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                                                             EXHIBIT 10 (KKK)

To EQK REALTY INVESTORS 1:

         The undersigned, the Holder of the within Warrant, hereby irrevocably
elects to exercise the purchase right represented by such Warrant for, and to
purchase thereunder, 367,868 Shares of Beneficial Interest of EQK REALTY
INVESTORS I and herewith makes payment of $36.79 therefor, and requests that
the certificates for such shares be issued in the name of, and be delivered
to, The Prudential Insurance Company of America, whose address is 1 Ravinia
Drive, Suite 1400, Atlanta, GA 30346-2110.

Dated:

4/8/98
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                                                  THE PRUDENTIAL INSURANCE
                                                  COMPANY OF AMERICA, a
                                                  New Jersey Corporation.

                                                  By: Paul Egan
                                                      ------------------------
                                                  Paul Egan, Managing Director
                                                  1 Ravinia Drive, Suite 1400
                                                  Atlanta, GA 30346-2110