each have a limited and several guarantee of CAD $7.5 million (approximately USD $6.4 million) related to this facility. As of December 31, 2006, there was CAD $21.0 million (approximately USD $18.0 million) outstanding as of December 31, 2005, relating to various development projects.  In addition to the letter of credit facility, various additional Canadian development projects in which the Company holds interests ranging from 331/3% to 50% have letters of credit issued aggregating approximately CAD $3.5 million (approximately USD $3.0 million) at December 31, 2005.
During 2005, a joint venture entity in which the Company has a non-controlling interest obtained a CAD $22.5 million credit facility to finance the construction of a 0.1 million square foot shopping center located in Kamloops, B.C.  This facility bears interest at RBP plus 0.5% per annum and is schedule to mature in May 2007.  The Company and its partner in this entity each have a limited and several guarantee of CAD $7.5 million related to this facility. As of December 31, 2005, there was no outstanding balance on this facility.
During 2003, the limited partners in KIR, an entity in which the Company holds a 43.3% non-controlling interest, contributed $30.0 million toward their respective capital commitments, including $13.0 million by the Company.  As of December 31, 2003, KIR had unfunded capital commitments of $99.0 million, including $42.9 million from the Company.  During 2004, the KIR partners elected to cancel the remaining unfunded capital commitments.
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.
20.
Incentive Plans:
The Company maintains a stock option plan (the “Plan”) pursuant to which a maximum of 37,000,000 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

BackAdditionally, 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 Indexthese acquisitions, the joint ventures obtained four one year term loans aggregating $20.4 million with interest rates ranging from LIBOR plus 0.50% to LIBOR plus 0.55%. During 2006, these term loans were extended for an additional year. These loans are jointly and severally guaranteed by the Company and the joint venture partner.
During 2005, PL Retail entered into a $39.5 million unsecured revolving credit facility, which bears interest at LIBOR plus 0.675% and was scheduled to mature in February 2007. During 2007, the loan was extended to February 2008 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, there was $39.5 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.
21.Incentive Plans:
The Company maintains a stock option plan (the “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 or five-year term, 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”) 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” (“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 more significant assumptions underlying the determination of such fair values for options granted during 2006, 2005 and 2004 were as follows:
             
  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 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
or five-year term, 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”) and permits such Independent Directors to elect to receive deferred stock awards in lieu of directors’ fees.
Information with respect to stock options under the Plan for the years ended December 31, 2005, 2004 and 2003, is as follows:
  
Shares
 
Weighted-Average
Exercise Price
Per Share
 
  

 

 
Options outstanding, January 1, 2003  14,204,146 $13.69 
Exercised  (2,156,406)$11.96 
Granted  3,242,876 $21.67 
Forfeited  (179,006)$15.58 
  

    
Options outstanding, December 31, 2003  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 
  

    
Options exercisable -       
December 31, 2003  7,239,548 $13.24 
  

 

 
December 31, 2004  8,135,762 $14.95  
  

 

 
December 31, 2005  8,167,681 $17.63  
  

 

 
The exercise prices for options outstanding as of December 31, 2005, range from $9.13 to $32.86 per share.  The weighted-average remaining contractual life for options outstanding as of December 31, 2005, was approximately 7.5 years. Options to purchase 3,817,066, 6,332,266 and 10,219,766 shares of the Company’s common stock were available for issuance under the Plan at December 31, 2005, 2004 and 2003, respectively.
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, 2005.  The Company contributions to the plan were approximately $1.1 million, $1.0 million and $0.8 million for the years ended December 31, 2005, 2004 and 2003, respectively.
21.
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 subject to corporate federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code.  If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years.  Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes.
             
  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%

BackInformation with respect to Indexstock options under the Plan for the years ended December 31, 2006, 2005 and 2004, 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 
         
The exercise prices for options outstanding as of December 31, 2006, range from $9.46 to $46.88 per share. The weighted-average remaining contractual life for options outstanding as of December 31, 2006, was approximately 7.3 years. Options to purchase 5,969,396, 3,817,066, and 6,332,266 shares of the Company’s common stock were available for issuance under the Plan at December 31, 2006, 2005 and 2004, respectively.
Cash received from options exercised under the Plan was approximately $39.1 million, $42.2 million and $46.1 million for the years ended December 31, 2006, 2005, and 2004, respectively. The total intrinsic value of options exercised during 2006, 2005 and 2004 was approximately $42.2 million, $46.2 million, and $36.2 million, respectively.
The Company recognized stock options expense of $10.2 million, $4.6 million and $1.7 million for the years ended December 31, 2006, 2005, and 2004, respectively. As of December 31, 2006, the Company had $25.6 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 2.7 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. The Company contributions to the plan were approximately $1.3 million, $1.1 million and $1.0 million for the years ended December 31, 2006, 2005 and 2004, respectively.
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


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
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, 2005, 2004 and 2003, (in thousands):
  
2005
(Estimated)
 
2004
(Actual)
 
2003
(Actual)
 
  

 

 

 
GAAP net income $363,628 $297,137 $307,879 
Less: GAAP net income of taxable REIT  subsidiaries  (21,666) (19,396) (12,814)
  

 

 

 
GAAP net income from REIT operations (a)  341,962  277,741  295,065 
Net book depreciation in excess of (less than) tax depreciation  6,072  4,716  (36,663)
Deferred and prepaid rents  (3,800) (7,200) (6,000)
Exercise of non-qualified stock options  (33,752) (28,022) (11,370)
Book/tax differences from investments in real estate joint ventures  (3,350) (6,350) (2,472)
Book/tax difference on sale of real property  (33,863) (18,799) (32,319)
Valuation adjustment of foreign currency contracts  2,537  (21,697) (15,466)
Book adjustment of property carrying values    7,116  4,016 
Other book/tax differences, net  16,980  8,419  (6,747)
  

 

 

 
Adjusted taxable income subject to 90% dividend requirements $292,786 $215,924 $188,044 
  

 

 

 
Certain amounts in the prior periods have been reclassified to conform to the current year presentation.
(a) - All adjustments to “GAAP net income from REIT 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 year ended December 31, 2005, cash dividends paid were equal to the dividends paid deduction and amounted to $293,345.  Cash dividends paid exceeded the dividends paid deduction for the years ended December 31, 2004 and 2003 and amounted to $265,254 and $246,301, respectively. 
Characterization of Distributions:
The following characterizes distributions paid for the years ended December 31, 2005, 2004 and 2003, (in thousands):
  
2005
    
2004
    
2003
    
  

    

    

    
Preferred Dividends                   
Ordinary income $10,009    86%$11,638  100%
$13,169    84%
Capital gain  1,629    14%     2,451    16%
  

 

 

 

 

 

 
  $11,638  100%
$11,638  100%
$15,620  100%
  

    

    

    
Common Dividends                   
Ordinary income $242,268    86%$210,501    83%
$171,071    74%
Capital gain  39,439    14%     31,840    14%
Return of capital      43,115    17%
 27,770    12%
  

 

 

 

 

 

 
  $281,707  100%$253,616  100%
$230,681  100%
  

    

    

    
Total dividends distributed $293,345    $265,254    $246,301    
  

    

    

    
subject to corporate federal income tax, provided that distributions to its stockholders equal at least the amount of its REIT taxable income as defined under the Code. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and federal income and excise taxes on its undistributed taxable income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes.

Reconciliation between GAAP Net Income and Federal Taxable Income:
BackThe following table reconciles GAAP net income to Indextaxable income for the years ended December 31, 2006, 2005 and 2004 (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 
          
Certain amounts in the prior periods have been reclassified to conform to the current year presentation.
(a) — All adjustments to “GAAP net income from REIT 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, 2006 and 2004 cash dividends paid exceeded the dividends paid deduction and amounted to $333,111 and $265,254, respectively. For the year ended December 31, 2005, cash dividends paid were equal to the dividend paid deduction and amounted to $293,345.
Characterization of Distributions:
The following characterizes distributions paid for the years ended December 31, 2006, 2005 and 2004, (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


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
                         
  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     
                      
Taxable REIT Subsidiaries (“TRS”):
The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services (“KRS”), a wholly owned subsidiary of the Company and the consolidated entities of FNC and Blue Ridge Real Estate Company/Big Boulder Corporation.
Income taxes have been provided for on the asset and liability method as required by Statement of Financial Accounting Standards 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, 2005, 2004 and 2003, are summarized as follows (in thousands):
Taxable REIT Subsidiaries (“TRS”):
  
2005
 
2004
 
2003
 
  

 

 

 
Income before income taxes $32,920 $27,716 $21,328 
Less provision for income taxes:          
Federal  9,446  6,939  7,104 
State and local  1,808  1,381  1,410 
  

 

 

 
Total tax provision  11,254  8,320  8,514 
  

 

 

 
GAAP net income from taxable REIT subsidiaries $21,666 $19,396 $12,814 
  

 

 

 
The Company is subject to federal, state and local income taxes on the income from its TRS activities, which include Kimco Realty Services (“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, 2006, 2005 and 2004, 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 
          
The Company’s deferred tax assets and liabilities at December 31, 20052006 and 2004,2005, were as follows (in millions):
 
2005
 
2004
         
 

 

  2006 2005 
Deferred Tax assets:     
Operating losses - FNC $59.4 $ 
Deferred tax assets: 
Operating losses $97.3 $59.4 
Other 16.3 11.8  17.3 16.3 
Valuation allowance (33.8)    (68.0)  (33.8)
 

 

      
Total deferred tax assets 41.9 11.8  46.6 41.9 
Deferred tax liabilities (12.8) (7.3)  (8.6)  (12.8)
     
 

 

  
Net deferred tax assets $29.1 $4.5  $38.0 $29.1 
 

 

      
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, 20052006 and 2004.2005. Operating losses and the valuation allowance are due to the Company’s consolidation of FNC and Kimsouth for accounting and reporting purposes and relate to pre-bankruptcy emergence operating losses incurred by Frank’s.purposes. At December 31, 2005,2006, FNC had approximately $152.2$138.4 million of net operating loss carry forwards that expire from 2022 through 2025, with a tax value of approximately $59.4$54.0 million. A valuation allowance of $33.8 million has been established for a portion of these deferred tax assets. At December 31, 2006, Kimsouth had approximately $111.1 million of net operating loss carrying forwards that expire from 2021 to 2023, with a tax value of approximately $43.3 million. A valuation allowance for $34.2 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 $29.1$38.0 million will be realized on future tax

117


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
returns, primarily from the generation of future taxable income.
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 
          

KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
  
2005
 
2004
 
2003
 
  
 
 
 
Federal provision at statutory tax  rate (35%) $11,522 $9,700 $7,465 
State and local taxes, net of federal  benefit  2,140  1,801  1,049 
Other  (2,408) (3,181)  
  

 

 

 
  $11,254 $8,320 $8,514 
  

 

 

 
22.               23.Supplemental Financial Information:
The following represents the results of operations, expressed in thousands except per share amounts, for each quarter during the years 20052006 and 2004:2005:
                 
  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 
 
  
2005 (Unaudited)
 
  
Mar. 31
 
June 30
 
Sept. 30
 
Dec. 31
 
  
 
 
 
 
Revenues from rental property(1) $129,314 $126,658 $129,585 $136,988 
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 
  
2004 (Unaudited)
 
  
Mar. 31
 
June 30
 
Sept. 30
 
Dec. 31
 
  
 
 
 
 
Revenues from rental property(1) $137,733 $127,645 $120,000 $122,263 
Net income $71,389 $71,430 $78,511 $75,807 
Net income per common share:             
Basic $.31 $.31 $.34 $.32 
Diluted $.30 $.31 $.33 $.32 

(1)All periods have been adjusted to reflect the impact of operating properties sold during 20052006 and 20042005 and properties classified as held for sale as of December 31, 2005,2006, which are reflected in the caption Discontinued operations on the accompanying Consolidated Statements of Income.
Accounts and notes receivable in the accompanying Consolidated Balance Sheets net of estimated unrecoverable amounts, were approximately $8.5 million and $8.7 million at December 31, 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. The pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the years ended December 31, 2006 and 2005, 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 2004, respectively.
23.
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 2005.  The pro forma financial information set forth below is based upon the Company’s historical Consolidated Statements of Income for the years ended December 31, 2005 and 2004, adjusted to give effect to these transactions as of January 1, 2004.
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 on January 1, 2004,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.)

Back to Indexrepresent the results of operations for future periods. (Amounts presented in millions, except per share figures.)

118


KIMCO REALTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, continued
         
  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 
       
  
Year ended December 31,
 
  
 
  
2005
 
2004
 
  
 
 
Revenues from rental property $535.5 $521.9 
Net income $331.2 $282.4 
Net income per common share:       
Basic $1.41 $1.21 
  

 

 
Diluted $1.38 $1.19 
  

 

 

119



KIMCO REALTY CORPORATION AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
For Years Ended December 31, 2006, 2005 2004 and 2003
2004
(in thousands)
                     
          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 
   
  
Balance at
beginning
of period
 
Charged
to
expenses
 
Adjustments
to
valuation
accounts
 
Deductions
 
Balance at
end of
period
 
  
 
 
 
 
 
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 
  

 

 

 

 

 
Year Ended December 31, 2003                
Allowance for uncollectable accounts $5,750 $5,800 $ $(1,900)$9,650 
  

 

 

 

 

 

120



KIMCO REALTY CORPORATION AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 20052006
                                         
  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)
 
 
INITIAL COST
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTIES
 
LAND
 
BUILDING
AND
IMPROVEMENT
 
SUBSEQUENT
TO ACQUISITION
 
LAND
 
BUILDINGS AND
IMPROVEMENTS
 
TOTAL
 

 

 

 

 


 


 


 
FAIRFIELD SHOPPING CENTER
 
529,247
 
2,137,493
 
226,005
 
 
529,247
 
 
2,363,498
 
 
2,892,745
 
HOOVER
 
279,106
 
7,735,873
 
 
 
279,106
 
 
7,735,873
 
 
8,014,979
 
KDI-MAIN STREET AT ANTHEM
 
7,305,430
 
 
(2,754,224)
 
3,471,753
 
 
1,079,453
 
 
4,551,206
 
KDI-CHANDLER AUTO MALLS
 
9,318,595
 
 
(1,444,496)
 
7,313,506
 
 
560,593
 
 
7,874,099
 
KIMCO MESA 679, INC. AZ
 
2,915,000
 
11,686,291
 
1,132,782
 
 
2,915,000
 
 
12,819,073
 
 
15,734,073
 
MESA RIVERVIEW
 
750,000
 
 
12,381,686
 
 
750,000
 
 
11,631,686
 
 
12,381,686
 
MESA RIVERVIEW (AUTO OFFICE)
 
14,250,000
 
 
16,214,834
 
 
14,250,000
 
 
1,964,834
 
 
16,214,834
 
METRO SQUARE
 
4,101,017
 
16,410,632
 
596,955
 
 
4,101,017
 
 
17,007,587
 
 
21,108,604
 
PEORIA CROSSING
 
7,212,588
 
 
2,198,742
 
 
161,583
 
 
4,116,913
 
 
4,278,495
 
HAYDEN PLAZA NORTH
 
2,015,726
 
4,126,509
 
5,415,780
 
 
2,015,726
 
 
9,542,289
 
 
11,558,015
 
PHOENIX, COSTCO
 
5,324,501
 
21,269,943
 
223,770
 
 
5,324,501
 
 
21,493,713
 
 
26,818,214
 
PHOENIX
 
2,450,341
 
9,802,046
 
572,141
 
 
2,450,341
 
 
10,374,187
 
 
12,824,528
 
KDI-ASANTE RETAIL CENTER
 
8,702,635
 
 
6,921,893
 
 
15,178,232
 
 
446,296
 
 
15,624,528
 
ALHAMBRA, COSTCO
 
4,995,639
 
19,982,557
 
23,838
 
 
4,995,639
 
 
20,006,395
 
 
25,002,034
 
MADISON PLAZA
 
5,874,396
 
23,476,190
 
121,916
 
 
5,874,396
 
 
23,598,106
 
 
29,472,502
 
CHULA VISTA, COSTCO
 
6,460,743
 
25,863,153
 
11,926,604
 
 
6,460,743
 
 
37,789,757
 
 
44,250,500
 
CORONA HILLS, COSTCO
 
13,360,965
 
53,373,453
 
784,920
 
 
13,360,965
 
 
54,158,373
 
 
67,519,338
 
LABAND VILLAGE SC
 
5,600,000
 
11,709,367
 
 
 
5,600,000
 
 
13,502,164
 
 
19,102,164
 
LA MIRADA THEATRE CENTER
 
8,816,741
 
35,259,965
 
(8,644,556)
 
6,888,679
 
 
28,543,471
 
 
35,432,150
 
PLAZA DI NORTHRIDGE
 
12,900,000
 
40,574,842
 
 
 
12,900,000
 
 
47,079,766
 
 
59,979,766
 
POWAY CITY CENTRE
 
5,854,585
 
13,792,470
 
 
 
5,854,585
 
 
15,041,196
 
 
20,895,781
 
THE CENTRE
 
3,403,724
 
13,625,899
 
185,660
 
 
3,403,724
 
 
13,811,559
 
 
17,215,283
 
SANTA ANA, HOME DEPOT
 
4,592,364
 
18,345,257
 
 
 
4,592,364
 
 
18,345,257
 
 
22,937,621
 
SANTEE TOWN CENTER
 
2,252,812
 
9,012,256
 
942,135
 
 
2,252,812
 
 
9,954,391
 
 
12,207,203
 
FULTON MARKET PLACE
 
2,966,018
 
6,920,710
 
 
 
2,966,018
 
 
7,553,461
 
 
10,519,479
 
MARIGOLD SC
 
15,300,000
 
25,563,978
 
 
 
15,300,000
 
 
29,305,140
 
 
44,605,140
 
WESTLAKE SHOPPING CENTER
 
16,174,307
 
64,818,562
 
24,988,160
 
 
16,174,307
 
 
89,806,723
 
 
105,981,029
 
VILLAGE ON THE PARK
 
2,194,463
 
8,885,987
 
809,270
 
 
2,194,463
 
 
9,695,257
 
 
11,889,720
 
AURORA QUINCY
 
1,148,317
 
4,608,249
 
212,313
 
 
1,148,317
 
 
4,820,562
 
 
5,968,879
 
AURORA EAST BANK
 
1,500,568
 
6,180,103
 
160,719
 
 
1,500,568
 
 
6,340,822
 
 
7,841,390
 
SPRING CREEK COLORADO
 
1,423,260
 
5,718,813
 
26,244
 
 
1,423,260
 
 
5,745,057
 
 
7,168,317
 
DENVER WEST 38TH STREET
 
161,167
 
646,983
 
 
 
161,167
 
 
646,983
 
 
808,150
 
ENGLEWOOD PHAR MOR
 
805,837
 
3,232,650
 
88,947
 
 
805,837
 
 
3,321,597
 
 
4,127,434
 
FORT COLLINS
 
1,253,497
 
7,625,278
 
 
 
1,253,497
 
 
7,625,278
 
 
8,878,775
 
HERITAGE WEST
 
1,526,576
 
6,124,074
 
115,237
 
 
1,526,576
 
 
6,239,311
 
 
7,765,887
 
BRANFORD PLAZA
 
390,900
 
974,671
 
 
 
390,900
 
 
974,671
 
 
1,365,571
 
WEST FARM SHOPPING CENTER
 
5,805,969
 
23,348,024
 
259,589
 
 
5,805,969
 
 
23,607,613
 
 
29,413,582
 
FARMINGTON PLAZA
 
433,713
 
1,211,800
 
 
 
433,713
 
 
1,211,800
 
 
1,645,513
 
N.HAVEN, HOME DEPOT
 
7,704,968
 
30,797,640
 
225,056
 
 
7,704,968
 
 
31,022,696
 
 
38,727,664
 
SOUTHINGTON PLAZA
 
376,256
 
1,055,168
 
 
 
376,256
 
 
1,055,168
 
 
1,431,424
 
WATERBURY
 
2,253,078
 
9,017,012
 
274,246
 
 
2,253,078
 
 
9,291,258
 
 
11,544,336
 
DOVER
 
122,741
 
66,738
 
4,795,122
 
 
3,024,375
 
 
1,960,227
 
 
4,984,601
 
ELSMERE
 
 
3,185,642
 
 
 
 
 
3,185,642
 
 
3,185,642
 
ALTAMONTE SPRINGS
 
770,893
 
3,083,574
 
167,155
 
 
770,893
 
 
3,250,729
 
 
4,021,622
 
BOCA RATON
 
573,875
 
2,295,501
 
1,222,140
 
 
573,875
 
 
3,517,641
 
 
4,091,516
 
BRADENTON
 
125,000
 
299,253
 
333,571
 
 
125,000
 
 
632,824
 
 
757,824
 
BAYSHORE GARDENS, BRADENTON FL
 
2,901,000
 
11,738,955
 
460,115
 
 
2,901,000
 
 
12,199,070
 
 
15,100,070
 
BRADENTON PLAZA
 
527,026
 
765,252
 
 
 
527,026
 
 
765,252
 
 
1,292,278
 
CORAL SPRINGS
 
710,000
 
2,842,907
 
3,235,992
 
 
710,000
 
 
6,078,899
 
 
6,788,899
 
CORAL SPRINGS
 
1,649,000
 
6,626,301
 
180,572
 
 
1,649,000
 
 
6,806,873
 
 
8,455,873
 
CURLEW CROSSING S.C.
 
5,315,955
 
12,529,467
 
 
 
5,315,955
 
 
13,663,537
 
 
18,979,492
 
EAST ORLANDO
 
491,676
 
1,440,000
 
2,930,067
 
 
1,007,882
 
 
3,853,861
 
 
4,861,743
 
FERN PARK
 
225,000
 
902,000
 
2,903,564
 
 
225,000
 
 
3,805,564
 
 
4,030,564
 
REGENCY PLAZA
 
2,410,000
 
9,671,160
 
169,799
 
 
2,410,000
 
 
9,840,959
 
 
12,250,959
 
FLINT PLAZA
 
11,585,549
 
1,355,467
 
 
 
11,585,549
 
 
1,355,467
 
 
12,941,016
 
SHOPPES AT AMELIA CONCOURSE
 
7,600,000
 
 
4,356,546
 
 
1,975,613
 
 
9,980,933
 
 
11,956,546
 
AVENUES WALKS
 
26,984,546
 
 
 
 
26,984,546
 
 
1,793,208
 
 
28,777,753
 
KISSIMMEE
 
1,328,536
 
5,296,652
 
1,794,614
 
 
1,328,536
 
 
7,091,266
 
 
8,419,802
 
LAUDERDALE LAKES
 
342,420
 
2,416,645
 
3,028,432
 
 
342,420
 
 
5,445,077
 
 
5,787,497
 

121


PROPERTIES
 
ACCUMULATED
DEPRECIATION
 
TOTAL COST,
NET OF ACCUMULATED
DEPRECIATION
 
ENCUMBRANCES
 
DATE OF
CONSTRUCTION(C)
ACQUISITION(A)
 

 


 


 


 

 
FAIRFIELD SHOPPING CENTER
 
 
317,182
 
 
2,575,563
 
 
 
2000(A)
 
HOOVER
 
 
1,190,298
 
 
6,824,681
 
 
 
1999(A)
 
KDI-MAIN STREET AT ANTHEM
 
 
 
 
4,551,206
 
 
3,349,534
 
2004(C)
 
KDI-CHANDLER AUTO MALLS
 
 
 
 
7,874,099
 
 
 
2004(C)
 
KIMCO MESA 679, INC. AZ
 
 
2,547,604
 
 
13,186,469
 
 
 
1998(A)
 
MESA RIVERVIEW
 
 
 
 
12,381,686
 
 
 
2005(C)
 
MESA RIVERVIEW (AUTO OFFICE)
 
 
 
 
16,214,834
 
 
 
2005(C)
 
METRO SQUARE
 
 
3,654,773
 
 
17,453,831
 
 
 
1998(A)
 
PEORIA CROSSING
 
 
 
 
4,278,495
 
 
245,283
 
2000(C)
 
HAYDEN PLAZA NORTH
 
 
1,393,010
 
 
10,165,005
 
 
 
1998(A)
 
PHOENIX, COSTCO
 
 
4,117,379
 
 
22,700,835
 
 
 
1998(A)
 
PHOENIX
 
 
2,158,629
 
 
10,665,899
 
 
 
1997(A)
 
KDI-ASANTE RETAIL CENTER
 
 
 
 
15,624,528
 
 
9,181,461
 
2004(C)
 
ALHAMBRA, COSTCO
 
 
3,888,509
 
 
21,113,525
 
 
 
1998(A)
 
MADISON PLAZA
 
 
4,569,538
 
 
24,902,964
 
 
 
1998(A)
 
CHULA VISTA, COSTCO
 
 
5,246,046
 
 
39,004,454
 
 
 
1998(A)
 
CORONA HILLS, COSTCO
 
 
10,533,810
 
 
56,985,528
 
 
 
1998(A)
 
LABAND VILLAGE SC
 
 
157,992
 
 
18,944,172
 
 
9,621,184
 
2005(A)
 
LA MIRADA THEATRE CENTER
 
 
5,365,198
 
 
30,066,952
 
 
 
1998(A)
 
PLAZA DI NORTHRIDGE
 
 
568,573
 
 
59,411,193
 
 
31,193,806
 
2005(A)
 
POWAY CITY CENTRE
 
 
458,879
 
 
20,436,902
 
 
 
2005(A)
 
THE CENTRE
 
 
2,148,933
 
 
15,066,351
 
 
 
1999(A)
 
SANTA ANA, HOME DEPOT
 
 
3,548,040
 
 
19,389,581
 
 
 
1998(A)
 
SANTEE TOWN CENTER
 
 
1,748,939
 
 
10,458,263
 
 
 
1998(A)
 
FULTON MARKET PLACE
 
 
11,347
 
 
10,508,132
 
 
7,386,469
 
2005(A)
 
MARIGOLD SC
 
 
453,265
 
 
44,151,875
 
 
19,692,278
 
2005(A)
 
WESTLAKE SHOPPING CENTER
 
 
5,316,914
 
 
100,664,115
 
 
 
2002(A)
 
VILLAGE ON THE PARK
 
 
1,910,414
 
 
9,979,307
 
 
 
1998(A)
 
AURORA QUINCY
 
 
957,506
 
 
5,011,373
 
 
2,248,369
 
1998(A)
 
AURORA EAST BANK
 
 
1,275,050
 
 
6,566,340
 
 
 
1998(A)
 
SPRING CREEK COLORADO
 
 
1,176,457
 
 
5,991,860
 
 
 
1998(A)
 
DENVER WEST 38TH STREET
 
 
131,311
 
 
676,840
 
 
 
1998(A)
 
ENGLEWOOD PHAR MOR
 
 
660,302
 
 
3,467,132
 
 
 
1998(A)
 
FORT COLLINS
 
 
1,140,533
 
 
7,738,241
 
 
2,770,936
 
2000(A)
 
HERITAGE WEST
 
 
1,256,879
 
 
6,509,007
 
 
 
1998(A)
 
BRANFORD PLAZA
 
 
26,364
 
 
1,339,206
 
 
613,723
 
2005(A)
 
WEST FARM SHOPPING CENTER
 
 
4,480,030
 
 
24,933,552
 
 
 
1998(A)
 
FARMINGTON PLAZA
 
 
36,053
 
 
1,609,460
 
 
613,723
 
2005(A)
 
N.HAVEN, HOME DEPOT
 
 
5,988,691
 
 
32,738,973
 
 
 
1998(A)
 
SOUTHINGTON PLAZA
 
 
28,099
 
 
1,403,325
 
 
613,723
 
2005(A)
 
WATERBURY
 
 
2,856,390
 
 
8,687,946
 
 
 
1993(A)
 
DOVER
 
 
937
 
 
4,983,665
 
 
 
2003(A)
 
ELSMERE
 
 
3,185,641
 
 
 
 
 
1979(C)
 
ALTAMONTE SPRINGS
 
 
801,631
 
 
3,219,992
 
 
 
1995(A)
 
BOCA RATON
 
 
1,256,338
 
 
2,835,178
 
 
 
1992(A)
 
BRADENTON
 
 
409,427
 
 
348,397
 
 
 
1968(C)
 
BAYSHORE GARDENS, BRADENTON FL
 
 
2,379,651
 
 
12,720,419
 
 
 
1998(A)
 
BRADENTON PLAZA
 
 
25,726
 
 
1,266,552
 
 
 
2005(A)
 
CORAL SPRINGS
 
 
1,488,555
 
 
5,300,344
 
 
 
1994(A)
 
CORAL SPRINGS
 
 
1,395,175
 
 
7,060,699
 
 
 
1997(A)
 
CURLEW CROSSING S.C.
 
 
409,771
 
 
18,569,721
 
 
 
2005(A)
 
EAST ORLANDO
 
 
2,149,406
 
 
2,712,337
 
 
 
1971(C)
 
FERN PARK
 
 
2,004,444
 
 
2,026,120
 
 
 
1968(C)
 
REGENCY PLAZA
 
 
1,553,596
 
 
10,697,364
 
 
 
1999(A)
 
FLINT PLAZA
 
 
 
 
12,941,016
 
 
 
2005(C)
 
SHOPPES AT AMELIA CONCOURSE
 
 
 
 
11,956,546
 
 
 
2003(C)
 
AVENUES WALKS
 
 
 
 
28,777,753
 
 
 
2005(C)
 
KISSIMMEE
 
 
1,734,170
 
 
6,685,632
 
 
 
1996(A)
 
LAUDERDALE LAKES
 
 
3,650,947
 
 
2,136,550
 
 
 
1968(C)
 

                                         
  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


Back to Index
                                         
  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)
 
 
INITIAL COST
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTIES
 
LAND
 
BUILDING
AND
IMPROVEMENT
 
SUBSEQUENT
TO ACQUISITION
 
LAND
 
BUILDINGS AND
IMPROVEMENTS
 
TOTAL
 

 

 

 

 


 


 


 
MERCHANTS WALK
 
2,580,816
 
10,366,090
 
525,487
 
 
2,580,816
 
 
10,891,577
 
 
13,472,393
 
LARGO
 
293,686
 
792,119
 
1,154,515
 
 
293,686
 
 
1,946,634
 
 
2,240,320
 
LEESBURG
 
 
171,636
 
183,308
 
 
 
 
354,944
 
 
354,944
 
LARGO EAST BAY
 
2,832,296
 
11,329,185
 
1,275,567
 
 
2,832,296
 
 
12,604,752
 
 
15,437,048
 
LAUDERHILL
 
1,002,733
 
2,602,415
 
10,756,563
 
 
1,774,443
 
 
12,587,268
 
 
14,361,711
 
MELBOURNE
 
 
1,754,000
 
2,997,250
 
 
 
 
4,751,250
 
 
4,751,250
 
GROVE GATE
 
365,893
 
1,049,172
 
1,165,106
 
 
365,893
 
 
2,214,278
 
 
2,580,171
 
NORTH MIAMI
 
732,914
 
4,080,460
 
10,713,057
 
 
732,914
 
 
14,793,517
 
 
15,526,431
 
MILLER ROAD
 
1,138,082
 
4,552,327
 
1,673,910
 
 
1,138,082
 
 
6,226,237
 
 
7,364,319
 
MARGATE
 
2,948,530
 
11,754,120
 
2,900,969
 
 
2,948,530
 
 
14,655,089
 
 
17,603,619
 
MT. DORA
 
1,011,000
 
4,062,890
 
139,971
 
 
1,011,000
 
 
4,202,861
 
 
5,213,861
 
PLANTATION CROSSING
 
7,524,800
 
 
 
 
7,524,800
 
 
1,376,058
 
 
8,900,858
 
ORLANDO
 
923,956
 
3,646,904
 
1,891,604
 
 
1,172,119
 
 
5,290,345
 
 
6,462,464
 
RENAISSANCE CENTER
 
9,104,379
 
36,540,873
 
4,371,195
 
 
9,104,379
 
 
40,912,068
 
 
50,016,447
 
SAND LAKE
 
3,092,706
 
12,370,824
 
1,519,511
 
 
3,092,706
 
 
13,890,335
 
 
16,983,041
 
ORLANDO
 
560,800
 
2,268,112
 
3,065,682
 
 
580,030
 
 
5,314,564
 
 
5,894,594
 
OCALA
 
1,980,000
 
7,927,484
 
3,466,863
 
 
1,980,000
 
 
11,394,347
 
 
13,374,347
 
POMPANO BEACH
 
97,169
 
874,442
 
1,404,350
 
 
97,169
 
 
2,278,792
 
 
2,375,961
 
PALATKA
 
130,844
 
556,658
 
1,071,044
 
 
130,844
 
 
1,627,702
 
 
1,758,546
 
ST. PETERSBURG
 
 
917,360
 
847,730
 
 
 
 
1,765,090
 
 
1,765,090
 
TUTTLE BEE SARASOTA
 
254,961
 
828,465
 
1,747,305
 
 
254,961
 
 
2,575,770
 
 
2,830,731
 
SOUTH EAST SARASOTA
 
1,283,400
 
5,133,544
 
3,428,658
 
 
1,440,264
 
 
8,405,338
 
 
9,845,602
 
SANFORD
 
1,832,732
 
9,523,261
 
5,665,768
 
 
1,832,732
 
 
15,189,029
 
 
17,021,761
 
STUART
 
2,109,677
 
8,415,323
 
471,059
 
 
2,109,677
 
 
8,886,382
 
 
10,996,059
 
SOUTH MIAMI
 
1,280,440
 
5,133,825
 
2,705,210
 
 
1,280,440
 
 
7,839,035
 
 
9,119,475
 
TAMPA
 
2,820,000
 
11,283,189
 
1,925,241
 
 
2,820,000
 
 
13,208,430
 
 
16,028,430
 
TAMPA
 
2,400,445
 
5,601,039
 
 
 
2,400,445
 
 
5,601,039
 
 
8,001,484
 
VILLAGE COMMONS S.C.
 
2,192,331
 
8,774,158
 
528,183
 
 
2,192,331
 
 
9,302,341
 
 
11,494,672
 
MISSION BELL SHOPPING CENTER
 
5,056,426
 
11,843,119
 
136,859
 
 
5,067,033
 
 
13,048,075
 
 
18,115,108
 
WEST PALM BEACH
 
550,896
 
2,298,964
 
833,672
 
 
550,896
 
 
3,132,636
 
 
3,683,532
 
THE SHOPS AT WEST MELBOURNE
 
2,200,000
 
8,829,541
 
3,406,701
 
 
2,200,000
 
 
12,236,242
 
 
14,436,242
 
AUGUSTA
 
1,482,564
 
5,928,122
 
1,978,769
 
 
1,482,564
 
 
7,906,891
 
 
9,389,455
 
MACON
 
262,700
 
1,487,860
 
1,662,488
 
 
349,326
 
 
3,063,722
 
 
3,413,048
 
SAVANNAH
 
2,052,270
 
8,232,978
 
1,210,449
 
 
2,052,270
 
 
9,443,427
 
 
11,495,697
 
SAVANNAH
 
652,255
 
2,616,522
 
393,302
 
 
652,255
 
 
3,009,824
 
 
3,662,079
 
CLIVE
 
500,525
 
2,002,101
 
 
 
500,525
 
 
2,002,101
 
 
2,502,626
 
SOUTHDALE SHOPPING CENTER
 
1,720,330
 
6,916,294
 
938,211
 
 
1,720,330
 
 
7,854,504
 
 
9,574,834
 
DES MOINES
 
500,525
 
2,559,019
 
37,079
 
 
500,525
 
 
2,596,098
 
 
3,096,623
 
DUBUQUE
 
 
2,152,476
 
10,848
 
 
 
 
2,163,324
 
 
2,163,324
 
WATERLOO
 
500,525
 
2,002,101
 
2,869,100
 
 
500,525
 
 
4,871,201
 
 
5,371,726
 
TREASURE VALLEY MARKETPLACE
 
 
 
 
 
2,718,039
 
 
 
 
2,718,039
 
 NAMPA (HORSHAM) FUTURE DEV.
 
6,501,240
 
 
 
 
6,501,240
 
 
147,510
 
 
6,648,750
 
ALTON, BELTLINE HWY
 
329,532
 
1,987,981
 
59,934
 
 
329,532
 
 
2,047,915
 
 
2,377,447
 
AURORA, N. LAKE
 
2,059,908
 
9,531,721
 
 
 
2,059,908
 
 
9,531,721
 
 
11,591,629
 
KRC ARLINGTON HEIGHT
 
1,983,517
 
9,178,272
 
(5,174,697)
 
1,983,517
 
 
4,003,575
 
 
5,987,092
 
BLOOMINGTON
 
805,521
 
2,222,353
 
5,163,864
 
 
805,521
 
 
7,386,217
 
 
8,191,738
 
BELLEVILLE, WESTFIELD PLAZA
 
 
5,372,253
 
 
 
 
 
5,372,253
 
 
5,372,253
 
BRADLEY
 
500,422
 
2,001,687
 
 
 
500,422
 
 
2,001,687
 
 
2,502,109
 
CALUMET CITY
 
1,479,217
 
8,815,760
 
12,429,068
 
 
1,479,217
 
 
21,244,828
 
 
22,724,045
 
COUNTRYSIDE
 
 
4,770,671
 
1,137,295
 
 
1,101,670
 
 
4,806,296
 
 
5,907,966
 
CARBONDALE
 
 
500,000
 
 
 
 
 
500,000
 
 
500,000
 
CHICAGO
 
 
2,687,046
 
633,471
 
 
 
 
3,320,517
 
 
3,320,517
 
CHAMPAIGN, NEIL ST.
 
230,519
 
1,285,460
 
82,606
 
 
230,519
 
 
1,368,066
 
 
1,598,585
 
ELSTON
 
1,010,375
 
5,692,211
 
 
 
1,010,375
 
 
5,692,211
 
 
6,702,586
 
S. CICERO
 
 
1,541,560
 
149,203
 
 
 
 
1,690,763
 
 
1,690,763
 
CRYSTAL LAKE, NW HWY
 
179,964
 
1,025,811
 
317,841
 
 
180,269
 
 
1,343,347
 
 
1,523,616
 
CRYSTAL LAKE PLAZA
 
353,768
 
 
 
 
353,768
 
 
1,184,688
 
 
1,538,456
 
BUTTERFIELD SQUARE
 
1,601,960
 
6,637,926
 
299,681
 
 
1,603,277
 
 
6,936,290
 
 
8,539,567
 
DOWNERS PARK PLAZA
 
2,510,455
 
10,164,494
 
558,484
 
 
2,510,455
 
 
10,722,978
 
 
13,233,433
 
DOWNER GROVE
 
811,778
 
4,322,956
 
1,705,158
 
 
811,778
 
 
6,028,114
 
 
6,839,892
 
ELGIN
 
842,555
 
2,108,674
 
2,103,076
 
 
842,555
 
 
4,211,750
 
 
5,054,305
 
EVERGREEN PARK PLAZA
 
197,843
 
 
 
 
197,843
 
 
823,776
 
 
1,021,620
 
FOREST PARK
 
 
2,335,884
 
 
 
 
 
2,335,884
 
 
2,335,884
 

123


PROPERTIES
 
ACCUMULATED
DEPRECIATION
 
TOTAL COST,
NET OF ACCUMULATED
DEPRECIATION
 
ENCUMBRANCES
 
DATE OF
CONSTRUCTION(C)
ACQUISITION(A)
 

 


 


 


 

 
MERCHANTS WALK
 
 
1,203,629
 
 
12,268,765
 
 
 
2001(A)
 
LARGO
 
 
1,753,673
 
 
486,647
 
 
 
1968(C)
 
LEESBURG
 
 
266,000
 
 
88,944
 
 
 
1969(C)
 
LARGO EAST BAY
 
 
4,898,075
 
 
10,538,973
 
 
 
1992(A)
 
LAUDERHILL
 
 
6,651,972
 
 
7,709,738
 
 
 
1974(C)
 
MELBOURNE
 
 
2,233,658
 
 
2,517,592
 
 
 
1968(C)
 
GROVE GATE
 
 
1,714,992
 
 
865,179
 
 
 
1968(C)
 
NORTH MIAMI
 
 
5,867,625
 
 
9,658,806
 
 
 
1985(A)
 
MILLER ROAD
 
 
4,998,126
 
 
2,366,192
 
 
 
1986(A)
 
MARGATE
 
 
4,239,627
 
 
13,363,992
 
 
 
1993(A)
 
MT. DORA
 
 
872,808
 
 
4,341,053
 
 
 
1997(A)
 
PLANTATION CROSSING
 
 
 
 
8,900,858
 
 
 
2005(C)
 
ORLANDO
 
 
1,545,290
 
 
4,917,174
 
 
 
1995(A)
 
RENAISSANCE CENTER
 
 
9,235,874
 
 
40,780,573
 
 
 
1998(A)
 
SAND LAKE
 
 
3,992,472
 
 
12,990,569
 
 
 
1994(A)
 
ORLANDO
 
 
1,027,040
 
 
4,867,555
 
 
 
1996(A)
 
OCALA
 
 
2,211,407
 
 
11,162,940
 
 
 
1997(A)
 
POMPANO BEACH
 
 
1,347,695
 
 
1,028,266
 
 
 
1968(C)
 
PALATKA
 
 
774,511
 
 
984,035
 
 
 
1970(C)
 
ST. PETERSBURG
 
 
758,930
 
 
1,006,160
 
 
 
1968(C)
 
TUTTLE BEE SARASOTA
 
 
1,804,753
 
 
1,025,978
 
 
 
1970(C)
 
SOUTH EAST SARASOTA
 
 
3,121,402
 
 
6,724,200
 
 
 
1989(A)
 
SANFORD
 
 
6,019,179
 
 
11,002,582
 
 
 
1989(A)
 
STUART
 
 
2,588,936
 
 
8,407,123
 
 
 
1994(A)
 
SOUTH MIAMI
 
 
1,888,487
 
 
7,230,988
 
 
 
1995(A)
 
TAMPA
 
 
2,781,828
 
 
13,246,602
 
 
 
1997(A)
 
TAMPA
 
 
190,243
 
 
7,811,241
 
 
 
2004(A)
 
VILLAGE COMMONS S.C.
 
 
1,634,209
 
 
9,860,463
 
 
 
1998(A)
 
MISSION BELL SHOPPING CENTER
 
 
2,116,651
 
 
15,998,457
 
 
 
2004(A)
 
WEST PALM BEACH
 
 
721,293
 
 
2,962,239
 
 
 
1995(A)
 
THE SHOPS AT WEST MELBOURNE
 
 
2,064,021
 
 
12,372,221
 
 
 
1998(A)
 
AUGUSTA
 
 
1,672,363
 
 
7,717,092
 
 
 
1995(A)
 
MACON
 
 
1,736,847
 
 
1,676,201
 
 
 
1969(C)
 
SAVANNAH
 
 
2,809,074
 
 
8,686,622
 
 
 
1993(A)
 
SAVANNAH
 
 
756,967
 
 
2,905,112
 
 
 
1995(A)
 
CLIVE
 
 
509,082
 
 
1,993,544
 
 
 
1996(A)
 
SOUTHDALE SHOPPING CENTER
 
 
1,322,522
 
 
8,252,313
 
 
4,034,954
 
1999(A)
 
DES MOINES
 
 
640,300
 
 
2,456,323
 
 
 
1996(A)
 
DUBUQUE
 
 
450,420
 
 
1,712,904
 
 
 
1997(A)
 
WATERLOO
 
 
688,398
 
 
4,683,327
 
 
 
1996(A)
 
TREASURE VALLEY MARKETPLACE
 
 
 
 
2,718,039
 
 
 
2005(C)
 
 NAMPA (HORSHAM) FUTURE DEV.
 
 
 
 
6,648,750
 
 
 
2005(C)
 
ALTON, BELTLINE HWY
 
 
757,301
 
 
1,620,146
 
 
 
1998(A)
 
AURORA, N. LAKE
 
 
1,811,494
 
 
9,780,135
 
 
 
1998(A)
 
KRC ARLINGTON HEIGHT
 
 
1,427,643
 
 
4,559,449
 
 
 
1998(A)
 
BLOOMINGTON
 
 
4,107,676
 
 
4,084,062
 
 
 
1972(C)
 
BELLEVILLE, WESTFIELD PLAZA
 
 
1,021,521
 
 
4,350,732
 
 
 
1998(A)
 
BRADLEY
 
 
589,274
 
 
1,912,835
 
 
 
1996(A)
 
CALUMET CITY
 
 
1,784,739
 
 
20,939,306
 
 
 
1997(A)
 
COUNTRYSIDE
 
 
971,560
 
 
4,936,406
 
 
 
1997(A)
 
CARBONDALE
 
 
89,744
 
 
410,256
 
 
 
1997(A)
 
CHICAGO
 
 
595,842
 
 
2,724,676
 
 
 
1997(A)
 
CHAMPAIGN, NEIL ST.
 
 
234,390
 
 
1,364,195
 
 
 
1998(A)
 
ELSTON
 
 
1,082,244
 
 
5,620,342
 
 
 
1997(A)
 
S. CICERO
 
 
356,174
 
 
1,334,590
 
 
 
1997(A)
 
CRYSTAL LAKE, NW HWY
 
 
225,474
 
 
1,298,142
 
 
 
1998(A)
 
CRYSTAL LAKE PLAZA
 
 
21,572
 
 
1,516,884
 
 
956,712
 
2005(A)
 
BUTTERFIELD SQUARE
 
 
1,185,158
 
 
7,354,409
 
 
 
1998(A)
 
DOWNERS PARK PLAZA
 
 
1,902,129
 
 
11,331,305
 
 
 
1999(A)
 
DOWNER GROVE
 
 
1,134,099
 
 
5,705,793
 
 
 
1997(A)
 
ELGIN
 
 
2,824,750
 
 
2,229,554
 
 
 
1972(C)
 
EVERGREEN PARK PLAZA
 
 
19,628
 
 
1,001,991
 
 
 
2005(A)
 
FOREST PARK
 
 
494,150
 
 
1,841,734
 
 
 
1997(A)
 

                                         
  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


Back to Index
                                         
  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)
 
 
INITIAL COST
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTIES
 
LAND
 
BUILDING
AND
IMPROVEMENT
 
SUBSEQUENT
TO ACQUISITION
 
LAND
 
BUILDINGS AND
IMPROVEMENTS
 
TOTAL
 

 

 

 

 


 


 


 
FAIRVIEW HTS, BELLVILLE RD.
 
 
11,866,880
 
1,831,567
 
 
 
 
13,698,447
 
 
13,698,447
 
GENEVA
 
500,422
 
12,917,712
 
35,949
 
 
500,422
 
 
12,953,661
 
 
13,454,083
 
HILLSIDE PLAZA
 
178,253
 
824,482
 
 
 
178,253
 
 
824,482
 
 
1,002,735
 
LAKE ZURICH PLAZA
 
233,698
 
1,265,023
 
 
 
233,698
 
 
1,265,023
 
 
1,498,721
 
LIBERTYVILLE PLAZA
 
219,439
 
1,097,393
 
 
 
219,439
 
 
1,097,393
 
 
1,316,831
 
MATTERSON
 
950,515
 
6,292,319
 
10,504,928
 
 
950,515
 
 
16,797,247
 
 
17,747,762
 
MT. PROSPECT
 
1,017,345
 
6,572,176
 
3,551,071
 
 
1,017,345
 
 
10,123,247
 
 
11,140,592
 
MUNDELEIN, S. LAKE
 
1,127,720
 
5,826,129
 
42,333
 
 
1,129,634
 
 
5,866,548
 
 
6,996,182
 
NORRIDGE
 
 
2,918,315
 
 
 
 
 
2,918,315
 
 
2,918,315
 
NAPERVILLE
 
669,483
 
4,464,998
 
70,678
 
 
669,483
 
 
4,535,676
 
 
5,205,159
 
NAPERVILLE PLAZA
 
239,486
 
 
 
 
239,486
 
 
1,152,454
 
 
1,391,939
 
OTTAWA
 
137,775
 
784,269
 
361,788
 
 
137,775
 
 
1,146,057
 
 
1,283,832
 
ORLAND PARK, S. HARLEM
 
476,972
 
2,764,775
 
1,114,785
 
 
476,972
 
 
3,879,560
 
 
4,356,532
 
OAK LAWN
 
1,530,111
 
8,776,631
 
130,821
 
 
1,530,111
 
 
8,907,452
 
 
10,437,563
 
OAKBROOK TERRACE
 
1,527,188
 
8,679,108
 
2,957,327
 
 
1,527,188
 
 
11,636,435
 
 
13,163,623
 
PEORIA
 
 
5,081,290
 
1,457,225
 
 
 
 
6,538,515
 
 
6,538,515
 
FREESTATE BOWL
 
343,723
 
1,129,198
 
(311,854)
 
252,723
 
 
998,099
 
 
1,250,822
 
ROUND LAKE BEACH PLAZA
 
790,129
 
1,634,148
 
 
 
790,129
 
 
1,634,148
 
 
2,424,277
 
SKOKIE
 
 
2,276,360
 
9,488,383
 
 
2,628,440
 
 
9,136,303
 
 
11,764,743
 
KRC STREAMWOOD
 
181,962
 
1,057,740
 
181,885
 
 
181,962
 
 
1,239,625
 
 
1,421,587
 
ST. CHARLES PLAZA
 
240,395
 
930,262
 
 
 
240,395
 
 
930,262
 
 
1,170,658
 
WOODGROVE FESTIVAL
 
5,049,149
 
20,822,993
 
1,773,452
 
 
5,049,149
 
 
22,596,445
 
 
27,645,594
 
WAUKEGAN
 
203,427
 
1,161,847
 
37,012
 
 
203,772
 
 
1,198,514
 
 
1,402,286
 
WAUKEGAN PLAZA
 
349,409
 
883,975
 
 
 
349,409
 
 
883,975
 
 
1,233,384
 
PLAZA EAST
 
1,236,149
 
4,944,597
 
2,820,843
 
 
1,140,849
 
 
7,860,740
 
 
9,001,589
 
PLAZA WEST
 
808,435
 
3,210,187
 
624,109
 
 
808,435
 
 
3,834,296
 
 
4,642,731
 
FELBRAM
 
72,971
 
302,579
 
454,590
 
 
72,971
 
 
757,169
 
 
830,140
 
FORT WAYNE PLAZA
 
60,554
 
229,943
 
 
 
60,554
 
 
229,943
 
 
290,497
 
GREENWOOD
 
423,371
 
1,883,421
 
1,738,082
 
 
423,371
 
 
3,621,503
 
 
4,044,874
 
GRIFFITH
 
 
2,495,820
 
981,912
 
 
1,001,100
 
 
2,476,632
 
 
3,477,732
 
INDIANAPOLIS
 
447,600
 
3,607,193
 
2,704,055
 
 
447,600
 
 
6,311,248
 
 
6,758,848
 
LAFAYETTE
 
230,402
 
1,305,943
 
158,525
 
 
230,402
 
 
1,464,468
 
 
1,694,870
 
LAFAYETTE
 
812,810
 
3,252,269
 
3,433,080
 
 
2,379,198
 
 
5,118,962
 
 
7,498,159
 
KIMCO LAFAYETTE MARKET PLACE
 
4,184,000
 
16,752,165
 
235,913
 
 
4,184,000
 
 
16,988,078
 
 
21,172,078
 
KRC MISHAWAKA 895
 
378,088
 
1,999,079
 
642
 
 
378,730
 
 
1,999,079
 
 
2,377,809
 
MERRILLVILLE PLAZA
 
197,415
 
765,630
 
 
 
197,415
 
 
765,630
 
 
963,045
 
SOUTH BEND, S. HIGH ST.
 
183,463
 
1,070,401
 
196,858
 
 
183,463
 
 
1,267,259
 
 
1,450,722
 
OVERLAND PARK
 
1,183,911
 
6,335,308
 
142,374
 
 
1,185,906
 
 
6,475,687
 
 
7,661,593
 
BELLEVUE
 
405,217
 
1,743,573
 
138,965
 
 
405,217
 
 
1,882,538
 
 
2,287,755
 
FLORENCE PLAZA
 
176,796
 
678,383
 
 
 
176,796
 
 
678,383
 
 
855,179
 
LEXINGTON
 
1,675,031
 
6,848,209
 
5,128,392
 
 
1,551,079
 
 
12,100,553
 
 
13,651,632
 
PADUCAH MALL, KY
 
 
1,047,281
 
(123,196)
 
 
 
924,085
 
 
924,085
 
HAMMOND AIR PLAZA
 
3,813,873
 
15,260,609
 
1,236,448
 
 
3,813,873
 
 
16,497,058
 
 
20,310,930
 
KIMCO HOUMA 274, LLC
 
1,980,000
 
7,945,784
 
121,888
 
 
1,980,000
 
 
8,067,672
 
 
10,047,672
 
LAFAYETTE
 
2,115,000
 
8,508,218
 
8,958,584
 
 
3,678,274
 
 
15,903,528
 
 
19,581,802
 
GREAT BARRINGTON
 
642,170
 
2,547,830
 
7,012,764
 
 
751,124
 
 
9,451,640
 
 
10,202,764
 
SHREWSBURY SHOPPING CENTER
 
1,284,168
 
5,284,853
 
4,496,351
 
 
1,284,168
 
 
9,781,203
 
 
11,065,371
 
CLUB CENTRE AT PIKESVILLE
 
1,630,003
 
5,354,041
 
(67,088)
 
1,626,003
 
 
5,716,588
 
 
7,342,591
 
HARFORD BUSINESS PARK
 
307,278
 
1,010,280
 
387,687
 
 
425,278
 
 
1,360,205
 
 
1,785,483
 
HARFORD INDUSTRIAL PARK
 
2,755,863
 
 
(2,580,737)
 
175,126
 
 
 
 
175,126
 
HICKORY RIDGE
 
8,175,025
 
19,162,695
 
 
 
8,175,025
 
 
20,787,670
 
 
28,962,695
 
WILDE LAKE
 
1,468,038
 
5,869,862
 
83,525
 
 
1,468,038
 
 
5,953,387
 
 
7,421,424
 
LYNX LANE
 
1,019,035
 
4,091,894
 
85,071
 
 
1,019,035
 
 
4,176,965
 
 
5,196,000
 
CLINTON BANK BUILDING
 
141,964
 
466,369
 
(200,070)
 
82,964
 
 
362,370
 
 
445,335
 
CLINTON BOWL
 
39,779
 
130,716
 
(6,141)
 
38,779
 
 
135,963
 
 
174,742
 
VILLAGES AT URBANA
 
3,190,074
 
6,067
 
3,704,742
 
 
4,828,774
 
 
2,072,110
 
 
6,900,883
 
GAITHERSBURG
 
244,890
 
6,787,534
 
264,386
 
 
244,890
 
 
7,051,920
 
 
7,296,810
 
HAGERSTOWN
 
541,389
 
2,165,555
 
1,050,933
 
 
541,389
 
 
3,216,488
 
 
3,757,877
 
SHAWAN PLAZA
 
4,500,000
 
21,859,285
 
(2,824,831)
 
4,466,000
 
 
20,754,709
 
 
25,220,709
 
LAUREL
 
349,562
 
1,398,250
 
997,085
 
 
349,562
 
 
2,395,335
 
 
2,744,897
 
LAUREL
 
274,580
 
1,100,968
 
283,421
 
 
274,580
 
 
1,384,389
 
 
1,658,969
 
LARGO/LANDOVER
 
982,266
 
27,223,105
 
164,979
 
 
982,266
 
 
27,388,084
 
 
28,370,351
 
SOUTHWEST MIXED USE PROPERTY
 
403,034
 
1,325,126
 
173,667
 
 
361,034
 
 
1,646,035
 
 
2,007,069
 

125


PROPERTIES
 
ACCUMULATED
DEPRECIATION
 
TOTAL COST,
NET OF ACCUMULATED
DEPRECIATION
 
ENCUMBRANCES
 
DATE OF
CONSTRUCTION(C)
ACQUISITION(A)
 

 


 


 


 

 
FAIRVIEW HTS, BELLVILLE RD.
 
 
2,390,863
 
 
11,307,583
 
 
 
1998(A)
 
GENEVA
 
 
2,586,932
 
 
10,867,152
 
 
9,314,409
 
1996(A)
 
HILLSIDE PLAZA
 
 
6,081
 
 
996,654
 
 
 
2005(A)
 
LAKE ZURICH PLAZA
 
 
22,646
 
 
1,476,076
 
 
962,638
 
2005(A)
 
LIBERTYVILLE PLAZA
 
 
18,140
 
 
1,298,691
 
 
967,828
 
2005(A)
 
MATTERSON
 
 
2,016,522
 
 
15,731,240
 
 
 
1997(A)
 
MT. PROSPECT
 
 
1,672,696
 
 
9,467,896
 
 
 
1997(A)
 
MUNDELEIN, S. LAKE
 
 
1,109,056
 
 
5,887,126
 
 
 
1998(A)
 
NORRIDGE
 
 
611,673
 
 
2,306,642
 
 
 
1997(A)
 
NAPERVILLE
 
 
889,862
 
 
4,315,297
 
 
 
1997(A)
 
NAPERVILLE PLAZA
 
 
19,362
 
 
1,372,577
 
 
 
2005(A)
 
OTTAWA
 
 
961,426
 
 
322,406
 
 
 
1970(C)
 
ORLAND PARK, S. HARLEM
 
 
620,644
 
 
3,735,889
 
 
 
1998(A)
 
OAK LAWN
 
 
1,812,385
 
 
8,625,179
 
 
14,319,368
 
1997(A)
 
OAKBROOK TERRACE
 
 
1,951,616
 
 
11,212,007
 
 
 
1997(A)
 
PEORIA
 
 
1,249,014
 
 
5,289,501
 
 
 
1997(A)
 
FREESTATE BOWL
 
 
186,764
 
 
1,064,058
 
 
 
2003(A)
 
ROUND LAKE BEACH PLAZA
 
 
64,060
 
 
2,360,217
 
 
 
2005(A)
 
SKOKIE
 
 
1,110,615
 
 
10,654,128
 
 
7,940,034
 
1997(A)
 
KRC STREAMWOOD
 
 
214,413
 
 
1,207,173
 
 
 
1998(A)
 
ST. CHARLES PLAZA
 
 
16,377
 
 
1,154,281
 
 
 
2005(A)
 
WOODGROVE FESTIVAL
 
 
4,259,534
 
 
23,386,061
 
 
 
1998(A)
 
WAUKEGAN
 
 
209,011
 
 
1,193,276
 
 
 
1998(A)
 
WAUKEGAN PLAZA
 
 
12,609
 
 
1,220,775
 
 
 
2005(A)
 
PLAZA EAST
 
 
1,740,787
 
 
7,260,802
 
 
 
1995(A)
 
PLAZA WEST
 
 
894,251
 
 
3,748,480
 
 
 
1995(A)
 
FELBRAM
 
 
543,518
 
 
286,623
 
 
 
1970(C)
 
FORT WAYNE PLAZA
 
 
11,932
 
 
278,565
 
 
 
2005(A)
 
GREENWOOD
 
 
2,213,435
 
 
1,831,438
 
 
 
1970(C)
 
GRIFFITH
 
 
530,178
 
 
2,947,554
 
 
 
1997(A)
 
INDIANAPOLIS
 
 
4,171,804
 
 
2,587,044
 
 
 
1986(A)
 
LAFAYETTE
 
 
1,340,974
 
 
353,896
 
 
 
1971(C)
 
LAFAYETTE
 
 
937,481
 
 
6,560,678
 
 
 
1997(A)
 
KIMCO LAFAYETTE MARKET PLACE
 
 
3,394,305
 
 
17,777,773
 
 
 
1998(A)
 
KRC MISHAWAKA 895
 
 
379,292
 
 
1,998,517
 
 
 
1998(A)
 
MERRILLVILLE PLAZA
 
 
13,444
 
 
949,602
 
 
 
2005(A)
 
SOUTH BEND, S. HIGH ST.
 
 
216,048
 
 
1,234,674
 
 
 
1998(A)
 
OVERLAND PARK
 
 
1,183,759
 
 
6,477,834
 
 
 
1998(A)
 
BELLEVUE
 
 
1,783,177
 
 
504,578
 
 
 
1976(A)
 
FLORENCE PLAZA
 
 
15,260
 
 
839,919
 
 
 
2005(A)
 
LEXINGTON
 
 
3,640,180
 
 
10,011,452
 
 
 
1993(A)
 
PADUCAH MALL, KY
 
 
262,741
 
 
661,344
 
 
 
1998(A)
 
HAMMOND AIR PLAZA
 
 
3,543,247
 
 
16,767,683
 
 
 
1997(A)
 
KIMCO HOUMA 274, LLC
 
 
1,276,595
 
 
8,771,077
 
 
 
1999(A)
 
LAFAYETTE
 
 
2,979,466
 
 
16,602,336
 
 
 
1997(A)
 
GREAT BARRINGTON
 
 
2,050,646
 
 
8,152,118
 
 
 
1994(A)
 
SHREWSBURY SHOPPING CENTER
 
 
1,173,245
 
 
9,892,126
 
 
 
2000(A)
 
CLUB CENTRE AT PIKESVILLE
 
 
671,268
 
 
6,671,323
 
 
5,143,557
 
2003(A)
 
HARFORD BUSINESS PARK
 
 
374,347
 
 
1,411,136
 
 
 
2003(A)
 
HARFORD INDUSTRIAL PARK
 
 
 
 
175,126
 
 
 
2003(A)
 
HICKORY RIDGE
 
 
12,548
 
 
28,950,147
 
 
 
2005(A)
 
WILDE LAKE
 
 
571,167
 
 
6,850,258
 
 
 
2002(A)
 
LYNX LANE
 
 
410,892
 
 
4,785,109
 
 
 
2002(A)
 
CLINTON BANK BUILDING
 
 
101,736
 
 
343,599
 
 
 
2003(A)
 
CLINTON BOWL
 
 
46,442
 
 
128,300
 
 
 
2003(A)
 
VILLAGES AT URBANA
 
 
 
 
6,900,883
 
 
 
2003(A)
 
GAITHERSBURG
 
 
1,077,511
 
 
6,219,299
 
 
 
1999(A)
 
HAGERSTOWN
 
 
2,195,737
 
 
1,562,140
 
 
 
1973(C)
 
SHAWAN PLAZA
 
 
2,233,922
 
 
22,986,787
 
 
13,349,585
 
2003(A)
 
LAUREL
 
 
829,917
 
 
1,914,980
 
 
 
1995(A)
 
LAUREL
 
 
1,118,889
 
 
540,080
 
 
 
1972(C)
 
LARGO/LANDOVER
 
 
4,189,378
 
 
24,180,973
 
 
 
1999(A)
 
SOUTHWEST MIXED USE PROPERTY
 
 
618,776
 
 
1,388,293
 
 
 
2003(A)
 

                                         
  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


Back to Index
                                         
  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)
 
 
INITIAL COST
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTIES
 
LAND
 
BUILDING
AND
IMPROVEMENT
 
SUBSEQUENT
TO ACQUISITION
 
LAND
 
BUILDINGS AND
IMPROVEMENTS
 
TOTAL
 

 

 

 

 


 


 


 
NORTH EAST STATION
 
 
 
869,385
 
 
869,385
 
 
 
 
869,385
 
OWINGS MILLS PLAZA
 
303,911
 
1,370,221
 
 
 
303,911
 
 
1,370,221
 
 
1,674,132
 
PERRY HALL
 
3,733,309
 
12,245,774
 
(1,461,335)
 
3,339,309
 
 
11,221,439
 
 
14,560,748
 
TIMONIUM SHOPPING CENTER
 
6,000,000
 
24,282,998
 
7,180,151
 
 
7,707,000
 
 
32,092,689
 
 
39,799,689
 
WALDORF BOWL
 
225,099
 
739,362
 
25,548
 
 
235,099
 
 
813,688
 
 
1,048,787
 
WALDORF FIRESTONE
 
73,127
 
240,625
 
(54,099)
 
57,127
 
 
221,621
 
 
278,748
 
BANGOR, ME
 
403,833
 
1,622,331
 
93,752
 
 
403,833
 
 
1,716,083
 
 
2,119,916
 
CLAWSON
 
1,624,771
 
6,578,142
 
2,740,539
 
 
1,624,771
 
 
9,318,681
 
 
10,943,452
 
WHITE LAKE
 
2,300,050
 
9,249,607
 
1,515,807
 
 
2,300,050
 
 
10,765,414
 
 
13,065,464
 
CANTON TWP PLAZA
 
163,740
 
926,150
 
 
 
163,740
 
 
926,150
 
 
1,089,890
 
CLINTON TWP PLAZA
 
175,515
 
714,279
 
 
 
175,515
 
 
714,279
 
 
889,794
 
DEARBORN HEIGHTS PLAZA
 
162,319
 
497,791
 
 
 
162,319
 
 
497,791
 
 
660,110
 
FARMINGTON
 
1,098,426
 
4,525,723
 
2,322,313
 
 
1,098,426
 
 
6,848,036
 
 
7,946,462
 
GRAND RAPIDS PLAZA
 
74,898
 
429,076
 
 
 
74,898
 
 
429,076
 
 
503,975
 
LIVONIA
 
178,785
 
925,818
 
812,303
 
 
178,785
 
 
1,738,121
 
 
1,916,906
 
LANSING PLAZA
 
245,014
 
406,349
 
 
 
245,014
 
 
406,349
 
 
651,363
 
MUSKEGON
 
391,500
 
958,500
 
825,035
 
 
391,500
 
 
1,783,535
 
 
2,175,035
 
OKEMOS PLAZA
 
166,706
 
591,193
 
 
 
166,706
 
 
591,193
 
 
757,899
 
TAYLOR
 
1,451,397
 
5,806,263
 
260,289
 
 
1,451,397
 
 
6,066,552
 
 
7,517,949
 
WALKER
 
3,682,478
 
14,730,060
 
1,889,480
 
 
3,682,478
 
 
16,619,540
 
 
20,302,018
 
EDEN PRAIRIE PLAZA
 
882,596
 
911,373
 
 
 
882,596
 
 
911,373
 
 
1,793,968
 
ROSEVILLE PLAZA
 
132,842
 
957,340
 
 
 
132,842
 
 
957,340
 
 
1,090,182
 
ST. PAUL PLAZA
 
699,916
 
623,966
 
 
 
699,916
 
 
623,966
 
 
1,323,883
 
BRIDGETON
 
 
2,196,834
 
 
 
 
 
2,196,834
 
 
2,196,834
 
BALLWIN PLAZA
 
395,935
 
783,520
 
 
 
395,935
 
 
783,520
 
 
1,179,455
 
CREVE COEUR, WOODCREST/OLIVE
 
1,044,598
 
5,475,623
 
615,905
 
 
960,813
 
 
6,175,312
 
 
7,136,126
 
CRYSTAL CITY, MI
 
 
234,378
 
 
 
 
 
234,378
 
 
234,378
 
INDEPENDENCE, NOLAND DR.
 
1,728,367
 
8,951,101
 
81,861
 
 
1,731,300
 
 
9,030,029
 
 
10,761,329
 
NORTH POINT SHOPPING CENTER
 
1,935,380
 
7,800,746
 
176,792
 
 
1,935,380
 
 
7,977,538
 
 
9,912,918
 
KIRKWOOD
 
 
9,704,005
 
10,264,052
 
 
 
 
19,968,057
 
 
19,968,057
 
KANSAS CITY
 
574,777
 
2,971,191
 
246,276
 
 
574,777
 
 
3,217,467
 
 
3,792,244
 
LEMAY
 
125,879
 
503,510
 
2,812,469
 
 
451,155
 
 
2,990,703
 
 
3,441,858
 
GRAVOIS
 
1,032,416
 
4,455,514
 
10,766,773
 
 
1,032,416
 
 
15,222,287
 
 
16,254,703
 
ST. CHARLES-UNDERDEVELOPED LAND, MO
 
431,960
 
 
758,855
 
 
431,960
 
 
758,855
 
 
1,190,815
 
SPRINGFIELD
 
2,745,595
 
10,985,778
 
4,691,168
 
 
2,904,022
 
 
15,518,519
 
 
18,422,541
 
KMART PARCEL
 
905,674
 
3,666,386
 
4,933,942
 
 
905,674
 
 
8,600,328
 
 
9,506,002
 
KRC ST. CHARLES
 
 
550,204
 
 
 
 
 
550,204
 
 
550,204
 
ST. LOUIS, CHRISTY BLVD.
 
809,087
 
4,430,514
 
1,539,193
 
 
809,087
 
 
5,969,707
 
 
6,778,794
 
OVERLAND
 
 
4,928,677
 
526,042
 
 
 
 
5,454,719
 
 
5,454,719
 
ST. LOUIS
 
 
5,756,736
 
243,917
 
 
 
 
6,000,653
 
 
6,000,653
 
ST. LOUIS
 
 
2,766,644
 
68,298
 
 
 
 
2,834,942
 
 
2,834,942
 
ST. PETERS
 
1,182,194
 
7,423,459
 
6,571,143
 
 
1,053,694
 
 
14,123,102
 
 
15,176,796
 
SPRINGFIELD,GLENSTONE AVE.
 
 
608,793
 
1,641,270
 
 
 
 
2,250,063
 
 
2,250,063
 
KDI-TURTLE CREEK
 
11,535,281
 
 
22,210,101
 
 
9,712,881
 
 
22,210,101
 
 
31,922,982
 
BURLINGTON COMMERCE PARK
 
1,330,894
 
 
(237,042)
 
1,093,852
 
 
 
 
1,093,852
 
CHARLOTTE
 
919,251
 
3,570,981
 
1,036,008
 
 
919,251
 
 
4,606,989
 
 
5,526,240
 
CHARLOTTE
 
1,783,400
 
7,139,131
 
655,358
 
 
1,783,400
 
 
7,794,489
 
 
9,577,889
 
TYVOLA RD.
 
 
4,736,345
 
5,318,276
 
 
 
 
10,054,621
 
 
10,054,621
 
CROSSROADS PLAZA
 
767,864
 
3,098,881
 
 
 
767,864
 
 
3,098,881
 
 
3,866,744
 
KIMCO CARY 696, INC.
 
2,180,000
 
8,756,865
 
405,993
 
 
2,256,799
 
 
9,086,059
 
 
11,342,858
 
DURHAM
 
1,882,800
 
7,551,576
 
1,206,215
 
 
1,882,800
 
 
8,757,791
 
 
10,640,591
 
LANDMARK STATION S.C.
 
1,200,000
 
4,808,785
 
264,027
 
 
1,200,000
 
 
5,072,812
 
 
6,272,812
 
GASTONIA
 
2,467,696
 
9,870,785
 
1,159,042
 
 
2,467,696
 
 
11,029,827
 
 
13,497,523
 
HILLSBOROUGH CROSSING
 
2,750,820
 
 
(2,231,425)
 
519,395
 
 
 
 
519,395
 
SHOPPES AT MIDWAY PLANTATION
 
6,681,212
 
 
 
 
6,681,212
 
 
6,947,477
 
 
13,628,689
 
RALEIGH
 
5,208,885
 
20,885,792
 
7,402,461
 
 
5,208,885
 
 
28,288,253
 
 
33,497,138
 
WAKEFIELD COMMONS II
 
6,506,450
 
 
8,845,341
 
 
5,998,650
 
 
9,353,141
 
 
15,351,791
 
WAKEFIELD CROSSINGS
 
3,413,932
 
 
(2,261,457)
 
825,006
 
 
327,469
 
 
1,152,475
 
EDGEWATER PLACE
 
3,150,000
 
 
8,290,251
 
 
3,062,768
 
 
8,377,483
 
 
11,440,251
 
WAKEFIELD COMMONS
 
1,240,000
 
5,015,595
 
50,020
 
 
1,240,000
 
 
5,065,615
 
 
6,305,615
 
WINSTON-SALEM
 
540,667
 
719,655
 
5,064,520
 
 
540,667
 
 
5,784,175
 
 
6,324,842
 
SORENSON PARK PLAZA
 
5,104,294
 
 
 
 
5,104,291
 
 
10,858,859
 
 
15,963,150
 
NEW LONDON CENTER
 
4,323,827
 
10,088,930
 
 
 
4,323,827
 
 
11,011,346
 
 
15,335,174
 

127


PROPERTIES
 
ACCUMULATED
DEPRECIATION
 
TOTAL COST,
NET OF ACCUMULATED
DEPRECIATION
 
ENCUMBRANCES
 
DATE OF
CONSTRUCTION(C)
ACQUISITION(A)
 

 


 


 


 

 
NORTH EAST STATION
 
 
 
 
869,385
 
 
 
2003(A)
 
OWINGS MILLS PLAZA
 
 
26,542
 
 
1,647,591
 
 
 
2005(A)
 
PERRY HALL
 
 
1,432,861
 
 
13,127,886
 
 
5,539,084
 
2003(A)
 
TIMONIUM SHOPPING CENTER
 
 
5,194,431
 
 
34,605,258
 
 
10,049,289
 
2003(A)
 
WALDORF BOWL
 
 
105,129
 
 
943,659
 
 
 
2003(A)
 
WALDORF FIRESTONE
 
 
30,012
 
 
248,736
 
 
 
2003(A)
 
BANGOR, ME
 
 
174,937
 
 
1,944,979
 
 
 
2001(A)
 
CLAWSON
 
 
2,587,522
 
 
8,355,930
 
 
 
1993(A)
 
WHITE LAKE
 
 
2,518,394
 
 
10,547,071
 
 
 
1996(A)
 
CANTON TWP PLAZA
 
 
19,293
 
 
1,070,597
 
 
 
2005(A)
 
CLINTON TWP PLAZA
 
 
22,230
 
 
867,564
 
 
 
2005(A)
 
DEARBORN HEIGHTS PLAZA
 
 
12,450
 
 
647,661
 
 
 
2005(A)
 
FARMINGTON
 
 
1,890,861
 
 
6,055,600
 
 
 
1993(A)
 
GRAND RAPIDS PLAZA
 
 
24,543
 
 
479,432
 
 
 
2005(A)
 
LIVONIA
 
 
696,738
 
 
1,220,167
 
 
 
1968(C)
 
LANSING PLAZA
 
 
11,032
 
 
640,331
 
 
 
2005(A)
 
MUSKEGON
 
 
1,462,753
 
 
712,282
 
 
 
1985(A)
 
OKEMOS PLAZA
 
 
10,032
 
 
747,867
 
 
1,263,900
 
2005(A)
 
TAYLOR
 
 
1,852,058
 
 
5,665,892
 
 
 
1993(A)
 
WALKER
 
 
4,862,183
 
 
15,439,836
 
 
 
1993(A)
 
EDEN PRAIRIE PLAZA
 
 
23,756
 
 
1,770,212
 
 
 
2005(A)
 
ROSEVILLE PLAZA
 
 
19,734
 
 
1,070,449
 
 
 
2005(A)
 
ST. PAUL PLAZA
 
 
12,469
 
 
1,311,414
 
 
 
2005(A)
 
BRIDGETON
 
 
464,746
 
 
1,732,088
 
 
 
1997(A)
 
BALLWIN PLAZA
 
 
19,629
 
 
1,159,825
 
 
 
2005(A)
 
CREVE COEUR, WOODCREST/OLIVE
 
 
1,141,189
 
 
5,994,936
 
 
 
1998(A)
 
CRYSTAL CITY, MI
 
 
43,170
 
 
191,208
 
 
 
1997(A)
 
INDEPENDENCE, NOLAND DR.
 
 
1,712,229
 
 
9,049,101
 
 
 
1998(A)
 
NORTH POINT SHOPPING CENTER
 
 
1,434,867
 
 
8,478,050
 
 
6,966,888
 
1998(A)
 
KIRKWOOD
 
 
3,426,673
 
 
16,541,384
 
 
 
1998(A)
 
KANSAS CITY
 
 
657,937
 
 
3,134,307
 
 
 
1997(A)
 
LEMAY
 
 
640,021
 
 
2,801,838
 
 
 
1974(C)
 
GRAVOIS
 
 
5,713,982
 
 
10,540,721
 
 
 
1972(C)
 
ST. CHARLES-UNDERDEVELOPED LAND, MO
 
 
93,354
 
 
1,097,461
 
 
 
1998(A)
 
SPRINGFIELD
 
 
3,849,046
 
 
14,573,495
 
 
 
1994(A)
 
KMART PARCEL
 
 
704,308
 
 
8,801,694
 
 
2,873,484
 
2002(A)
 
KRC ST. CHARLES
 
 
98,755
 
 
451,449
 
 
 
1998(A)
 
ST. LOUIS, CHRISTY BLVD.
 
 
870,235
 
 
5,908,559
 
 
 
1998(A)
 
OVERLAND
 
 
1,087,860
 
 
4,366,859
 
 
 
1997(A)
 
ST. LOUIS
 
 
1,274,444
 
 
4,726,209
 
 
 
1997(A)
 
ST. LOUIS
 
 
589,524
 
 
2,245,418
 
 
 
1997(A)
 
ST. PETERS
 
 
3,185,052
 
 
11,991,744
 
 
 
1997(A)
 
SPRINGFIELD,GLENSTONE AVE.
 
 
300,781
 
 
1,949,282
 
 
 
1998(A)
 
KDI-TURTLE CREEK
 
 
 
 
31,922,982
 
 
19,947,214
 
2004(C)
 
BURLINGTON COMMERCE PARK
 
 
 
 
1,093,852
 
 
 
2003(C)
 
CHARLOTTE
 
 
1,197,961
 
 
4,328,279
 
 
 
1995(A)
 
CHARLOTTE
 
 
2,328,765
 
 
7,249,124
 
 
 
1993(A)
 
TYVOLA RD.
 
 
5,121,794
 
 
4,932,828
 
 
 
1986(A)
 
CROSSROADS PLAZA
 
 
437,130
 
 
3,429,615
 
 
 
2000(A)
 
KIMCO CARY 696, INC.
 
 
1,768,424
 
 
9,574,434
 
 
 
1998(A)
 
DURHAM
 
 
2,093,315
 
 
8,547,275
 
 
 
1996(A)
 
LANDMARK STATION S.C.
 
 
788,657
 
 
5,484,155
 
 
 
1999(A)
 
GASTONIA
 
 
4,652,211
 
 
8,845,312
 
 
 
1989(A)
 
HILLSBOROUGH CROSSING
 
 
 
 
519,395
 
 
 
2003(A)
 
SHOPPES AT MIDWAY PLANTATION
 
 
 
 
13,628,689
 
 
8,174,248
 
2005(C)
 
RALEIGH
 
 
6,627,330
 
 
26,869,808
 
 
 
1993(A)
 
WAKEFIELD COMMONS II
 
 
 
 
15,351,791
 
 
12,751,413
 
2001(C)
 
WAKEFIELD CROSSINGS
 
 
 
 
1,152,475
 
 
 
2001(C)
 
EDGEWATER PLACE
 
 
 
 
11,276,083
 
 
8,864,033
 
2003(C)
 
WAKEFIELD COMMONS
 
 
609,065
 
 
5,696,550
 
 
 
2001(C)
 
WINSTON-SALEM
 
 
2,203,662
 
 
4,121,180
 
 
 
1969(C)
 
SORENSON PARK PLAZA
 
 
 
 
15,963,150
 
 
 
2005(C)
 
NEW LONDON CENTER
 
 
14,118
 
 
15,321,055
 
 
 
2005(A)
 

 
 
INITIAL COST
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTIES
 
LAND
 
BUILDING
AND
IMPROVEMENT
 
SUBSEQUENT
TO ACQUISITION
 
LAND
 
BUILDINGS AND
IMPROVEMENTS
 
TOTAL
 

 

 

 

 


 


 


 
ROCKINGHAM
 
2,660,915
 
10,643,660
 
10,048,902
 
 
2,660,915
 
 
20,692,562
 
 
23,353,477
 
BRIDGEWATER NJ
 
1,982,481
 
(3,666,959)3,443,995
 
 
1,982,481
 
 
5,200,423
 
 
7,182,904
 
BAYONNE BROADWAY
 
1,434,737
 
3,347,719
 
 
 
1,434,737
 
 
6,149,103
 
 
7,583,839
 
BRICKTOWN PLAZA
 
344,884
 
1,008,941
 
 
 
344,884
 
 
1,008,941
 
 
1,353,826
 
BRIDGEWATER PLAZA
 
350,705
 
1,361,524
 
 
 
350,705
 
 
1,361,524
 
 
1,712,229
 
CHERRY HILL
 
2,417,583
 
6,364,094
 
1,232,642
 
 
2,417,583
 
 
7,596,736
 
 
10,014,319
 
MARLTON PIKE
 
 
4,318,534
 
 
 
 
 
4,318,534
 
 
4,318,534
 
CINNAMINSON
 
652,123
 
2,608,491
 
2,605,115
 
 
652,123
 
 
5,213,606
 
 
5,865,729
 
DEBTFORD PLAZA
 
221,316
 
962,891
 
 
 
221,316
 
 
962,891
 
 
1,184,208
 
FRANKLIN TOWNE CENTER
 
4,903,113
 
19,608,193
 
147,262
 
 
4,903,113
 
 
19,755,455
 
 
24,658,568
 
HILLSBOROUGH
 
11,886,809
 
 
(6,880,755)
 
5,006,054
 
 
 
 
5,006,054
 
HOLMDEL TOWNE CENTER
 
10,824,624
 
43,301,494
 
581,568
 
 
10,824,624
 
 
43,883,063
 
 
54,707,686
 
HOLMDEL COMMONS
 
16,537,556
 
38,759,952
 
79,200
 
 
16,537,556
 
 
42,261,097
 
 
58,798,653
 
HAZLET PLAZA
 
389,722
 
1,545,241
 
 
 
389,722
 
 
1,545,241
 
 
1,934,963
 
HOWELL PLAZA
 
311,384
 
1,143,159
 
 
 
311,384
 
 
1,143,159
 
 
1,454,543
 
KENVILLE PLAZA
 
385,907
 
1,209,864
 
 
 
385,907
 
 
1,209,864
 
 
1,595,771
 
STRAUSS DISCOUNT AUTO
 
1,225,294
 
91,203
 
1,528,655
 
 
1,228,794
 
 
1,616,358
 
 
2,845,153
 
NORTH BRUNSWICK
 
3,204,978
 
12,819,912
 
13,497,340
 
 
3,204,978
 
 
26,317,252
 
 
29,522,230
 
PISCATAWAY TOWN CENTER
 
3,851,839
 
15,410,851
 
151,418
 
 
3,851,839
 
 
15,562,269
 
 
19,414,108
 
RIDGEWOOD
 
450,000
 
2,106,566
 
991,591
 
 
450,000
 
 
3,098,157
 
 
3,548,157
 
SEA GIRT PLAZA
 
457,039
 
1,308,010
 
 
 
457,039
 
 
1,308,010
 
 
1,765,048
 
WESTMONT
 
601,655
 
2,404,604
 
9,705,226
 
 
601,655
 
 
12,109,830
 
 
12,711,485
 
WEST LONG BRANCH PLAZA
 
64,976
 
1,700,782
 
 
 
64,976
 
 
1,700,782
 
 
1,765,758
 
SYCAMORE PLAZA
 
1,404,443
 
5,613,270
 
226,931
 
 
1,404,443
 
 
5,840,201
 
 
7,244,644
 
PLAZA PASEO DEL-NORTE
 
4,653,197
 
18,633,584
 
373,675
 
 
4,653,197
 
 
19,007,259
 
 
23,660,456
 
JUAN TABO, ALBUQUERQUE
 
1,141,200
 
4,566,817
 
293,273
 
 
1,141,200
 
 
4,860,090
 
 
6,001,290
 
BRIDGEHAMPTON
 
1,811,752
 
3,107,232
 
22,864,662
 
 
1,811,752
 
 
25,971,894
 
 
27,783,646
 
TWO GUYS AUTO GLASS
 
105,497
 
436,714
 
 
 
105,497
 
 
436,714
 
 
542,211
 
GENOVESE DRUG STORE
 
564,097
 
2,268,768
 
 
 
564,097
 
 
2,268,768
 
 
2,832,865
 
KINGS HIGHWAY
 
2,743,819
 
6,811,268
 
12,500
 
 
2,743,819
 
 
7,602,247
 
 
10,346,066
 
HOMEPORT-RALPH AVENUE
 
4,414,464
 
11,339,857
 
12,500
 
 
4,414,464
 
 
14,399,961
 
 
18,814,426
 
BAYRIDGE
 
2,569,765
 
6,251,197
 
 
 
2,569,765
 
 
12,411,320
 
 
14,981,084
 
BELLMORE
 
1,272,265
 
3,183,547
 
 
 
1,272,265
 
 
3,565,350
 
 
4,837,615
 
STRAUSS CASTLE HILL PLAZA
 
310,864
 
725,350
 
 
 
310,864
 
 
1,049,460
 
 
1,360,324
 
STRAUSS UTICA AVENUE
 
347,633
 
811,144
 
 
 
347,633
 
 
1,173,362
 
 
1,520,995
 
KING KULLEN PLAZA
 
5,968,082
 
23,243,404
 
859,034
 
 
5,968,082
 
 
24,102,438
 
 
30,070,520
 
KDI-CENTRAL ISLIP TOWN CENTER
 
13,733,950
 
1,266,050
 
(9,911,148)
 
5,088,852
 
 
0
 
 
5,088,852
 
ELMONT
 
3,011,653
 
7,606,066
 
12,500
 
 
3,011,653
 
 
9,791,389
 
 
12,803,042
 
ELMONT PLAZA
 
 
230,118
 
 
 
 
 
230,118
 
 
230,118
 
FRANKLIN SQUARE
 
1,078,535
 
2,516,581
 
 
 
1,078,535
 
 
5,148,300
 
 
6,226,835
 
HAMPTON BAYS
 
1,495,105
 
5,979,320
 
170,771
 
 
1,495,105
 
 
6,150,091
 
 
7,645,196
 
HENRIETTA
 
1,075,358
 
6,635,486
 
1,678,189
 
 
1,075,358
 
 
8,313,675
 
 
9,389,033
 
HICKSVILLE
 
3,542,732
 
8,266,375
 
 
 
3,542,732
 
 
9,346,754
 
 
12,889,486
 
STRAUSS LIBERTY AVENUE
 
305,969
 
713,927
 
 
 
305,969
 
 
1,033,638
 
 
1,339,607
 
DOUGLASTON SHOPPING CENTER
 
3,033,190
 
12,179,993
 
15,400
 
 
3,033,190
 
 
12,195,393
 
 
15,228,583
 
ROSLYN SAVINGS BANK
 
244,064
 
981,225
 
 
 
244,064
 
 
981,225
 
 
1,225,289
 
STRAUSS MERRICK BLVD
 
450,582
 
1,051,359
 
 
 
450,582
 
 
1,522,179
 
 
1,972,761
 
MANHASSET VENTURE LLC
 
4,567,003
 
19,165,808
 
25,498,942
 
 
4,421,939
 
 
44,809,814
 
 
49,231,753
 
MASPETH QUEENS-DUANE READE
 
1,872,005
 
4,827,940
 
 
 
1,872,005
 
 
5,759,126
 
 
7,631,131
 
MASSAPEQUA
 
1,880,807
 
4,388,549
 
 
 
1,880,807
 
 
5,330,010
 
 
7,210,817
 
STRAUSS EAST 14TH STREET
 
1,455,653
 
3,396,523
 
 
 
1,455,653
 
 
4,906,143
 
 
6,361,796
 
367-369 BLEEKER STREET
 
1,425,000
 
4,958,097
 
193,913
 
 
1,425,000
 
 
5,152,009
 
 
6,577,009
 
 92 PERRY STREET
 
2,106,250
 
6,318,750
 
445,451
 
 
2,106,250
 
 
6,764,201
 
 
8,870,451
 
 37 GREENWICH STREET
 
800,000
 
2,400,000
 
368,123
 
 
800,000
 
 
2,768,123
 
 
3,568,123
 
 82 CHRISTOPHER STREET
 
972,813
 
2,974,676
 
 
 
972,813
 
 
2,974,676
 
 
3,947,488
 
 71 SECOND STREET
 
881,250
 
2,690,981
 
 
 
881,250
 
 
2,690,981
 
 
3,572,231
 
AMERICAN MUFFLER SHOP
 
76,056
 
325,567
��
 
 
76,056
 
 
325,567
 
 
401,624
 
PLAINVIEW
 
263,693
 
584,031
 
9,689,515
 
 
263,693
 
 
10,273,546
 
 
10,537,239
 
POUGHKEEPSIE
 
876,548
 
4,695,659
 
12,592,263
 
 
876,548
 
 
17,287,922
 
 
18,164,470
 
STRAUSS JAMAICA AVENUE
 
1,109,714
 
2,589,333
 
 
 
1,109,714
 
 
2,669,636
 
 
3,779,350
 
SYOSSET, NY
 
106,655
 
76,197
 
1,553,113
 
 
106,655
 
 
1,522,705
 
 
1,692,360
 
STATEN ISLAND
 
2,280,000
 
9,027,951
 
5,075,207
 
 
2,280,000
 
 
14,103,158
 
 
16,383,158
 
STATEN ISLAND
 
2,940,000
 
11,811,964
 
918,416
 
 
3,148,424
 
 
12,521,956
 
 
15,670,380
 
PROPERTIES
 
ACCUMULATED
DEPRECIATION
 
TOTAL COST,
NET OF ACCUMULATED
DEPRECIATION
 
ENCUMBRANCES
 
DATE OF
CONSTRUCTION(C)
ACQUISITION(A)
 

 


 


 


 

 
ROCKINGHAM
 
 
5,035,451
 
 
18,318,026
 
 
 
1994(A)
 
BRIDGEWATER NJ
 
 
1,814,848
 
 
5,368,057
 
 
 
1998(C)
 
BAYONNE BROADWAY
 
 
209,146
 
 
7,374,693
 
 
 
2004(A)
 
BRICKTOWN PLAZA
 
 
29,050
 
 
1,324,775
 
 
 
2005(A)
 
BRIDGEWATER PLAZA
 
 
36,161
 
 
1,676,068
 
 
1,526,331
 
2005(A)
 
CHERRY HILL
 
 
4,394,315
 
 
5,620,004
 
 
 
1985(C)
 
MARLTON PIKE
 
 
1,033,496
 
 
3,285,038
 
 
 
1996(A)
 
CINNAMINSON
 
 
873,020
 
 
4,992,709
 
 
 
1996(A)
 
DEBTFORD PLAZA
 
 
20,590
 
 
1,163,618
 
 
1,429,057
 
2005(A)
 
FRANKLIN TOWNE CENTER
 
 
3,819,299
 
 
20,839,269
 
 
 
1998(A)
 
HILLSBOROUGH
 
 
 
 
5,006,054
 
 
 
2001(C)
 
HOLMDEL TOWNE CENTER
 
 
3,369,638
 
 
51,338,048
 
 
 
2002(A)
 
HOLMDEL COMMONS
 
 
2,632,834
 
 
56,165,820
 
 
 
2004(A)
 
HAZLET PLAZA
 
 
34,647
 
 
1,900,316
 
 
 
2005(A)
 
HOWELL PLAZA
 
 
32,321
 
 
1,422,222
 
 
 
2005(A)
 
KENVILLE PLAZA
 
 
37,170
 
 
1,558,602
 
 
 
2005(A)
 
STRAUSS DISCOUNT AUTO
 
 
93,737
 
 
2,751,415
 
 
 
2002(A)
 
NORTH BRUNSWICK
 
 
6,374,243
 
 
23,147,987
 
 
 
1994(A)
 
PISCATAWAY TOWN CENTER
 
 
3,009,874
 
 
16,404,234
 
 
 
1998(A)
 
RIDGEWOOD
 
 
741,447
 
 
2,806,710
 
 
 
1993(A)
 
SEA GIRT PLAZA
 
 
26,019
 
 
1,739,029
 
 
 
2005(A)
 
WESTMONT
 
 
2,591,445
 
 
10,120,040
 
 
 
1994(A)
 
WEST LONG BRANCH PLAZA
 
 
9,021
 
 
1,756,736
 
 
 
2005(A)
 
SYCAMORE PLAZA
 
 
1,234,602
 
 
6,010,042
 
 
 
1998(A)
 
PLAZA PASEO DEL-NORTE
 
 
3,675,256
 
 
19,985,200
 
 
 
1998(A)
 
JUAN TABO, ALBUQUERQUE
 
 
904,512
 
 
5,096,778
 
 
 
1998(A)
 
BRIDGEHAMPTON
 
 
9,989,661
 
 
17,793,985
 
 
 
1972(C)
 
TWO GUYS AUTO GLASS
 
 
30,742
 
 
511,469
 
 
 
2003(A)
 
GENOVESE DRUG STORE
 
 
160,145
 
 
2,672,720
 
 
 
2003(A)
 
KINGS HIGHWAY
 
 
349,714
 
 
9,996,352
 
 
3,188,450
 
2004(A)
 
HOMEPORT-RALPH AVENUE
 
 
497,214
 
 
18,317,212
 
 
6,731,406
 
2004(A)
 
BAYRIDGE
 
 
403,224
 
 
14,577,860
 
 
4,173,678
 
2004(A)
 
BELLMORE
 
 
146,195
 
 
4,691,420
 
 
1,112,531
 
2004(A)
 
STRAUSS CASTLE HILL PLAZA
 
 
1,904
 
 
1,358,420
 
 
 
2005(A)
 
STRAUSS UTICA AVENUE
 
 
2,130
 
 
1,518,866
 
 
 
2005(A)
 
KING KULLEN PLAZA
 
 
5,159,586
 
 
24,910,934
 
 
 
1998(A)
 
KDI-CENTRAL ISLIP TOWN CENTER
 
 
 
 
5,088,852
 
 
9,380,000
 
2004(C)
 
ELMONT
 
 
387,372
 
 
12,415,670
 
 
3,849,664
 
2004(A)
 
ELMONT PLAZA
 
 
 
 
230,118
 
 
 
2005(A)
 
FRANKLIN SQUARE
 
 
172,687
 
 
6,054,148
 
 
 
2004(A)
 
HAMPTON BAYS
 
 
3,100,319
 
 
4,544,877
 
 
 
1989(A)
 
HENRIETTA
 
 
2,660,126
 
 
6,728,906
 
 
 
1993(A)
 
HICKSVILLE
 
 
375,508
 
 
12,513,978
 
 
 
2004(A)
 
STRAUSS LIBERTY AVENUE
 
 
1,131
 
 
1,338,476
 
 
 
2005(A)
 
DOUGLASTON SHOPPING CENTER
 
 
860,074
 
 
14,368,509
 
 
 
2003(A)
 
ROSLYN SAVINGS BANK
 
 
69,269
 
 
1,156,020
 
 
 
2003(A)
 
STRAUSS MERRICK BLVD
 
 
2,762
 
 
1,969,999
 
 
 
2005(A)
 
MANHASSET VENTURE LLC
 
 
5,201,520
 
 
44,030,233
 
 
 
1999(A)
 
MASPETH QUEENS-DUANE READE
 
 
215,398
 
 
7,415,733
 
 
3,058,637
 
2004(A)
 
MASSAPEQUA
 
 
233,848
 
 
6,976,969
 
 
 
2004(A)
 
STRAUSS EAST 14TH STREET
 
 
5,369
 
 
6,356,427
 
 
 
2005(A)
 
367-369 BLEEKER STREET
 
 
216,969
 
 
6,360,041
 
 
4,394,837
 
2004(A)
 
 92 PERRY STREET
 
 
145,969
 
 
8,724,482
 
 
6,850,000
 
2005(A)
 
 37 GREENWICH STREET
 
 
52,639
 
 
3,515,483
 
 
2,235,000
 
2005(A)
 
 82 CHRISTOPHER STREET
 
 
5,643
 
 
3,941,845
 
 
3,120,000
 
2005(A)
 
 71 SECOND STREET
 
 
4,815
 
 
3,567,416
 
 
 
2005(A)
 
AMERICAN MUFFLER SHOP
 
 
22,850
 
 
378,774
 
 
 
2003(A)
 
PLAINVIEW
 
 
3,629,801
 
 
6,907,438
 
 
 
1969(C)
 
POUGHKEEPSIE
 
 
6,259,532
 
 
11,904,938
 
 
 
1972(C)
 
STRAUSS JAMAICA AVENUE
 
 
3,712
 
 
3,775,638
 
 
 
2005(A)
 
SYOSSET, NY
 
 
699,797
 
 
929,563
 
 
 
1990(C)
 
STATEN ISLAND
 
 
6,111,941
 
 
10,271,218
 
 
 
1989(A)
 
STATEN ISLAND
 
 
2,533,940
 
 
13,136,440
 
 
1,770,046
 
1997(A)
 

 
 
INITIAL COST
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTIES
 
LAND
 
BUILDING
AND
IMPROVEMENT
 
SUBSEQUENT
TO ACQUISITION
 
LAND
 
BUILDINGS AND
IMPROVEMENTS
 
TOTAL
 

 

 

 

 


 


 


 
STATEN ISLAND PLAZA
 
5,600,744
 
6,788,460
 
 
 
5,600,744
 
 
6,788,460
 
 
12,389,203
 
STOP N SHOP STATEN ISLAND
 
4,558,592
 
10,441,408
 
 
 
4,558,592
 
 
10,597,256
 
 
15,155,848
 
WEST GATES
 
1,784,718
 
9,721,970
 
(2,043,308)
 
1,784,718
 
 
7,678,662
 
 
9,463,380
 
WHITE PLAINS
 
1,777,765
 
4,453,894
 
92,200
 
 
1,777,765
 
 
6,461,999
 
 
8,239,764
 
YONKERS
 
871,977
 
3,487,909
 
 
 
871,977
 
 
3,487,909
 
 
4,359,886
 
STRAUSS ROMAINE AVENUE
 
782,459
 
1,825,737
 
 
 
782,459
 
 
2,643,339
 
 
3,425,798
 
AKRON WATERLOO
 
437,277
 
1,912,222
 
4,113,885
 
 
437,277
 
 
6,026,107
 
 
6,463,384
 
WEST MARKET ST.
 
560,255
 
3,909,430
 
210,155
 
 
560,255
 
 
4,119,585
 
 
4,679,840
 
BARBERTON
 
505,590
 
1,948,135
 
2,462,819
 
 
505,590
 
 
4,410,954
 
 
4,916,544
 
BRUNSWICK
 
771,765
 
6,058,560
 
727,444
 
 
771,765
 
 
6,786,004
 
 
7,557,769
 
BEAVERCREEK
 
635,228
 
3,024,722
 
2,800,398
 
 
635,228
 
 
5,825,120
 
 
6,460,348
 
CANTON
 
792,985
 
1,459,031
 
4,532,876
 
 
792,985
 
 
5,991,907
 
 
6,784,892
 
CAMBRIDGE
 
 
1,848,195
 
899,735
 
 
473,060
 
 
2,274,870
 
 
2,747,930
 
MORSE RD.
 
835,386
 
2,097,600
 
2,755,845
 
 
835,386
 
 
4,853,445
 
 
5,688,831
 
HAMILTON RD.
 
856,178
 
2,195,520
 
3,842,586
 
 
856,178
 
 
6,038,106
 
 
6,894,284
 
OLENTANGY RIVER RD.
 
764,517
 
1,833,600
 
2,311,258
 
 
764,517
 
 
4,144,858
 
 
4,909,375
 
W. BROAD ST.
 
982,464
 
3,929,856
 
3,177,920
 
 
969,804
 
 
7,120,436
 
 
8,090,240
 
RIDGE ROAD
 
1,285,213
 
4,712,358
 
10,593,229
 
 
1,285,213
 
 
15,305,587
 
 
16,590,800
 
GLENWAY AVE
 
530,243
 
3,788,189
 
527,010
 
 
530,243
 
 
4,315,198
 
 
4,845,441
 
SPRINGDALE
 
3,205,653
 
14,619,732
 
5,259,376
 
 
3,205,653
 
 
19,879,108
 
 
23,084,761
 
SOUTH HIGH ST.
 
602,421
 
2,737,004
 
76,671
 
 
602,421
 
 
2,813,674
 
 
3,416,096
 
GLENWAY CROSSING
 
699,359
 
3,112,047
 
1,232,339
 
 
699,359
 
 
4,344,386
 
 
5,043,745
 
HIGHLAND RIDGE PLAZA
 
1,540,000
 
6,178,398
 
141,991
 
 
1,540,000
 
 
6,320,389
 
 
7,860,389
 
HIGHLAND PLAZA
 
702,074
 
667,463
 
 
 
702,074
 
 
667,463
 
 
1,369,537
 
MONTGOMERY PLAZA
 
530,893
 
1,302,656
 
 
 
530,893
 
 
1,302,656
 
 
1,833,549
 
COLUMBUS PLAZA
 
168,223
 
176,179
 
 
 
168,223
 
 
176,179
 
 
344,402
 
SHILOH SPRING RD.
 
 
1,735,836
 
2,115,145
 
 
 
 
3,850,981
 
 
3,850,981
 
OAKCREEK
 
1,245,870
 
4,339,637
 
4,065,115
 
 
1,245,870
 
 
8,404,752
 
 
9,650,622
 
SALEM AVE.
 
665,314
 
347,818
 
5,427,664
 
 
665,314
 
 
5,775,482
 
 
6,440,796
 
KETTERING
 
1,190,496
 
4,761,984
 
671,539
 
 
1,190,496
 
 
5,433,523
 
 
6,624,019
 
KENT, OH
 
6,254
 
3,028,914
 
 
 
6,254
 
 
3,028,914
 
 
3,035,168
 
KENT
 
2,261,530
 
 
 
 
2,261,530
 
 
 
 
2,261,530
 
MENTOR
 
503,981
 
2,455,926
 
2,086,340
 
 
503,981
 
 
4,542,266
 
 
5,046,247
 
MIDDLEBURG HEIGHTS
 
639,542
 
3,783,096
 
1,782,440
 
 
639,542
 
 
5,565,536
 
 
6,205,078
 
MENTOR ERIE COMMONS.
 
2,234,474
 
9,648,000
 
5,165,948
 
 
2,234,474
 
 
14,813,948
 
 
17,048,422
 
MALLWOODS CENTER
 
294,232
 
 
(496,786)
 
294,232
 
 
1,184,543
 
 
1,478,775
 
NORTH OLMSTED
 
626,818
 
3,712,045
 
35,000
 
 
626,818
 
 
3,747,045
 
 
4,373,862
 
ORANGE OHIO
 
3,783,875
 
 
(1,239,648)
 
2,221,704
 
 
322,524
 
 
2,544,228
 
SPRINGBORO PIKE
 
1,854,527
 
2,572,518
 
2,744,318
 
 
1,854,527
 
 
5,316,836
 
 
7,171,363
 
SPRINGFIELD
 
842,976
 
3,371,904
 
1,549,071
 
 
842,976
 
 
4,920,975
 
 
5,763,951
 
UPPER ARLINGTON
 
504,256
 
2,198,476
 
8,760,593
 
 
1,255,544
 
 
10,207,781
 
 
11,463,325
 
WICKLIFFE
 
610,991
 
2,471,965
 
1,405,293
 
 
610,991
 
 
3,877,258
 
 
4,488,249
 
CHARDON ROAD
 
481,167
 
5,947,751
 
2,075,598
 
 
481,167
 
 
8,023,348
 
 
8,504,516
 
WESTERVILLE
 
1,050,431
 
4,201,616
 
7,674,134
 
 
1,050,431
 
 
11,875,750
 
 
12,926,181
 
EDMOND
 
477,036
 
3,591,493
 
8,900
 
 
477,036
 
 
3,600,393
 
 
4,077,429
 
CENTENNIAL PLAZA
 
4,650,634
 
18,604,307
 
1,170,555
 
 
4,650,634
 
 
19,774,862
 
 
24,425,496
 
TULSA
 
20,038
 
80,101
 
11,500
 
 
20,038
 
 
91,601
 
 
111,639
 
ALLEGHENY
 
 
30,061,177
 
59,094
 
 
 
 
30,120,271
 
 
30,120,271
 
CHIPPEWA
 
2,881,525
 
11,526,101
 
133,289
 
 
2,881,525
 
 
11,659,390
 
 
14,540,916
 
BROOKHAVEN PLAZA
 
254,694
 
973,318
 
 
 
254,694
 
 
973,318
 
 
1,228,013
 
CARNEGIE
 
 
3,298,908
 
17,747
 
 
 
 
3,316,655
 
 
3,316,655
 
CENTER SQUARE
 
731,888
 
2,927,551
 
1,105,299
 
 
731,888
 
 
4,032,850
 
 
4,764,738
 
WEST MIFFLIN
 
475,815
 
1,903,231
 
724,416
 
 
475,815
 
 
2,627,647
 
 
3,103,462
 
EAST STROUDSBURG
 
1,050,000
 
2,372,628
 
1,110,654
 
 
1,050,000
 
 
3,483,282
 
 
4,533,282
 
EXTON
 
176,666
 
4,895,360
 
 
 
176,666
 
 
4,895,360
 
 
5,072,026
 
EXTON
 
731,888
 
2,927,551
 
 
 
731,888
 
 
2,927,551
 
 
3,659,439
 
EASTWICK
 
889,001
 
2,762,888
 
3,074,728
 
 
889,001
 
 
6,228,275
 
 
7,117,276
 
EXTON PLAZA
 
294,378
 
1,404,778
 
 
 
294,378
 
 
1,404,778
 
 
1,699,156
 
FEASTERVILLE
 
520,521
 
2,082,083
 
38,692
 
 
520,521
 
 
2,120,775
 
 
2,641,296
 
GETTYSBURG
 
74,626
 
671,630
 
101,519
 
 
74,626
 
 
773,149
 
 
847,775
 
HARRISBURG, PA
 
452,888
 
6,665,238
 
1,846,339
 
 
452,888
 
 
8,511,576
 
 
8,964,464
 
SIMPSON FERRY
 
658,346
 
6,908,711
 
341,972
 
 
658,346
 
 
7,250,683
 
 
7,909,029
 
HAMBURG
 
439,232
 
 
2,023,428
 
 
494,982
 
 
1,967,677
 
 
2,462,660
 
PROPERTIES
 
ACCUMULATED
DEPRECIATION
 
TOTAL COST,
NET OF ACCUMULATED
DEPRECIATION
 
ENCUMBRANCES
 
DATE OF
CONSTRUCTION(C)
ACQUISITION(A)
 

 


 


 


 

 
STATEN ISLAND PLAZA
 
 
63,076
 
 
12,326,127
 
 
1,531,880
 
2005(A)
 
STOP N SHOP STATEN ISLAND
 
 
22,661
 
 
15,133,187
 
 
 
2005(A)
 
WEST GATES
 
 
2,940,627
 
 
6,522,753
 
 
 
1993(A)
 
WHITE PLAINS
 
 
302,907
 
 
7,936,857
 
 
3,801,487
 
2004(A)
 
YONKERS
 
 
936,194
 
 
3,423,692
 
 
 
1998(A)
 
STRAUSS ROMAINE AVENUE
 
 
4,798
 
 
3,421,000
 
 
 
2005(A)
 
AKRON WATERLOO
 
 
2,319,373
 
 
4,144,011
 
 
 
1975(C)
 
WEST MARKET ST.
 
 
2,158,383
 
 
2,521,457
 
 
 
1999(A)
 
BARBERTON
 
 
2,166,905
 
 
2,749,639
 
 
 
1972(C)
 
BRUNSWICK
 
 
5,659,642
 
 
1,898,127
 
 
 
1975(C)
 
BEAVERCREEK
 
 
4,053,771
 
 
2,406,577
 
 
 
1986(A)
 
CANTON
 
 
3,524,501
 
 
3,260,391
 
 
 
1972(C)
 
CAMBRIDGE
 
 
1,874,437
 
 
873,492
 
 
 
1973(C)
 
MORSE RD.
 
 
2,374,861
 
 
3,313,970
 
 
 
1988(A)
 
HAMILTON RD.
 
 
2,786,221
 
 
4,108,064
 
 
 
1988(A)
 
OLENTANGY RIVER RD.
 
 
2,452,100
 
 
2,457,275
 
 
 
1988(A)
 
W. BROAD ST.
 
 
3,242,070
 
 
4,848,170
 
 
 
1988(A)
 
RIDGE ROAD
 
 
3,188,396
 
 
13,402,405
 
 
 
1992(A)
 
GLENWAY AVE
 
 
2,268,337
 
 
2,577,104
 
 
 
1999(A)
 
SPRINGDALE
 
 
7,826,708
 
 
15,258,053
 
 
 
1992(A)
 
SOUTH HIGH ST.
 
 
1,674,917
 
 
1,741,178
 
 
 
1999(A)
 
GLENWAY CROSSING
 
 
495,136
 
 
4,548,609
 
 
 
2000(A)
 
HIGHLAND RIDGE PLAZA
 
 
981,912
 
 
6,878,477
 
 
 
1999(A)
 
HIGHLAND PLAZA
 
 
16,045
 
 
1,353,492
 
 
 
2005(A)
 
MONTGOMERY PLAZA
 
 
37,625
 
 
1,795,924
 
 
 
2005(A)
 
COLUMBUS PLAZA
 
 
8,959
 
 
335,443
 
 
 
2005(A)
 
SHILOH SPRING RD.
 
 
2,471,209
 
 
1,379,772
 
 
 
1969(C)
 
OAKCREEK
 
 
4,579,736
 
 
5,070,885
 
 
 
1984(A)
 
SALEM AVE.
 
 
2,550,077
 
 
3,890,719
 
 
 
1988(A)
 
KETTERING
 
 
2,788,292
 
 
3,835,727
 
 
 
1988(A)
 
KENT, OH
 
 
1,284,897
 
 
1,750,271
 
 
 
1999(A)
 
KENT
 
 
 
 
2,261,530
 
 
 
1995(A)
 
MENTOR
 
 
1,896,222
 
 
3,150,025
 
 
 
1987(A)
 
MIDDLEBURG HEIGHTS
 
 
2,111,276
 
 
4,093,802
 
 
 
1999(A)
 
MENTOR ERIE COMMONS.
 
 
5,739,639
 
 
11,308,783
 
 
 
1988(A)
 
MALLWOODS CENTER
 
 
96,315
 
 
1,382,460
 
 
 
1999(C)
 
NORTH OLMSTED
 
 
1,825,834
 
 
2,548,029
 
 
 
1999(A)
 
ORANGE OHIO
 
 
 
 
2,544,228
 
 
 
2001(C)
 
SPRINGBORO PIKE
 
 
3,458,823
 
 
3,712,540
 
 
 
1985(C)
 
SPRINGFIELD
 
 
2,071,982
 
 
3,691,969
 
 
 
1988(A)
 
UPPER ARLINGTON
 
 
5,706,318
 
 
5,757,007
 
 
 
1969(C)
 
WICKLIFFE
 
 
966,368
 
 
3,521,881
 
 
 
1995(A)
 
CHARDON ROAD
 
 
2,460,391
 
 
6,044,125
 
 
 
1999(A)
 
WESTERVILLE
 
 
4,104,499
 
 
8,821,682
 
 
 
1988(A)
 
EDMOND
 
 
726,906
 
 
3,350,523
 
 
 
1997(A)
 
CENTENNIAL PLAZA
 
 
3,864,216
 
 
20,561,280
 
 
 
1998(A)
 
TULSA
 
 
29,191
 
 
82,448
 
 
 
1996(A)
 
ALLEGHENY
 
 
911,535
 
 
29,208,736
 
 
 
2004(A)
 
CHIPPEWA
 
 
1,771,611
 
 
12,769,304
 
 
10,687,114
 
2000(A)
 
BROOKHAVEN PLAZA
 
 
20,978
 
 
1,207,034
 
 
936,491
 
2005(A)
 
CARNEGIE
 
 
510,255
 
 
2,806,400
 
 
 
1999(A)
 
CENTER SQUARE
 
 
915,655
 
 
3,849,084
 
 
 
1996(A)
 
WEST MIFFLIN
 
 
752,421
 
 
2,351,041
 
 
 
1993(A)
 
EAST STROUDSBURG
 
 
2,747,536
 
 
1,785,747
 
 
 
1973(C)
 
EXTON
 
 
753,133
 
 
4,318,894
 
 
 
1999(A)
 
EXTON
 
 
700,611
 
 
2,958,828
 
 
 
1996(A)
 
EASTWICK
 
 
1,335,780
 
 
5,781,496
 
 
4,522,807
 
1997(A)
 
EXTON PLAZA
 
 
22,247
 
 
1,676,909
 
 
 
2005(A)
 
FEASTERVILLE
 
 
495,217
 
 
2,146,079
 
 
 
1996(A)
 
GETTYSBURG
 
 
744,101
 
 
103,674
 
 
 
1986(A)
 
HARRISBURG, PA
 
 
4,589,455
 
 
4,375,009
 
 
 
2002(A)
 
SIMPSON FERRY
 
 
3,142,079
 
 
4,766,950
 
 
 
2000(A)
 
HAMBURG
 
 
189,426
 
 
2,273,234
 
 
2,522,183
 
2000(C)
 

 
 
INITIAL COST
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTIES
 
LAND
 
BUILDING
AND
IMPROVEMENT
 
SUBSEQUENT
TO ACQUISITION
 
LAND
 
BUILDINGS AND
IMPROVEMENTS
 
TOTAL
 

 

 

 

 


 


 


 
HAVERTOWN
 
731,888
 
2,927,551
 
 
 
731,888
 
 
2,927,551
 
 
3,659,439
 
MIDDLETOWN
 
207,283
 
1,174,603
 
447,331
 
 
207,283
 
 
1,621,934
 
 
1,829,217
 
NORRISTOWN
 
686,134
 
2,664,535
 
3,396,794
 
 
774,084
 
 
5,973,379
 
 
6,747,463
 
NEW KENSINGTON
 
521,945
 
2,548,322
 
676,040
 
 
521,945
 
 
3,224,362
 
 
3,746,307
 
PHILADELPHIA
 
731,888
 
2,927,551
 
 
 
731,888
 
 
2,927,551
 
 
3,659,439
 
GALLERY, PHILADELPHIA PA
 
 
 
258,931
 
 
 
 
258,931
 
 
258,931
 
PHILADELPHIA PLAZA
 
209,197
 
1,373,843
 
 
 
209,197
 
 
1,373,843
 
 
1,583,040
 
STRAUSS WASHINGTON AVENUE
 
424,659
 
990,872
 
 
 
424,659
 
 
1,053,428
 
 
1,478,087
 
RICHBORO
 
788,761
 
3,155,044
 
11,768,724
 
 
976,439
 
 
14,736,090
 
 
15,712,529
 
SPRINGFIELD
 
919,998
 
4,981,589
 
1,736,014
 
 
919,998
 
 
6,717,603
 
 
7,637,601
 
COUNTY LINE PLAZA
 
 
 
 
 
 
 
1,917,758
 
 
1,917,758
 
UPPER DARBY
 
231,821
 
927,286
 
4,838,447
 
 
231,821
 
 
5,694,483
 
 
5,926,304
 
WEST MIFFLIN
 
1,468,341
 
 
 
 
1,468,341
 
 
 
 
1,468,341
 
WHITEHALL
 
 
5,195,577
 
9,231
 
 
 
 
5,204,808
 
 
5,204,808
 
E. PROSPECT ST.
 
604,826
 
2,755,314
 
317,917
 
 
604,826
 
 
3,073,231
 
 
3,678,057
 
W. MARKET ST.
 
188,562
 
1,158,307
 
 
 
188,562
 
 
1,158,307
 
 
1,346,869
 
MARSHALL PLAZA, CRANSTON RI
 
1,886,600
 
7,575,302
 
812,763
 
 
1,886,600
 
 
8,388,065
 
 
10,274,665
 
CHARLESTON
 
730,164
 
3,132,092
 
4,968,566
 
 
730,164
 
 
8,100,658
 
 
8,830,822
 
CHARLESTON
 
1,744,430
 
6,986,094
 
4,182,126
 
 
1,744,430
 
 
11,168,220
 
 
12,912,650
 
FLORENCE
 
1,465,661
 
6,011,013
 
124,757
 
 
1,465,661
 
 
6,135,770
 
 
7,601,431
 
GREENVILLE
 
2,209,812
 
8,850,864
 
325,455
 
 
2,209,812
 
 
9,176,319
 
 
11,386,131
 
NORTH CHARLESTON
 
744,093
 
2,974,990
 
96,365
 
 
744,093
 
 
3,071,355
 
 
3,815,448
 
N. CHARLESTON
 
2,965,748
 
11,895,294
 
841,551
 
 
2,965,748
 
 
12,736,845
 
 
15,702,593
 
MADISON
 
 
4,133,904
 
2,658,808
 
 
 
 
6,792,712
 
 
6,792,712
 
HICKORY RIDGE COMMONS
 
596,347
 
2,545,033
 
7,624
 
 
596,347
 
 
2,552,656
 
 
3,149,004
 
TROLLEY STATION
 
3,303,682
 
13,218,740
 
55,985
 
 
3,303,682
 
 
13,274,725
 
 
16,578,407
 
RIVERGATE STATION
 
7,135,070
 
19,091,078
 
427,128
 
 
7,135,070
 
 
21,033,859
 
 
28,168,929
 
MARKET PLACE AT RIVERGATE
 
2,574,635
 
10,339,449
 
723,016
 
 
2,574,635
 
 
11,062,465
 
 
13,637,100
 
RIVERGATE, TN
 
3,038,561
 
12,157,408
 
3,001,828
 
 
3,038,561
 
 
15,159,236
 
 
18,197,797
 
CENTER OF THE HILLS, TX
 
2,923,585
 
11,706,145
 
406,661
 
 
2,923,585
 
 
12,112,806
 
 
15,036,391
 
ARLINGTON
 
3,160,203
 
2,285,377
 
 
 
3,160,203
 
 
2,285,377
 
 
5,445,580
 
DOWLEN CENTER
 
2,244,581
 
 
16,348,694
 
 
3,344,581
 
 
15,248,694
 
 
18,593,276
 
BURLESON
 
9,974,390
 
810,314
 
1,556,022
 
 
4,345,145
 
 
7,995,582
 
 
12,340,727
 
BAYTOWN
 
500,422
 
2,431,651
 
437,342
 
 
500,422
 
 
2,868,993
 
 
3,369,415
 
SOUTH TOWN PLAZA
 
3,482,124
 
 
1,499,680
 
 
438,615
 
 
4,543,188
 
 
4,981,804
 
LAS TIENDAS PLAZA
 
8,678,107
 
 
 
 
8,678,107
 
 
3,209,885
 
 
11,887,992
 
CORPUS CHRISTI, TX
 
 
944,562
 
3,207,999
 
 
 
 
4,152,561
 
 
4,152,561
 
DALLAS
 
1,299,632
 
5,168,727
 
4,652,572
 
 
1,299,632
 
 
9,821,299
 
 
11,120,931
 
MONTGOMERY PLAZA
 
6,203,205
 
 
43,554,218
 
 
6,203,205
 
 
43,554,218
 
 
49,757,423
 
GARLAND
 
500,414
 
2,001,656
 
98,000
 
 
500,414
 
 
2,099,656
 
 
2,600,070
 
CENTER AT BAYBROOK
 
6,941,017
 
27,727,491
 
2,125,519
 
 
6,941,017
 
 
29,853,010
 
 
36,794,027
 
HARRIS COUNTY
 
1,843,000
 
7,372,420
 
955,382
 
 
2,003,260
 
 
8,167,542
 
 
10,170,802
 
SHARPSTOWN COURT
 
1,560,010
 
6,245,807
 
228,606
 
 
1,560,010
 
 
6,474,412
 
 
8,034,422
 
CYPRESS TOWNE CENTER
 
6,033,932
 
 
16,817,463
 
 
4,816,601
 
 
18,034,794
 
 
22,851,395
 
SHOPS AT VISTA RIDGE
 
3,257,199
 
13,029,416
 
75,901
 
 
3,257,199
 
 
13,105,317
 
 
16,362,516
 
VISTA RIDGE PLAZA
 
2,926,495
 
11,716,483
 
1,924,860
 
 
2,926,495
 
 
13,641,343
 
 
16,567,838
 
VISTA RIDGE PHASE II
 
2,276,575
 
9,106,300
 
28,435
 
 
2,276,575
 
 
9,134,735
 
 
11,411,310
 
SOUTH PLAINES PLAZA, TX
 
1,890,000
 
7,577,145
 
131,206
 
 
1,890,000
 
 
7,708,351
 
 
9,598,351
 
LAKE WORTH TOWNE CROSSING
 
8,000,000
 
 
17,061,072
 
 
4,808,545
 
 
20,252,526
 
 
25,061,072
 
MESQUITE
 
520,340
 
2,081,356
 
724,043
 
 
520,340
 
 
2,805,399
 
 
3,325,739
 
MESQUITE TOWN CENTER
 
3,757,324
 
15,061,644
 
1,510,446
 
 
3,757,324
 
 
16,572,090
 
 
20,329,414
 
NEW BRAUNSFELS
 
840,000
 
3,360,000
 
 
 
840,000
 
 
3,360,000
 
 
4,200,000
 
FORUM AT OLYMPIA PARKWAY-DEV
 
668,781
 
 
5,307,205
 
 
318,091
 
 
13,282,166
 
 
13,600,257
 
FORUM AT OLYMPIA PARKWAY
 
800,000
 
10,509,105
 
11,309,105
 
 
800,000
 
 
10,509,105
 
 
11,309,105
 
PARKER PLAZA
 
7,846,946
 
 
 
 
7,846,946
 
 
 
 
7,846,946
 
PLANO
 
500,414
 
2,830,835
 
 
 
500,414
 
 
2,830,835
 
 
3,331,249
 
WEST OAKS
 
500,422
 
2,001,687
 
26,291
 
 
500,422
 
 
2,027,978
 
 
2,528,400
 
MARKET STREET AT WOODLANDS
 
10,920,168
 
 
86,718,633
 
 
10,920,168
 
 
86,718,633
 
 
97,638,801
 
OGDEN
 
213,818
 
855,275
 
3,642,126
 
 
874,898
 
 
4,497,401
 
 
5,372,299
 
COLONIAL HEIGHTS
 
125,376
 
3,476,073
 
32,420
 
 
125,376
 
 
3,508,493
 
 
3,633,869
 
HARRISONBURG
 
69,885
 
1,938,239
 
 
 
69,885
 
 
1,938,239
 
 
2,008,123
 
MANASSAS
 
1,788,750
 
7,162,661
 
275,639
 
 
1,788,750
 
 
7,438,300
 
 
9,227,050
 
RICHMOND
 
82,544
 
2,289,288
 
280,600
 
 
82,544
 
 
2,569,889
 
 
2,652,432
 
PROPERTIES
 
ACCUMULATED
DEPRECIATION
 
TOTAL COST,
NET OF ACCUMULATED
DEPRECIATION
 
ENCUMBRANCES
 
DATE OF
CONSTRUCTION(C)
ACQUISITION(A)
 

 


 


 


 

 
HAVERTOWN
 
 
700,611
 
 
2,958,828
 
 
 
1996(A)
 
MIDDLETOWN
 
 
1,262,661
 
 
566,556
 
 
 
1986(A)
 
NORRISTOWN
 
 
3,527,186
 
 
3,220,277
 
 
 
1984(A)
 
NEW KENSINGTON
 
 
2,778,144
 
 
968,163
 
 
 
1986(A)
 
PHILADELPHIA
 
 
700,611
 
 
2,958,828
 
 
 
1996(A)
 
GALLERY, PHILADELPHIA PA
 
 
8,077
 
 
250,854
 
 
 
1996(A)
 
PHILADELPHIA PLAZA
 
 
32,027
 
 
1,551,013
 
 
 
2005(A)
 
STRAUSS WASHINGTON AVENUE
 
 
2,935
 
 
1,475,153
 
 
 
2005(A)
 
RICHBORO
 
 
6,304,657
 
 
9,407,872
 
 
 
1986(A)
 
SPRINGFIELD
 
 
4,443,613
 
 
3,193,988
 
 
 
1983(A)
 
COUNTY LINE PLAZA
 
 
 
 
1,917,758
 
 
 
1995(C)
 
UPPER DARBY
 
 
1,186,784
 
 
4,739,520
 
 
3,553,633
 
1996(A)
 
WEST MIFFLIN
 
 
 
 
1,468,341
 
 
 
1986(A)
 
WHITEHALL
 
 
1,243,387
 
 
3,961,421
 
 
 
1996(A)
 
E. PROSPECT ST.
 
 
2,873,042
 
 
805,015
 
 
 
1986(A)
 
W. MARKET ST.
 
 
1,158,307
 
 
188,562
 
 
 
1986(A)
 
MARSHALL PLAZA, CRANSTON RI
 
 
1,671,170
 
 
8,603,494
 
 
 
1998(A)
 
CHARLESTON
 
 
2,985,259
 
 
5,845,563
 
 
 
1978(C)
 
CHARLESTON
 
 
2,513,046
 
 
10,399,604
 
 
 
1995(A)
 
FLORENCE
 
 
1,293,999
 
 
6,307,432
 
 
 
1997(A)
 
GREENVILLE
 
 
1,840,188
 
 
9,545,943
 
 
 
1997(A)
 
NORTH CHARLESTON
 
 
426,213
 
 
3,389,235
 
 
1,893,303
 
2000(A)
 
N. CHARLESTON
 
 
2,420,045
 
 
13,282,548
 
 
 
1997(A)
 
MADISON
 
 
4,529,624
 
 
2,263,089
 
 
 
1978(C)
 
HICKORY RIDGE COMMONS
 
 
358,029
 
 
2,790,974
 
 
 
2000(A)
 
TROLLEY STATION
 
 
2,461,420
 
 
14,116,988
 
 
10,326,649
 
1998(A)
 
RIVERGATE STATION
 
 
1,789,475
 
 
26,379,454
 
 
16,271,491
 
2004(A)
 
MARKET PLACE AT RIVERGATE
 
 
2,059,117
 
 
11,577,984
 
 
 
1998(A)
 
RIVERGATE, TN
 
 
2,539,035
 
 
15,658,762
 
 
 
1998(A)
 
CENTER OF THE HILLS, TX
 
 
2,281,045
 
 
12,755,347
 
 
 
1998(A)
 
ARLINGTON
 
 
477,514
 
 
4,968,066
 
 
 
1997(A)
 
DOWLEN CENTER
 
 
 
 
18,593,276
 
 
4,784,529
 
2002(C)
 
BURLESON
 
 
 
 
12,340,727
 
 
 
2000(C)
 
BAYTOWN
 
 
615,601
 
 
2,753,813
 
 
 
1996(A)
 
SOUTH TOWN PLAZA
 
 
 
 
4,981,804
 
 
3,834,842
 
2003(C)
 
LAS TIENDAS PLAZA
 
 
 
 
11,887,992
 
 
 
2005(C)
 
CORPUS CHRISTI, TX
 
 
467,576
 
 
3,684,985
 
 
 
1997(A)
 
DALLAS
 
 
8,985,331
 
 
2,135,600
 
 
 
1969(C)
 
MONTGOMERY PLAZA
 
 
 
 
49,757,423
 
 
32,203,702
 
2003(C)
 
GARLAND
 
 
508,966
 
 
2,091,104
 
 
 
1996(A)
 
CENTER AT BAYBROOK
 
 
5,367,870
 
 
31,426,157
 
 
 
1998(A)
 
HARRIS COUNTY
 
 
1,699,463
 
 
8,471,338
 
 
 
1997(A)
 
SHARPSTOWN COURT
 
 
1,125,682
 
 
6,908,740
 
 
5,626,750
 
1999(A)
 
CYPRESS TOWNE CENTER
 
 
 
 
22,851,395
 
 
16,133,471
 
2003(C)
 
SHOPS AT VISTA RIDGE
 
 
2,556,053
 
 
13,806,463
 
 
17,355,211
 
1998(A)
 
VISTA RIDGE PLAZA
 
 
2,471,123
 
 
14,096,714
 
 
 
1998(A)
 
VISTA RIDGE PHASE II
 
 
1,675,288
 
 
9,736,022
 
 
 
1998(A)
 
SOUTH PLAINES PLAZA, TX
 
 
1,519,901
 
 
8,078,450
 
 
4,619,061
 
1998(A)
 
LAKE WORTH TOWNE CROSSING
 
 
 
 
25,061,072
 
 
22,794,004
 
2003(C)
 
MESQUITE
 
 
730,778
 
 
2,594,962
 
 
 
1995(A)
 
MESQUITE TOWN CENTER
 
 
3,087,612
 
 
17,241,801
 
 
 
1998(A)
 
NEW BRAUNSFELS
 
 
215,758
 
 
3,984,242
 
 
 
2003(A)
 
FORUM AT OLYMPIA PARKWAY-DEV
 
 
4,648
 
 
13,595,609
 
 
 
1999(C)
 
FORUM AT OLYMPIA PARKWAY
 
 
 
 
11,309,105
 
 
9,245,910
 
1999(C)
 
PARKER PLAZA
 
 
 
 
7,846,946
 
 
 
2005(C)
 
PLANO
 
 
665,825
 
 
2,665,424
 
 
 
1996(A)
 
WEST OAKS
 
 
510,434
 
 
2,017,967
 
 
 
1996(A)
 
MARKET STREET AT WOODLANDS
 
 
 
 
97,638,801
 
 
66,025,722
 
2002(C)
 
OGDEN
 
 
1,355,679
 
 
4,016,620
 
 
 
1967(C)
 
COLONIAL HEIGHTS
 
 
539,754
 
 
3,094,116
 
 
 
1999(A)
 
HARRISONBURG
 
 
298,191
 
 
1,709,933
 
 
 
1999(A)
 
MANASSAS
 
 
1,566,562
 
 
7,660,488
 
 
 
1997(A)
 
RICHMOND
 
 
230,028
 
 
2,422,404
 
 
 
1999(A)
 

 
 
INITIAL COST
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTIES
 
LAND
 
BUILDING
AND
IMPROVEMENT
 
SUBSEQUENT
TO ACQUISITION
 
LAND
 
BUILDINGS AND
IMPROVEMENTS
 
TOTAL
 

 

 

 

 


 


 


 
RICHMOND
 
670,500
 
2,751,375
 
 
 
670,500
 
 
2,751,375
 
 
3,421,875
 
VALLEY VIEW SHOPPING CENTER
 
3,440,018
 
8,054,004
 
 
 
3,440,018
 
 
8,787,875
 
 
12,227,893
 
MANCHESTER SHOPPING CENTER
 
2,722,461
 
6,403,866
 
(3,694)
 
2,722,461
 
 
6,980,964
 
 
9,703,425
 
HAZEL DELL TOWNE CENTER
 
9,340,819
 
 
21,240,296
 
 
9,340,819
 
 
21,240,296
 
 
30,581,115
 
RACINE
 
1,403,082
 
5,612,330
 
2,059,250
 
 
1,403,082
 
 
7,671,580
 
 
9,074,662
 
CHARLES TOWN
 
602,000
 
3,725,871
 
10,528,897
 
 
602,000
 
 
14,254,768
 
 
14,856,768
 
MARTINSBURG
 
242,634
 
1,273,828
 
628,937
 
 
242,634
 
 
1,902,765
 
 
2,145,399
 
RIVERWALK PLAZA
 
2,708,290
 
10,841,674
 
122,699
 
 
2,708,290
 
 
10,964,373
 
 
13,672,663
 
BLUE RIDGE
 
12,346,900
 
71,529,796
 
12,239,934
 
 
23,457,942
 
 
72,658,688
 
 
96,116,630
 
MEXICO - PACHUCA WAL-MART
 
3,621,985
 
 
6,623,264
 
 
3,943,079
 
 
6,302,170
 
 
10,245,249
 
MEXICO-SAN LUIS POTOSI
 
5,787,073
 
6,860,642
 
549,935
 
 
6,270,189
 
 
6,927,461
 
 
13,197,650
 
MEXICO- SALTILLO II
 
11,150,023
 
 
5,450,759
 
 
11,544,176
 
 
5,056,606
 
 
16,600,782
 
BALANCE OF PORTFOLIO
 
46,502,142
 
4,492,127
 
38,065,263
 
 
50,045,556
 
 
43,604,091
 
 
93,649,647
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


 


 
 
 
 
 
 
 
 
 
$948,558,551
 
$3,611,846,996
 
$4,560,405,547
 
 
 
 
 
 
 
 
 


 


 


 
PROPERTIES
 
ACCUMULATED
DEPRECIATION
 
TOTAL COST,
NET OF ACCUMULATED
DEPRECIATION
 
ENCUMBRANCES
 
DATE OF
CONSTRUCTION(C)
ACQUISITION(A)
 

 


 


 


 

 
RICHMOND
 
 
563,584
 
 
2,858,291
 
 
 
1995(A)
 
VALLEY VIEW SHOPPING CENTER
 
 
399,655
 
 
11,828,238
 
 
 
2004(A)
 
MANCHESTER SHOPPING CENTER
 
 
558,551
 
 
9,144,874
 
 
 
2004(A)
 
HAZEL DELL TOWNE CENTER
 
 
 
 
30,581,115
 
 
10,785,094
 
2003(C)
 
RACINE
 
 
3,423,430
 
 
5,651,232
 
 
 
1988(A)
 
CHARLES TOWN
 
 
6,279,004
 
 
8,577,764
 
 
 
1985(A)
 
MARTINSBURG
 
 
1,668,445
 
 
476,954
 
 
 
1986(A)
 
RIVERWALK PLAZA
 
 
1,932,612
 
 
11,740,051
 
 
7,416,681
 
1999(A)
 
BLUE RIDGE
 
 
34,763,081
 
 
61,353,549
 
 
13,149,742
 
2005(A)
 
MEXICO - PACHUCA WAL-MART
 
 
 
 
10,245,249
 
 
 
2005(C)
 
MEXICO-SAN LUIS POTOSI
 
 
331,848
 
 
12,865,802
 
 
 
2004(A)
 
MEXICO- SALTILLO II
 
 
 
 
16,600,782
 
 
 
2005(C)
 
BALANCE OF PORTFOLIO
 
 
16,269,237
 
 
77,380,409
 
 
 
VARIOUS
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 


 


 
 
 
 
 
$740,127,307
 
$3,820,278,240
 
$543,790,520
 
 
 
 
 


 


 


 
 
 
                                         
  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     
                   
Depreciation and amortization are provided on the straight-line method over the estimated useful lives of the assets as follows:
Buildings15 to 50 years
Fixtures, building and leasehold improvements
                        (including certain identified intangible assets)              Terms of leases or useful lives, whichever is shorter
(including certain identified intangible assets)
The aggregate cost for Federal income tax purposes was approximately $ 4.25.3 billion at December 31, 2005.
2006.
The changes in total real estate assets for the years ended December 31, 2006, 2005, 2004, and 20032004 are as follows:
            
 
2005
 
2004
 
2003
  2006 2005 2004 
 


 


 


 
  
Balance, beginning of period
 
$4,092,222,479
 
$4,174,664,893
 
$3,421,159,067
 
 $4,560,405,547 $4,092,222,479 $4,174,664,893 
Acquisitions
 
490,125,913
 
672,421,546
 
1,142,133,901
 
 2,719,840,791 490,125,913 672,421,546 
Improvements
 
410,280,045
 
195,580,447
 
182,351,801
 
 505,353,494 410,280,045 195,580,447 
Transfers from (to) unconsolidated joint ventures
 
(103,573,817)
 
(748,974,957)
 
(237,421,088)  (1,358,078,215)  (103,573,817)  (748,974,957)
Sales
 
(299,944,373)
 
(193,948,762)
 
(312,228,077)  (421,493,264)  (299,944,373)  (193,948,762)
Assets held for sale
 
(28,704,700)
 
(4,555,688)
 
(17,315,557)  (4,709,328)  (28,704,700)  (4,555,688)
Adjustment of property carrying values
 
 
(2,965,000)
 
(4,015,554)    (2,965,000)
 


 


 


 
  
Balance, end of period
 
$4,560,405,547
 
$4,092,222,479
 
$4,174,664,493
 
 $6,001,319,025 $4,560,405,547 $4,092,222,479 
 


 


 


 
  
The changes in accumulated depreciation for the years ended December 31, 2006, 2005, 2004, and 20032004 are as follows:
             
  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 
   
 
 
 
2005
  
2004
  
2003
 
 
 


 


 


 
Balance, beginning of period
 
$634,641,781
 
$568,988,445
 
$516,558,123
 
Depreciation for year
 
 
98,591,658
 
 
96,584,738
 
 
83,563,580
 
Transfers from (to) unconsolidated joint ventures
 
 
27,812,350
 
 
(14,133,515)
 
(4,124,181)
Sales
 
 
(19,903,904)
 
(15,909,487)
 
(24,979,281)
Assets held for sale
 
 
(1,014,578)
 
(888,400)
 
(2,029,796)
 
 


 


 


 
Balance, end of period
 
$740,127,307
 
$634,641,781
 
$568,988,445
 
 
 


 


 


 

128

Reclassifications:
Certain Amounts in the Prior Period Have Been Reclassified in Order to Conform with the Current Period's Presentation.
118